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0:15
SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 19 claims 21 Oct 2026

MIAX folds cPRIME Agency volume into complex-order rebate test on MIAX Options

MIAX has amended its MIAX Options Fee Schedule to change how members qualify for the alternative, higher rebates on Priority Customer non-paired Complex Orders. By adding cPRIME Agency volume to the qualifying calculation, more members should clear the 50% threshold that unlocks the higher per-contract credits. The filing is immediately effective and open for SEC comment until November 6, 2026.

  • The amendment adds Priority Customer cPRIME Agency order volume to the calculation used to determine alternative PCRP rebates on non-paired Complex Orders in MIAX Options Fee Schedule Section (1)(a)(iii).
  • Reaching 50% or more of a member's PCRP volume unlocks higher credits of $0.23 (tier 1), $0.27 (tier 2) and $0.28 (tiers 3, 4 and 5), with no threshold or credit amounts changed by this filing.
  • The rule change became effective October 1, 2026 and took effect immediately under Section 19(b)(3)(A)(ii) and Rule 19b-4(f)(2), subject to SEC summary suspension within 60 days.
  • Written comments on SR-MIAX-2026-40 must be submitted on or before November 6, 2026.
  • MIAX states it held roughly 10.22% of multiply-listed equity options volume in August 2026, and that no exchange among 19 registered options venues exceeded approximately 10-11%.
Source document
play
SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 21 claims 21 Oct 2026

MIAX to accept inferior-priced PRIME auction responses rather than reject them on entry

MIAX has amended Rule 515A to stop rejecting Request for Response messages priced worse than the auction's initiating price. Instead the System accepts all responses and cancels the non-participating ones when the PRIME or cPRIME auction ends. The SEC waived the usual 30-day delay, so the change is already live. Comments run to November 6, 2026.

  • MIAX will no longer reject RFR auction responses priced worse than the initiating price, instead accepting all responses and cancelling non-participating ones at the auction's conclusion.
  • The change amends Exchange Rule 515A(a)(2)(i)(D) and applies to both PRIME and cPRIME price-improvement auctions.
  • The SEC waived the 30-day operative delay, making the rule change effective upon filing on September 30, 2026.
  • MIAX cites at least one other options exchange whose price-improvement auction does not reject inferior-priced responses before completion.
  • Written comments on file number SR-MIAX-2026-41 must be submitted on or before November 6, 2026.
Source document
0:15
DFI Washington State DFI Source document ↗
United States Washington State DFI Markets & Infrastructure ✓ 10 claims 20 Oct 2026

Washington regulator charges nurse-supply venture and two individuals over unregistered $200,000 offering

Washington State's Department of Financial Institutions has filed a Statement of Charges against Supplies for Traveling Nurses 1, MB Diversity LLC, and individuals Anthony Burnett and Cecille Nguyen. The case centres on a 2023 capital raise that regulators say involved unregistered securities, material misrepresentations, and misuse of investor funds. Listeners should note the penalties sought and the respondents' right to a hearing.

  • Regulators allege the respondents raised $200,000 from investors in May 2023 through an unregistered securities sale.
  • The Statement of Charges cites violations of RCW 21.20.010, RCW 21.20.040, and RCW 21.20.140.
  • MB Diversity LLC, Anthony Burnett, and Cecille Nguyen are alleged to have offered and sold securities without being registered as a salesperson or broker-dealer in Washington.
  • Sought remedies include a cease and desist order, denial of future registrations, revocation of exemptions, and fines and costs.
  • The respondents retain the right to request a hearing on the charges.
Source document
0:15
CFTC Federal Register — CFTC Source document ↗
United States Federal Register — CFTC Markets & Infrastructure ✓ 19 claims 20 Oct 2026

CFTC carves casino-style gambling out of swap definition in immediate interim rule

The CFTC has moved to settle a jurisdictional fight over event contracts by amending the swap definition to exclude casino-style gambling. The rule took effect on publication without prior notice-and-comment, and the Commission has paired it with a separate proposal to define event contracts as swaps. This segment covers what the new paragraph (7) requires, the two-part test it imposes, and the litigation driving the urgency.

