The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions on Wednesday published a joint consultation proposing updates to their guidance on the resilience of central counterparties and to the 2015 Public Quantitative Disclosure standards.
The consultation, released by CPMI, hosted at the Bank for International Settlements, and IOSCO, incorporates relevant proposals from the January 2025 BCBS-CPMI-IOSCO final report Transparency and responsiveness of initial margin in centrally cleared markets. Comments are requested by 30 June 2026.
UPDATING RESILIENCE GUIDANCE
The proposed amendments would make targeted additions to the 2017 CPMI-IOSCO guidance on CCP resilience, implementing proposals 1–4 and 7–8 of the January 2025 report. Initial margin is the collateral collected from clearing members and their clients to cover potential future exposure on cleared positions.
In their announcement, the standard-setters said the consultation implements proposals from the January 2025 BCBS-CPMI-IOSCO final report on transparency and responsiveness of centrally cleared initial margin, which followed a review of margining practices prompted by the Covid-19 market turmoil of March 2020.
The amendments address simulation tools, the measurement of initial margin responsiveness, margin model governance frameworks, the use of margin model overrides and CCP public disclosures.
TOOLS FOR MEMBERS AND CLIENTS
The consultation states that CCPs should consider making margin simulation tools available to all clearing members and, where feasible, their clients, in a step aimed at giving users a clearer view of how initial-margin requirements might evolve under different market conditions.
The other main strand of the consultation targets the 2015 Public Quantitative Disclosure standards for central counterparties, which set a common set of data on transaction volumes and values and on the financial condition, financial resources and performance of CCPs. The proposed amendments to the PQDs implement proposals 5 and 6 of the January 2025 report, which relate to CCP disclosures.
Comments should be submitted by 30 June 2026 by email to the CPMI and IOSCO secretariats.
CPMI and IOSCO said the proposed amendments are not intended to create additional standards for CCPs beyond those in the Principles for Financial Market Infrastructures.
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