Derivatives 2025

UK

The United Kingdom London

Ireland

Law and Practice Contributed by: Carolyn Jackson, Nathaniel Lalone, Christopher Collins and Ciara McBrien,Katten Muchin Rosenman UK LLP (Katten)

Germany

Belgium

France

Contents 1. General p.102 1.1 Overview of Derivatives Markets p.102 1.2 Historical Trends and Looking Forwards p.103

2. Types of Derivatives p.103 2.1 Futures and Options p.103 2.2 Swaps and Security-Based Swaps p.104 2.3 Forwards p.104 2.4 Listed v Over-the-Counter p.104 2.5 Asset Classes p.104 2.6 Exemptions, Non-Derivative Products and Spot Transactions p.105 3. Regulation of Derivatives p.105 3.1 National p.105 3.2 Local p.109 3.3 Self-Regulatory Organisations, Independent Authorities, and Exchanges p.109

4. Documentation Issues p.110 4.1 Trading Documentation p.110 4.2 Clearing Documentation p.112 4.3 Opinions and Other Documentation Issues p.112 5. Enforcement Trends p.113 5.1 Regulator Priorities and Enforcement Trends p.113

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