FIA and ISDA have responded to ESMA’s consultation on their “Draft Guidelines on common procedures and methodologies on supervisory review and evaluation process of CCPs under Article 21 of EMIR”. The associations support standardisation of scope and depth of these reviews. Clearing participants rely on the CCP reviews by national competent authorities and believe that standardisation and improvement of these reviews is important in view of recent defaults at European CCPs, which at least initially required the use of the default fund. The associations recommend that these reviews are not restricted to the elements set out in the consultation, but should holistically review whether the risk management framework is fit for purpose.
Documents (1) for FIA and ISDA Respond to ESMA’s Draft Guidelines of Supervisory Review of CCPs
Latest
ISDA Publishes Updated ISDA SIMM Governance
ISDA has published an updated version of the ISDA SIMM® Governance Framework, which sets out the principles under which the ISDA Standard Initial Margin Model® operates and the process through which it will be reviewed and amended on a consistent...
ISDA Response to PRA IMA Consultation
On September 18, ISDA, the Association for Financial Markets in Europe, the Institute of International Finance and UK Finance submitted a joint response to the UK Prudential Regulation Authority consultation on adjustments to the internal model approach (IMA) for the...
Calibration Test – IQ September 2026
Calibrating capital requirements is a highly complex undertaking and getting it wrong can have serious consequences. Too much lenience might lead to banks holding insufficient capital to mitigate their risks. But excess conservatism can put balance sheets under strain, forcing...
US Treasury Repo Clearing Indicators July 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, a key objective of the Securities...