{"id":46886,"date":"2023-12-01T10:56:29","date_gmt":"2023-12-01T15:56:29","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-trading-and-markets-december-edition\/"},"modified":"2025-12-30T18:19:29","modified_gmt":"2025-12-30T23:19:29","slug":"global-regulatory-brief-trading-and-markets-december-edition","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-trading-and-markets-december-edition\/","title":{"rendered":"Global Regulatory Brief: Trading and markets, December edition"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0031e18cff3]::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-6a0031e18cff3'>\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\">Global Regulatory Brief: Trading and markets, December edition<\/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-6a0031e193784'>\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\">December 1, 2023<\/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-6a0031e195bc7'>\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 bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1978c9'>\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;\">Global financial market structure continues to evolve as regulators and policymakers seek to improve efficiency and position their jurisdictions as attractive destinations for trading and investment. From Mexico to Korea, the following global regulatory developments in trading and markets over the past month stand out:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Korea:<\/b><span style=\"font-weight: 400;\"> Authorities clamp down on short-selling<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Hong Kong: <\/b><span style=\"font-weight: 400;\">Securities regulator announces launch of China bond futures<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU:<\/b><span style=\"font-weight: 400;\"> ECB Governor calls for a European SEC to govern capital markets\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Mexico: <\/b><span style=\"font-weight: 400;\">Congress approves bill to simplify securities markets for SMEs<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK:<\/b><span style=\"font-weight: 400;\"> UK Treasury defers benchmarks review to 2030<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK:<\/b><span style=\"font-weight: 400;\"> FCA provide observations and expectations on market soundings<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK:<\/b><span style=\"font-weight: 400;\"> HMT launches call for evidence on pension fund clearing exemption under UK EMIR<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU: <\/b><span style=\"font-weight: 400;\">Parliament sets out stance on listing rules revamp for European public markets<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU: <\/b><span style=\"font-weight: 400;\">Parliament adopts legislation on European single access point\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>US:<\/b><span style=\"font-weight: 400;\"> SEC adopts rules on security-based swap execution facilities and clearing agency governance and conflicts of interest<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>US: <\/b><span style=\"font-weight: 400;\">SEC issues exemptive relief for fixed-income from Rule 15c2-11<\/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 bbg-row--full-bg-bleed\" data-anchor='row-6a0031e199aac'>\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>Korean regulators clamp down on short selling<\/h2>\n<p><span style=\"font-weight: 400;\">Korea\u2019s regulatory authorities are <\/span><a href=\"https:\/\/www.fsc.go.kr\/eng\/pr010101\/81093\"><span style=\"font-weight: 400;\">developing<\/span><\/a><span style=\"font-weight: 400;\"> a set of proposals to reform the rules around short- selling, following concerns that illegal naked short-selling is preventing fair price formation.\u00a0<\/span><\/p>\n<p><b>The intention: <\/b><span style=\"font-weight: 400;\">The authorities are hoping that new policy measures will level the playing field between institutional and retail investors, prevent naked short sales in advance, strengthen the detection of illegal short-selling activities, and expand short sale disclosure.\u00a0<\/span><\/p>\n<p><b>What is naked short-selling?<\/b><span style=\"font-weight: 400;\"> This is the practice of short-selling a tradeable asset without first borrowing the asset from someone else, or ensuring that it can be borrowed, or owning the asset in order to honor the agreement. Despite this practice being widely illegal, there continue to be instances of naked short-selling.\u00a0<\/span><\/p>\n<p><b>Closely related: <\/b><span style=\"font-weight: 400;\">The Financial Services Commission held a meeting on November 5, 2023 where the authorities <\/span><a href=\"https:\/\/www.fsc.go.kr\/eng\/pr010101\/81019\"><span style=\"font-weight: 400;\">decided<\/span><\/a><span style=\"font-weight: 400;\"> to ban all stock short-selling in domestic markets effective from Monday, November 6, 2023 until the end of June 2024.