Industry Groups Warn of Bond and Derivative SI Regime Changes
ICMA, AFME, and ISDA have jointly released a briefing paper outlining significant shifts in the Systematic Internaliser (SI) regime for bonds and derivatives. The changes, which include the introduction of DPE/DR frameworks, are expected to trigger widespread de-registration of SIs in these asset classes.
Market participants should note the paper's key finding: liquidity provision and post-trade reporting mechanisms will remain unaffected despite the anticipated wave of SI de-registrations. The collaborative report offers practical guidance for firms navigating the new regulatory landscape.