CCP Loss Allocation at the End of the Waterfall

CCPs will be required to establish robust recovery, continuity and resolution mechanisms. These must be addressed in relation to two situations: (1) at the “end of the default waterfall”; and (2) where there are non-default losses (NDL) that exceed a clearinghouse’s financial resources above the minimum regulatory capital requirements. This paper is in response to industry efforts to develop an effective recovery, continuity and resolution framework for central counterparties and reflects consensus views of the ISDA Risk and Margin Regulatory Implementation Committee (RIC).

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Documents (1) for CCP Loss Allocation at the End of the Waterfall

ISDA response to ESMA MiFIR Review Consultation

On July 11, ISDA submitted a response to the European Securities and Markets Authority's (ESMA) fourth package of Level 2 consultation under the Markets in Financial Instruments Regulation Review (MiFIR), on transparency for derivatives, package orders and input/output data for...