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A new taskforce has been formed, and at its <\/span><a href=\"https:\/\/www.fss.or.kr\/fss\/bbs\/B0000188\/view.do?nttId=131650&amp;menuNo=200218&amp;pageIndex=1\"><span style=\"font-weight: 400;\">first meeting<\/span><\/a><span style=\"font-weight: 400;\">, discussed a real-time blocking system to prevent illegal short selling<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The taskforce plans to meet at least once a month until the computer system is established<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> Once fully developed, the authorities hope that these proposals will help to bring about improvements to the short-selling system, by balancing the concerns of retail investors alongside those of global institutional investors.\u00a0<\/span><\/p>\n<p><b>Important context: <\/b><span style=\"font-weight: 400;\">Short-selling has become an important political issue in South Korea, as retail investors apply pressure on policymakers to restrict the practice ahead of parliamentary elections next year. <\/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-6a0031e19bd78'>\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>Hong Kong to launch China treasury bond futures<\/h2>\n<p><span style=\"font-weight: 400;\">Hong Kong\u2019s Securities and Futures Commission (SFC) <\/span><a href=\"https:\/\/apps.sfc.hk\/edistributionWeb\/gateway\/EN\/news-and-announcements\/news\/doc?refNo=23PR136\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> that China treasury bond futures contracts will be launched in Hong Kong.\u00a0<\/span><\/p>\n<p><b>More details: <\/b><span style=\"font-weight: 400;\">Hong Kong Exchanges and Clearing Limited (HKEX) is making preparations for the launch, including proposing amendments to relevant rules and HKEX will announce the details and the launch date as soon as practicable.<\/span><\/p>\n<p><b>Important context: <\/b><span style=\"font-weight: 400;\">The amount of China treasury bonds held by offshore investors has increased steadily since the launch of Bond Connect in 2017, with the demand for related hedging tools also rising.\u00a0<\/span><\/p>\n<p><b>Intention: <\/b><span style=\"font-weight: 400;\">The launch of China treasury bond futures aims to further expand the toolkit for overseas investors to hedge their exposure to mainland assets.\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-6a0031e19de2c'>\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>ECB President calls for a European SEC to govern capital markets<\/h2>\n<p><span style=\"font-weight: 400;\">In a <\/span><a href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2023\/html\/ecb.sp231117~88389f194b.en.html\"><span style=\"font-weight: 400;\">speech<\/span><\/a><span style=\"font-weight: 400;\"> to the European Banking Congress, President of the European Central Bank (ECB), Christine Lagarde, outlined the need for a European Securities and Exchange Commission (SEC) to enforce a single rulebook for securities markets.\u00a0<\/span><\/p>\n<p><b>In summary:<\/b><span style=\"font-weight: 400;\"> Lagarde considers that to create a unified capital market in the EU, it is time to pivot towards a new strategy through the creation of a European SEC responsible for direct supervision \u2013 to mitigate systemic risks posed by large cross-border firms and market infrastructures such as EU central counterparties.\u00a0<\/span><\/p>\n<p><b>In more detail:<\/b><span style=\"font-weight: 400;\"> The new supervisor would be built by extending the powers of the European Securities and Markets Authority (ESMA) and this should be accompanied by a single rulebook for EU securities markets.<\/span><\/p>\n<p><b>Important context:<\/b><span style=\"font-weight: 400;\"> President Lagarde considers that building a capital markets union in the EU is vital to addressing the structural issues that Europe faces.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lagarde argued that a single EU capital market failed to develop due to the absence of a unifying project anchoring it and an overreliance on a bottom up approach\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">So far, the focus has been on risk-sharing to make the monetary union more resilient, instead of promoting investment, Lagarde argues<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lagarde also stresses that the private sector has a role in providing consolidated market infrastructures, and that the creation of a European consolidated tape can encourage a shift towards larger, cross-border integrated market infrastructure and exchange groups<\/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 bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1a001a'>\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>Mexican Congress approves bill to boost company listings<\/h2>\n<p><span style=\"font-weight: 400;\">Mexico\u2019s Congress <\/span><a href=\"https:\/\/comunicacionsocial.diputados.gob.mx\/index.php\/boletines\/turna-camara-de-diputados-al-ejecutivo-reformas-que-simplifican-tramites-de-financiamiento-a-pymes-en-el-mercado-de-valores\"><span style=\"font-weight: 400;\">approved<\/span><\/a><span style=\"font-weight: 400;\"> legislative reforms to its securities market rules, in a bid to encourage more debt and equity listings.