Derivatives—cross border guides

This Overview is a guide to the Banking & Finance content within the Derivatives—cross border guides subtopic, with links to the appropriate materials.

The guide is presented in a Q&A format.

Equity derivatives

The cross border guide to equity derivatives includes information from each jurisdiction on:

•
the typical types of over-the-counter (OTC) equity derivatives transactions
•
whether market participants can borrow shares and sell them short

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Latest Banking & Finance News

Banking and Finance weekly highlights—8 May 2025

This week's edition of Banking and Finance weekly highlights includes: (1) the Council of the EU mandate to shorten settlement cycle for transferable securities; (2) HM Land Registry updates Practice Guide 29; and (3) European Commission consults on revising EU SFDR.

ISDA extends DRR for revised MiFID II/MiFIR reporting

The International Swaps and Derivatives Association (ISDA) has announced an extension of its Digital Regulatory Reporting (DRR) solution to accommodate revised transaction reporting requirements under the Markets in Financial Instruments Directive (Directive 2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) in the EU and the UK. In collaboration with The Depository Trust & Clearing Corporation (DTCC), which is set to integrate the DRR into its Global Trade Repository’s Approved Reporting Mechanism, the solution utilises the Common Domain Model to convert regulatory interpretations into machine-executable code, thereby facilitating a more efficient and accurate reporting process. Firms are expected to begin submitting transaction reports under the current UK framework from the first quarter of 2026, with the revised requirements anticipated to be implemented in 2027, subject to regulatory approvals.

ISDA publishes new governance committee proposal for CDS Determinations Committees

The International Swaps and Derivatives Association (ISDA) has published a proposal to establish a new governance committee for the Credit Default Swap (CDS) Determinations Committees (DCs), marking the first in a series of amendments to improve DC structure. Following a consultation and a review by Linklaters, the proposal aims to separate governance from credit event determinations, with any DC rule changes requiring 80% supermajority approval by the committee after public consultation. The DCs, established in 2009 for centralised CDS market decisions, would maintain their existing role in credit event determinations. ISDA seeks market feedback until 6 June 2025.

ESMA publishes technical advice as part of Listing Act implementation

The European Securities and Markets Authority (ESMA) has published its technical advice to the European Commission to facilitate the effective implementation of Directive (EU) 2024/2811 (the Listing Act), by advising on the delegated acts to be adopted and amended concerning the Market Abuse Regulation (EU) 596/2014 (EU MAR) and the Markets in Financial Instruments Directive 2014/65/EU (MiFID II). Regarding EU MAR, the advice identifies critical moments for public disclosure during protracted processes, clarifies the circumstances in which delayed disclosure is not permitted, and proposes a methodology under the Cross-Market Order Book Mechanism (CMOB) to pinpoint trading venues with significant cross-border activity. With respect to MiFID II, it examines the criteria for registering multilateral trading facilities and their segments as small and medium-sized enterprise (SME) growth markets.

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