  • The interim final rule adds paragraph (7) to the swap definition in 17 CFR 1.3, excluding licensed casino-style gambling products including sports wagers and casino games.
  • The rule became effective on October 19, 2026 under the APA good-cause exception, with comments due by November 18, 2026.
  • Exclusion requires satisfying both a Provider Test (State- or Tribe-licensed operator, regulated as gaming under that law) and a Product Test (not traded multilaterally or subject to individual negotiation).
  • The Commission issued a separate Notice of Proposed Rulemaking the same day proposing to define event contracts as swaps.
  • The rule does not further define 'security-based swap' and does not presume that a product failing the exclusion is necessarily a swap.
Source document
0:15
CFTC Federal Register — CFTC Source document ↗
United States Federal Register — CFTC Markets & Infrastructure ✓ 19 claims 20 Oct 2026

CFTC proposes defining sports and election event contracts as swaps

The CFTC has issued a notice of proposed rulemaking to write event contracts, including those on sports, politics, cultural events and weather, directly into the regulatory definition of swap. The move lands amid a three-way circuit split and active state criminal and civil actions against prediction-market exchanges. Comments close November 18, 2026. This segment covers what the Commission is asserting, the authority it invokes, and where the jurisdictional fight stands.

  • Comments on the proposal, referencing RIN 3038-AF82, must be received by November 18, 2026.
  • The rule would add paragraph (2)(i)(G) to the swap definition in 17 CFR 1.3, naming event contracts based on sports, politics, cultural and weather events.
  • Three appeals courts have split: the Third Circuit found sports event contracts are swaps, while the Ninth and Sixth Circuits concluded they are likely not.
  • As of September 1, 2026 at least seven CFTC-registered DCMs offered sports-related event contracts, with more than fifteen DCM applications pending since 2025.
  • August 2026 average monthly event-contract volume was about $1.5 billion, of which roughly $1.2 billion was sports-related.
Source document
0:15
DBS Deutsche Bundesbank — speeches Source document ↗
Germany Deutsche Bundesbank — speeches Markets & Infrastructure ✓ 24 claims 20 Oct 2026

German households' financial assets rose €335 billion in Q2 2026 on market gains

The Bundesbank's quarterly financial accounts show a sharp rebound in household wealth after a weak first quarter, driven largely by valuation gains in shares and funds. The release also breaks down real returns by wealth group and reports a recovery in corporate external financing, giving compliance and treasury teams a read on household balance sheet health and financing trends.

  • Households' financial assets reached €9,831 billion at end-Q2 2026, up €335 billion on the quarter, mainly from €258 billion in valuation gains.
  • Capital market investments contributed €202 billion of valuation gains and investment fund shares rose €33 billion through new purchases.
  • The less wealthy half of households recorded a negative real return of around -0.7% despite a slight improvement, while the aggregate real total return rose to about 3.2%.
  • Households' debt ratio fell to 47.5% as liabilities grew to €2,192 billion on €12 billion of additional borrowing.
  • Non-financial corporations' external financing rose to €77 billion, combining €39 billion in borrowing and €14 billion in debt securities issuance, while share issuance fell to €15 billion with net redemptions on balance.
Source document
0:15
CFTC CFTC — Commodity Futures Trading Commission Source document ↗
United States CFTC — Commodity Futures Trading Commission Markets & Infrastructure ✓ 11 claims 20 Oct 2026

CFTC proposes to define event contracts including sports and politics as swaps

The CFTC has opened a short comment window on a proposal to write event contracts into the definition of swap under the Commodity Exchange Act. The move stakes out exclusive federal jurisdiction over contracts based on sports, politics, cultural and weather events. Anyone offering or trading these products, or watching the jurisdictional line between federal and other oversight, should read how the agency frames them.

  • The NPRM proposes to expressly define "swap" to include event contracts based on sports, politics, cultural and weather-related events.
  • The CFTC states these contracts are commodity derivatives within its exclusive jurisdiction under the Commodity Exchange Act.
  • Written comments must be received via Regulations.gov within 30 days of the NPRM's publication in the Federal Register.
  • Chairman Michael S. Selig said Americans use event contracts to hedge risks, speculate and provide information about future outcomes.
Source document
0:15
GFMA GFMA — Global Financial Markets Association Source document ↗
GFMA — Global Financial Markets Association Markets & Infrastructure ✓ 21 claims 20 Oct 2026

GFMA's FX division says wholesale market is not yet built for 24/7 and T0 settlement

The GFMA Global FX Division has published its October 2026 assessment of how wholesale FX must adapt to 24/7 operation, instant and T0 settlement, and settlement in digital money. It is a planning document, not a rule, but it names the operational and compliance gaps that stand between today's market and a tokenised one — and spells out what firms would have to change before any of it works at scale.