\u00a0<\/span><\/p>\n<p><b>In more detail: <\/b><span style=\"font-weight: 400;\">The amendments aim to simplify and streamline the securities registration procedure to allow medium and small companies to access the benefits of securities markets and obtain the financing necessary for growth.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The changes also permit classes of shares with different voting rights \u2013 known as dual-class shares \u2013 to entice family-controlled companies to go public<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The reforms also indicate the creation of a new type of hedge fund to enhance investor returns and choice<\/span><\/li>\n<\/ul>\n<p><b>Important context: <\/b><span style=\"font-weight: 400;\">The reform follows decisions from a number of large companies to de-list their shares.\u00a0\u00a0<\/span><\/p>\n<p><b>Next steps: <\/b><span style=\"font-weight: 400;\">Having now been approved by both the Mexican Senate and Congress, the bill will now be sent to the President to become law. Mexico\u2019s banking and securities regulator will design implementing rules over the course of 2024.\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-6a0031e1a1f52'>\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>UK Treasury defers benchmarks review to 2030<\/h2>\n<p><span style=\"font-weight: 400;\">The UK Treasury (HMT) has <\/span><a href=\"https:\/\/www.gov.uk\/government\/publications\/extending-the-transitional-period-for-third-country-benchmarks-in-the-uk\/extending-the-transitional-period-for-third-country-benchmarks-under-the-uk-benchmarks-regulation\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> a further push-back to the application of the UK&#8217;s Benchmarks Regulation (BMR) regime for third-country providers.\u00a0<\/span><\/p>\n<p><b>In more detail: <\/b><span style=\"font-weight: 400;\">The deferral removes the requirement for non-EU benchmarks administrators to seek specific access requirements and follows a current deferral to end-2025.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">HMT has indicated the lengthy deferral will allow the Financial Conduct Authority to properly assess and implement a future benchmarks regime, as part of the broader overhaul of inherited EU law currently underway.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Closely related: <\/b><span style=\"font-weight: 400;\">The announcement comes as the European Commission tabled a <\/span><a href=\"https:\/\/finance.ec.europa.eu\/system\/files\/2023-10\/231017-proposal-benchmarks_en.pdf\"><span style=\"font-weight: 400;\">proposal<\/span><\/a><span style=\"font-weight: 400;\"> for a narrowing of scope in the EU&#8217;s BMR, planned to take effect from January 1, 2026.<\/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-6a0031e1a42d0'>\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>UK FCA provide observations on market soundings<\/h2>\n<p><span style=\"font-weight: 400;\">The UK Financial Conduct Authority (FCA) <\/span><a href=\"https:\/\/www.fca.org.uk\/publications\/newsletters\/market-watch-75\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> observations with regard to \u2018market soundings\u2019 and emphasized its expectations.\u00a0<\/span><\/p>\n<p><b>What are market soundings? <\/b><span style=\"font-weight: 400;\">Interactions between issuers and investors that help determine interest in a transaction prior to its announcement and allow issuers to better calibrate transaction price, size, and structure.\u00a0<\/span><\/p>\n<p><b>Background context: <\/b><span style=\"font-weight: 400;\">Robust market soundings procedures are important for protecting market integrity, as they manage the risks of investors inappropriately using inside information from these soundings.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The UK Market Abuse Regulation (MAR) market soundings regime provides formalized arrangements for issuers and their advisors to legitimately disclose inside information<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Firms are expected to maintain a record of all communications with the Market Sounding Recipient (MSR), to gain their consent to receive inside information, and to inform the MSR that they are prohibited from using the information to trade relevant instruments<\/span><\/li>\n<\/ul>\n<p><b>FCA observations:<\/b><span style=\"font-weight: 400;\"> The FCA observed cases where MSRs have traded the relevant financial instruments after a Disclosing Market Participants (DMP) has initially communicated with them but before the DMP has disclosed the inside information.