The International Swaps and Derivatives Association (ISDA) and UK Finance submitted joint responses to a Financial Conduct Authority (FCA) consultation and an HM Treasury (HMT) draft statutory instrument, addressing the streamlining of the UK European Market Infrastructure Regulation (EMIR) intragroup regime. The proposals aim to establish a permanent, streamlined intragroup regime for UK EMIR and to make permanent the exemptions currently allowed under the temporary intragroup exemption regime. While ISDA supports the proposals, it also recommends further simplifications.

The International Swaps and Derivatives Association (ISDA), Commodity Markets Council Europe, Energy Traders Europe and FIA have submitted a joint response on to the Financial Conduct Authority's (FCA)'s consultation CP26/8, supporting an increase in the commodity derivatives clearing threshold under UK European Market Infrastructure Regulation from €3bn to €6bn rather than the proposed €5bn. They argued that the threshold, which has not been reviewed for over a decade, has materially diminished in real terms due to inflation, sustained increases in commodity prices, expanded market participation and heightened volatility, and no longer reflects current market conditions or risks. The response explained that firms typically manage activity well below the formal threshold to avoid the costs and liquidity pressures associated with mandatory clearing and margining, meaning the effective threshold is significantly lower in practice and may create procyclical effects during periods of market stress. The organisations emphasised the distinct characteristics of commodity derivatives markets, which are closely linked to physical production and commercial risk management, and warned that an inadequately calibrated threshold risks constraining hedging activity, reducing liquidity and undermining UK competitiveness. They concluded that a higher interim threshold is necessary to support proportionate regulation and market functioning while HM Treasury undertakes its broader review of the UK EMIR clearing framework, and that the threshold should not be reduced below €6bn.

The International Swaps and Derivatives Association (ISDA) and nine other industry bodies sent a letter to the European Commission on 21 October 2025 requesting guidance indicating that firms should not report third-country central counterparty clearing (CCP) activity under Article 7d of the European Market Infrastructure Regulation (EMIR) 3.0 until the corresponding regulatory and implementing technical standards are finalised. They argued that requiring reporting before these technical standards are complete would create operational complexities and additional costs, without enhancing regulatory transparency.

The International Swaps and Derivatives Association (ISDA), the Association for Financial Markets in Europe, the Institute of International Finance and UK Finance have submitted a joint response to consultation paper CP 9/26 issued by the Prudential Regulation Authority (PRA) on adjustments to the market risk internal model approach (IMA) under the Fundamental Review of the Trading Book (FRTB). The groups welcome the PRA’s targeted changes, saying the FRTB-IMA remains operationally complex and can produce capital requirements that they consider excessively conservative relative to underlying economic risk. They call for further revisions and closer alignment in some areas with US and EU approaches, including changes relating to profit and loss attribution testing, non-modellable risk factors, calculation frequency and the risk factor eligibility test. They also urge the PRA to retain flexibility around the planned 1 January 2028 implementation date where implementation in other major jurisdictions is delayed.

The International Swaps and Derivatives Association (ISDA), together with other trade associations, have submitted a letter to the European supervisory authorities and the European Commission on initial margin (IM) model approval requirements set out in the European Market Infrastructure Regulation (EMIR 3.0). The letter outlines the challenges of the three-month timeframe given to the European Banking Authority and national competent authorities (NCAs) to validate changes to an IM model and explains how the ISDA Standard Initial Margin Model schedule can be adjusted to address these issues.

The International Swaps and Derivatives Association (ISDA) has announced that Ark 51, an artificial intelligence and data analytics service, has adopted the Common Domain Model (CDM) to transpose data from ISDA’s regulatory initial and variation margin credit support annexes (CSAs) into an electronic form. The CDM modifies and curates the information it receives into a machine-readable mode that can be expeditiously and proficiently exported to other systems, reducing the resources required for manual processing.

