Videos
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FIA EPTA responds to FCA proposal on publicising enforcement investigations
FIA EPTA has responded to the UK Financial Conduct Authority’s public consultation on changes to its approach to enforcement investigations. The proposed changes include the FCA publicly announcing the opening of an investigation and disclosing the identity of the subject of the investigation where it considers this to be in the public interest. While the associations support the FCA’s commitment to making its activities more transparent, they are concerned that the proposed approach will be detrimental to the orderly functioning of UK capital markets with limited value to public interest.
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FIA EPTA response to the ESMA Consultation Paper on the draft Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments
FIA EPTA members welcome the aim to provide general conditions and clarity on the divergence between financial instruments and crypto-assets. However, FIA EPTA members believe that in the suggested approach by ESMA, there is too much focus and room for interpretation for NCAs, we believe that clear criteria from ESMA are critical to define the regulatory perimeter between MiFID II and MiCAR.
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ESG Futures Products
Recent developments in financial markets have led to a significant increase in the availability and interest in Environmental, Social, and Governance (ESG) futures products.
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The SEC’s New Treasury Clearing Rule
Last December, the SEC adopted final rules that will require most market participants to clear repos they enter into on US Treasury securities as well as certain cash purchases and sales of Treasury securities.
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ETD Volume - February 2024
Worldwide volume of exchange-traded derivatives reached 16.28 billion contracts in February, the second highest level ever recorded. This was down 2.7% from the record month of January 2024 but up 92.4% from February 2023.
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Enforcement & Technology: Prevent & Manage Technology Investigations
This webinar will provide practical guidance on how to manage investigations involving complicated and proprietary technology, including algorithmic trading systems and AI.
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FIA EPTA response to the FCA Consultation on Improving transparency for bond and derivatives markets (FCA CP 23/32)
FIA EPTA welcomes the FCA’s proposals on improving bonds and derivatives transparency. Our members are very supportive of both the ambition and simplicity shown regarding both pre-trade and post-trade transparency. A less complex regime will be easier for firms and trading venues to comply with and administer and above all will make UK capital markets more attractive. The inclusion of sovereign bonds in this ambitious framework is a particularly innovative step and will support the growth and competitiveness of UK capital markets with tangible benefits to the real economy.
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MNPI and Physical Commodities Markets
Sullivan & Cromwell’s Commodities, Futures and Derivatives team will discuss recent CFTC and SEC enforcement actions involving MNPI-related violations and their implications for physical commodities and derivatives markets and market participants.
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FIA EPTA Public Comment on IOSCO’s Consultation Report on Market Outages
FIA EPTA members welcome the opportunity to respond to IOSCO’s consultation on market outages and are supportive of the work being done on this topic, particularly efforts to require trading venues to publish clear comprehensive outages plans on an ex-ante basis. Market resilience is at the core of efficient and competitive financial markets and it is imperative that trading venues clearly outline a well-planned approach to communication and management in the event of a market outage to provide certainty to market participants.
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FIA EPTA Response to ESMA’s Consultation Paper on Technical Advice on the CSDR Penalty Mechanism
FIA EPTA members are supportive of effective measures to improve settlement discipline and efficiency in Europe, particularly in light of discussions concerning shortening settlement cycles. However, we urge ESMA to further consider their proposals put forward in the Consultation Paper on Technical Advice on the CSDR Penalty Mechanism, particularly regarding application of progressive penalty rates.
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