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.

Annabel Smith explores the potential contenders to provide the European equities consolidated tape following the opening of ESMA’s consultation, unpacking the watchdog’s rules around consortiums, the future role of data providers, and assessing if anyone will step up to the plate to contend with EuroCTP, the only current bidder and exchange-backed initiative.

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.

Following a last-minute decision from Brussels in March to plug an accidental regulatory loophole, Annabel Smith explores what might’ve happened if the European market was left with no caps on dark trading and whether the events signal a wider issue in the European regulatory machine.

As The TRADE celebrates its 20th anniversary, Wesley Bray rounds up 20 of the most impactful regulations across financial markets; with an industry exhausted by regulation fatigue, what better time to delve into the intricacies of regulations past and present and unpack their lasting impact on the market.

As the growth of digital assets continues at a rapid pace, Wesley Bray explores its influence on traditional finance, market structure and trading practices, and looks at what can be learned from the asset class.