From the SEC’s MoU with the CFTC in March 2026, to the more recent agreement with the National Futures Association last month - marking the first formal MoU directly between the two bodies - Natasha Cocksedge explores how US regulators are shifting their focus to cooperation.

The TRADE catches up with Nick Dutton, chief regulatory officer at Cboe Europe, to hear his perspectives on key regulation shaping European markets, with a focus on the ongoing MISP and ESMA consultations, and where the line is drawn between policy and practice.

The TRADE sits down with Sven Rudolf, head of trading at ODDO BHF AM, to unpack what’s front of mind across Europe’s regulatory landscape, from discussions around Mifid III, and a transition to shorter settlement cycles, to the upcoming consolidated tape implementations and best execution parameters.

The industry association emphasised key measures that MISP should encourage, including SI recognition and mandatory CSD interoperability.

Data asymmetries across global markets have led to a compression of the traditional sell-side, automated market makers and exchanges competing for the same flow rather than playing individual roles in the execution process, Market Structure Partners chief executive tells The TRADE.

The new framework comes into play just months after the UK’s regime was revised in December 2025; includes staggered publication and instrument-based deferrals.

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.

Wesley Bray explores the latest rule changes for fixed income clearing in the US, what institutions should be most conscious of, how to navigate these changes and what their impact will likely be on competition.

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.