  • The BIS 2025 Triennial Survey sized FX turnover at $9.6 trillion/day, up 28% from the 2022 survey, with wholesale FX settlement sized at over $14 trillion/day in the BIS June 2026 Quarterly Review.
  • The GFXD identifies three 'no-regret' capabilities: improved data exchange across the trade lifecycle, reduced manual touchpoints and exception processing, and reduced system downtime where continuous operation is required.
  • The paper states that KYC and sanctions screening will need to be performed earlier — before or at the point of execution — where they are currently run after execution.
  • It flags that credit exposure must be measurable over weekends and 24/7, and that risk 'transforms' as nostro exposure shifts to digital money such as stablecoin reserves.
  • It calls for public-sector engagement on settlement finality, supervisory divergence, the PFMIs and Global Code, local employment law, and the BIS PIE taskforce's work on a global value-date.
Source document
0:15
BNM Bank Negara Malaysia Source document ↗
Bank Negara Malaysia Markets & Infrastructure ✓ 26 claims 20 Oct 2026

Bank Negara mandates interoperable payments and bans proprietary QR schemes by June 2028

Bank Negara Malaysia has replaced its 2019 Interoperable Credit Transfer Framework with a broader regime covering account-to-account transfers, QR purchases and cross-border payments. It routes mandatory traffic through the shared infrastructure operated by PayNet, outlaws proprietary QR schemes, opens access to non-bank regulated entities and codifies consumer protection obligations. Most provisions bind from 30 June 2026, with phased deadlines beyond.

  • The framework takes effect on 30 June 2026 and supersedes the Interoperable Credit Transfer Framework issued on 23 December 2019.
  • Banking institutions and eligible e-money issuers must not operate proprietary QR code schemes and must fully phase out existing schemes by 30 June 2028, onboarding no new merchants during the transition.
  • Financial institutions must offer eligible domestic fund transfers up to RM5,000, funded from current, savings or e-money accounts, free to senders or recipients.
  • Operators of the shared payment infrastructure must grant objective, non-discriminatory, risk-based access, including to non-BNM-regulated entities, verified by independent external assessment.
  • Cross-border A2A and QR purchase obligations (paragraphs 9.3, 9.4, 9.8, 9.11) are tied to the live operationalisation date of the Nexus scheme, to be announced by BNM.
Source document
0:15
ISDA ISDA Source document ↗
United States ISDA Markets & Infrastructure ✓ 13 claims 20 Oct 2026

ISDA Data Show Non-Deliverable Forwards Now Majority of US FX Derivatives

ISDA has added US foreign exchange derivatives to its SwapsInfo data platform, publishing a review of trading activity from Q1 2024 to Q2 2026. The figures show non-deliverable forwards overtaking other FX products to become the largest single segment, a shift compliance and trading desks tracking market structure will want to register.

  • ISDA expanded SwapsInfo to include US FX derivatives data, its third OTC asset class after rates and credit.
  • Total FX derivatives traded notional rose 27.1%, from $15.3 trillion in Q1 2024 to $19.4 trillion in Q2 2026.
  • Non-deliverable forward notional grew 37.1% to $10.2 trillion over the same period.
  • NDFs' share of FX derivatives notional rose to 52.7% in Q2 2026 from 48.9% in Q1 2024.
  • The review additionally covers product mix, trade size, currency pairs and execution venue.
Source document
0:15
EURE Eurex Source document ↗
European Union Eurex Markets & Infrastructure ✓ 18 claims 19 Oct 2026

Eurex to launch centrally cleared Japanese single-stock and dividend futures on 2 November

Eurex is opening its equity financing product suite in Japan, the last major developed market it had not covered, and its first move into Asia Pacific equity derivatives. The new single-stock futures and single-stock dividend futures are pitched as a centrally cleared, capital-efficient alternative to bilateral OTC equity swaps. For anyone running Japanese equity financing books, this is a structural shift worth a few minutes.

