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Cards Wire 22 segments
0:15
SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 29 claims 02 Nov 2026

FINRA extends options rules to binary metric options and non-OCC clearing agencies

FINRA has rewritten its options rulebook to cover a new product category: cash-settled binary options that pay out on an issuer's reported metrics such as quarterly revenue or EPS, some of which clear outside OCC. The change took effect immediately as a non-controversial filing. This item covers what the amendments require of members and which obligations now attach to metric-based and non-OCC-cleared options.

  • The amendments apply FINRA's options framework to binary options, options on metrics and options cleared by a registered clearing agency other than OCC, including cash-settled binary metric options that pay $1 or $0 at expiration.
  • A new Rule 2360(b)(3)(D) sets position limits for binary options tied to the limits established by the listing exchange, paralleling the existing standardized equity option provision.
  • LOPR reporting is extended to options on metrics, and members must calculate aggregate positions using the exchange's contract equivalency conventions; Cboe treats 100 binary KPI contracts as one standard option.
  • Members must deliver the disclosure document of the applicable Registered Clearing Agency, not only OCC's, to customers approved for those products.
  • The change took effect on filing on October 22, 2026 with the 30-day operative delay waived, and comments are due by November 19, 2026 under File No. SR-FINRA-2026-022.
Source document
0:15
SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 19 claims 31 Oct 2026

SEC weighs doubling swap dealer threshold for CFTC compliance option to $100bn

The SEC is soliciting public comment on a request from Mizuho Capital Markets LLC to raise the notional threshold that lets stand-alone security-based swap dealers opt into CFTC rules instead of SEC capital and margin requirements. The notice explains the rule's origin, MCM's rationale, and the questions the Commission wants answered before December 2, 2026.

  • Mizuho Capital Markets LLC requested on October 26, 2026 that the SEC raise Rule 18a-10's maximum fixed-dollar amount from $50 billion to $100 billion.
  • MCM is one of two stand-alone security-based swap dealers currently operating under the Rule 18a-10 alternative compliance mechanism.
  • MCM states that from 2022 to 2024 its SBS activity represented less than 0.25% of its total gross notional across SBS and swaps and only 1.47% of total active trade count.
  • The gross notional amount of SBS outstanding on December 26, 2025 was approximately $7,265.144 billion, per the Commission's report.
  • Comments on the proposed change are due on or before December 2, 2026, referencing File Number S7-2026-38.
Source document
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SECU Securities and Exchange Commission Source document ↗
United States Securities and Exchange Commission Markets & Infrastructure ✓ 17 claims 30 Oct 2026

Nasdaq ISE seeks finer $0.50 option strike intervals for top-tier ETFs under $100

Nasdaq ISE has filed a proposed rule change with the SEC to allow $0.50 strike price intervals on options over a select group of highly liquid ETFs priced below $100, for expirations between one and nine months out. The filing is open for public comment and sits with the Commission for approval. It matters to options market makers, listing desks and anyone building multi-month ETF hedges.

  • The proposal permits $0.50 strike intervals for options on ETF Qualifying Securities where the strike is below $100, for expirations more than one month and less than nine months from expiry.
  • Eligibility is restricted to ETFs meeting the Qualifying Securities criteria: AUM above $50 billion or $25 billion, specified monthly options volume thresholds, a position limit of at least 250,000 contracts, and participation in the Penny Interval Program.
  • Series listed at $0.50 intervals may remain if an ETF later fails the criteria, but no additional such series may be listed until it re-qualifies, with eligibility reassessed each calendar quarter.
  • Separate amendments clarify that Table 1 symbols trade their Short Term Option Daily Expirations regardless of Qualifying Securities status, while Table 2 expirations apply only in quarters a security qualifies; ISE states this does not substantively change the rules.
  • Comments are due 21 days after Federal Register publication, and the SEC must approve, disapprove or institute proceedings within 45 days, extendable to 90.
Source document
0:15
FINR FINRA Source document ↗
United States FINRA Markets & Infrastructure ✓ 15 claims 28 Oct 2026

FINRA clarifies options rules now cover binary options, effective immediately

FINRA's October 28 digest confirms a rule change that already took effect this week: binary options now fall squarely under existing options oversight. Compliance and legal teams at member firms offering or clearing these products should understand which rules now apply and the margin computation changes before examiners ask about them.

