Bloomberg Professional Services
The Global Regulatory Brief provides monthly insights on the latest risk and regulatory developments. This brief was written by Regulatory Affairs Specialists at Bloomberg.
Regulatory authorities continue to advance initiatives to improve financial market structures. The following market structure policy developments represent a sample of wider regulatory and policy coverage available to Bloomberg Terminal customers. Run REGS <GO> to find out more or contact your Bloomberg representative to learn more:
- Hong Kong: Government to establish central clearing for gold
- EU: ESMA launches selection procedure for OTC derivatives CTP
- India: SEBI consults on identification of significant indices
- Singapore: MAS proposes changes to facilitate dual listings on global board
Hong Kong to establish central clearing for gold
The HKSAR Government will sign a Memorandum of Understanding (MOU) with the Shanghai Gold Exchange to build a central clearing system and prepare for future Mainland-Hong Kong gold market connectivity.
Detail
Financial Secretary Paul Chan announced that as Hong Kong continues to strengthen and enhance the efficiency and competitiveness of its traditional industries, it is equally important to foster new drivers of growth. A prime example is the accelerated development of an international gold trading centre. The Hong Kong government is moving to institutionalize its gold market via a strategic link with the Shanghai Gold Exchange (SGE) and will sign an MOU at the upcoming Asian Financial Forum to build a central clearing system. The MOU focuses on transitioning Hong Kong’s spot gold market from a bilateral over-the-counter (OTC) model to a centralized clearing structure. This infrastructure is designed to reduce counterparty risk and transaction costs while increasing liquidity for international investors. The SGE—which already established an offshore vault in Hong Kong in 2025—will participate in the system’s trial runs later this year. This collaboration provides the foundation for mutual market access with the Mainland in the future.
What’s next
- January 26-27: Official signing of the MOU with the Shanghai Gold Exchange at the 19th Asian Financial Forum.
- Q1 2026: Release of technical specifications for the central gold clearing system to facilitate industry onboarding.
ESMA launches selection procedure for OTC derivatives consolidated tape provider
Overview
The EU Securities and Markets Authority (ESMA) launched the formal selection procedure for the consolidated tape provider (CTP) for OTC derivatives. The CTP aims to enhance market transparency and efficiency by consolidating post-trade data from data contributors into a single and continuous electronic stream, allowing market participants to access accurate and timely information and make better-informed decisions.
Closely related
The selection procedure follows ESMA’s finalisation of draft Regulatory Technical Standards (RTS) on derivatives transparency and consolidated tape input/output data under the MiFIR Review. These RTS underpin the future operation of the OTC derivatives consolidated tape and are currently pending adoption by the European Commission.
Next steps
- Interested entities must submit participation requests by 11 February 2026, with ESMA aiming to appoint the successful applicant by early July 2026. The successful applicant will operate the OTC derivatives CTP for a period of five years and will be authorised and supervised by ESMA.
SEBI consults on identification of “significant indices” under Index Providers Regulations
SEBI is consulting on the criteria for identifying ‘significant indices’ consisting of securities listed on a recognized stock exchange in India, with the objective of operationalising the applicability of the already-notified framework for index providers. While the 2024 Regulations establish the governance, registration and oversight requirements for index providers and define “significant indices” as those to be specified by the Board from time to time, the present consultation seeks to determine the quantitative threshold and methodology for identifying such indices, particularly those that are systemically important due to their use by domestic mutual funds.
Detail
- Scope and applicability: An index be will classified as a significant index if it is tracked or benchmarked by domestic mutual fund schemes with cumulative assets under management (AUM) exceeding ₹20,000 crore. The framework would apply to indices consisting of securities listed on recognised Indian stock exchanges and used in the Indian securities market. Indices that are regulated by the Reserve Bank of India (RBI) as financial benchmarks would remain outside the scope of SEBI’s Index Providers Regulations.
- Methodology for identification: The consultation proposes that cumulative AUM be computed using the daily average AUM of domestic mutual fund schemes for each month over the preceding six months, measured as of 30 June and 31 December each year. Where a mutual fund scheme tracks multiple indices, only the portion of AUM attributable to each index would be considered. For indices composed of other indices, cumulative AUM would be aggregated in proportion to the respective weights of the underlying indices.
- Indicative list of significant indices: Applying the proposed methodology, SEBI has published an indicative list of significant indices for the January–June 2025 period. The list includes widely used equity benchmarks, along with a range of sectoral, debt and hybrid indices. The list is illustrative and intended to facilitate stakeholder feedback on the proposed threshold and computation approach.
- Regulatory implications for index providers: Index providers administering any index identified as significant would be required to apply for registration with SEBI within six months of issuance of the final circular, in accordance with the Index Providers Regulations, 2024. This requirement would not apply where all such significant indices administered by the provider are regulated by the RBI.
Next steps
- SEBI has invited public comments on the proposed AUM threshold, computation methodology and indicative list of significant indices until 10 February 2026.
MAS proposes legislative and regulatory changes to facilitate dual listings on global listing board
Overview
On 9 January, the Monetary Authority of Singapore (MAS) issued a consultation on proposed amendments to the Securities and Futures Act (SFA) and draft regulations to enable dual listings on the upcoming Global Listing Board (GLB), which will allow issuers to list on both SGX and Nasdaq. The changes aim to streamline processes, reduce friction, and align practices with U.S. standards.
Context
The GLB was announced on 19 November 2025 as part of Singapore’s strategy to enhance its capital markets’ global competitiveness. This consultation marks the next step in operationalising the GLB framework, following similar global trends to facilitate cross-border listings and harmonise disclosure standards.
Key takeaways
- Single prospectus requirement:
Issuers can use one set of offer documents for both SGX and Nasdaq listings, provided the Singapore prospectus meets U.S. disclosure standards. - Aligned IPO timelines:
MAS proposes shortening the registration process in Singapore to match U.S. IPO timelines, reducing delays for dual-listed issuers. - Safe harbour provisions:
Draft regulations introduce safe harbours for forward-looking statements, share repurchases, and pre-determined trades, consistent with U.S. practices. These do not protect against fraud or dishonesty and apply only under specified conditions. - Flexibility for future jurisdictions:
Amendments to the SFA will allow MAS to adopt similar streamlined frameworks for other jurisdictions with comparable disclosure standards. - Retail investor engagement:
Issuers will be permitted to engage retail investors earlier in the IPO process, supporting bookbuilding and aligning engagement timing across Singapore and the U.S. - Regulatory oversight:
MAS and SGX will retain authority over listings and prospectus registration in Singapore, and MAS will continue enforcement against disclosure breaches and market misconduct.
Next steps
- MAS and SGX RegCo are seeking feedback on the proposals and the GLB listing rule book
- Consultation Deadline: 8 February 2026
- Comments can be submitted via FormSG (link provided in the consultation paper)