FSB issues CCP resolution guidelines

摘要

New guidance on the orderly wind-down of failed central counterparty clearinghouses has left the door open for the controversial use of initial margin as a last-resort tool to cover losses and replenish financial resources in a default scenario. CCP resolution guidelines released last week by the Financial Stability Board said resolution authorities should have the power to haircut variation margin gains payable to non-defaulting members in the event a CCP ceases to become viable.