Regulation

The new session is set to enhance price discovery and curb late-day price manipulation in Indian equity markets, despite some initial unexpected price swings and option premium shifts. 

The move builds on Wintermute’s recent infrastructure expansion, giving the market maker a regulated foothold in US equities, options and crypto-linked exchange-traded products (ETPs).  

The new rules will come into effect on 3 April 2028, and include changes such as reducing the number of transaction reporting fields and removing FX derivatives from reporting requirements.  

Through the combined solution, xyt will provide TCA and execution intelligence, while eflow will deliver trade surveillance technology; partnership aligns with increasing regulatory emphasis on transparency and strategy.  

The suggested reform package would simplify AIFMD-related rules from 2013; the move would "particularly boost freedom for smaller firms to find new ways to achieve the same high standards", said FCA markets director.

In a joint letter, Cboe, AFME, EBF, EFAMA and EPTA urge policymakers to make mandatory cash equity CCP clearing interoperability a key pillar of MISP to support the creation of “a truly competitive and integrated European capital market,” The TRADE understands.  

The transition deadline came to an end of 1 July 2026, and will also mean non-EU entities cannot provide crypto-asset services to EU clients, nor can certain services be outsourced to unauthorised firms.  

The plans come following recent market shifts and turbulence, such as the Middle East conflict, and aim to curb risk posed by a small number of firms holding concentrated positions and triggering destabilising cross-market unwinds.  

The proposed recommendations will operate as a ‘report once’ single integrated framework spanning Mifir, EMIR and SFTR; the regulatory body has indicated that it could deliver up to €1 billion in annual net savings. 

The proposals specifically focus on rules 611 and 610 (e), which span the ‘trade-through rule’ and ‘locked’ and ‘crossed’ market restrictions, and aim to better align regulation with modernising US equity markets.