  • Regulatory Notice 26-21, published Oct. 26, 2026, applies Rules 2220, 2360 and 4210 to binary options.
  • The notice covers binary options whose payout is based on an issuer's reported financial or operating metrics.
  • It also covers binary options cleared by a registered clearing agency other than The Options Clearing Corporation.
  • FINRA updated its Rule 4210 interpretations to clarify the required margin computations for binary options.
  • The rule changes took effect Oct. 22, 2026, four days before the explanatory notice was published.
Source document
0:15
CFTC CFTC — Commodity Futures Trading Commission Source document ↗
United States CFTC — Commodity Futures Trading Commission Markets & Infrastructure ✓ 13 claims 27 Oct 2026

CFTC chairman Selig headlines agricultural futures conference in Kansas

A CFTC press release recaps the two-day AgCon 2026 conference co-hosted with Kansas State University, where Chairman Michael Selig and industry, government and academic speakers discussed agricultural risk management alongside emerging derivatives market topics. Useful for tracking where the Commission's attention is turning, even though no rules or proposals were announced.

  • The CFTC and Kansas State University's Risk Management Center co-hosted the two-day AgCon 2026 conference in Overland Park, Kansas, the prior week.
  • Chairman Michael S. Selig delivered opening and closing remarks and held a fireside chat with Futures Industry Association President and CEO Walt Lukken.
  • Panels covered perpetual futures, 24/7 trading and tokenized collateral alongside traditional agricultural hedging and credit access topics.
  • USDA Deputy Secretary Stephen Vaden gave a first-day keynote and Senator Roger Marshall of Kansas opened the second day with remarks on agricultural policy.
  • Separate sessions examined agricultural prediction markets, event contracts, and clearing, market access and the role of intermediaries.
Source document
0:15
SECU Securities and Exchange Commission Source document ↗
United States Securities and Exchange Commission Markets & Infrastructure ✓ 15 claims 27 Oct 2026

NYSE American raises ByRDs market-cap listing bar from $40bn to $290bn

NYSE American has filed an immediately effective rule change altering how its Binary Return Derivatives (ByRDs) settle and which underlying stocks qualify for listing. The filing touches settlement methodology, listing thresholds, market maker quoting duties and order-protection checks, with implications for any firm trading or market-making these binary options products.

  • The settlement price for expiring ByRDs options will now be the underlying security's Closing Price as reported by the primary listing market, replacing the current all-day composite VWAP.
  • The minimum market capitalization requirement for individual-stock ByRDs listings rises from $40 billion to $290 billion under amended Rule 915ByRDs, Commentary .01.
  • A new initial and continued listing standard requires an average daily trading value in the primary listing market's closing auction of at least $10 million over the prior six months.
  • The exchange is eliminating its settlement-price rounding practice, so Finish High ByRDs pay $100 if the underlying closes at or above the strike price and Finish Low ByRDs pay $100 if it closes below the strike.
  • Market makers appointed to a ByRDs contract will no longer be required to enter continuous quotations unless they affirmatively choose to participate in that series.
Source document
0:15
CFTC CFTC — Commodity Futures Trading Commission Source document ↗
United States CFTC — Commodity Futures Trading Commission Markets & Infrastructure ✓ 13 claims 27 Oct 2026

CFTC sues Utah to block state enforcement against prediction markets

The CFTC has gone to court against Utah over the state's attempt to shut down CFTC-registered prediction markets. The dispute turns on federal preemption and the Commission's claim to exclusive jurisdiction over event contracts. This item matters to any venue listing event contracts and to firms tracking where the state-federal line on prediction markets is being drawn.

  • The CFTC filed a lawsuit against Utah to stop the state using its own laws to shut down CFTC-registered contract markets.
  • The suit follows Utah's civil enforcement actions in state court against CFTC-regulated markets and other businesses.
  • The Commission asserts exclusive federal jurisdiction over commodity derivatives and prediction markets under congressional preemption.
  • The CFTC says it has initiated legal proceedings against nine other states and filed briefs in four federal courts of appeal and one state supreme court.
Source document
0:15
FINR FINRA Source document ↗
United States FINRA Markets & Infrastructure ✓ 16 claims 27 Oct 2026

FINRA interpretation lets portfolio-margin firms margin hedging swaps with dealers on a PM basis

FINRA has added an interpretation to Rule 4240, its margin regime for security-based swaps carried by members that are not registered SBS dealers. Published October 27, 2026, it narrows one computation: how a portfolio-margin-approved firm sets initial margin on an Uncleared Basic SBS entered with a dealer counterparty to hedge its own commercial risk. The change is technical but affects capital and collateral for firms running SBS books under portfolio margin.

