Transparency and responsiveness of initial margin in centrally cleared markets: review and policy proposals

Consultative report by the Basel Committee on Banking Supervision (BCBS), the BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).

This version

16 January 2024
Status:  Closed

This BCBS-CPMI-IOSCO consultative report sets out ten policy proposals which aim to increase the resilience of the centrally cleared market ecosystem in times of market stress. The proposals are designed to improve market participants' understanding of centrally cleared initial margin calculations and potential future margin requirements. They cover aspects of central counterparty (CCP) transparency, governance and review of initial margin models, as well as clearing member transparency for clients and CCPs.

The report builds on the BCBS-CPMI-IOSCO report Review of margining practices published in September 2022. This first report recommended international policy work aimed at, among other things, evaluating the responsiveness of initial margin models and enhancing the transparency of margin requirements in centrally cleared markets. It also takes into account the findings of the BCBS-CPMI-IOSCO report Margin dynamics in centrally cleared commodities markets in 2022 published in May 2023.

The BCBS, CPMI and IOSCO invite feedback on this consultative report.

Responses should be sent via email to the BCBS Secretariat (, the CPMI Secretariat ( and the IOSCO Secretariat ( by 16 April 2024. Responses will be published on the websites of the BIS and IOSCO unless respondents expressly request otherwise. Commercial or other sensitive information should not be included in the submissions, or may be included, with redactions for publication clearly noted.