{"id":105485,"date":"2025-01-27T10:56:50","date_gmt":"2025-01-27T15:56:50","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/january-global-regulatory-brief-trading-and-markets\/"},"modified":"2025-01-27T11:05:26","modified_gmt":"2025-01-27T16:05:26","slug":"january-global-regulatory-brief-trading-and-markets","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/january-global-regulatory-brief-trading-and-markets\/","title":{"rendered":"January Global Regulatory Brief: Trading and markets"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c4fa65bb03]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c4fa65bb03'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">January Global Regulatory Brief: Trading and markets<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4fa6621f8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">January 27, 2025<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4fa664f81'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>The Global Regulatory Brief provides monthly insights on the latest risk and regulatory developments. This brief was written by Bloomberg&#8217;s Regulatory Affairs Specialists.<\/em><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4fa667057'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Trading and markets regulatory developments<\/h2>\n<p><span style=\"font-weight: 400;\">Regulatory authorities continue to advance initiatives to improve the efficiency and sophistication of global market structure. The following market structure policy developments represent a sample of wider regulatory and policy coverage available to Bloomberg Terminal customers. Run REGS &lt;GO&gt; to find out more.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>USA: <\/b><span style=\"font-weight: 400;\">SEC adopts amendments to broker-dealer customer protection, net capital rules<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU: <\/b><span style=\"font-weight: 400;\">ESMA launch selection procedure for bond Consolidated Tape\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK:<\/b><span style=\"font-weight: 400;\"> FCA consult on PISCES<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4fa66987f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4199663651893135667\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4fa66eb70'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>SEC adopts amendments to broker-dealer customer protection, net capital rules<\/h2>\n<p><span style=\"font-weight: 400;\">The U.S. Securities and Exchange Commission (\u201cSEC\u201d) <\/span><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-211\"><span style=\"font-weight: 400;\">adopted<\/span><\/a><span style=\"font-weight: 400;\"> amendments to Rule 15c3-3 (the &#8220;customer protection rule&#8221;) to require certain broker-dealers to perform daily computations of net cash owed to customers and other broker-dealers. The Commission also adopted amendments to Rule 15c3-3 and Rule 15c3-1 (the &#8220;broker-dealer net capital rule&#8221;) to allow certain broker-dealers that perform daily computations to decrease their customer-related receivables, or \u201caggregate debit items,\u201d charge from 3 percent to 2 percent in the computation.\u00a0<\/span><\/p>\n<p><b>Daily computations:<\/b><span style=\"font-weight: 400;\"> The amendments to the customer protection rule will require broker-dealers with \u201caverage total credits\u201d equal to or greater than $500 million to make the relevant customer and proprietary account computations daily. Prior to the amendments, broker-dealers were required to make such computations on a weekly basis.\u00a0<\/span><\/p>\n<p><b>Debit reduction:<\/b><span style=\"font-weight: 400;\"> The amendments to the broker-dealer net capital rule allow broker-dealers performing daily computations \u2013 on a required or voluntary basis \u2013 to reduce the customer-related receivables charge (i.e., aggregate debit items charge) from 3 percent to 2 percent in the computation. Broker-dealers that choose to voluntarily perform daily computations are required to notify their designated examining authority.<\/span><\/p>\n<p><b>Timeline: <\/b><span style=\"font-weight: 400;\">The amendments will become effective 60 days after the date of publication in the Federal Register. Broker-dealers that exceed the $500 million threshold using each of the 12 filed month-end FOCUS Reports from July 31, 2024, through June 30, 2025, must perform computations daily beginning no later than December 31, 2025.<\/span><\/p>\n<h2>ESMA launch selection procedure for bond Consolidated Tape<\/h2>\n<p><span style=\"font-weight: 400;\">ESMA launched the selection procedure for the Consolidated Tape Provider (CTP) for bonds. Deadline to submit applications is February 7th. <\/span><a href=\"https:\/\/www.esma.europa.eu\/press-news\/esma-news\/esma-launches-selection-consolidated-tape-provider-bonds\"><span style=\"font-weight: 400;\">launched<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">\u200bThe creation of CTPs is one of the core objectives of the MiFIR Review, which aims to enhance market transparency and efficiency by consolidating trade data from various trading venues and APAs into a single and continuous electronic stream. This consolidated view of market activity is expected to promote more efficient price discovery and trading in the EU.<\/span><\/p>\n<p><b>Tentative timeline<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">January: ESMA launches selection process<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">July: ESMA to adopt a reasoned decision on the selected applicant (valid for 5 years)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">From July: Authorization process by ESMA<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Q1 2026: Bond CT to start operating\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The selection process of the CTP for equity and ETFs is planned for June.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All the documents related to the procedure are available in this EU Commission website. Annex I on the selection criteria provides insights into ESMA&#8217;s thinking on a number of core issues around the CTPs operations.<\/span><\/p>\n<h2>FCA consult on PISCES<\/h2>\n<p><span style=\"font-weight: 400;\">The UK Financial Conduct Authority has <\/span><a href=\"https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp24-29-private-intermittent-securities-and-capital-exchange-system\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> its proposed framework for the Private Intermittent Securities and Capital Exchange System (PISCES). This is a new regulated trading platform for private company shares and is intended to enable intermittent trading of private company shares.<\/span><\/p>\n<p><b>Important background: <\/b><span style=\"font-weight: 400;\">The growth in private markets is leading to investor demand for an organized marketplace to buy and sell stakes in private companies.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As such, PISCES is a UK Government-sponsored initiative to bring some of the trading infrastructure used in public markets to private companies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Consideration has been given to the importance of protecting existing features of private markets where companies retain control and requirements and appropriate.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The vision is to connect existing shareholders with a range of buyers, including institutions and certain sophisticated retail participants.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The approach is to build and enhance private market practices rather than using public market standards as a starting point, the &#8216;private-plus mindset&#8217;.<\/span><\/li>\n<\/ul>\n<p><b>Market abuse: <\/b><span style=\"font-weight: 400;\">The regulatory framework for PISCES will differ from other markets. Notably, the UK Market Abuse Regulation (UK MAR) will not directly apply to shares admitted to a PISCES platform.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">UK MAR would only apply in the limited circumstances where the PISCES share had an impact on the price or value of another financial instrument admitted to trading on a UK (or other in-scope) trading venue.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The required core disclosure information will not be comparable to the level of information that investors may get from public companies.<\/span><\/li>\n<\/ul>\n<p><b>Next steps: <\/b><span style=\"font-weight: 400;\">The consultation is open for written feedback until Feb 17 and the Treasury will issue the final legislation in May 2025. The FCA will then publish final rules.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The FCA will provide further information in early 2025 about pre-application engagement opportunities for firms interested in becoming a PISCES operator.\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4fa671553'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>View the additional regulatory briefs from this month:<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/january-global-regulatory-brief-risk-capital-and-financial-stability\/\">Risk, capital and financial stability<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/january-global-regulatory-brief-green-finance\/\">Green finance<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/january-global-regulatory-brief-digital-finance\/\">Digital finance<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bloomberg.com\/professional\/global-regulatory-brief\/\">Sign up<\/a> to receive these updates in your inbox first.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4fa6746ef'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>How we can help<\/h2>\n<p>Bloomberg\u2019s Public Policy and Regulatory team brings you insight and analysis on policy developments to help navigate the complex and fast changing global regulatory landscape. To discuss regulatory solutions, <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/#contactus\">please get in touch with our specialists<\/a> or <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/\">read more insights<\/a> from our Regulatory team.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c4fa678983]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c4fa678983'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a0c4fa67b600'] = 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