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">While the DMPs did not disclose the identities of the financial instruments or the nature of the proposed transaction, the MSRs were still able to identify those details using other information available to them<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">MSRs may have other information available to them that allows them to identify, with reasonable confidence, the relevant financial instruments before they consent to receiving and protecting the inside information in the market soundings<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FCA urges MSRs to assess whether they possess inside information before trading when they are able to identify the security in a market sounding before agreeing to receive the inside information<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Importantly, the market sounding regime does not provide protections against MSRs trading on any inside information from market soundings<\/span><\/li>\n<\/ul>\n<p><b>FCA guidance: <\/b><span style=\"font-weight: 400;\">The FCA encourages DMPs to take particular care when making market soundings on financial instruments that have few actors and where MSRs might easily identify the relevant instrument.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">DMPs should remain alert to the risk of unlawfully disclosing inside information and may want to tailor the information in line with the nature of the transaction or the client<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">MSRs should consider appointing specific teams or staff in compliance as the first point of contact for DMPs, and that staff are properly trained on the unlawful use of inside information<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">DMPs and MSRs should consider minimizing time intervals between the DMP\u2019s initial communications and requests for consent, and the MSRs consenting to such requests to reduce the risk of insider dealings<\/span><\/li>\n<\/ul>\n<p><b>What can firms expect?<\/b><span style=\"font-weight: 400;\"> Firms and their employees should be aware of the breadth of information that the FCA can request and which is available to the regulator when reviewing trades, communications, and documentation relating to market soundings\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-6a0031e1a65d0'>\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>HMT launches call for evidence on pension fund clearing exemption under UK EMIR<\/h2>\n<p><span style=\"font-weight: 400;\">HM Treasury (HMT) <\/span><a href=\"https:\/\/assets.publishing.service.gov.uk\/media\/654a6d0bb9068c00130e74ff\/Call_for_evidence_-_pension_fund_clearing_exemption.pdf\"><span style=\"font-weight: 400;\">launched<\/span><\/a><span style=\"font-weight: 400;\"> a call for evidence on pension fund exemption from the obligation to clear certain derivative contracts under the UK European Market Infrastructure Regulation (EMIR).\u00a0<\/span><\/p>\n<p><b>Broader context to the clearing obligation:<\/b><span style=\"font-weight: 400;\"> G20 leaders agreed at the Pittsburgh summit in 2009 that all standardized and liquid derivative contracts should be cleared through a central counterparty (CCP). This requirement was implemented in the EU through the EMIR legislation, known as \u2018the clearing obligation\u2019.<\/span><\/p>\n<p><b>Background to pension fund clearing: <\/b><span style=\"font-weight: 400;\">Pension funds can face particular challenges when clearing contracts through a CCP as they do not usually hold large cash reserves, preferring to invest the majority of their resources in fixed income.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As such, meeting CCPs\u2019 margin requirements can be more difficult for pension funds and in order to meet these requirements they may have to sell assets such as gilts that could have a negative impact on financial stability<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pension funds in the UK are currently exempt from the clearing obligation until June 2025\u00a0<\/span><\/li>\n<\/ul>\n<p><b>In summary: <\/b><span style=\"font-weight: 400;\">HMT has launched its call for evidence in order to determine its longer-term policy approach to the treatment of pension funds&#8217; clearing obligations, with a view to avoiding further temporary extensions. In particular, HMT is seeking feedback on:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Hedging and use of the exemption: These questions aim to develop a clearer picture of how funds manage their risks, the extent to which they use derivatives to do so as opposed to other means such as gilts, and the extent to which the clearing exemption is used<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bilateral markets: These questions aim to inform how firms currently use