10.21.2025

Industry Comments on Bond & Derivative SI Regime Changes

10.21.2025
Industry Comments on Bond & Derivative SI Regime Changes

 ICMA, jointly with with AFME and ISDA, published a briefing paper on the changes of the Systematic Internaliser (SI) regime on bonds and derivatives.

The paper provides information about the practical implications of the changes to the SI regime and the introduction of DPE/DR regimes, with some guidance that the de-registration of bond/derivative SIs is to be expected, with no adverse effect on post-trade reporting or the provision of liquidity.

View the paper

Source: ICMA

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Citadel Securities told the SEC that trading tokenized equities should remain under existing market rules, a position that drew responses from various crypto industry groups. @ShannyBasar for @MarketsMedia:

SEC Commissioner Mark Uyeda argued that private assets belong in retirement plans, saying diversified alts can improve risk-adjusted returns and that the answer to optimal exposure “is not zero.” @ShannyBasar reporting for @MarketsMedia:

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