Thought leaders from Instinet, Duco, Cboe Clear Europe, SteelEye, and Euronext unpack the plethora of market structure and regulatory changes expected in 2025 and beyond, touching on T+1, DORA, Emir 3.0 and more.
Wesley Bray explores the latest rule changes for fixed income clearing in the US, what institutions should be most conscious of, how to navigate these changes and what their impact will likely be on competition.
Current chair Gary Gensler is set to officially depart on 20 January 2025.
24X has received approval – dependent on amendments – to operate as a 24-hour exchange for equities.
New proposed rules address the Commission’s new requirements for including margin in the broker-dealer reserve formulas, as well as highlighting the similarities between the Agent Clearing Service and other agent clearing models.
Despite a year of consultation on tweaking the mechanism or significantly increasing penalty rates, European watchdog confirms only a ‘moderate’ increase will occur after considering industry feedback.
Migration aligns with the UK’s proposed switch, with ESMA pointing to the efficiency and resiliency benefits of the move.
“It’s been a great honour to serve with [SEC staff], doing the people’s work, and ensuring that our capital markets remain the best in the world,” said Gary Gensler, chair of the US Securities and Exchange commission in a recent speech.
A disparate and fragmented European Union is thwarting the continent’s ability to compete effectively with the largest markets in the world. But a new political impetus has reinvigorated the consolidation agenda, with a view to challenging national frameworks and bringing growth back to the region, writes Chris Lemmon.
The Investment Association concludes UK, EU and Switzerland should transition to T+1 settlement on a date in Autumn 2026, advocating for an earlier move than most.