Our work

Post trade

The IRSG Post Trade workstream was tasked with giving guidance to the IRSG on the objectives for post-trade services, reflecting the interests of the full range of market participants. This included tracking and responding to the various proposals emanating from the UK and EU that impact the post trade landscape, whilst at the same time taking account of the need for consistency with international laws and practice, given that financial services exist within a global marketplace.

The following dossiers were identified as priorities for the group’s engagement during the 2014-2019 legislature:

  • Finalising the implementation of EMIR and drafting the implementing legislation for, and subsequently implementing, MiFID2/MiFIR and CSDR;
  • Scrutinising legislative proposals for Securities Financing Transactions and Recovery and Resolution plans for CCPs and other FMIs;
  • Reviewing EMIR, particularly classes of derivatives subject to central clearing and the trade reporting requirements;
  • Reviewing the CSD Regulation, and the impact of the buy-in provisions on liquidity; and
  • Reviewing MiFID II/MiFIR.

As the legislative work programme progressed, the workstream reviewed different pieces of legislation for consistency and seeked to ensure that they could contribute to the objective of an integrated European market that will reduce costs for issuers and investors.

 

To support our work in this area, the IRSG has produced the following research and reports:

Response to HM Treasury consultation on “Financial sector resolution: broadening the regime”

Response to Commission consultation on recovery and resolution for non-banks

Response to Swinburne report on non-bank recovery and resolution

Recovery and Resolution regime for CCPs - Key Principles

CCPs post-Brexit - Implications for the users of financial markets in the UK and EU27

 

Composition of the workstream:

The workstream was chaired by Hugh Simpson (Bourse Consult) and included representatives from financial services firms, investors and financial market infrastructures, including exchanges, clearing houses and central securities depositories. The Post Trade workstream included representatives from:

  • AFME
  • Allen & Overy LLP
  • BATS Europe
  • BlackRock
  • BNP Paribas
  • Bourse Consult (chair)
  • Ciradel
  • Citi
  • Clifford Chance
  • CME Group
  • DTCC
  • Euroclear
  • EY
  • FIA Europe
  • Fidelity
  • ICE
  • IA
  • ISDA
  • JP Morgan
  • LCH Clearnet
  • LME
  • London Stock Exchange Group
  • Morgan Stanley
  • PIMFA
  • RBS
  • Societe Generale
  • State Street
  • UK Finance
  • Winterflood

For further details about the work of this group, please contact the IRSG Secretariat lead, Corinna Williams.