bilateral, or \u2018uncleared\u2019 markets<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Facilitating clearing and meeting variation margin requirements: These questions focus on how pension funds can access clearing and how they can meet CCP requirements on variation margin\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Autumn 2022 \u2018LDI crisis\u2019: These questions ask about the role of the clearing exemption during the \u2018liability-driven investment (LDI) crisis\u2019 in autumn 2022<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Impact of an expiry of the exemption: These questions focus specifically on how pension funds and their asset managers would be impacted if the exemption were to expire in June 2025<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> Comments are due by January 5, 2024.<\/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-6a0031e1a84ee'>\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 Parliament adopts reports on listing act<\/h2>\n<p><span style=\"font-weight: 400;\">The EU Parliament&#8217;s Committee on Economic and Monetary Affairs (ECON) has adopted its reports (<\/span><a href=\"https:\/\/www.europarl.europa.eu\/doceo\/document\/A-9-2023-0303_EN.pdf\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> and<\/span><a href=\"https:\/\/www.europarl.europa.eu\/doceo\/document\/A-9-2023-0302_EN.pdf\"> <span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">) on the EU Commission&#8217;s proposals to amend the Prospectus Regulation, Market Abuse Regulation (MAR) and the Markets in Financial Instruments Regulation (MiFIR) and Directive (MiFID II).\u00a0<\/span><\/p>\n<p><b>Specific goals:<\/b><span style=\"font-weight: 400;\"> The proposals aim to alleviate the administrative burden for companies and facilitate their access to public funding by listing on stock exchanges, and to increase the availability of investment research covering midcaps and SMEs.<\/span><\/p>\n<p><b>Further detail:<\/b><span style=\"font-weight: 400;\"> Regarding the flagship MiFID II rules on research unbundling, the Parliament is advocating the removal of the prohibition to permit bundling payments of research and execution fees, subject to a new obligation for the investment firm to regularly assess the quality and price of the research.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Parliament also supports the establishment of an EU marketplace for investment research, focusing on research in SMEs and IPOs, by the European Securities and Markets Authority (ESMA)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Parliament also recommends that a financial instrument from an issuer that is listed on an SME growth market can only be traded on another trading venue if the issuer has been duly notified and has not raised any objections<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The report suggests to mandate ESMA to develop guidelines on the communication methods used and the relevant timelines<\/span><\/li>\n<\/ul>\n<p><b>What next:<\/b><span style=\"font-weight: 400;\"> Final negotiations will begin soon between the European Parliament, Council, and Commission to determine the final rules, with an agreement expected by Q1 2024.\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-6a0031e1aa781'>\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>European Union adopts legislation on European Single Access Point<\/h2>\n<p><span style=\"font-weight: 400;\">The European Union (EU) <\/span><a href=\"https:\/\/www.europarl.europa.eu\/doceo\/document\/TA-9-2023-0387_EN.pdf\"><span style=\"font-weight: 400;\">adopted<\/span><\/a><span style=\"font-weight: 400;\"> legislation establishing a European Single Access Point (ESAP).<\/span><\/p>\n<p><b>What this means: <\/b><span style=\"font-weight: 400;\">The EU adopted the legislative framework for ESAP which is intended to provide centralized access to publicly available information of relevance to financial services, capital markets and sustainability.<\/span><\/p>\n<p><b>Timeline:<\/b><span style=\"font-weight: 400;\"> The regulation should be published in the Official Journal by end of the year. Once operational in 2027, the ESAP will be implemented in three phases:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The first phase will include information under short-selling, prospectus regulation and transparency rules.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A second phase will cover, among other things, disclosures under the sustainable finance disclosure regulation, the credit rating agencies rules and the benchmark regulation.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The final phase will include information under banking rules, MiFIR and the EU Green Bonds Regulation, among others.