June 2023 Highlights
IDX 2023 in London
On 19-21 June, FIA hosted its annual International Derivatives Expo (IDX) in #London conference bringing together clearing firms, vendors and exchanges that are driving the growth of the cleared derivatives industry in Europe and around the globe. #FIAIDX held panels, roundtables, and debates on regulation, the future of markets, operational efficiency and resilience, commodities markets in Europe, cloud technology, diversity, equity, and Inclusion (DEI), and even how AI may be taking over the world.
FIA CEO and President Walt Lukken set the tone for the entire conference during his opening remarks highlighting the critical importance of trust in our markets. “Trust is not only the currency that makes our markets run; it is the most precious asset our industry has at its disposal.
Why? Because trust is foundational to open and accessible markets that allow customers to effectively manage risk. Everywhere you look, trust has been institutionalized into our markets - whether it’s exchange rules for buyers and sellers, the actions of clearinghouses and their members to protect market integrity, or a regulatory process that is transparent and predictable.”
The Future of Markets IDX Panel
FIA's Jeff Reeves published a summary of an #FIAIDX panel discussing the evolution of derivatives markets. Industry leaders assessed how derivatives markets have functioned recently, operational and regulatory challenges, and key areas that need to be addressed to modernize. Emma Richardson ( J.P. 摩根 ) moderated, and speakers included Mike Kuehnel ( Flow Traders ), Erik Mueller ( Eurex ), Christopher Rhodes ( ICE Europe), and Derek Sammann ( CME Group ). "There's an unanswered question, in the regulator's eyes, about what a normalizing rate environment does to the larger financial system," Mueller said. "We're at the beginning of a new cycle with new challenges and new opportunities.”?The group also touched on tokenization as a potential improvement to collateral treatment. Read the full summary article here.
Regulation and Building a New Relationship Between the UK and the EU
Another IDX panel highlighted the EU-UK recent MoU and the intention to boost dialogue on CCP equivalence decisions. Moderator Bruce Savage and speakers Haroun Boucheta, PhD ( 法国巴黎银行 ), Julia Frolich ( Deutsche Bundesbank ), Samantha Page ( Euronext ), and Relleen Jon ( Financial Conduct Authority ) shared thoughts on the emerging landscape of the UK-EU relationship.
"The reason why the MoU is a step forward is that it allows us to look at regulation in the round, as a whole. We can then start to look at some of the thornier, slightly more political issues that have been difficult to discuss," said Relleen, FCA's director of infrastructure and exchanges. Read the full published piece by FIA's Kirsten Hyde here.
The IDX Gala: Robbert in a kilt, a cheese auction, and more
The numbers are in, and we are excited to announce that we have raised nearly TWO times our goal of ￡12,500 for Futures for Kids , clocking in at over?￡24,800! A well-earned shout out to Robbert Booij for taking on this year's kilt challenge and completing his bike journey from Amsterdam to London.
Thank you to everyone for your support and donations to Futures for Kids. A big thank you to?Jeremy Grant?for kicking off this tradition 12 years ago, and best of luck to next year’s Kilt wearer?Rama Pillai!?
DMIST News
?? FIA and the Derivatives Market Institute for Standards (DMIST), jointly announced the publication of the Final Standard for the Timeliness of Trade Give-Ups and Allocations. The two organizations also released a consultation paper on Average Pricing. This is the first standard finalized by #DMIST and marks an important milestone in its work to improve operational efficiency in futures trading and clearing. DMIST was established by FIA in April 2022 as an independent standards body. Its purpose is to encourage widespread adoption of standards that will help make markets more efficient, resilient, and competitive. Read the final standard, consultation paper, and?press release. [Social Post]
Walt Lukken testifies before the US House Agriculture Committee on digital assets
On 6 June, the US House Committee on Agriculture, which has oversight of the CFTC, held a hearing to explore draft legislation that seeks to provide in statute a regulatory framework for digital assets, including new and exclusive regulatory jurisdiction over digital commodity spot markets. FIA President and CEO Walt Lukken?provided testimony?as part of the hearing. In his remarks, he outlined some of the regulatory history of the CFTC and "the benefits of the Commission's principles-based regulatory framework and how its flexible approach to regulation protects customers, promotes innovation, and preserves market integrity." Thank you to Chairman Glenn Thompson and the US House Ag Committee for facilitating this discussion.?[Social Post]
领英推荐
Walt discusses the importance of strong foundational, international regulation with Rep. Frank Lucas [Social Post]
Walt talks about principles-based regulation and promoting innovation with Rep. Randy Feenstra [Social Post].
Sydney 2023 Forum
On 7 June, FIA hosted its 2023 #Sydney Forum. Panels discussed the impact of market disruptions on Australia's derivatives industry, managing clearing risks in a dynamic global environment, major market themes and key trends.
FIA's?Bill Herder?kicked off the #FIAForum's first panel discussion about the impact of market disruptions on Australia's?derivatives?industry and FIA's TzeMin Yeo facilitated the final?panel discussion on managing clearing risks in a dynamic global environment.
Other FIA News
FIA Innovators Pavilion & Pitch Competition: Apply by 12 July!
Each year FIA provides a unique opportunity for a select group of #fintech startups to showcase their solutions for the derivatives industry. Every startup we accept will receive a space at #FIAExpo, the industry's largest trade show, and a chance to compete for our "Innovator of the Year" award. Visit?fia.org/fia/innovators?to apply today! [Social Post]
Thank you in advance to the 2023 selection committee:?Will Acworth,?Joanna Mallers,?Fong Wa Chung,?Ray Kahn,?Barney Alderson,?George Kalant,?Matthew Steinert,?Kimberly Trautmann, CFA,?Julian O'Leary,?Peter Hung, Adam Hoffman ,?Steven Hamilton,?Chip Dempsey,?Liam Smith,?David Samhat,?Antoine Connault,?Krishna Nadella, Tim P. ,?Conor Cunningham
What's Next?