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August 2024 SEF trading activity
Trading volume on swap execution facilities reached $1.17 trillion in average notional value per day during August 2024. This was up 3% from the previous month and up 22.6% from the same month of the previous year. Compared to July 2024, trading was up in every category except the FRA sector.
CONTINUE READINGTide of Change: Enhancing Liquidity Provision to the European Economy
FIA EPTA has released its policy recommendations for 2024-29, under the title Tide of Change: Enhancing Liquidity Provision to the European Economy. The EU urgently needs to bolster its capital markets to achieve its strategic objectives for a safe, green and prosperous future for its citizens. To grasp the opportunities ahead and ensure the success of the Savings and Investment Union, the EU needs capital markets with deep and diverse liquidity.
CONTINUE READINGFIA outlines how successful derivatives markets will attract investor interest and support the enhancement of the CMU
FIA has published a paper outlining its views on how to support the progress of the European Union’s Capital Markets Union. The paper – Capital Markets Union at a Critical Juncture – sets out the role that derivatives play in effective capital markets. Specifically, FIA believes that centrally cleared derivatives are a key ingredient to building a strong CMU.
CONTINUE READINGFIA outlines how successful derivatives markets will attract investor interest and support the enhancement of the CMU
FIA has published a paper outlining its views on how to support the progress of the European Union’s Capital Markets Union. The paper – Capital Markets Union at a Critical Juncture – sets out the role that derivatives play in effective capital markets. Specifically, FIA believes that centrally cleared derivatives are a key ingredient to building a strong CMU.
CONTINUE READINGMargin requirements and liquidity planning: Four case studies in commodity futures
Energy markets have been subject to a series of shocks in the past few years, all of which have had a significant impact on prices of the derivatives traded on these products and as a consequence the margin requirements demanded from traders in the derivatives market.
CONTINUE READINGFIA PTG Comments on OCC Margin Add-On Proposal
In a letter filed with the Securities and Exchange Commission (SEC), the FIA Principal Traders Group (FIA PTG) responded to the Option Clearing Corporation (OCC) Proposal to establish a margin add-on charge to help mitigate the risks of zero-days-to-expiration (0TED) options.
CONTINUE READINGFIA EPTA response to the EBA’s Discussion Paper on the Commission’s Call for Advice on the Investment Firms Prudential Framework
FIA EPTA welcomes the opportunity to respond to the EBA’s Discussion Paper on the Call for Advice on the Investment Firms Prudential Framework (DP). We note that this DP offers limited discussion points and suggests many proposals for changes with no associated questions. We also believe that these proposed changes intend to borrow further requirements and methodologies existing in CRR.
CONTINUE READINGFIA EPTA response to the EBA’s Discussion Paper on the Commission’s Call for Advice on the Investment Firms Prudential Framework
It is very important to recognise that prudential regulations have a key impact on the functioning of capital markets and policies should be proportionate and should achieve the right balance between mitigating prudential risk while promoting competition, competitiveness and the overall goal of improving the EU’s capital markets within the CMU.
CONTINUE READINGFIA EPTA response to the ESMA MiFIR Review Consultation on RTS 2 on transparency for bonds, structured finance products and emission allowances
Our members support the objectives of the MiFIR Review to enhance pre and post trade transparency in non-equity instruments. Our members believe that fully operative and genuine post-trade transparency provides significant advantages for both retail and institutional investors such as better, more reliable pricing, lower transaction costs and better liquidity across all trade sizes, including the largest sized block trades.
CONTINUE READINGFIA EPTA response to the ESMA MiFIR Review Consultation on RTS on the Synchronisation of Business Clocks
FIA EPTA members are generally supportive of ESMA’s proposed changes to the RTS on synchronisation of business clocks. In relation to the proposed extension of the clock synchronisation requirements to new entities, in general, we agree with the proposed accuracy levels for APAs, SIs, DPEs and CTPs subject to one exception: we believe that the accuracy levels for SIs with a gateway-to-gateway latency less than one millisecond should be the same as that for trading venues and their participants with the same gateway-to-gateway latency.
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