Streamlining variation margin in centrally cleared markets – examples of effective practices

Discussion paper by the BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).

CPMI Papers  | 
14 February 2024

This CPMI-IOSCO discussion paper sets out eight effective practices which aim to provide examples of how standards set out in the Principles for Financial Market Infrastructures and central counterparty resilience guidance can be met.

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, exploring ways to foster market participants' preparedness for above-average variation margin (VM) calls through the efficient collection and distribution of VM in centrally cleared markets.

The CPMI and IOSCO invite feedback on this discussion paper. The deadline for providing feedback on this paper has been extended to 14 May 2024.

Responses should be sent via email to the Secretariats of CPMI and IOSCO (;

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.