ICMA co-supports updated briefing paper on changes to SI regime for bonds and derivatives
2 April 2026 ICMA, jointly with with AFME and ISDA, published an updated briefing paper on the changes of the Systematic Internaliser (SI) regime on bonds and derivatives.
The original briefing 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. The updated briefing paper now also includes information about the de-registration in the UK, following the FCA Policy Statement in November 2025, as well as some further information around the EU de-registration.
