Deloitte at SIFMA

Explore the key regulatory themes for 2026, including rule modernization, market structure, and innovation.

The US financial sector is undergoing a fundamental transformation, propelled by two converging forces: rapid innovation in digital asset technologies and an urgent drive toward regulatory clarity. While modernization in banking and capital markets has historically been gradual, persistent inefficiencies and capital-intensive complexity have limited the sector’s agility.

Financial institutions are rapidly adopting trading in digital assets, fueled by clearer supervisory guidelines and rising client demand. However, digital assets operate under different structures and dynamics, making traditional approaches to market oversight less effective. An approach that combines on-chain and off-chain data can help organizations effectively prevent and detect market abuse in digital assets and enable the right guardrails to be put in place to scale digital asset operations.

Organizations can improve quality and efficiency of trade surveillance alert reviews by using AI/GenAI to disposition alerts or assist analysts in their reviews and alert closures

Imagine a future where AI agents conduct real-time fraud detection and make instant underwriting decisions. What risks does the use of agentic AI create for banks?

US equities may extend trading hours, following forex and crypto. Explore what  the impact of extended trading hours will be.

With an entire ecosystem built around addressing new legislation and increasing reporting requirements, Deloitte’s GIR practitioners are at the ready to help clients meet their global reporting obligations with a robust suite of tax reporting services.

As stablecoin regulation moves toward a more bank-like prudential supervisory posture, the core risk management considerations below should be read as a program uplift, not a set of one-off controls. This is especially true for entities that are newly subject to state oversight and for federally regulated trust banks, where expectations typically align to established banking standards for governance, controls, monitoring, and evidence production.

AI in regulatory strategy, process, risk and control - Deloitte’s Risk Clarity across the process, risk and control lifecycle

As capital markets continue to evolve, digital equities and tokenization are emerging as a transformative force across trading, settlement, and post-trade operations. What began as experimental blockchain initiatives has now entered regulated environments, highlighted by the passage of the GENIUS Act in 20251, and the expected CLARITY Act in 20262 that have converted digital assets into an institutional-grade asset class and settlement layer. While tokenization introduces new infrastructure and operational requirements, it does not alter the fundamental regulatory obligations governing securities. Firms should also prepare for a hybrid operating model where distributed ledger technology (DLT) is integrated alongside traditional systems, either traditional trading systems settling via tokens, or token exchanges settling natively, and the ability to make the related payments via stablecoins or tokenized deposits. This shift presents both opportunity for real-time settlement, and complexity for firms to reassess their systems, operations, and control frameworks.

Why modernization is no longer a deferrable investment — and what that means for capital markets firms in 2026

Explore the 2026 investment management regulatory outlook—regulatory trends, compliance tips, and innovations shaping the industry.

What lies ahead for the investment management industry in the coming months? Explore our 2026 outlook.

The hybrid era of capital markets is already here. Digital Assets are already trading around the clock and other traditional markets are at or moving to 23x5. The question isn't whether firms will operate across both legacy and tokenized infrastructure — it's whether your operating model is designed for an always-on future.

Our comprehensive guide delves into the essential regulatory requirements, industry standardization efforts, and competitive landscape in the future of Treasury Clearing. Discover how to transform your business operations and infrastructure to not only comply with the new rules but also drive strategic growth. Learn about aligning your business decisions with client needs, leveraging technological investments, and designing an effective operating model to manage the increased complexity of the clearing environment.

Are you building capabilities to support the issuance of payment stablecoins? Explore the recent regulatory developments and market opportunities.

Stablecoin legislation is official. Now banks and nonbanks alike will need to respond to the paradigm shift. On July 18, 2025, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act (Act) was signed into law, creating a federal regulatory framework for payment stablecoins (PSCs). The Act establishes a legal definition of PSCs and places responsibility for their regulatory oversight with banking regulators. Under the legislation, PSC issuers will need to meet prudential standards similar to traditional bank regulations, and both federal and state-chartered entities will be able to issue PSCs.

An AI-driven plug-and-play modular platform focused on core business processes to empower organizations to achieve the connected experience tailored for use. The platform is a launchpad with pre-built use cases that is configurable to the specific needs of each organization. AIOPS.D enables organizations to focus on high-value processes while its platform-based portfolio of autonomous operations runs major business functions, shaping the future of work.

Enterprises are building AI-Agent ecosystems and need key capabilities to come together. MAS BPA focuses on coordination amongst each other and with humans to accomplish complex tasks.

FINRA publishes an Annual Regulatory Oversight Report at the start of every year to provide member firms with insight into findings from its regulatory operations programs. The report covers a broad range of topics, including extensive guidance on the Consolidated Audit Trail (CAT) within the Market Integrity section.

Overview of Litigation Consulting and Remediation Services

Trade surveillance is vital for spotting and stopping market abuse and following regulations. As rules get stricter, and markets become more complex, financial institutions are using advanced technology and outsourcing to improve their surveillance. This helps them stay flexible, efficient, and compliant in a fast-changing regulatory environment.