  • Trading in Japanese SSFs and SSDFs begins on 2 November 2026 with 10 leading Nikkei 225 names selected in consultation with clients and partners.
  • Further phases through 2027 will progressively expand coverage to the majority of Nikkei 225 constituents, driven by client demand and operational readiness.
  • All transactions are executed on Eurex's regulated market and centrally cleared through Eurex Clearing, with no ISDA master agreement required.
  • SSDFs are available in JPY and SSFs in both JPY and USD, with the contracts trading 21 hours a day from 08:15 SGT/09:15 JST.
  • Eurex states it is the first market infrastructure to offer centrally cleared futures on individual Japanese stocks.
Source document
0:15
BNM Bank Negara Malaysia Source document ↗
Bank Negara Malaysia Markets & Infrastructure ✓ 19 claims 19 Oct 2026

Bank Negara finalises interoperable fund transfer rules, bans proprietary QR schemes

Bank Negara Malaysia has issued the final Interoperable Fund Transfer Framework policy document alongside a statement responding to industry feedback on the 2025 exposure draft. The segment covers the prohibition of proprietary QR schemes, the mandatory routing of transactions through the shared payment infrastructure, and the mandatory enablement of cross-border services. Payments and compliance teams at participating institutions should understand what is now fixed and what remains under discussion.

  • Proprietary QR code schemes are prohibited, with a two-year transition period for affected institutions to migrate to the interoperable scheme.
  • Participants must enable both domestic and cross-border services, with the cross-border mandate's effective date aligned to the Nexus go-live timeline.
  • Both on-us and off-us fund transfers via the QR code scheme must route through the shared payment infrastructure to support fraud detection and response.
  • The P2M interoperable QR mandate applies only to participants offering QR-based purchase services to the retail segment, including consumers and merchants.
  • Non-bank cross-border fund transfer services generally fall under the Money Services Business Act 2011, with BNM formalising a list of excluded businesses.
Source document
0:15
BNM Bank Negara Malaysia Source document ↗
Bank Negara Malaysia Markets & Infrastructure ✓ 25 claims 19 Oct 2026

BNM reissues RENTAS foreign-currency settlement procedures, effective 1 September 2026

Bank Negara Malaysia has published the latest consolidated operational procedures for foreign-currency settlement in RENTAS, the country's real-time gross settlement system. The document sets out membership types, access channels, business hours, cut-off times, settlement finality and queue management for participants settling in supported foreign currencies. The live change in this version is cosmetic, but the consolidated text is now the operative reference for operations teams.

  • Version 1.8 takes effect 1 September 2026 and its sole substantive change replaces the signatory title 'Head' with 'Director' across nine appendices and participant forms.
  • Foreign-currency settlement runs 8.30am to 6.00pm, with cut-off times of 5.30pm for RMB and 6.00pm for USD, and all unsettled queued instructions cancelled at cut-off.
  • Participants using cloud-based SWIFT access (SAL2 or SAC) must submit an annual declaration to BNM by 31 January covering CSCF attestation and RMiT cloud compliance.
  • Paying participants must transmit payment instructions to RENTAS Host within 30 minutes of a customer instruction, except transactions failing regulatory, sanction or AML screening.
  • Participants requesting a cut-off extension acknowledge BNM may publicly disclose all information pertaining to the request.
Source document
0:15
BNM Bank Negara Malaysia Source document ↗
Bank Negara Malaysia Markets & Infrastructure ✓ 19 claims 19 Oct 2026

BNM revises RENTAS retail-settlement balance rules and FRPS+ charges from 1 September

Bank Negara Malaysia has reissued the Operational Procedures for MYR settlement in RENTAS, effective 1 September 2026. Version 1.9 is a narrow but operationally material update touching the Near Real Time Settlement module's balance mechanics, third-party payment messaging and the fee schedule. If you run treasury or payments operations against a RENTAS settlement account, these changes affect intraday funding and cost.

  • Version 1.9 takes effect on 1 September 2026 and binds all RENTAS participants under section 35 FSA and section 45 IFSA.
  • Clause 38.15 revises the NRTS minimum-balance mechanism and calculation formula and updates the maximum-balance threshold.
  • Appendix II adds sweep-in and sweep-out charges and updates effective charges for FRPS+ utilisation and FRPS+ Overnight Charges.
  • Guideline I on MYR Third Party Payments adds guidance on the usage of IFT04 in pacs.009.001.08.
Source document
0:15
BNM Bank Negara Malaysia Source document ↗
Bank Negara Malaysia Markets & Infrastructure ✓ 23 claims 19 Oct 2026

BNM reissues RENTAS and FAST participation rules, effective 1 September 2026

Bank Negara Malaysia has issued version 1.6 of the Participation Rules for Payments and Securities Services, the binding contract governing participants of RENTAS and FAST. The headline change is cosmetic, but the consolidated text carries substantive obligations added in recent revisions covering insolvency handling, continued access for institutions in resolution, and the new role of retail payments operators. Worth a few minutes for anyone operating a RENTAS or SSDS account.

