EU and U.S. Hold Joint Financial Regulatory Forum in Brussels

Jul 24, 2026

The EU and U.S. held their Joint Financial Regulatory Forum in Brussels on June 9-10, 2026, to discuss digital finance and market stability. Key regulatory updates emerged alongside the forum, including the CFTC extending comments on 24/7 trading proposals to August 26, 2026, and Senator Cynthia Lummis updating the Digital Asset Market Clarity Act. Meanwhile, ESMA prepared for the T+1 settlement transition deadline on December 7, 2026, and assessed cross-border investment supervision.

CFTC 24/7 trading proposals

▪The Commodity Futures Trading Commission extended the public comment deadline for 24/7 trading of standard futures contracts and energy commodity perpetual contracts to August 26, 2026.
▪The Commodity Futures Trading Commission stayed a Chicago Mercantile Exchange contract that would have initiated 24/7 trading on crude oil futures starting July 10, 2026.

Digital Asset Clarity Act

▪United States Senator Cynthia Lummis released the revised text of the Digital Asset Market Clarity Act, designated as H.R. 3633, on July 22, 2026.
▪The revised text of the Digital Asset Market Clarity Act merges the work products of the Senate Banking and Agriculture Committees.

CFTC swap margin rules

▪The Commodity Futures Trading Commission issued a final order on July 17, 2026, sunsetting routine large trader position-reporting requirements for physical commodity swaps.
▪The Commodity Futures Trading Commission approved a final rule on July 13, 2026, amending margin requirements for uncleared swaps for certain dealers and participants.

EU T+1 settlement transition

▪European Union representatives provided updates on efforts to shorten the settlement cycle in the European Union during the EU-U.S. Joint Financial Regulatory Forum.
▪The first regulatory deadline for the European Union's transition to a T+1 financial market settlement cycle is scheduled for December 7, 2026.
▪The European Securities and Markets Authority published a statement on July 20, 2026, outlining key milestones for the transition to a T+1 settlement cycle.

UK wholesale markets tokenization

▪The United Kingdom's wholesale financial markets report recommends that the Bank of England consider broader acceptability of tokenized collateral, such as in central counterparties.
▪Christopher Woolard, the United Kingdom's Wholesale Markets Digital Champion, published a report on July 13, 2026, regarding the future of wholesale financial markets.

ESMA cross-border supervision reports

▪The European Securities and Markets Authority's cross-border supervision report evaluated progress in the Netherlands, Germany, the Czech Republic, Luxembourg, Cyprus, and Malta.
▪The European Securities and Markets Authority published a report on July 20, 2026, assessing national supervision of cross-border activities of investment firms.