  • The interpretation, dated October 27, 2026, sits under Rule 4240(b)(2)(A)(ii), which governs the Initial Margin Requirement on an Uncleared Basic SBS by reference to Rule 4210 margin on the Equivalent Margin Account.
  • It applies only where the member is approved to offer portfolio margin and the counterparty is a registered security-based swap dealer under Exchange Act section 15F.
  • The swap must be entered to hedge or mitigate the member's commercial risk as defined in SEA Rule 3a67-4.
  • The portfolio-margin treatment is available only if expressly permitted under the member's written risk analysis methodology submitted to FINRA under Rule 4210(g).
  • Rule 4240 itself does not apply to members registered as security-based swap dealers, which instead comply with SEA Rule 18a-3.
Source document
2:53
ISDA ISDA Source document ↗
Global ISDA Markets & Infrastructure ✓ 15 claims 26 Oct 2026

ISDA publishes case study on taking the Common Domain Model into production

ISDA has released a short practitioner paper tracing one firm's path from concept to production with the Common Domain Model. It is aimed at compliance, operations and technology leads weighing CDM adoption, setting out that integration is achievable while being candid that work and hurdles remain. The value is in the worked example rather than any new standard or obligation.

  • ISDA published a paper describing how Ark 51 took the CDM into production for a legal agreement use case.
  • The CDM is a standardized, machine-readable and executable model for financial products, lifecycle events and contractual information, hosted and governed by the Fintech Open Source Foundation.
  • ISDA acknowledges that, despite growing adoption, there are hurdles to overcome and work involved to integrate the CDM into a system.
  • The document is tagged with Common Domain Model, Credit Support Annex, Digitization and Margin, and the full detail is in an attached PDF.
  • ISDA notes each use case will have several approaches to adoption.
Source document
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FINR FINRA Source document ↗
United States FINRA Markets & Infrastructure ✓ 15 claims 26 Oct 2026

FINRA extends options rulebook to binary options and non-OCC clearing

FINRA has pulled binary options, including the new 'binary metric options' tied to an issuer's reported financials and those cleared outside OCC, squarely inside its existing listed options rules. The changes touch options communications, trading, suitability, supervision and margin, and took effect immediately. This segment covers what the amendments define, which rules they reach and what members must now apply.

  • Amendments to Rules 2220, 2360 and 4210 apply FINRA's listed options framework to binary options, metric options and options cleared outside OCC, effective October 22, 2026.
  • Rule 2360 adds definitions of 'binary option' (Rule 2360(a)(2)) and 'underlying metric' (Rule 2360(a)(38)) and revises existing definitions to cover options overlying a metric.
  • Four updated Rule 4210 interpretations address binary option requirements, spreads, straddles or similar combinations, and margin under 4210(f)(2)(N)(ii).
  • The changes respond to exchange proposals filed with the SEC to list 'binary metric options' whose settlement amount is fixed at creation and payout depends on an issuer's reported metrics.
  • Conforming updates were also made to Rules 2351 and 2357 covering index warrants, currency index warrants and currency warrants.
Source document
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CFTC CFTC — Commodity Futures Trading Commission Source document ↗
United States CFTC — Commodity Futures Trading Commission Markets & Infrastructure ✓ 10 claims 26 Oct 2026

CFTC lets DCMs convert perpetual-style index futures into true perpetuals

The CFTC's Division of Market Oversight has issued no-action relief allowing designated contract markets to convert perpetual-style broad-based security index futures into true perpetual contracts. The letter sets out customer protection and procedural conditions exchanges must meet, and carries a short expiry date that market infrastructure teams should note.

  • The CFTC's Division of Market Oversight issued no-action relief for DCMs converting perpetual-style broad-based security index futures into true perpetual futures.
  • Conditions include soliciting feedback from market participants with open positions and providing advance notice with an opportunity to exit positions.
  • DCMs must offer appropriate risk disclosures and ensure no other material contract terms are modified.
  • DCMs must file the amendments under CFTC Regulations 40.5 or 40.6 and certify compliance with all conditions in the letter.
  • The no-action positions expire on October 20, 2026.
Source document
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CFTC Federal Register — CFTC Source document ↗
United States Federal Register — CFTC Markets & Infrastructure ✓ 20 claims 26 Oct 2026

CFTC keeps swap data reporting burden estimate despite data accuracy challenge

A routine Paperwork Reduction Act notice turns substantive: two commenters challenged whether swap data reported under CFTC part 45 is even truthful, and whether the Commission's burden estimates hold up. The CFTC rejected both without changing its numbers. This is a quick read for anyone whose firm reports under 3038-0096.

