Rulemaking, policy and enforcement from the SEC, CFTC, FINRA, FCA, ESMA and the EU.
The SEC's top markets official has put a rough date on the fate of the trade-through rule. Access-fee and tick-size recommendations are set to arrive alongside it, and FINRA is lining up best-execution guidance. For routing desks, the plumbing built around 'protected quotes' is now in play.
At the City Dinner, the FCA chief executive said threats to market integrity are 'as serious as I have seen them'. He named 24/7 trading, parallel market structures and insider trading on offshore prediction markets.
The draft technical standards cover compression, rebalancing and basis-risk optimisation. They require market-risk neutrality within tolerances set by providers and largely codify current practice.
Bans on Bermingham, Moryoussef, Mathew and Bittar are revoked and their Final Notices removed. The Court of Appeal had overturned the convictions of six benchmark defendants earlier in October.
Electronic, machine-readable allocations and confirmations become mandatory on 7 December. The coordination committee's minutes describe a slipped Swift release, uneven CSD readiness and testing organised locally.
The final report on PFMI Principle 15 says infrastructures should hold the greater of six months' operating expenses or the full cost of recovery and wind-down. Both liquid assets and equity must meet that figure.
The Council deal on the Market Integration and Supervision Package came two days after ESMA told national supervisors to hold off on enforcement against unrecognised third-country CSDs after 17 January.
An interim final rule that took immediate effect adds a 'product test': licensed, bilateral wagers are gambling, and multilateral, tradable contracts are swaps.
Letter 26-29, issued at Coinbase Derivatives' request, waives the 10-day self-certification wait if venues protect holders of open positions.
CP26/34 covers the new client-indicator fields, conditional single-sided reporting and a weekend cutover window. It also asks whether EU-only instruments should be removed from FCA FIRDS early.
The Trading and Markets statement revisits long-standing conflict concerns as vertically integrated, retail-facing futures models approach the SEC.
The 215th board meeting approved a formula-based settlement framework with Wells-style pre-notices, broader FPI access to non-agricultural commodity contracts, and deemed accredited-investor status for non-residents.
Advisory 26-27 tells DCMs that contracts on what someone says or attends need a much stronger Core Principle 3 case.
Exam staff found missing security and access-control procedures again and again over almost nine years before enforcement stepped in.
