{"id":121161,"date":"2025-07-08T19:55:23","date_gmt":"2025-07-08T23:55:23","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/june-global-regulatory-brief-trading-and-markets\/"},"modified":"2025-11-12T10:50:07","modified_gmt":"2025-11-12T15:50:07","slug":"june-global-regulatory-brief-trading-and-markets","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/june-global-regulatory-brief-trading-and-markets\/","title":{"rendered":"June Global Regulatory Brief: Trading and markets"},"content":{"rendered":"<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-6a09a53c17a13'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">June Global Regulatory Brief: Trading and markets<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <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<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/364368359.jpeg\" class=\"bbg-single-image__image attachment-full\" alt=\"Stock Market Curve\" title=\"Stock Market Curve\" \/>\n        \n            <\/figure>\n<\/div>\n\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-6a09a53c221c7'>\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-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">July 8, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\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-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a53c24a72'>\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<p>Regulatory authorities continue to advance initiatives to improve financial market structures. 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 or contact your Bloomberg representative to learn more:<\/p>\n<ul>\n<li><strong>EU:<\/strong> Commission adopts technical rules under MiFIR-D Review<\/li>\n<li><strong>UK: <\/strong>FCA supports move toward faster fund settlement<\/li>\n<li><strong>USA:<\/strong> FINRA and MSRB move to rescind one-minute trade reporting rule<\/li>\n<li><strong>Nigeria:<\/strong> SEC set out transition to T+2 settlement in equities<\/li>\n<\/ul>\n\n<\/div>\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--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a53c263f1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\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: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\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:white;\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_7839712886371986909\"\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=\"\"\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>\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-6a09a53c2b408'>\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>EU Commission adopts technical rules under Reviewed MiFIR-D<\/h2>\n<p>The European Commission has adopted the final technical rules implementing the MiFIR Review on a number of key areas, including market data and the transparency regime for bonds and equity. The rules, which should be published in the Official Journal and enter into force by the end of the year, will pave the way for the launch of the consolidated tapes in 2026.<\/p>\n<p><strong>In detail: <\/strong>The European Commission has adopted the final technical rules on:<\/p>\n<ul>\n<li>the obligation to make market data available to the public on a reasonable commercial basis,<\/li>\n<li>input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and ETFs,<\/li>\n<li>organisational requirements for APAs, ARMs and CTPs,<\/li>\n<li>equity transparency (RTS 1), and<\/li>\n<li>transparency regime for bonds, structured finance products and emission allowances (RTS 2).<\/li>\n<\/ul>\n<p><strong>Next steps: <\/strong>The rules will be subject now to a 3-month objection period (extendable by another 3 months) before their publication in the Official Journal of EU around September\/October (TBC).<\/p>\n<ul>\n<li>Following that, the rules will enter into force in Q4 2025.<\/li>\n<li>The specific application date for each set of rules is set directly in the text.<\/li>\n<\/ul>\n<h2>FCA supports move toward faster fund settlement<\/h2>\n<p>The UK Financial Conduct Authority (FCA) has <a href=\"https:\/\/www.fca.org.uk\/news\/statements\/fca-welcomes-statement-supporting-faster-settlement-trades-funds\" target=\"_blank\" rel=\"noopener\">welcomed<\/a> an industry-led statement of intent to accelerate the settlement of fund transactions in the UK, aligning with broader global efforts to shorten settlement cycles.<\/p>\n<p><strong>In more detail:<\/strong> While the settlement period for transactions in listed stocks and bonds in the UK, Switzerland and EU is set to change to T+1 from 11 October 2027, deals in units of UK funds typically settle on T+3 or T+4 in some cases.