On February 1, 2024, ISDA published a comparison of available US Treasury (UST) clearing models, as well as models for clearing repos at other central counterparties (CCPs) globally and models for clearing derivatives. This comparison is intended to help market participants understand existing and potential new clearing models for UST cash and repo transactions as they implement the US SEC’s recent rules requiring clearing of such transactions.
Since that time, ISDA updated the comparison to reflect new, and recent changes to existing, clearing models offered by the Fixed Income Clearing Corporation (FICC). This year, ISDA also added new clearing models that have been proposed by CME Securities Clearing (CMESC).
ISDA intends to continue to update this comparison matrix as new clearing models across the industry are proposed and finalized.
PLEASE NOTE: You may need to download the comparison matrices and save them as PDFs to your respective devices in order to be able to “zoom in” to the relevant comparison matrix to a level that is readable. We recommend viewing the matrices using adobe which allows for higher resolution when zooming in.
Documents (2) for ISDA Clearing Model Comparison
Latest
ISDA AGM Studio: Jacques Vigner, BNP Paribas
Jacques Vigner, ISDA board member and chief strategic oversight officer for global markets at BNP Paribas, speaks with Mark Gheerbrant, global head of risk and capital at ISDA, on the key obstacles to a consistent, risk-appropriate capital framework and how to...
ISDA AGM Studio: Future Leaders in Derivatives
Following publication of the latest whitepaper from the ISDA Future Leaders in Derivatives (IFLD) program, Collateral and Liquidity Efficiency in the Derivatives Market: Navigating Risk in a Fragile Ecosystem, Joel Clark talks to IFLD participants Koen Ottenheijm, senior treasury and...
Australian Superannuation Funds Use of Derivatives
The funds under management (FUM) of Australian superannuation funds have grown substantially since legislation was introduced in 1992 requiring employer contributions. Over the past five years, total FUM has climbed from approximately A$2.3 trillion ($1.44 trillion) to A$4.1 trillion and...
ISDA AGM Studio: Caroline Pham, CFTC
Caroline Pham, acting chair at the US Commodity Futures Trading Commission, speaks to ISDA CEO Scott O’Malia about her first 100 days in the role and the uncertainty in global markets following recent volatility.