Deloitte's Trade and Communication Surveillance Operate Offering provides customizable operational support services for different groups and departments (Compliance, Surveillance, Supervision / Internal Controls, Internal Audit (IA), Legal). These are based on our extensive regulatory and operational knowledge and our skilled and experienced delivery center teams.

Participants in the blockchain and digital assets market face unique risks that regulatory bodies believe could have an impact on both consumers and the overall economy. Digital Asset RiskMap can help users mitigate those risks by generating risk assessment reports before launching digital asset products or services.

Despite the whirlwind of uncertainty in financial markets over the past year, as well as the failure of several key players in the digital asset industry, today blockchain and digital assets are witnessing greater levels of investment than in the two years preceding the crypto bull market of 2021 through Q2 2022. Globally, crypto curiosity has not waned. One hundred and five countries, representing more than 95% of global GDP, are exploring central bank digital currencies (CBDCs). Moreover, proposed financial innovation regulations and policies have increased across the globe. All this could help pave the path toward greater clarity and transparency, a likely critical step for improving consumer confidence and promoting growth in the blockchain and digital asset industry.

In our 2023 publication, Engaging with Stablecoins, and our inaugural piece in 2021, So You Want to be a Stablecoin Issuer, we explored the dynamics of this innovative digital asset class, highlighting complexities, market disruptions, and the evolving regulatory landscape both in the United States and globally.1 Fast forward to 2025, and multiple forces appear to be encouraging “traditional” financial (non-crypto-native) companies to consider becoming stablecoin issuers, from the recent surge and market capitalization and transaction volume of fiat-backed stablecoins, combined with signaling from the new administration, banking regulators and movement in the U.S. Congress towards a “payment stablecoin” (“PSC”) law and regulatory regime. A potential payment stablecoin issuer (“PSCI”) should strategically assess market opportunities, regulatory requirements, and required capabilities to successfully launch a PSC.

The recent amendments to the Securities and Exchange Commission’s (“SEC”) Rule 605 introduce significant additions to the reporting entities and content requirements in 605 reports, mandating entities to enhance their reporting on order execution information, execution quality metrics, and market center performance. Entities subject to the rule should adapt their reporting systems to comply with these new requirements.

Fee calculations, reporting, and forecasting technology solution for alts & real estate.

Manual processes for allocating expenses across funds can be highly complex, take significant FP & A effort, and are prone to error. Our automated expense allocation solution helps improve efficiency and controls while driving transparency on costs and profitability through analytics and dashboards.

On January 2, 2025, the Securities and Exchange Commission (SEC) approved a rule change to adopt the new Financial Industry Regulatory Authority (FINRA) Rule 6500 Series, also referred to as the Securities Lending and Transparency Engine (SLATE). The rule change aims to improve transparency and efficiency in the securities lending market by implementing the requirements of SEC Rule 10c-1a, ensuring the reporting and dissemination of securities loan information meets regulatory standards.

Summarized in this document are the details on additional guidance offered by the Commodity Futures Trading Commission (Commission or CFTC) in relation to the CCO Report via Advisory Letters 19-24 & and 22-17.

This report dives further into actions and fines covering Supervision and Reporting, providing insights into continued challenges faced by firms. Building on these findings, we highlight essential considerations for Boards and Senior Management across risk and business functions to navigate the growing demands of regulatory pressures.

The non-centrally cleared bilateral repurchase (NCCBR) market is currently one of the largest of the repo market segments, at an estimated $2 trillion-plus in outstanding commitments each day. On May 6, 2024, the Office of Financial Research (OFR) adopted as final a rule to establish an ongoing data collection for certain non-centrally cleared bilateral transactions in the US repo market. The Final Rule requires daily reporting of NCCBR transactions by Covered Reporters (those that have a reporting obligation based upon the rule). In parallel, the Securities and Exchange Commission (SEC) has adopted a final rule on central clearing in the US Treasury market. While the OFR has acknowledged the SEC’s final rule, both regulatory bodies see a need for transparency in non-centrally cleared bilateral transactions within the repo market and continued monitoring of a substantial portion of what the OFR feels are the “riskiest trades in the repo market.”

On September 18, 2024, the Securities and Exchange Commission (SEC) voted to approve several updates to Regulation National Market Securities (Reg NMS) including the minimum pricing increments (i.e., tick size) across all venues, reducing the access fee caps, requiring all fees be known prior to the trade, enhancing the transparency of better priced orders by standardizing round lot and odd lot definitions and providing odd lot pricing in market data. Changes will begin on November 3, 2025, so firms will need to act timely for the system, business, and compliance impacts.

The financial markets have generally been a hotbed of competitiveness, risk, and innovation. To uphold the economy’s good health and to build investor confidence, it is crucial to maintain integrity and stability of financial markets. In this world of fast-paced technological developments, artificial intelligence (AI) is becoming a potent weapon in the field of risk monitoring and surveillance. By looking at its diverse applications and upcoming trends, AI may be a crucial factor in helping to protect financial markets.

A growing number of business and thought leaders in financial services are extolling the transformative opportunities tokenization offers the industry. Its basics are relatively simple: the linking of financial assets to digital tokens traded on distributed ledgers, including blockchains, whereby the tokens reflect the fair value of the underlying assets.