Regulation

Expressions of interest are open until 11 February 2026; ESMA expected to make a decision on the contract at the start of July.  

Industry thought leaders from Robeco, xyt, IEX, and CAPIS delve into the key market structure developments set to shape the industry in 2026, from inflation, touch sizes shrinking, passive dominance and dark and bilateral trading.  

The SEC authorisation covers an initial three-year period, spanning instruments including securities within the Russell 1000 index, ETFs linked to major benchmarks, and US Treasury bills, notes and bonds.

The measures, developed in line with Europe’s Savings and Investment Union (SIU) strategy, aim to remove barriers, simplify supervision, and encourage innovation across the EU. 

Ediphy has confirmed that it will continue with its claim for damages in the High Court in parallel; Etrading Software tells The TRADE that it welcomes the decision and endorses two complementary transparency initiatives. 

Regulatory fragmentation, legacy infrastructure and limited RMB liquidity continue to constrain Hong Kong’s ambitions to become a fully integrated digital market and RMB hub, panellists at The Network Forum: Asia warn. 

The move marks the latest update in the legal proceedings, after the EU bond consolidated tape provider (CTP), Ediphy, appealed the decision to award the mandate to Etrading Software in September.  

The UK’s bond CTP tender winner, Etrading Software, tells The TRADE the application is a strong signal to market participants to continue their preparations for the launch of the UK tape, while the legal challenge proceeds in parallel.

The suggestions are aimed at ensuring increased investor interest in European capital markets.  

With periodic auctions seemingly absorbing some of the liquidity previously seen in the dark following news of a Single Volume Cap (SVP) in the EU, additional effects are yet to be fully understood, says expert.