Industry calls for CCP consistency

摘要

Derivatives industry participants have responded to recent regulatory initiatives for central counterparty clearing firms with their own set of principles for enhancing transparency and consistency in CCP standards. In its Principles for CCP Recovery report, ISDA set out a series of recommendations to ensure the safety of these critical financial market infrastructures as global regulators mandate large swathes of the US$691trn over-the-counter derivatives market for central clearing. Numerous regulatory initiatives have already addressed loss-absorbing resources and recovery and resolution practices for CCPs, most notably through the Principles for Financial Market Infrastructures paper published by CPSS/IOSCO in April 2012, followed by the Recovery of Financial Market Infrastructures report issued last month by IOSCO and the Committee on Payments and Market Infrastructures. ISDA's contribution to the debate coincided with further calls from the Bank of England to tighten the proposed PFMI framework.