  • Version 1.6 of the Participation Rules takes effect on 1 September 2026 and binds all participants of RENTAS and FAST.
  • The sole change in this version is Clause 40.1.3, which changes an officer designation from 'Head' to 'Director'.
  • An institution in PIDM resolution must retain continued access to RENTAS and cannot be suspended solely for entering resolution under section 98 of the PIDM Act.
  • Participants must formally notify their board or compliance committee of any breach of the Rules and submit incident reports to BNM on request.
  • BNM's aggregate liability to participants is capped at the highest annual fees and charges paid by any one participant in the preceding twelve months, excluding penalties and admission fees.
Source document
0:15
AMF AMF France Source document ↗
AMF France Markets & Infrastructure ✓ 21 claims 19 Oct 2026

AMF reports first convictions against organised insider networks, up to €30m in fines

AMF chair Marie-Anne Barbat-Layani used her closing speech at the Sanctions Commission's 19th colloquium to claim the first results against the organised insider networks she flagged in 2024, and to set out how remediation now shapes enforcement outcomes. For heads of compliance in France, the operational detail on composition administrative and newly enacted investigative powers matters more than the headline conviction.

  • On 13 April 2026 the Paris criminal court convicted three people for insider dealing and complicity in the Airgas affair, with sentences up to three years and fines up to €30 million.
  • The law of 25 June 2026 enacted five measures, including letting financial investigating judges and the PNF call on specially authorised AMF investigators alongside judicial investigation services.
  • Since 2010 the composition administrative regime has delivered remediation by 111 regulated firms and €9 million paid back to investors under AMF oversight.
  • The AMF says 86% of firms receiving control reports that explicitly mention remediation then cited remediation measures in their responses.
  • Barbat-Layani is still seeking webscraping powers and the use of assumed identities, both outstanding in the Labaronne bill tabled in September 2025.
Source document
0:15
AMF AMF France Source document ↗
AMF France Markets & Infrastructure ✓ 28 claims 19 Oct 2026

AMF's 2026 risk map flags geopolitics, cyber and private assets as leading concerns

The AMF published its annual markets and risk mapping on 30 June 2026. It reaffirms geopolitical and cyber risk as the dominant threats, notes markets rebounded quickly from the Middle East conflict shock, and singles out private assets, real-estate funds, and a younger, more vulnerable generation of retail investors as supervisory priorities for the year ahead.

  • The AMF published its Cartographie 2026 des marchés et des risques on 30 June 2026, confirming geopolitical and cyber risk as the leading threats.
  • French markets remained orderly and resilient through the volatility that followed the outbreak of conflict with Iran, with equity markets rebounding quickly.
  • The regulator warns of elevated valuations, concentration of returns in a few large technology stocks, and high corporate leverage as amplifiers of any macro-financial deterioration.
  • Private assets and private credit growth, alongside widening retail access, raise concerns over liquidity, valuation, leverage and interconnections, though not yet deemed a significant stability risk.
  • The AMF cites DORA as the structuring framework for operational and cyber resilience amid rapid AI and frontier-model development, and flags rising scams aimed at younger investors.
Source document
0:15
BEP Bank of England Publications Source document ↗
United Kingdom Bank of England Publications Markets & Infrastructure ✓ 26 claims 19 Oct 2026

Bank of England consults on letting CCPs accept uncollateralised letters of credit as margin

The Bank of England is proposing to let UK CCPs accept uncollateralised letters of credit as initial margin collateral, a change rooted in the 2022 energy-market margin spikes. The consultation removes the full-backing requirement, extends eligibility to non-financial clients, and layers on new concentration and due-diligence safeguards. For clearing members, issuing banks and corporate hedgers, it reshapes how margin obligations can be met.

  • The Bank proposes removing the requirement that commercial bank guarantees be fully collateralised before a CCP can accept them as initial margin.
  • Non-financial counterparties clearing as clients, not only clearing members, would become eligible to post LOCs, enabling pass-through models.
  • The single-issuer concentration limit would be cut from 10% to 5% of a CCP's total collateral, and the option to raise it to 25% removed.
  • Eligible issuers would be restricted to authorised UK credit institutions or authorised overseas credit institutions, with ongoing creditworthiness monitoring required.
  • Responses are due by 15 January 2027; final rules are proposed for 2027 H1 with no implementation period.
Source document
0:15
RWE Regulus Weekend Edition Source document ↗
European Union Regulus Weekend Edition Markets & Infrastructure ✓ 17 claims 18 Oct 2026

Binding dates kept arriving before the headline events firms filed them under

Five regulators set clocks this week, and in almost every case the date that bites first was not the headline event. ESMA's T+1 framework is the clearest example, but the pattern runs through Basel's G-SIB fix, AMLA's Frankfurt roundtables and the ISDA FX cutover. This is a read on how to calendar a week like this one.

