“In “PS24/14: Improving transparency for bond and derivatives markets”, the FCA set out changes to requirements for disclosure of orders and trades in bond and derivative markets in the UK. One of those changes was to grant trading venue operators, such as TP ICAP, discretion to set transparency parameters, such as the large in scale (LIS) threshold, at the venue level. This discretion applies in respect of instruments within the FCA’s “category 2”, which includes non-standardised derivatives. The change comes into force on 1 December 2025. For all category 2 instruments on TP ICAP venues in the UK, until further notice TP ICAP will maintain the same parameters as had been set by the FCA prior to 1 December.”