Today AFME, FIA, GFXD, and ISDA have submitted a joint response to ESMA’s Call for Evidence on a comprehensive approach for the simplification of financial transaction reporting. We strongly support the policy objective to simplify regulatory frameworks and reduce operational burden and welcome ESMA’s efforts in this area. The response outlines a set of targeted recommendations including a clear delineation of reporting obligations by instrument, a shift to single-sided reporting, and a targeted review of reportable fields to ensure proportionality and efficiency across transaction reporting frameworks. These proposals aim to eliminate duplication, reduce costs, and align EU practices with global standards.
GFMA, in partnership with a coalition of leading global financial trade associations (“Joint Trades”), and with Boston Consulting Group (BCG), Ashurst, and Sullivan & Cromwell as technical advisors, submitted a letter to the Basel Committee on Banking Supervision (BCBS) urging a pause and recalibration of the Cryptoasset Exposures Standard (SCO60).
On July 28, the GFXD and ISDA submitted a joint response to the European Commission’s consultation on the need to exempt spot foreign exchange benchmarks under Article 18a of the EU Benchmarks Regulation. The consultation recommends applying the exemption to four currencies on the basis that their use in the EU either exceeds (Indian rupee, South Korean won, Taiwanese new dollar) or is very close to (Philippine peso) the significant benchmark threshold based on traded volume data provided by EU supervised entities. These four currencies meet the specific criteria identified in Article 18a – namely that, as restricted currencies, there is no suitable alternative benchmark produced in the EU, and they are used on a frequent, systematic and regular basis by end users to hedge their currency exposures. As part of the data analysis exercise undertaken for the consultation response, other non-central bank administered benchmarks that are not or do not expect to be authorized for use in the EU were considered but the data indicated their use in the EU is not significant. The joint response has received formal support from the European Association of Corporate Treasurers and the Deutsches Aktieninstitut.
GFMA submitted a response to IOSCO’s consultation report on “Artificial Intelligence in Capital Markets: Use Cases, Risks, and Challenges.”
GFMA submitted comments to the FSB on their thematic peer review of the FSB global regulatory framework for crypto-asset activities.
GFMA submitted response to the FSB’s public consultation on leverage in Non-Bank Financial Intermediation (NBFI).
GFMA submitted response to IOSCO's pre-hedging consultation.
