The Futures Industry Association (FIA) has published a white paper, ‘Accelerating the Velocity of Collateral’, advocating for the adoption of tokenisation in cleared derivatives markets to improve collateral mobility and settlement efficiency. It identifies key benefits including (1) near real-time settlement of collateral, (2) improved liquidity utilisation and reduced counterparty risk, (3) support for continuous, 24/7 trading environments, and (4) enhanced data integrity and automation through smart contracts. FIA recommends starting with tokenised versions of non-cash collateral already accepted by clearinghouses—such as government bonds and money market funds—while noting that broader benefits will depend on the future eligibility of digital money like stablecoins, tokenised deposits, and central bank digital currencies.

ARCHIVED: This Practice Note is archived and is no longer maintained.  This Practice Note contains a summary of new and updated documents published by the Futures Industry Association (FIA). It is updated and reviewed regularly and covers documents published since January 2018. Information in this Practice Note is also included in relevant Practice Notes in Banking & Finance. All of the FIA updates referred to in this Practice Note were originally published on the FIA website (subscription required for full access). Commentary and related documents are provided by Banking & Finance. Certain terms are abbreviated throughout this Practice Note. For ease of reference, these are listed out below: • ABA—American Bankers Association • AFME—Association for Financial Markets in Europe • AIMA—Alternative Investment Management Association • Assosim—Association for Financial Market Intermediaries • BCBS—Basel Committee on Banking Supervision • BoE—Bank of England • BPI—Bank Policy Institute • CCP—central counterparty • CDS—credit default swaps • CFTC—Commodity Futures Trading Commission • EBF—European Banking Federation • EFET—European Federation of Energy

Final Investment Decision: In a nuclear context the term is used to refer to the final decision of a company to invest or not invest in a particular project.

EU Law analysis: The European Parliament’s Committee on Economic and Monetary (ECON) has published the text of its report setting out proposed amendments to the Commission’s proposal for a Regulation of the European Parliament and of the Council on a framework for Financial Data Access and amending the European Banking Authority (EBA) Regulation (EU) No 1093/2010; the European Insurance and Occupational Pensions Authority (EIOPA) Regulation (EU) No 1094/2010; the European Securities and Markets Authority (ESMA) Regulation (EU) No 1095/2010 and Regulation (EU) 2022/2554 (the Digital Operational Resilience Act or DORA) (FIDA Regulation).

The International Federation of Consulting Engineers

This Practice Note contrasts and compares key features of the FIDIC 1999 and NEC4 contracts. It focuses on the NEC4 Engineering and Construction Contract (ECC) and the FIDIC Red Book 1999 (Red Book), which is used where the Contractor is building to the Employer’s design. In relation to the 2017 edition of the Red Book, see Practice Note: FIDIC 2017 and NEC4 contracts compared. Overall philosophy FIDIC The FIDIC contracts are the pre-eminent international standard form construction contract. They are known for being ‘written by engineers, for engineers’. The contracts are also known for their balanced risk allocation with risks falling with the party better placed to bear them (the EPC/Turnkey form, commonly known as the Silver Book, is somewhat of an exception to this). Unsurprisingly for a contract suite developed by engineers, the Engineer plays a prominent role in some of the FIDIC contracts, including the Red Book. For a general introduction to FIDIC contracts, see Practice Note: FIDIC contracts—introduction. For a more detailed introduction to the Red Book, see Practice Note: FIDIC contracts—introduction

This Practice Note contrasts and compares key features of the FIDIC 2017 and NEC4 contracts. It focuses on the NEC4 Engineering and Construction Contract (ECC) and the FIDIC Red Book 2017 (Red Book), which is used where the Contractor is building to the Employer’s design (note however that should the works include an element of Contractor design the Red Book caters for this). In relation to the 1999 edition of the FIDIC Red Book, see Practice Note: FIDIC 1999 and NEC4 contracts compared. Overall philosophy FIDIC The FIDIC contracts are the pre-eminent international standard form construction contract. They are known for being ‘written by engineers, for engineers’. The contracts are also known for their balanced risk allocation with risks falling with the party better placed to bear them (the EPC/Turnkey form, commonly known as the Silver Book, is somewhat of an exception to this). Unsurprisingly for a contract suite developed by engineers, the Engineer plays a prominent role in some of the FIDIC contracts, including the Red Book. There were significant changes to the

This flowchart sets out the process for resolving disputes under clause 20 of the FIDIC Contracts, Red, Yellow and Silver Books (pre-2017 editions). Under the FIDIC Contracts (pre-2017 editions) a

This Practice Note looks at how defects are dealt with under the FIDIC Red, Yellow and Silver Books (pre-2017 editions). For defects under the 2017 editions, see Practice Note: FIDIC Contracts 2017—defects. For a more general discussion on defects, see Practice Note: Defects claims in construction. What is a defect under FIDIC contracts? As with many standard form contracts, FIDIC does not contain a definition of ‘defect’. ‘Defect’ generally means that some of the work or materials does not conform with the requirements of the contract (for further commentary on the meaning of this term, see Practice Note: Defects claims in construction — What is a defect?). Clause 4.1 provides that the Contractor shall design, execute and complete the Works in accordance with the Contract, and shall remedy any defects in the Works. Clause 11 provides that the Contractor should ensure that Works are in the condition required by the Contract by the expiry of the relevant Defects Notification Period (DNP) or as soon as practicable thereafter; this obligation includes the execution of all work required to remedy

_______________________________________ [NAME OF PROJECT] NOTICE OF DISSATISFACTION WITH THE DAB’S DECISION DAB Reference No. [Number of reference] [Date] [Date of receipt of the DAB’s decision: [Insert date of receipt of DAB’s decision] OR Date by which the DAB’s decision should have been received: [Insert date by which the DAB’s decision should have been received]] _______________________________________ Dissatisfied

_______________________________________ [NAME OF PROJECT] ReferENCE OF A DISPUTE TO THE DAB DAB Reference No. [Number of reference] [Date] _______________________________________ Referring Party: [Name of Party 1] [Address] [Telephone/Fax Number] [Email address] [ON THE HEADED NOTEPAPER OF THE REFERRING PARTY] Responding Party: [Name of Party 2] [Address] [Telephone/Fax Number] [Email address] The DAB: [Name of DAB Chairperson] [Address] [Telephone/Fax Number] [Email address] [[Name of DAB Member 2] [Address] [Telephone/Fax Number] [Email address] [Name of DAB Member 3] [Address] [Telephone/Fax Number] [[Email address]] [The Engineer]] [[Address]] [[Telephone/Fax Number]] [[Email

_______________________________________ [NAME OF PROJECT] NOTICE OF DISSATISFACTION WITH THE DAAB’S DECISION DAAB Reference No. [Number of reference] [Date] [Date of receipt of the DAAB’s decision: [Insert date of receipt of DAAB’s decision] OR Date by which the DAAB’s decision should have been received: [Insert date by which the DAAB’s decision should have been received]] _______________________________________ Dissatisfied