<\/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 bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1ac956'>\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>US SEC adopts rules on security-based swap execution facilities and clearing agency governance<\/h2>\n<p><span style=\"font-weight: 400;\">The US Securities and Exchange Commission (SEC) adopted<\/span><span style=\"font-weight: 400;\"> (1) a <\/span><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-230\"><span style=\"font-weight: 400;\">new Regulation SE<\/span><\/a><span style=\"font-weight: 400;\"> under the Securities Exchange Act of 1934 to create a regime for the registration and regulation of security-based swap execution facilities (SBSEFs) and (2)<\/span> <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-236\"><span style=\"font-weight: 400;\">rules<\/span><\/a><span style=\"font-weight: 400;\"> on clearing agency governance and conflicts of interest.<\/span><\/p>\n<p><b>Security-based swap execution facilities rule: <\/b><span style=\"font-weight: 400;\">The new regulatory framework was required under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the over-the-counter derivatives market.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Details:<\/b><span style=\"font-weight: 400;\"> The adoption addresses the Exchange Act\u2019s trade execution requirement for security-based swaps and the cross-border application of that requirement. It also implements Section 765 of the Dodd-Frank Act to mitigate conflicts of interest at SBSEFs and national securities exchanges that trade security-based swaps, and promotes consistency between Regulation SE and existing rules under the Exchange Act.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Compliance timeline:<\/b><span style=\"font-weight: 400;\"> The adopted rules will become effective 60 days following the date of publication in the Federal Register.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Looking ahead: <\/b><span style=\"font-weight: 400;\">Any entity that meets the definition of SBSEF may file an application to register with the Commission on Form SBSEF at any time after the effective date.<\/span><\/li>\n<\/ul>\n<p><b>Rules on clearing agency governance and conflicts of interests:<\/b> <span style=\"font-weight: 400;\">The SEC<\/span><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-236\"> <span style=\"font-weight: 400;\">has adopted<\/span><\/a> <span style=\"font-weight: 400;\">new rules to improve the governance of all registered clearing agencies by reducing the likelihood that conflicts of interest may influence their boards of directors or equivalent governing bodies.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Governance requirements: <\/b><span style=\"font-weight: 400;\">The new rules establish governance requirements regarding board composition, independent directors, nominating committees, and risk management committees<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Conflicts of interest:<\/b><span style=\"font-weight: 400;\"> The rules also require new policies and procedures regarding conflicts of interest, management of risks from relationships with service providers for core services, and a board obligation to consider stakeholder viewpoints\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Compliance timeline:<\/b><span style=\"font-weight: 400;\"> The compliance date is 12 months after publication in the Federal Register, except for the independence requirements for the board and board committees, for which the compliance date is 24 months after publication<\/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 bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1aeb3b'>\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 issues exemptive relief for fixed-income from Rule 15c2-11<\/h2>\n<p><span style=\"font-weight: 400;\">The US Securities and Exchange Commission (SEC) <\/span><a href=\"https:\/\/www.sec.gov\/files\/rules\/exorders\/2023\/34-98819.pdf\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> exemptive relief to broker-dealers transacting fixed-income securities under Rule 144A\u2019s safe harbor provision.\u00a0<\/span><\/p>\n<p><b>Background:<\/b><span style=\"font-weight: 400;\"> Rule 15c2-11 requires that broker-dealers review certain information about issuers of securities before they can publish quotations.\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In 2020, the SEC finalized amendments to the rule requiring that the information broker-dealers review be current and publicly available\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Many market participants had argued that Rule 15c2-11\u2019s information requirement should not apply to quotations for fixed-income securities due to Rule 144A&#8217;s safe harbor provision<\/span><\/li>\n<\/ul>\n<p><b>Implications: <\/b><span style=\"font-weight: 400;\">Based on this exemptive relief, issuers of fixed income securities can now rely on Rule 144A and not be subject to detailed disclosure requirements under Rule 15c2-11.