ISDA tells FCA to consult again on three-year back-reporting window
ISDA has responded to FCA consultation CP26/30 on equity market structure and transparency, addressing two questions that reach beyond cash equities: whether equity swaps should fall within public transparency, and a proposed three-year window for back-reporting of incorrect and failed post-trade transparency reports. The response signals where the derivatives industry will push back as the FCA reshapes the UK transparency regime.
- ISDA responded on October 16 to FCA consultation CP26/30, which is principally focused on cash equity market structure and transparency.
- On expanding transparency to equity swaps, ISDA expanded on its previous opposition set out in its response to the discussion paper within CP25/20.
- ISDA argued the FCA should consult further on the proposed three-year back-reporting window for incorrect and failed post-trade transparency reports.
- ISDA framed the back-reporting question as a balance between market access to transaction information and proportionate regulatory costs for firms.