Topic
Derivatives Trading
79 published works
Global Fintech & Digital Assets Blog
What the CFTC’s New No-Action Relief Really Means for Self-Custody Crypto Wallets
The no-action relief permits use of non-custodial wallet software in connection with CFTC-regulated derivatives trading, subject to certain conditions. By Yvette D. Valdez, Douglas K. Yatter, Adam Bruce Fovent, and…
China Law Insight
香港的场外衍生品交易：一份面向香港特别行政区和中国内地客户的实用指引（之一）
By King & Wood
作者：薛嘉聪 牟牧 苏效民 香港作为中国跨境结构化产品业务的枢纽及全球最活跃的衍生品市场之一，场内衍生品的交易量长期处于全球前列，而场外衍生品交易也非常蓬勃。不少中资卖方机构及买方客户也希望通过场外衍生品交易实现其不同的融资、投资及风险管理需求。 我们在往期文章中分别介绍过打包重组交易、海外证券化交易以及结构化票据。本系列文章将着重介绍场外衍生品（over-the-counter (OTC) derivatives）交易，并聚焦于其中一个最常见的交易类型 —— 收益互换（total return swap (TRS)），TRS交易在不同场景应用的范例及考虑点，以及进行衍生品业务（包括TRS交易）的中国法与中国香港特区法的监管考量因素。 阅读更多
Global Regulation Tomorrow
ESMA MiFIR Review Final Report – on transparency for derivatives, package orders and input/output data for the dedicates consolidated tape
By Simon Lovegrove (UK), Floortje Nagelkerke (NL)
On 15 December 2025, the European Securities and Markets Authority (ESMA) published its MiFIR Review Final Report proposing amendments to MiFIR’s Level 2 provisions specifying the transparency requirements for derivatives,…
Global Regulation Tomorrow
FCA PS25/17: The SI regime for bonds and derivatives including Discussion Paper on equity markets
On 28 November 2025, the Financial Conduct Authority (FCA) published Policy Statement 25/17: The SI regime for bonds and derivatives including Discussion Paper on equity markets (PS25/17). Background In November…
The CLS Blue Sky Blog
Enhancing Investor Margin Transparency for Centrally Cleared Derivatives
By Lynn Bai
Margins serve as a critical mechanism for mitigating default risk in centrally cleared derivatives. Brokerage firms, acting as intermediaries, may impose supplemental margins on investors beyond those required by clearinghouses.…
Banking, Finance and Securities
ECON report on proposed Regulation to shorten EU settlement cycle
By Nikolai de Koning, Simon Lovegrove (UK)
On 20 May 2025, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had adopted a report on the proposed Regulation to shorten the…
Banking, Finance and Securities
PRA and FCA consult on margin requirements for non-centrally cleared derivatives
By Anita Edwards, Simon Lovegrove (UK)
On 27 March 2025, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a joint consultation paper (CP), PRA CP5/25 and FCA CP25/5, on Margin requirements for…
Global Regulation Tomorrow
Handbook Notice 127
By Anita Edwards, Simon Lovegrove (UK)
On 28 February 2025, the Financial Conduct Authority (FCA) issued Handbook Notice 127. This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA…
China Law Insight
金监总局发布衍生品交易保证金管理办法
By King & Wood
作者：萧乃莹 周昕 费思 牟牧 随着全球金融市场的不断发展，衍生品交易已成为金融体系中不可或缺的一部分。2008年金融危机的爆发给国际金融市场上了深刻一课，此后，主要国家或地区已加强了对场外衍生品交易的监管，建立了较为完善的法律框架和监管体系，其中包括由巴塞尔银行监理委员会和国际证监会组织联合发布的《非集中清算衍生品交易保证金管理办法全球监管保证金要求》（Margin Requirements for Non-centrally Cleared Derivatives，“《巴塞尔保证金要求》”），并在过去的十多年来已按部就班地推进实施。相比之下，中国作为全球主要经济体之一，在金融衍生品市场的监管立法立规上起步相对较晚。2022年8月1日《中华人民共和国期货和衍生品法》（“《期衍法》”）开始实施，拉开了中国发展期货和衍生品市场的大幕，在短短2年左右的时间内，在监管机构和市场同心戮力的协同之下，《期衍法》下首个重要的场外衍生品规范性文件于近日出台。 阅读更多
Global Regulation Tomorrow
Delegated Regulation supplementing MiFIR as regards OTC derivatives identifying reference data to be used for the purposes of the transparency requirements
By Simon Lovegrove (UK), Floortje Nagelkerke (NL)
On 24 January 2025, the European Commission (Commission) adopted a Delegated Regulation supplementing the Markets in Financial Instruments Regulation (MiFIR) as regards over-the-counter (OTC) derivatives identifying reference data to be…