Regulatory Alerts2023-12-15
Added · Updated
PS24/14: Improving transparency for bond and derivatives markets
The FCA finalizes changes to the UK bond and derivative transparency regime, moving from calculation-based liquidity categorizations to a framework based on instrument characteristics and specific market features. The new rules in MAR 11 of the Market Conduct Sourcebook redefine the scope of instruments subject to transparency, establish large-in-scale thresholds for pre-trade waivers and post-trade deferrals, and modify exemptions from post-trade reporting. Additionally, the FCA discontinues the Financial Instruments Transparency System (FITRS) and updates the definition of a systematic internaliser. A discussion paper regarding the future of the SI regime is also included, with comments on its questions due by 10 January 2025.
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