The Committee on the Global Financial System (CGFS) has today released a report on The macrofinancial implications of alternative configurations for access to central counterparties in OTC derivatives markets. It was prepared by a study group chaired by Timothy Lane of the Bank of Canada.
Various alternative access arrangements are under consideration for the central clearing of OTC derivatives trades. Several jurisdictions are exploring the establishment of domestic central counterparties (CCPs) and the possible benefits of establishing links between them. The conditions under which market participants obtain access to central clearing could have important implications for financial stability and efficiency. The report concludes that:
CGFS Chairman Mark Carney, in presenting the report, said that it "provides relevant and timely input to international initiatives related to CCP access arrangements and configurations".
Specific questions regarding the report may be sent to the Secretariat of the CGFS by e-mail (CGFS@bis.org) or fax (+41 61 280 9100).