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Other Industry Initiatives – Operations Steering Committee
In late 2005, an industry leadership group of operations professionals representing a number of major OTC derivatives dealers (the “Senior Oversight Group” or “SOG”) was formed to lead an effort to strengthen the operational infrastructure underlying the OTC derivatives market. The SOG issued a series of letters to Timothy Geithner, President of the Federal Reserve Bank of New York, outlining the industry’s commitments to strengthening operational efficiency and thereby reducing risk in the global credit and equity derivatives markets. A link to these letters and to related Press Releases from the Federal Reserve Bank of New York is set forth below.
In December 2007, the Operations Management Group (the “OMG”) was created to succeed the work of the SOG. The OMG is a senior level, strategic group whose general mission is to examine and effect fundamental change in current front-to-back processes for all OTC derivative products. In the interest of ensuring that the viewpoint of other market participants was brought to the table, the OMG invited the buy-side and certain trade associations, including ISDA, the Managed Funds Association (MFA) and the Asset Managers Group of the Securities Industry Financial Markets Association (SIFMA) to participate in a collaborative effort going forward. The institutions represented on the OMG are listed below.
In 2009, under the ISDA Industry Governance Model, the OMG was re-named the Operations Steering Committee (OSC). On March 1, 2010, the OSC, in conjunction with the ISDA Industry Governance Committee (IIGC), ISDA Collateral Steering Committee (COLSC), ISDA Credit Steering Committee (CSC), ISDA Equity Steering Committee (ESC), and ISDA Rates Steering Committee (RSC) submitted its latest set of goals and commitments in the March 2010 Supervisory Letter. ISDA endorses the commitments and expectations outlined by the industry in its latest letter and will work with market participants to achieve these goals.
The most recent version of the letter as well as supporting documentation can be found on the link below.
Institutions Represented on the OSC
Click here to view the Industry Letters to the Federal Reserve Bank of New York and Related Press Releases.
Click here to view more material relating to Operations Industry Commitments (audio recordings, commitment summaries etc).