CPMI-IOSCO publishes for consultation updated guidance and public disclosures to support the implementation of initial margin proposals

Press release  | 
06 May 2026

  • CPMI-IOSCO is seeking input from interested stakeholders on amendments to CCP-related resilience guidance and public quantitative disclosures requirements.

  • The proposed amendments incorporate relevant proposals from the BCBS-CPMI-IOSCO final report Transparency and responsiveness of initial margin in centrally cleared markets, published in January 2025.1

  • CPMI-IOSCO invite comments on the proposed amendments by 30 June 2026.

The BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are seeking comments on proposed amendments to the 2017 CPMI-IOSCO Resilience of central counterparties (CCPs): further guidance on the PFMI – final report2 (CCP resilience guidance) and to the 2015 CPMI-IOSCO Public quantitative disclosure (PQD) standards for central counterparties.3

The proposed amendments incorporate relevant elements of the BCBS-CPMI-IOSCO final report Transparency and responsiveness of initial margin in centrally cleared markets,4 published in January 2025, into the CCP resilience guidance and the PQDs. In particular, they address issues relating to simulation tools, the measurement of initial margin responsiveness, margin model governance frameworks, the use of margin model overrides, and CCP public disclosures.

Comments should be submitted by 30 June 2026 via email to the CPMI Secretariat (cpmi@bis.org) and the IOSCO Secretariat (margin@iosco.org).

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.

2 See CPMI-IOSCO, Resilience of central counterparties (CCPs): further guidance on the PFMI – final report, July 2017, www.bis.org/cpmi/publ/d163.htm and www.iosco.org/library/pubdocs/pdf/IOSCOPD568.pdf.

3 See CPMI-IOSCO, Public quantitative disclosure standards for central counterparties, February 2015, www.bis.org/cpmi/publ/d125.htm and www.iosco.org/library/pubdocs/pdf/IOSCOPD475.pdf.

4 The BCBS-CPMI-IOSCO final report noted that the relevant standard-setting bodies would consider how best to implement the proposals. For proposals 1–8, the relevant standard-setting bodies are CPMI and IOSCO. The CPMI and IOSCO consider that the most appropriate way to implement the proposals is through targeted additions to the CCP resilience guidance and the PQDs.