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.
Comments received
The Committee wishes to thank those who have taken the time and effort to express their views on the above consultation. The comments received are available in PDF format below.