CPMI-IOSCO consultation on updated guidance and public disclosures to implement initial margin proposals

The CPMI and IOSCO have published for consultation proposed amendments to the 2017 CPMI-IOSCO Resilience of central counterparties (CCPs): further guidance on the PFMI – final report (CCP resilience guidance) and to the 2015 CPMI-IOSCO Public quantitative disclosure standards for central counterparties (PQDs). 

The proposed amendments incorporate relevant proposals from the final BCBS-CPMI-IOSCO report Transparency and responsiveness of initial margin in centrally cleared markets,¹ published in January 2025, into the CCP resilience guidance and the PQDs.

Comments on the consultation should be submitted by 30 June 2026 via email to the CPMI Secretariat (cpmi@bis.org) and the IOSCO Secretariat (margin@iosco.org). Comments will be published on the websites of the BIS and IOSCO unless otherwise requested. Commercially sensitive or other sensitive information should not be included in the submissions, or, where necessary, should be clearly marked with redactions for publication.

¹ See BCBS-CPMI-IOSCO, Transparency and responsiveness of initial margin in centrally cleared markets – review and policy proposals, January 2025, www.bis.org/bcbs/publ/d590.htm and www.iosco.org/library/pubdocs/pdf/IOSCOPD783.pdf.