Latest edition
August 2025
Welcome to the August edition of Markets View! As the summer rolls on, we're here to indulge your cravings for news of regulatory developments in the financial markets space.
This month's action-packed edition has a particularly strong MiFID and EMIR flavour, as we take stock of a range of developments on both sides of the Channel: from changes to transaction reporting, progress on consolidated tapes, measures under the EU's MiFID3 and EMIR 3.0 that are soon to go live, and new proposals to shake up the UK regimes for SIs and CCPs - and more!
Previous editions
July 2025
Welcome to the July edition of Markets View! In this most summery of months, we deliver a refreshing breeze of recent UK regulatory developments in the financial markets space (what more could you ask for?).
From the Supreme Court's landmark LIBOR ruling, to the Bank of England setting out new rules for FMIs, there's plenty to unpack. We also explore the UK Government's ambitious digital strategy for wholesale financial markets, the fallout from a major Bloomberg outage, and the latest on UK-EU ETS linkage talks.
May 2025
Welcome to the May edition of Markets View! In some years, there is a flurry of regulatory activity around the Easter break, with major proposals published before the holidays. This year, there has indeed been a flurry of activity, but instead of major proposals we are swimming in technical details and draft instruments from the FCA, HMT and ESMA. Of course, if you are looking for major change, President Trump’s tariff announcements are widely seen to usher in a new global trading order. There has certainly been an increase in the volume and volatility of trading on exchanges around the world.
March 2025
Welcome to the March edition of Markets View! Our newest issue is jam-packed with regulatory developments across the board, but with some particularly juicy items from the world of commodities – with the FCA issuing a landmark penalty to the London Metal Exchange, and the Commission looking at a potentially significant shake-up of EU rules on commodity derivatives and energy markets. As always, we’re delighted to hear your comments and questions. Without further ado, let’s get stuck in!
February 2025
Following a flurry of recent developments, there’s fun for everyone in this month’s issue. On the UK side we’ll delve into the FCA’s first fine for transaction reporting failures under UK MiFIR, explore the incoming UK short selling regime, and unpack the FCA’s policy statement on commodity derivatives, and more. Meanwhile, with our EU hats on, we’ll be navigating the latest developments around EMIR and MiFID3. As ever, do get in touch if you have any comments or questions we can help you with!
December 2024
Happy almost-Christmas! In our last and most festive edition of the year, we’ll be bringing you a veritable sleigh-ful of markets-related developments from across the EU, UK and beyond. So, without further ado, let’s take a look at what’s been happening.
November 2024
It’s been another very busy month in the world of market regulation – especially in the UK, where we’re seeing major strides in the post-Brexit strategy to overhaul legacy EU regulation. At the heart of this process, as we’ll see, lies FSMA 2023, which repeals EU legislation only for it to be lifted and shifted (but with changes) into UK regulators’ rules. So, without further ado, let’s take a look at what’s been happening.
October 2024
After a brief summer hiatus, Markets View is back! And, true to form, we’ll be dishing out our monthly digest of financial markets insights. In this edition, we’ll be giving you a round-up of recent developments across all your favourite pieces of market regulation in the UK and Europe: from MiFID to EMIR, CSDR and more. There’s lots to look forward to, so let’s get stuck in. As ever, please do get in touch if you have any comments or suggestions that you would like to share.
September 2024
After a brief summer hiatus, Markets View is back! And, true to form, we’ll be dishing out our monthly digest of financial markets insights. In this edition, we’ll be giving you a round-up of recent developments across all your favourite pieces of market regulation in the UK and Europe: from MiFID to EMIR, CSDR and more. There’s lots to look forward to, so let’s get stuck in. As
June 2024
Welcome to the June edition of Markets View. It’s been a busy month (and a busy week, in fact!) for market regulation issues – no doubt with more to come when the dust settles after the UK general election. So without further ado let’s get stuck in to some of the biggest stories! As ever, we’d be delighted to hear any comments or questions you may wish to share.
May 2024
Welcome to the May edition of Markets View! This month we bring you a sumptuous spread of snack-sized stories from the world of markets. From the latest regulatory fines for trade errors (hot off the press) to the new UK EMIR reporting rules, developments in the voluntary carbon space and more. Without any further ado, let’s get started!
April 2024
Welcome to our April update of markets-related developments. There’s a real mix to report on this month, from the new EU REMIT energy market regulation (which is finally with us), to accelerated settlement of trades (which isn’t) and more. We also take another, deeper dive into the world of the UK Digital Securities Sandbox. As ever, we hope you enjoy our coverage and are grateful for any feedback you may wish to share.
March 2024
As we near the end of March, we're delighted to bring you the latest edition of Markets View, which this month contains a veritable smörgåsbord of markets regulation-themed treats - including our thoughts on HMT's new plans for a private intermittent exchange system, news from the world of UK commodities and EU carbon markets, and a timely reminder of the changes being ushered in by MiFID3. As always, please don't hesitate to reach out if you have any feedback.
February 2024
Welcome to the February edition of Markets View! In this latest installation, we hope to bring you a bit of mid-winter sunshine with news (much of it good news!) from MiFID to EMIR, carbon markets and more.