\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-6a0031e1b0a86'>\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\/markets\/global-regulatory-brief-risk-capital-and-financial-stability-december-edition\/\">Risk, capital and financial stability<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/global-regulatory-brief-green-finance-december-edition\/\">Green finance<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/global-regulatory-brief-digital-finance-december-edition\/\">Digital finance<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/global-regulation\/\">Sign up to receive these updates in your inbox first<\/a>.<\/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-6a0031e1b35f2'>\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\/insights\/regulation\/regulatory-insights\/#form\">please get in touch with our specialists<\/a> or <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\">read more insights from our Regulatory team<\/a>.<\/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 bg--black  text--white row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1b5683'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--halign-center\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 style=\"text-align: center;\">Bloomberg Products and Solutions<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p style=\"text-align: center;\">Everything your firm needs to navigate a rapidly changing landscape.<\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div>\n<div\n  id=\"cta_60150200233125035\"\n  class=\"wpb_content_element bbg-cta no-icon\">\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 center\">\n      <a\n        class=\"bbg-cta-link link bbg-cta-button large\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Explore Bloomberg Regulation\"\n        >\n                      Explore Bloomberg Regulation\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card_hasCta bbg-card_hasLinkWrap bbg-card-text-white\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #000000;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tbackground-color: #ffffff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #ffffff !important;\n\t}#card_1:hover .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #ffffff !important;\n\t}#card_1 .bbg-card__innerwrapper:hover .bbg-card__content,#card_1 .bbg-card__innerwrapper:hover .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n      <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/trading\/electronic-trading\/\" target=\"\" rel=\"\" class=\"bbg-card-link_wrap\">\n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\">SOLUTIONS<\/div>\n      \n                      <h3 class=\"bbg-card__title\">Electronic Trading<\/h3>\n      \n          <\/div>\n\n          \n<div\n  id=\"cta_4347163383849219297\"\n  class=\"wpb_content_element bbg-cta no-icon\">\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 left\">\n      <span         class=\"bbg-cta-link link bbg-cta-arrow\"\n        \n        >\n                <\/span>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n      <\/a>\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card_hasCta bbg-card_hasLinkWrap bbg-card-text-white\" id=\"card_2\" data-card_type=\"no_image\">\n      <style>#card_2 .bbg-card__innerwrapper {background-color: #000000;}#card_2 .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_2:hover .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_2:hover .bbg-card__innerwrapper {\n\tbackground-color: #ffffff 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class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\">REGULATION<\/div>\n      \n                      <h3 class=\"bbg-card__title\">Data<\/h3>\n      \n          <\/div>\n\n          \n<div\n  id=\"cta_2569610580740849208\"\n  class=\"wpb_content_element bbg-cta no-icon\">\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 left\">\n      <span         class=\"bbg-cta-link link bbg-cta-arrow\"\n        \n        >\n                <\/span>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n      <\/a>\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-6a0031e1ba2ac]::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 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defers benchmarks review, and more.<\/p>\n","protected":false},"author":1679,"featured_media":44942,"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":[843,500],"series":[],"class_list":["post-46886","post","type-post","status-publish","format-standard","hentry","category-markets","category-regulation","category-risk","tag-843","tag-credit-risk","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Global Regulatory Brief: Trading and markets, December edition | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"This month, the Bloomberg Regulatory Brief on trading and markets covers: US SEC issues exemptive relief, EU parliament adopts reports on listings act, UK defers benchmarks review, 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