US CFTC Chair Michael Selig said the agency will move to set crypto market-structure rules even if the US Congress fails to pass the Clarity Act. The regulator is weighing new frameworks for leveraged crypto trading, event contracts, onchain platforms and AI compute futures, signaling a broader agency-led push to bring novel derivatives activity under federal oversight.

Scott Bessent's plan to at least double US Treasury purchases of long-term debt briefly lifted bonds but failed to ease investor concern over US deficits, inflation and rising supply. Investors said the move is unlikely to control long-end yields without broader action on fiscal policy, debt management and the US Federal Reserve rate path.

The UK posted a surprise budget deficit of 1.8 billion pounds in July, highlighting the fragile state of public finances as UK Chancellor John Healey prepares for the autumn budget. The deficit was driven by higher spending on welfare, debt interest and government procurement, despite record self-assessed income tax receipts. Borrowing in the first four months of the fiscal year reached 56.7 billion pounds, exceeding expectations and leaving public debt at 94.1% of GDP.

US-listed ETFs are set to experience a record $2 trillion in inflows in 2026, a 40% jump over last year, according to Goldman Sachs. The surge is driven by strong investor interest, with over $1 trillion already flowing into ETFs in the first half of the year. Data from ETFGI corroborates this momentum, reporting $1.2 trillion in net inflows through July. The expanding use of ETFs by institutional investors for building diversified, multi-asset portfolios has been a key factor behind the unprecedented volume.

Record German and eurozone bond issuance is adding pressure to Europe's battered debt market as defense, infrastructure, welfare and climate costs keep borrowing needs elevated. Germany's 30-year yield hit its highest since 2011 and investors remain wary of the long end as the ECB shrinks its balance sheet and private buyers absorb more supply.

The Bundesbank says the German economy is on a recovery path, with GDP expected to grow modestly in the third quarter. The economy has shown resilience to the Middle East conflict and rising energy costs, bolstered by significant infrastructure and defense spending. However, challenges such as low water levels on the Rhine and geopolitical tensions could impact the recovery.

US CFTC Chair Michael Selig said the agency will move to set crypto market-structure rules even if Congress fails to pass the Clarity Act. The regulator is weighing new frameworks for leveraged crypto trading, event contracts, onchain platforms and AI compute futures, signaling a broader agency-led push to bring novel derivatives activity under federal oversight.

European regulators have proposed amendments to the non-cleared margin rules to exempt firms with less than €8 billion in derivatives exposures from initial margin requirements, aligning with the UK and US. The move clarifies an ambiguity that forced firms to post margin on legacy trades.

This comprehensive 2-day Masterclass was developed to help participants understand the terminology of collateral, securities, and related documentation, learn about relevant regulatory history and current market practice, especially with regard to the post-Uncleared Margin Requirements landscape. This course also includes practical explanations of tasks and responsibilities for OTC margin managers. Register here to secure your spot!

ISDA's yearly Canada conference provides insights on key legal and regulatory updates affecting global and Canadian markets, as well as ISDA initiatives. This event will explore key regulatory and policy updates, market infrastructure, trading and clearing developments, and emerging industry challenges, while providing valuable insights from experts across the Canadian financial sector. Click here to register.

ISDA has expanded its SwapsInfo website to include data on US-reported foreign exchange derivatives, further increasing transparency in the over-the-counter (OTC) derivatives market. Click here to read the press release.

Global credit default swap (CDS) market activity reached a record $41.8 trillion in 2025, surpassing the previous peak of $38.7 trillion in 2022. Index CDS drove the increase, accounting for 93.3% of total activity and reaching a record $39.0 trillion. Click here to read the paper.