Regulation of derivatives market infrastructure

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This Overview is a guide to the Banking & Finance content within the Regulation for derivatives lawyers—Regulation of derivatives market infrastructure subtopic, with links to appropriate materials.

Market infrastructure

Financial market infrastructures (FMIs) play a critical role in the financial system and the broader economy. They provide participants with centralised clearing and settlement of financial transactions to allow for greater efficiency and reduced costs and risks.

Through the centralisation of specific activities, FMIs also allow participants to manage their risks more efficiently and effectively, and, in some instances, eliminate certain risks. FMIs can also promote increased transparency in particular markets.

FMIs normally adhere to a set of common rules and procedures for all participants, a technical infrastructure and a specialised risk-management framework appropriate to the risks they incur.

Examples of FMIs include:

  1. •

    Central counterparties (CCPs) which provide clearing and settlement services for market transactions

  2. •

    Trade repositories (TRs) which are central data

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