Michael LewisA new set of transparency rules for bond and derivatives trades will take effect on 1 December 2025.
The FCA says the rules will both provide more information to investors and also reduce costs for firms, and will also provide higher quality post-trade data.
The FCA has is also consulting on whether to extend the rules it finalised in July allowing institutional investors more flexibility in paying for investment research so that they now apply to pooled investment funds (that is, AIFs and UCITS) and allow fund managers to combine payments for research with trade execution. It asks for comments on this proposal by 16 December.