WilmerHale Partner Matthew Kulkin and Associate Caroline Estey authored “IOSCO Reports on Pre-Hedging and Financial Asset Tokenization,” a paper presented to the ABA Business Law Section’s Derivatives and Futures Law Committee.
The paper examines two recent final reports issued by the International Organization of Securities Commissions (IOSCO) addressing pre-hedging practices and the tokenization of financial assets, both of which have important implications for global derivatives and capital markets regulation. The authors analyze IOSCO’s principles-based guidance and its potential influence on future regulatory approaches in the United States, particularly at the Commodity Futures Trading Commission.
With respect to pre-hedging, the paper discusses IOSCO’s framework for managing conduct and market integrity risks amid evolving enforcement activity. It also explores IOSCO’s assessment of financial asset tokenization, highlighting emerging trends, risks, and regulatory considerations as distributed ledger technology continues to develop in capital markets.
Read the full paper here.
This paper was presented at ABA’s Derivatives and Futures Law Committee Meeting on January 31, 2026.