  • ESMA fixed 7 December 2026 as the first binding T+1 deadline for electronic, standardised and machine-readable allocation and confirmation messaging, almost a year before settlement shortens on 11 October 2027.
  • Basel's G-SIB reporting and disclosure threshold rises from EUR 200 billion to EUR 350 billion in leverage ratio exposure measure from 2027, while annual-average indicator calculation is deferred to 1 January 2030.
  • AMLA's in-person Frankfurt simplified-CDD expression-of-interest window closed 18 October 2026 at 23h59 CEST, with roundtables running 9 November to 2 December 2026.
  • ISDA's 2026 FX Definitions take over in November 2027, after which the 1998 definitions cease to apply, with a SWIFT change request already submitted before the 4 June deadline.
  • ABA, BPI, CBA and ICBA asked the Fed to move its 30 November stablecoin comment deadline to 29 January, a decision still pending.
Source document
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RWE Regulus Weekend Edition Source document ↗
European Union Regulus Weekend Edition Markets & Infrastructure ✓ 33 claims 18 Oct 2026

ESMA's 7 December messaging mandate tops a week of early-biting deadlines

Five regulators set clocks this week, and in several cases the date that binds first was not the headline event. We rank what a compliance officer must act on: ESMA's T+1 messaging mandate, Basel's G-SIB window-dressing fix, Elderson's climate-coverage disclosure, the SEC's move on Rule 14a-8, and a two-agency US PERM settlement. The recurring discipline is to calendar each regime from its earliest operative date.

  • From 7 December 2026 EU investment firms must use electronic, standardised and machine-readable allocation and confirmation messaging, ahead of T+1 settlement on 11 October 2027.
  • Basel's G-SIB reporting threshold rises to EUR 350 billion from 2027, while the annual-averaging calculation basis is deferred to 1 January 2030 and the EBU consultation closes 14 January 2027.
  • ECB Vice-Chair Frank Elderson said on 14 October that climate stress tests cover all banks' own material risk drivers in only around 15% of cases.
  • Cloudera was debarred from the PERM program for two years and will pay a $1.4 million back-pay fund plus $600,000 in civil penalties, the fourteenth settlement since DOJ's 2025 relaunch.
  • The SEC proposed rescinding Rule 14a-8, arguing the shareholder-proposal rule exceeds its statutory authority, with comment open for 60 days after Federal Register publication.
Source document
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ESMA ESMA Source document ↗
European Union ESMA Markets & Infrastructure ✓ 18 claims 18 Oct 2026

ESMA completes T+1 rulebook, sets 7 December 2026 as first compliance deadline

ESMA has published the final piece of the regulatory framework for the EU's move to T+1 securities settlement, confirming an 11 October 2027 switchover. The briefing matters because the first binding obligation arrives sooner, on 7 December 2026, when investment firms and their clients must meet new allocation and confirmation requirements. This covers what is now fixed and what firms must do next.

  • The EU will switch to T+1 settlement on 11 October 2027, with the regulatory framework now complete.
  • From 7 December 2026, investment firms and their clients must comply with new allocation and confirmation requirements.
  • Those requirements mandate electronic, standardised communication channels, international messaging standards and machine-readable methods, except during temporary technical disruptions.
  • ESMA has published the RTS and revised Guidelines on standardised procedures and messaging protocols, and published a final report under reference ESMA74-2119945926-3749.
Source document
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BOE Bank of England Source document ↗
United Kingdom Bank of England Markets & Infrastructure ✓ 27 claims 18 Oct 2026

Industry group sets November 2027 cutover to ISDA's 2026 FX Definitions at FXJSC meeting

The Bank of England-serviced FXJSC Legal Sub-Committee met in June to take a detailed ISDA briefing on the 2026 FX Definitions, the SWIFT transition timetable and the November 2027 date on which the 1998 definitions cease to apply. The minutes also cover a competition law guidance refresh, new terms of reference, a deputy chair appointment, and future topics including AI in FX markets.

