Public quantitative disclosure standards for central counterparties

CPMI Papers No 125
February 2015

To help ensure that the risks of using central counterparties (CCPs) are properly understood, CCPs need to make relevant information publicly available, as stated in the CPSS-IOSCO Principles for financial market infrastructures, published in April 2012. The CPSS and IOSCO published a Disclosure framework in December 2012 to improve the overall transparency of financial market infrastructures. That framework primarily covers qualitative data that need relatively infrequent updating (for example, when there is a change to a CCP's risk management framework). To complement that disclosure framework, the document now being published sets out the quantitative data that a CCP should disclose more frequently.

Taken together with the Disclosure framework, the proposed disclosures in this document are intended to help stakeholders, including authorities, participants (direct, indirect and prospective) and the public, to:

  • compare CCP risk controls, including financial resources to withstand potential losses;
  • have a clear and accurate understanding of the risks associated with a CCP;
  • understand and assess a CCP's systemic importance and its impact on systemic risk; and
  • understand and assess the risks of participating in a CCP (directly, and, to the extent relevant, indirectly).

This final report has been revised in light of the comments received on the consultation version of the report, published in October 2013.