Funded Decommissioning Programme: An Operator planning to construct a new nuclear power station must have an FDP in place approved by the Secretary of State prior to commencement of construction and must comply with this programme thereafter. This will include a commitment to pay into a secure, bankruptcy-remote and independently managed fund to cover all the costs of decommissioning, clean up and disposing of the waste. Obligations relating to FDPs are contained in the Energy Act 2008. The Nuclear Liabilities Financing Assurance Board (NLFAB) is an independent body established by the Secretary of State to provide impartial scrutiny and advice on the suitability of an FDP submitted by a nuclear operator.

Front End Engineering Design: The process by which early design and planning of a project is undertaken. The outcomes of FEED will usually provide information for project execution and will assist with gaining more certainty on price models and commercial terms for the project.

Financial Guaranty Insurance Company—a monoline insurer.

Futures Industry Association, the leading trade organisation for the futures, options and cleared swaps markets worldwide.

The Futures Industry Association (FIA) and the International Swaps and Derivatives Association (ISDA) have responded to a consultation from the Canadian Derivatives Clearing Corporation (CDCC) on proposed amendments to the default risk capital amount available during a default management process, referred to as ‘skin-in-the-game’ (SITG).

The Futures Industry Association (FIA) has responded to the Australian Securities Exchange (ASX)'s consultation paper on proposed amendments to the position reporting framework and the review of operating rules for ASX 24 and ASX Clear (Futures). The proposed amendments primarily address operational aspects, including the reporting of confidential accounts, identification of controllers and beneficial owners and notification obligations for changes in open interest exceeding specific thresholds. FIA requests further clarification on several aspects of the rules to ensure a holistic understanding and effective implementation.

The Futures Industry Association (FIA) has launched the European Agent Trustee Model (EATM) at LCH Ltd's SwapClear. Developed under English law, this new client clearing model aims to replicate the US futures commission merchant clearing model by allowing clearing members to hold trades on trust for clients rather than acting as financial intermediaries.

The Futures Industry Association (FIA) has submitted a letter to the US Commodity Futures Trading Commission (CFTC) in response to its Request for Comment on the Direct Clearing of Derivatives by Retail Participants, proposing a simplified regulatory framework for retail direct clearing while preserving the existing structure for leveraged trading. FIA explains that the Commodity Exchange Act 1936 establishes an interdependent system in which designated contract markets provide price discovery, derivatives clearing organisations (DCOs) ensure settlement, and futures commission merchants (FCMs) manage credit, margin and customer risk. It argues that this intermediated model should be retained where retail trading involves leverage, as the allocation of responsibilities and risk controls is essential to market stability. However, where positions are fully collateralised and pre-funded, and no leverage or extension of credit is involved, FIA considers that a streamlined regime may be appropriate because the DCO functions primarily as a settlement agent and the risk profile is reduced.

The Futures Industry Association (FIA) has submitted its response to the Bank of England’s (BoE) discussion paper on enhancing the resilience of the gilt repo market, advocating for market-led voluntary clearing of gilt repo transactions rather than a clearing mandate. FIA also considers ways to encourage greater voluntary clearing and highlights structural differences between the UK gilt repo market and the US Treasury repo market, noting that these differences help explain why buy-side and NBFI clearing has not developed and why netting and other clearing benefits may be more difficult to achieve. It further encourages the BoE to consider longer-term structural reforms, including alternative approaches that could deliver some of the benefits of central clearing.

The Futures Industry Association (FIA) has released a research report authored by Coalition Greenwich on current issues and key trends shaping the derivatives markets. The report highlights the urgent need for greater capital and operational efficiency, as well as economic uncertainty and market volatility as key variables for trading volume over the next five years.

The Futures Industry Association (FIA) has responded to the Basel Committee on Banking Supervision (BCBS), the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) consultation on initial margin (IM) requirements in centrally cleared derivatives. Generally, the FIA welcomes the proposed requirements set forth for increased transparency into the process used by central counterparties (CCPs) to set IM requirements but has some concerns regarding recommendations nine and ten.

The Futures Industry Association (FIA) has responded to the European Securities and Markets Authority’s (ESMA) consultation on EMIR 3.0 draft regulatory technical standards on how EU central counterparties should define participation requirements, supporting ESMA’s objective of strengthening Central Counterparty (CCP) resilience through robust, risk‑based participation requirements while emphasising the importance of transparency, non‑discrimination and proportionality under EMIR Level 1. The response calls for CCPs to assess clearing members based on the actual risks they pose, distinguishing regulated non‑bank financial clearing members from non‑financial counterparties that typically clear to hedge commercial exposures, and highlights inconsistencies in the EU clearing landscape, including exemptions from default fund participation and cross‑CCP membership arrangements.