The International Swaps and Derivatives Association (ISDA) has announced the launch its new Notices Hub platform on 15 July 2025, addressing critical challenges in delivering derivatives termination notices. The platform aims to replace physical delivery requirements in ISDA Master Agreements, solving problems that emerged during pandemic lockdowns and the Ukraine invasion when office closures and safety concerns made physical delivery difficult. The platform will feature secure online delivery, automatic alerts to designated recipients, and the ability to update physical address details across all agreements through a single entry. The service will be free for buy-side firms, with dealers receiving a two-year discount for early adoption. ISDA has opened a free pre-adherence process for firms to sign the protocol updating their agreements. The platform will also allow for the exchange of waivers, such as those for net asset threshold events, bringing structure to what has traditionally been an ad hoc process.

The International Swaps and Derivatives Association (ISDA) has announced that the London Stock Exchange Group (LSEG) has integrated ISDA’s Digital Regulatory Reporting (DRR) solution into its TradeAgent post-trade platform to support standardised and automated regulatory reporting. ISDA stated that the DRR converts agreed industry interpretations of reporting requirements into machine-readable code and, when embedded within TradeAgent, provides a unified and shared interpretation of reporting rules to improve consistency and reduce ambiguity. LSEG explained that TradeAgent is a centralised platform for over-the-counter derivatives post-trade processing, offering trade confirmation and routing, a central data repository, and cashflow calculation and settlement, and that both TradeAgent and the DRR are built on the Common Domain Model, an open-source standard enabling consistent data representation and automation. ISDA, LSEG and the Financial Industry Business Ontology and Standards indicated that the integration is intended to enhance the accuracy and consistency of regulatory reporting, reduce operational complexity, and support wider adoption of standardised and automated processes across the derivatives trade lifecycle.

The International Swaps and Derivatives Association (ISDA) has announced that Natixis CIB has adopted its Digital Regulatory Reporting (DRR) solution, enabling the bank to meet regulatory reporting requirements more efficiently. The ISDA DRR utilises the Common Domain Model (CDM) to convert golden-source regulatory reporting rules into machine‑executable code. This approach increases data accuracy and consistency while reducing compliance costs and resource requirements. This initiative follows LSEG’s recent integration of the ISDA DRR into its TradeAgent post-trade platform. Both ISDA’s chief executive and Natixis CIB’s global head of IT & operations have emphasised the benefits of adopting an automated, industry‑standard approach. They highlighted its ability to reduce operational complexity, enhance data quality and provide greater efficiency and agility in responding to evolving regulatory demands. ISDA’s DRR has now been applied to eight sets of reporting rules globally, with plans to support 14 core regulatory reporting regimes across nine jurisdictions.

The International Swaps and Derivatives Association (ISDA) has announced that it has expanded its SwapsInfo platform to include data on US-reported foreign exchange (FX) derivatives, extending the platform's coverage of the over-the-counter (OTC) derivatives market. The new dataset covers FX forwards, swaps and options reported to the Depository Trust & Clearing Corporation swap data repository under US Commodity Futures Trading Commission regulations. Users can analyse the data by product type, currency pair, execution method, tenor and clearing status to analyse and compare trading activity across different segments of the OTC derivatives market. ISDA says the addition provides a more comprehensive view of activity across key OTC derivatives markets.

The International Swaps and Derivatives Association (ISDA) has announced that, together with the European Fund and Asset Management Association (EFAMA) and the Futures Industry Association (FIA), it has submitted a joint paper to EU policymakers seeking clarification on the implementation of active account requirements under the third European Market Infrastructure Regulation (EMIR 3). The paper focuses on three issues in particular: the frequency needed to determine the most relevant subcategories, handling of counterparties below the €6bn threshold and reporting requirements related to representativeness under EMIR 3.

The International Swaps and Derivatives Association (ISDA) has announced that it, along with the Association for Financial Markets in Europe (AFME), the International Capital Market Association (ICMA), and the European Banking Federation (EBF), have published a paper outlining proposals on post-trade transparency (PTT) under the Markets in Financial Instruments Regulation (MiFIR). The paper supports the European Commission (EC)’s proposal to remove forward rate agreements and basis swaps from public transparency due to their illiquid nature. It also endorses exempting over-the-counter derivatives on certain third-country trading venues from PTT requirements, effectively superseding a previous opinion issued by the European Securities and Markets Authority. Additionally, the paper recommends extending the proposal to cover all asset classes under PTT. It further advocates applying the disapplication not only to transactions executed on designated venues but also to those conducted off trading venues and subsequently published on suitably qualified third-country approved publication arrangements.