Key Takeaways from the ISLA Americas' New York Briefing 2026

Rewiring the Markets: Key Takeaways

On January 28th, over 180 market participants braved the freezing temperatures to join ISLA Americas’ first Briefing of 2026.

Hosted by Debevoise & Plimpton, the event highlighted that 2026 isn’t just another year of incremental change—it’s a year of structural “rewiring” for the securities finance industry.

With new clearing mandates and the shift toward digital assets high on the agenda, three major themes stood out from the panel discussions:

▪️Beyond the Balance Sheet: The 15c3 & UST Clearing Countdown: The path to capital efficiency is evolving. We’re keeping a close eye on the anticipated 15c3 relief, which will redefine permissible collateral for US broker-dealers. With only an 18-month runway left for UST Clearing, the focus has shifted to the “done-away” and “collateral-in-lieu” models—onboarding at FICC should be a priority for impacted firms.

▪️The ETF Revolution: While regional nuances exist, ETFs are central to liquidity and collateral management. Our panellists discussed the “intertwined ecosystem” where market infrastructure and financing meet.

▪️Reimagining Market Hours: With Nasdaq’s recent announcement, the transition to a 23/5 trading cycle is officially on the horizon. The proposed “pause” model represents a significant shift in markets and could be a fascinating evolution. While it promises global alignment, our panellists highlighted the critical need for market protections and exchange readiness to prevent liquidity fragmentation.

▪️ISLA Looking Ahead: Ina Budh-Raja and Fran Garritt noted that as the industry becomes more interconnected, there is a clear vision to strengthen our global alignment to deliver a consistent member experience through one global advocacy voice, co-ordinated priorities and shared execution.