The TRADE sits down with Simon Gallagher, chief executive of Euronext London and head of global sales, to explore how the EU Savings and Investments Union proposals are set to impact European market structure, potential resistance and how technology developments are shifting the industry landscape.

With the SEC’s US Treasury clearing mandate scheduled for a phased rollout by 2027, Natasha Cocksedge examines how the shift to central clearing will reshape the market, and explores whether firms across the globe are equally prepared for the new rules, or whether the mandate remains largely on the US’ playing field.

Following a similar issue with the US move to T+1, the second iteration of Thursday conundrum for ETFs trades has emerged as divergent settlement systems around the globe continue to cause headaches for traders.  

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.

Finger of blame is being pointed in each direction between custodians, non-US traders and settlement system CLS over FX cut-offs, with last minute decisions and confusion meaning some asset managers are now left facing operational challenges, pre-funding trades and balancing settlement security with best execution obligations.