  • Comments on the renewed collection must be submitted to OIRA by November 5, 2026.
  • The Commission estimates 1,732 respondents with an average of 839 burden hours each, totalling 1,452,730 annual burden hours as stated in the notice.
  • Two commenters during the prior 60-day review period challenged the accuracy of reported swap data and the Commission's cost estimates, but the CFTC found neither provided supporting evidence.
  • The collection applies to swap dealers, major swap participants, SEFs, DCMs, DCOs and non-SD/MSP/DCO counterparties under part 45, adopted in 2012 and amended by final rule in 2020.
  • The Commission states there are no capital costs or operating and maintenance costs associated with this collection.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 17 claims 26 Oct 2026

SEC opens disapproval review of NYSE American FLEX equity option plan

NYSE American filed to extend cash settlement, currently available for ETF FLEX equity options, to as many as 50 non-ETF FLEX equity options, and to change how qualifying securities are selected. The SEC has instituted proceedings under Section 19(b)(2)(B) to decide whether to approve or disapprove the change, and is asking for further comment before acting.

  • NYSE American filed the proposal on June 29, 2026, and it was published for comment on July 7, 2026.
  • The change would permit cash settlement for up to 50 non-ETF FLEX Equity Options under Rule 903G.
  • Selection of qualifying securities would shift to highest average daily notional value instead of highest average daily share volume.
  • The SEC must decide whether the proposal is consistent with Section 6(b)(5) of the Exchange Act.
  • Written comments are due by October 27, 2026, and rebuttal comments by November 10, 2026.
Source document
0:15
SEC SEC Speeches and Statements Source document ↗
United States SEC Speeches and Statements Markets & Infrastructure ✓ 11 claims 23 Oct 2026

SEC chairman backs approval of binary options tied to company KPIs

Chairman Paul Atkins issued a statement explaining the Commission's approval of a securities exchange rule change permitting binary options tied to specified key performance indicators reported by certain issuers. The statement sets out how these products will be regulated and flags what the order deliberately leaves unaddressed, including CFTC jurisdiction over comparably structured KPI contracts.

  • The SEC approved a proposed rule change permitting a securities exchange to list binary options overlying specified KPIs reported by certain issuers.
  • The approved binary KPI options will be cash-settled, European-style, standardized options classified as NMS securities.
  • These options will be subject to existing securities exchange rules covering customer accounts, margin requirements, trading halts, auctions, market-maker quoting obligations, order types and time-in-force.
  • The approval order does not address or foreclose CFTC jurisdiction over similarly structured KPI contracts falling under that agency's jurisdiction.
  • Chairman Atkins' statement is dated October 13, 2026.
Source document
0:15
SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 21 claims 23 Oct 2026

Cboe EDGX adopts generic listing standards for options on multi-crypto-asset trusts

Cboe EDGX has filed a non-controversial rule change, operative on filing, that lets it list options on commodity-based trusts holding more than one crypto asset and on exchange-traded funds defined under Rule 6c-11. The standards copy rules the SEC already approved for affiliate Cboe Options. Comments are open until November 12, 2026, and the Commission may suspend the change within 60 days.

  • Each crypto asset in a listed multi-asset trust must have an average daily market value of at least $700 million over the trailing 12 months and underlie a derivatives contract on a market with a comprehensive surveillance sharing agreement.
  • The filing permits options on exchange-traded funds defined under Rule 6c-11, relying on that rule's portfolio transparency requirements as the anti-manipulation basis.
  • Continued listing standards require the Exchange to review the market-value criterion monthly and consider suspending opening transactions if criteria are no longer met.
  • The rules are substantively identical to Cboe Options standards approved by the SEC in April 2026 under SR-CBOE-2026-020.
  • The change became operative on filing after the SEC waived the 30-day delay; written comments are due by November 12, 2026.
Source document
0:15
BIS BIS Press Releases Source document ↗
Global BIS Press Releases Markets & Infrastructure ✓ 17 claims 22 Oct 2026

BIS study finds offshore NDF trades move onshore exchange rates within minutes

BIS working paper 1383 examines how offshore non-deliverable forward trading in ten emerging market currencies feeds through to onshore spot rates, using transaction-level data cleared through LCH ForexClear from 2014 to 2025. Relevant for central banks and FX desks assessing how capital controls and bank access rules shape currency transmission.

  • The paper uses transaction-level data on NDF trades for 10 emerging market currencies cleared through LCH ForexClear from 2014 to 2025.
  • A $1 billion increase in offshore dollar demand moves the onshore exchange rate by about 10 basis points within minutes.
  • The same $1 billion shock moves the offshore forward rate by about 18 basis points.
  • The offshore-onshore price gap narrowed when Indian banks were allowed to participate in offshore markets in 2020 and widened again when that access was restricted in 2026.
  • The study draws on four episodes of regulatory change affecting banks' offshore NDF access in China, Malaysia and India.
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
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
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
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
0:15
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.
Source document