The UK Financial Conduct Authority (FCA) has updated its webpage on transparency waivers and deferrals in light of the upcoming changes to the UK MiFIR transparency regime for bond and derivatives markets. The FCA added a notice to the webpage stating that, before applying, firms may wish to consider the implications of these changes as confirmed in the relevant policy statement, PS24/14. The notice highlights, in particular, the transitional amendments that have been made in respect of voice and request for quote (RFQ) trading systems, which will apply from 31 March 2025 in advance of the new rules, which will come into force on 1 December. The transitional requirement, set out in MAR TP 2 1.4R, confirms that for the period between 31 March 2025 and 30 November 2025, trading venue operators are not subject to certain pre-transparency requirements for non-equity instruments in respect of an RFQ system or voice trading system when operated by the trading venue operator.
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