  • The market will transition to the 2026 FX Definitions in November 2027, after which the 1998 definitions will cease to apply.
  • A SWIFT change request was submitted ahead of its 4 June deadline, with rulebook changes expected over the summer.
  • Substantive changes include three default disruption events, a calculation agent standard aligned with the 2021 rates definitions, and an automated exercise option for FX options.
  • The group flagged unresolved uncertainty over applying the 2026 FX Definitions to non-English and non-New York law governed agreements.
  • Tamsin Rolls of JP Morgan Chase was appointed deputy chair, and non-material amendments were made to the competition law guidance.
Source document
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ECB European Central Bank Source document ↗
European Union European Central Bank Markets & Infrastructure ✓ 24 claims 18 Oct 2026

ECB securities financing survey records fourth straight quarter of easing credit terms

The ECB's quarterly SESFOD survey covers how 26 large banks set credit terms in euro-denominated securities financing and OTC derivatives markets. This round shows a fourth consecutive quarter of slight easing, concentrated in pricing, alongside rising valuation disputes in parts of the derivatives market. It is a useful read on how dealers are pricing counterparty risk heading into a period of geopolitical uncertainty.

  • Overall credit terms and conditions eased slightly for all counterparty types for a fourth consecutive quarter, mainly through price terms.
  • Non-price terms eased slightly for banks and dealers but tightened slightly for hedge funds, whose use of leverage increased slightly.
  • Demand for securities financing rose across most collateral types, led by equities at a net 27% of respondents, while haircuts fell for most bond collateral and asset-backed securities.
  • Initial margin requirements decreased slightly for FX, interest rate, equity and several credit derivative types, while valuation disputes increased for several derivative types, particularly credit derivatives.
  • Results are based on responses from 26 large banks, comprising 14 euro area banks and 12 with head offices outside the euro area.
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FINA Finanstilsynet Norway Source document ↗
Finanstilsynet Norway Markets & Infrastructure ✓ 15 claims 16 Oct 2026

Norway's FSA tells market to start T+1 testing ahead of EU 2027 shift

Finanstilsynet is pressing Norwegian securities market participants to begin testing systems now for the EU's move to T+1 settlement, even though the underlying EU regulation has not yet been incorporated into Norwegian law. The notice sets out phased deadlines and points firms to EU industry roadmaps and ESMA guidance.

  • The EU will shorten the standard settlement cycle to T+1 with effect from 11 October 2027.
  • The European Commission's amendments to the settlement discipline regulation (EU) 2018/1229 were published 14 October 2026, with key allocation and confirmation communication requirements applying from 7 December 2026.
  • Finanstilsynet expects Norwegian firms to prepare on the same timeline as EU market participants even though the changes are not yet part of Norwegian law.
  • ESMA has updated its guidelines on allocation and confirmation procedures, which Finanstilsynet will apply in its supervision from the EU implementation date.
  • Firms seeking testing information can contact test leader Pål Albert Lindkjølen at Norges Bank.
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SFC SFC Hong Kong Source document ↗
SFC Hong Kong Markets & Infrastructure ✓ 12 claims 16 Oct 2026

SFC backs HKEX plan to shift Hong Kong stock settlement to T+1 by September 2028

HKEX has finalised its approach to moving Hong Kong's cash equities market from T+2 to T+1 settlement, with the SFC publicly endorsing the plan. This item covers the revised implementation date, the SFC's rationale, and what firms need to start preparing for ahead of a multi-year transition.

  • HKEX issued its Consultation Conclusions on Accelerated Settlement for the Hong Kong Cash Market on 16 October 2026.
  • The implementation timeline has been revised to the second half of 2028, with September 2028 identified as the target date.
  • Under T+1, securities transactions settle one business day after trade date, compared with two business days under the current T+2 cycle.
  • The transition will require consequential amendments to relevant rules and procedures, which the SFC will work on with HKEX.
  • The SFC's Rico Leung urged industry participants to begin preparations early and coordinate with counterparties and service providers.
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BOE Bank of England Source document ↗
United Kingdom Bank of England Markets & Infrastructure ✓ 20 claims 16 Oct 2026

Bank of England weighs how 24-hour settlement push could reshape SONIA

Minutes of the 25 September SONIA Stakeholder Advisory Group meeting cover the Bank's review of data-collection powers, the potential knock-on effects of extending RTGS and CHAPS settlement hours on SONIA's publication and reporting, and ONS plans to change economic data release times. Relevant for treasury and rates desks tracking benchmark administration.

