Expanding Central Clearing was a key objective of the March 31, 2011 commitment letter. In a continued effort to promote standardization in Clearing of Credit Derivatives products, and address operational issues of indirect access, the Credit Steering Committee (CSC) requested that the Credit Implementation Group (CIG) document the comparative models and differences between operational processes for current and future CCP Credit offerings. The exercise was purely operational in nature and did not venture into the outstanding business related questions. The following two documents are the results of the 2011 Credit Clearing Comparative Analysis.
Please note, this content is based on information provided by the CCPs and is restricted to information which they considered not to be proprietary or confidential. The information presented is based on CCP responses to the survey that was circulated at the end of March 2011 and the additional requests for clarification that followed. ISDA has not undertaken to review the accuracy of the information presented and does not assume any responsibility for any use to which the information may be put.