Regulation

Migration aligns with the UK’s proposed switch, with ESMA pointing to the efficiency and resiliency benefits of the move.

“It’s been a great honour to serve with [SEC staff], doing the people’s work, and ensuring that our capital markets remain the best in the world,” said Gary Gensler, chair of the US Securities and Exchange commission in a recent speech.

A disparate and fragmented European Union is thwarting the continent’s ability to compete effectively with the largest markets in the world. But a new political impetus has reinvigorated the consolidation agenda, with a view to challenging national frameworks and bringing growth back to the region, writes Chris Lemmon. 

A statement from ESMA comes a day after Task Force recommendations, claiming a coordinated approach across Europe is “desirable” while stressing the urgency in avoiding prolonging the negative impacts of settlement misalignment.

A new report emphasises the need for the EU to coordinate closely with the UK in H2 2027 for a switch to a T+1 settlement cycle, while also detailing the need for a maximum possible notice period for transition and a temporary suspension of cash penalties over the implementation period.

The US Securities and Exchange Commission (SEC) concluded that Cumberland DRW had operated as an unregistered dealer in more than $2 billion of crypto assets offered and sold as securities.

Some lessons have been learnt from the US, while in other ways the UK will blaze its own trail with regards to supervisory and adjacent practices such as FX and lending. Claudia Preece reports from an exclusive roundtable discussion with the chair of the UK Accelerated Settlement taskforce, Andrew Douglas.

Specifically, a former TD Securities trader was found to have spoofed the US Treasury cash securities market; the SEC has ruled that the firm “lacked adequate controls and that it failed to take reasonable steps to scrutinise the trader”.

The selection procedure for the bond consolidated tape provider (CTP) and the CTP for shares and exchange traded funds ETFs will launch in January 2025 and June 2025 respectively.