  • Daily volumes in the unsecured overnight market averaged around £55 billion with the spread to Bank rate fluctuating close to 1.9 basis points.
  • The Bank and HM Treasury are reviewing statutory powers to collect sterling money market data, including possible collection from group entities.
  • The Bank intends to return to industry in the first quarter of 2027 with themes from its consultation on extending RTGS and CHAPS settlement hours.
  • The Group indicated a strong preference to preserve the current SONIA publication time of 09:00, noting SMMD reporting is required by 07:00.
  • ICE extended trading hours for SONIA futures and gilt futures went live on 6 July, opening at 01:00 and drawing greater participation from Asian, Middle Eastern and US-based clients.
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BCB Banco Central de Bolivia (BCB) Source document ↗
Banco Central de Bolivia (BCB) Markets & Infrastructure ✓ 11 claims 15 Oct 2026

Bolivia's central bank publishes Inflation and Monetary Policy Report

The Banco Central de Bolivia has released its Inflation and Monetary Policy Report. The source page records only the publication and its date; it does not reproduce the report's contents, projections or policy stance. This item flags the release and what can and cannot be confirmed from the page itself, for readers tracking Bolivian monetary conditions.

  • The BCB published its Reporte de Inflación y Política Monetaria with a publication date of 8 October 2026.
  • The page was uploaded on 9 October 2026 under a BCB staff account.
  • The supplied source contains no inflation data, forecasts or policy-rate content from the report.
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BOE Bank of England Source document ↗
United Kingdom Bank of England Markets & Infrastructure ✓ 29 claims 15 Oct 2026

Bank of England's Money Markets Committee backs phased extension of RTGS and CHAPS hours

The Money Markets Committee met on 25 September 2026 and reviewed sterling funding conditions, the proposed leverage ratio changes and the Bank's plan to extend RTGS and CHAPS settlement hours toward near 24x7. This segment covers what members supported, the operational frictions they raised, and the contingency and Code workstreams flagged for later in the year.

  • Feedback to the May 2026 RTGS/CHAPS consultation was broadly supportive, with respondents favouring extending existing operating days before adding further operating days.
  • Members welcomed the FPC's proposed leverage ratio changes but said it was difficult to predict any near-term material increase in balance-sheet deployment in UK money markets.
  • The next Sterling Money Markets Code update is planned for 2027, and EUI's proposed MiniCREST cyber contingency will return to the December meeting.
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SEC SEC Press Releases Source document ↗
United States SEC Press Releases Markets & Infrastructure ✓ 11 claims 15 Oct 2026

SEC fines OTC Link $575,000 for nine years of Regulation SCI failures

The SEC censured broker-dealer OTC Link LLC and imposed a $575,000 penalty for failing, between August 2016 and March 2025, to establish and enforce Regulation SCI policies covering system security, access control and vulnerability management on its OTC Link ATS. The order turns on repeated failures to remediate deficiencies after examiners flagged them, making it essential reading for SCI entities on how the agency weighs examination history.

  • OTC Link LLC was censured and ordered to pay a $575,000 civil penalty for Regulation SCI violations from August 2016 to March 2025.
  • The SEC found deficient policies on system security, access control and application vulnerability management, testing and remediation for OTC Link ATS.
  • Examiners flagged the gaps several times; the order cites repeated failure to promptly remediate as justifying the penalty, and found breaches of Rules 1001(a)(1), (a)(2) and (a)(3).
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SEC SEC Press Releases Source document ↗
United States SEC Press Releases Markets & Infrastructure ✓ 17 claims 15 Oct 2026

SEC proposes wider retail access to private markets, floats new accredited-investor paths

The SEC has voted to propose amendments aimed at opening private-market strategies to retail investors through regulated fund structures, and separately opened comment on new routes to accredited-investor status. This segment walks through what the Commission is proposing, what it is merely asking about, and the 60-day clock now running for firms that structure or distribute these products.

  • Registered advisers to regulated funds could receive performance-based compensation tied to capital gains or appreciation, with new disclosure required on fund forms.
  • Separate comment request weighs a FINRA accredited-investor exam and credentials — CPA, CFA, CFP, Series 79, Series 86/87 — as non-financial qualification paths.
  • Comment periods remain open 60 days after Federal Register publication; proposals also modernize interval funds and closed-end fund multi-class issuance.
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