January 2024
We hope you've had a great start to the year. To help dispel any possible trace of January blues, in this edition we delve into some of the latest developments affecting MiFID, CSDR and REMIT. Please don't hesitate to reach out if you have any feedback.
December 2023
For our final outing of the year, in keeping with the pervading yuletide spirit of nostalgia, we take a look back at some of the key items we covered earlier this year and see how they’ve come along – plus throw in a few other treats along the way.
Summer Round-Up 2023
As the (relative) quiet of summer draws to an end, we wanted to share with you some of the most interesting big-picture items that we’ll be keeping a keen eye as we head into the autumn.
July 2023
As we enter the summer there's still plenty happening in the regulatory space for markets. This month we look into the detail of a hefty FCA fine for compliance failings, new requirements that are surprising derivatives traders in European energy markets, as well as the most exciting recent developments around the compliance and voluntary carbon markets.
April 2023
As the seasons shift and the regulatory landscape for financial markets evolves, our latest edition of Markets View brings you up to speed on several key developments. This time, we start with ESMA's Final Opinion on the trading venue perimeter. We'll also tackle the LME's nickel market saga with a focus on the recent FCA and BOE statements, discuss the potential impact of the MiFID2 inducements ban, and (cautiously) celebrate the recent agreement between the FCA and ESMA, enabling UK benchmark administrators to operate in the EU. Lastly, we'll explore ICE's implementation of the EU Market Correction Mechanism and the launch of a parallel market as "insurance". So, grab your cup of coffee and let's dive in!
January 2023
Welcome to the first Markets View of 2023. We live in uncertain times and early indicators seem to be that regulation of markets will divert further in 2023 – do listen to our podcast where Darren Fox and Rosali Pretorius discuss regulatory divergence.
November 2022 - part 2
Regulators on both sides of the Channel have clearly been busy with markets-based initiatives, which will be more trick than treat for some. In this bumper issue, we look at IOSCO's consultation on developing sound carbon markets, the FCA's consultation on the trading venue perimeter, ESMA's call for evidence on pre-hedging, the FCA's Market Watch 70 on market conduct and transaction reporting issues, ESMA's proposals to address high prices and volatility in energy derivatives markets, the Bank of England's (BoE) proposal to modify the derivatives clearing obligation (DCO) to reflect USD interest rate benchmark reform and ESMA's updates to its Q&As on commodity derivatives and market structures topics.
November 2022
Regulators on both sides of the Channel have clearly been busy with markets-based initiatives, which will be more trick than treat for some. In this bumper issue, we look at the FCA’s consultation on the trading venue perimeter, ESMA’s call for evidence on pre-hedging, the FCA’s Market Watch 70 on market conduct and transaction reporting issues, ESMA’s proposals to address high prices and volatility in energy derivatives markets, the Bank of England’s (BoE) proposal to modify the derivatives clearing obligation (DCO) to reflect USD interest rate benchmark reform and ESMA’s updates to its Q&As on commodity derivatives and market structures topics.
September 2022
In case you’re looking to catch up on the most significant developments over the summer period, this month we’ve got a bumper edition for you. We look at the FCA’s consultation on equity secondary markets reform, the EU’s distributed ledger technology (DLT) pilot scheme, a further extension to European pension schemes’ clearing obligations under EMIR, and consider two new FCA reviews of trade data, including benchmarks and credit rating data. We also provide essential at-a-glance summaries of ESMA proposals to reform the CSDR cash penalties distribution regime, and change clearing and derivatives trading obligations and third-country CCP recognition.
July 2022
This month we look at the implications for FMIs of recent guidance from the Bank of England on operational resilience, further developments from ESMA on the EU CCP resolution regime, comments from the FCA on the sufficiency of current MAR surveillance in small and medium firms, and an update from the ECB on their desks mapping review.
April 2022
This month, we look at how responses to the Russian invasion of Ukraine have impacted FMIs and market participants, HM Treasury's response to its Wholesale Markets Review consultation, ESMA's call for evidence on climate stress testing for central counterparties, the report on central counterparty financial resources from FSB, CPMI and IOSCO, and HM Treasury's response to its consultation on an expanded resolution regime for CCPs.
March 2022
In this month’s Markets View, we look at the disruption to the LME Nickel Market following Russia’s invasion of Ukraine, early experiences of the EU CSDR cash penalties regime, clarifications from ESMA on the trading venue perimeter, proposals for a revamp of the EU EMIR clearing obligation regime, and an early exercise in standard setting for digital climate markets.
January 2022
This month we focus on the extension of EU regulatory equivalence of UK CCPs, the EU's DLT Pilot Regime, operational resilience and more. For more detail on MiFID3 developments please see our upcoming MiFID3 View.
December 2021
We focus on the FCA's recognition of the FX Global Code and Global Precious Metals Code, the proposed delay to the EU CSDR mandatory buy-in regime, and the FCA's warning over the use of web-based trading platforms.
November 2021
We focus on the EC's announcement of an extension of equivalence for UK CCPs, ESMA's report on algo trading, as well as various proposals designed to improve the resilience of FMI.
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