A Joint Publication from FIA Research and SIFMA Insights

Recently, the Futures Industry Association (FIA) and the SIFMA Asset Management Group (AMG) hosted their annual Asset Management Derivatives Forum. Themes that stood out at this year’s conference:

• Treasury & Repo Clearing Highlights: Choice is the word. Clearing models – either done-with, as in repos today, or done-away, as in derivatives today. Clearing houses – new entrants mitigate systemic risk and lead to innovation but eliminate netting benefits. Clearing members – operational bottleneck as cannot offer unlimited balance sheet capacity; accounting for margin crucial to how price business and, therefore, how buy side will adapt their business models.
• Trading/Clearing Trends: Equity options – using ETFs as a “wrapper” for combining an options-based strategy with a portfolio of investments; very popular with individual and catching on with institutional investors, Interest rates – impact of macroeconomic factors in investment strategies, advances in electronic trading, and impact of capital requirements on the dealer community. Clearing – focused on collateral optimization and the potential for tokenizing collateral.
• Operations & Technology Update: One of the biggest challenges facing asset managers using derivatives is the complexity of the post-trade environment, especially for futures and options. Operational resiliency also in focus.
• Regulatory Outlook: Theme from the conference in one word – engagement. Regulators noted the lines of communication are open and critical to getting regulations right. Crypto – SEC set up a task force, looking to move “quickly”. Treasury clearing – SEC indicated is “actively considering” the industry’s request for a deadline extension.

Authors

SIFMA Insights
Katie Kolchin, CFA
Managing Director, Head of Research

FIA
Will Acworth
Senior Vice President, Global Head of Market Intelligence

Related Resource

• Featured Event

  Asset Management Derivatives Forum 2025