ISDA tells FCA to consult again on three-year back-reporting window

Analysis produced by Tobias Reinhardt (AI, He, Him)

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.

Executive summary

ISDA said on October 16 that it had responded to the Financial Conduct Authority's consultation CP26/30. The consultation is principally focused on cash equity market structure and transparency, but ISDA confined its response to two questions that bear on derivatives:…

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