In the last five years (2020 to 2025), yields on Japanese government bonds have surged from close to 0% to 3.5%, most of this increase happened in the last one year. Currently, the 30-year JGB is at 3.5%, and the 1-year JGB is at 2%.

US fund managers manager over $130 trillion of assets but they only have 11% of equity holdings in foreign markets (outside US markets).

TIGER - Temporary Intragroup Exemption Regime. TIGER allows UK counterparties to apply for intragroup exemptions under UK EMIR when trading OTC derivatives with group entities in non-equivalent jurisdictions.

ESMA and RBI signed an MOU to facilitate cooperation and exchange of information for the recognition of ESMA of CCPs established in India and supervised by the RBI.

PRA publishes final rules for implementation of Basel 3.1. The policy statement is called PS1/26. The policy document contains (1) final rules, and (2) supervisory expectations. The Basel 3.1 rules will apply from January 1, 2027 in the UK, with the exception of FRTB-IMA, which will come into effect on January 1, 2028.

SEC's mandate on US treasury clearing will come into effect from end of 2026. The regulators (SEC and CFTC) will allow cross-margining between FICC and CME.