Author Archives: CCP12

ISDA Releases Margin Survey Year-end 2019

ISDA has released their ‘Margin Survey Year-End 2019’ which highlights key analyses regarding the amount and type of posted initial margin (IM) and variation margin (VM) for non-cleared OTC Derivatives. This year, the firms who participated included: all 20 phase-one firms, four phase-two (out of six in-scope) and three phase-three firms (out of eight in-scope […]

The FSB Publishes – COVID-19 Pandemic: Finicial Stability Implications and Policy Measures Taken

The COVID-19 pandemic is one of the largest challenges that the financial system has faced since the 2008 global financial crisis. The Financial Stability Board (FSB) circulated a report to the G20 Finance Ministers and Central Bank Governors prior to a virtual meeting which took place last Wednesday 15thApril, which highlights number of key measures […]

US Securities Clearing Agencies Ruling Updated by the SEC

Last Thursday 9th April, the Securities and Exchange Commission (SEC) issued amendments to its ruling which governs Securities Clearing Agencies in the United States (U.S.), effectively updating the definitions of a ‘Covered Clearing Agency’. The purpose of such an amendment is to ensure that all registered clearing agencies providing the services of a Central Counterparty (CCP) […]

The BCBS and IOSCO Delay Phase 5&6 of the Uncleared Margin Requirements for Non-centrally Cleared Derivatives

The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) released a statement on the 3rd April to delay the implementation of phase 5 and 6 of the uncleared margin requirements (UMR) following the impact of COVID-19 on the global economy. The BCBS and IOSCO recognise the impact that the crisis […]

IOSCO Committed to Market Infrastructure Stability during the COVID-19

The global capital markets have taken a toll since the advent of COVID-19 took center stage, during which regulators have been preparing responses to the pandemic situation in order to maintain the stability and safe functioning of financial market infrastructures (FMI).   The International Organization of Securities Commissions (IOSCO) issued a media release on the 25th March stating: “The […]