<\/p>\n<ul>\n<li>The FCA states that investors in UK finds should share in the benefits of faster settlement even if the operational practicalities of fund settlement will not allow all fund managers to offer T+1 settlement for units in funds.<\/li>\n<li>The FCA believe that moving trades in fund units to T+2 settlement would support investor protection goals.<\/li>\n<\/ul>\n<p><strong>Looking ahead: <\/strong>The FCA urges funds that currently operate on T+4 settlement to carefully consider how an extended gap between market settlement and fund unit settlement with impact investors.<\/p>\n<ul>\n<li>The FCA state that fund managers and their agents should in future need strong justification for cases where, exceptionally, more than 2 business days are required to settle trades in units of these funds.<\/li>\n<li>The FCA state that fund managers should determine what&#8217;s required to move to a T+2 settlement cycle in October 2027 and plan early to deliver this transition.<\/li>\n<\/ul>\n<h2>FINRA and MSRB move to rescind one-minute trade reporting rule<\/h2>\n<p>The Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) have <a href=\"https:\/\/www.msrb.org\/Press-Releases\/MSRB-Rescinds-One-Minute-Trade-Reporting-Standard-Responding-Industry-Feedback-and\" target=\"_blank\" rel=\"noopener\">filed<\/a> amendments with the Securities and Exchange Commission (SEC) to rescind previously approved changes that would have required dealers to report most bond and municipal securities trades within one minute.<\/p>\n<p><strong>FINRA Rule 6730: <\/strong>In September 2024, the SEC approved amendments to FINRA Rule 6730, reducing the Trade Reporting and Compliance Engine (TRACE) reporting timeframe from 15 minutes to one minute, with exceptions for manual trades and firms with de minimis activity.<\/p>\n<ul>\n<li>However, industry feedback highlighted significant concerns, particularly from smaller firms, about the operational challenges and costs associated with implementing the one-minute reporting requirement.<\/li>\n<li>Firms noted that manual trade processes could not feasibly meet the accelerated timeframe, potentially leading to increased reporting errors and compliance burdens.<\/li>\n<\/ul>\n<p><strong>In sum:<\/strong> The MSRB formally filed amendments to rescind the one-minute reporting requirement, opting to retain the existing 15-minute standard.<\/p>\n<p><strong>Looking ahead: <\/strong>After not setting effective dates, FINRA and MSRB have now filed amendments with the SEC to rescind the changes that were previously approved by them. The files will be open for public comment and are expected to be approved by the SEC.<\/p>\n<h2>Nigeria to transition to T+2 equity settlement cycle<\/h2>\n<p>The<a href=\"https:\/\/home.sec.gov.ng\/for-investors\/keep-track-of-circulars\/circular-on-the-implementation-of-a-new-settlement-cycle-for-equities-transactions-in-the-nigerian-capital-market\/\" target=\"_blank\" rel=\"noopener\"> Nigerian Securities and Exchange Commission will transition the equities market to a T+2<\/a> settlement cycle from November 28, 2025. This change is intended to improve market liquidity, reduce counterparty risk, and align Nigeria with global settlement standards\u2014enhancing its attractiveness to both domestic and international investors.<\/p>\n<p><strong>Key implementation guidelines:<\/strong> The SEC has outlined key implementation requirements<\/p>\n<ul>\n<li>Obligation of Market Participants: All market participants, including brokers, dealers, broker\/dealers and custodians, are required to update their systems and processes to ensure the effective implementation of the new settlement cycle.\u200b<\/li>\n<li>Investor Guidance: Investors are advised to consult with their brokers and investment advisers to understand how the new settlement cycle may impact their transactions and investment strategies.<\/li>\n<\/ul>\n\n<\/div>\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-6a09a53c2d6a3]::before 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markets.<\/p>\n","protected":false},"author":1933,"featured_media":104896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"486","footnotes":""},"categories":[453,486,469],"tags":[518,3795,3737,3799,3723],"series":[],"class_list":["post-121161","post","type-post","status-publish","format-standard","hentry","category-markets","category-regulation","category-risk","tag-compliance","tag-market-risk","tag-operational-risk","tag-policy-updates","tag-regulatory-risk","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>June Global Regulatory Brief: Trading and markets | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Regulatory authorities continue to advance initiatives to improve the efficiency and sophistication of global securities markets.\" 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