ISDA, AFME and ICMA Publish Paper on Removal of SI Regime for Derivatives and Bonds in the UK
Summary
ISDA, AFME and ICMA published an updated paper on April 2, 2026, analyzing the practical implications of the systematic internalizer (SI) regime removal for derivatives, bonds and other non-equity financial instruments in the EU and UK. The SI regime was fully removed in the EU in September 2025 and in the UK on March 27, 2026. The associations concluded that the impact of removal has been minimal and is expected to remain so.
What changed
ISDA, AFME and ICMA published an updated paper on the removal of the systematic internalizer (SI) regime for derivatives and bonds. The SI regime was removed in the EU in September 2025, with remaining elements removed in the UK on March 27, 2026. The updated paper, originally published in October 2025, confirms that the impact of the regime removal has been minimal to date and is expected to remain minimal going forward.
Market participants operating in UK and EU derivatives and bond markets should note that the removal of SI regime obligations does not appear to have caused significant disruption. However, ongoing monitoring remains advisable as both jurisdictions continue to evolve their post-trade transparency frameworks for non-equity instruments.
What to do next
- Monitor for updates
Archived snapshot
Apr 8, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
- Public Policy
- Europe
- ISDA, AFME and ICMA Publish Paper on Removal of SI Regime for Derivatives and Bonds in the UK
ISDA, AFME and ICMA Publish Paper on Removal of SI Regime for Derivatives and Bonds in the UK
On April 2, ISDA, the Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA) published an update to a paper, originally published in October 2025, on the practical implications of the systematic internalizer (SI) regime for derivatives, bonds and other non-equity financial instruments in the EU and UK.
The SI regime was removed in the EU in September 2025, and the remaining elements of the regime were removed in the UK on March 27, 2026. As a result, the associations have updated the paper, which shows that the impact of the removal of the regime has been minimal and is expected to remain so.
Tags:
ESMA, Europe, European Commission (EC), MIFIR, Regulation, Transparency, UK
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On April 2, ISDA, the Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA) published an update to a paper, originally published in October 2025, on the practical implications of the systematic internalizer (SI) regime...
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