ICMA co-supports briefing paper on changes to SI regime for bonds and derivatives
14 October 2025 ICMA, jointly with with AFME and ISDA, published a briefing paper on the changes of the Systematic Internaliser (SI) regime on bonds and derivatives.
The paper provides information about the practical implications of the changes to the SI regime and the introduction of DPE/DR regimes, with some guidance that the de-registration of bond/derivative SIs is to be expected, with no adverse effect on post-trade reporting or the provision of liquidity.
