On September 20, ISDA and FIA jointly responded to the European Securities and Markets Authority’s (ESMA’s) seven consultations on recovery-related topics in the central counterparty (CCP) recovery and resolution regulation.
A topic of particular interest to members was the consultation on the second tranche of skin-in-the-game. For this consultation, ISDA and FIA suggested the calibration be reviewed to add more indicators on financial risk management, along with additional proposed indicators.
ESMA’s consultations papers can be found here:
- Consultation on Draft Guidelines Further Specifying the Circumstances for Temporary Restrictions in the Case of a Significant Non-default Event
- Consultation on Draft Guidelines on the Consistent Application of the Triggers for the Use of Early Intervention Measures
- Consultation on Draft RTS on the Methodology for Calculation and Maintenance of the Additional Amount of Pre-funded Dedicated Own Resources
- Consultation on the Draft Guidelines on CCP Recovery Plan Indicators
- Consultation on Draft RTS on Order of Compensation Art. 20
- Consultation on the Draft Guidelines on CCP Recovery Plan Scenarios (Article 9(12) CCPRRR)
- Consultation on Draft RTS Further Specifying the Factors that Shall be Considered by the Competent Authority and the Supervisory College When Assessing the CCP Recovery Plan
Documents (7) for FIA and ISDA Respond to ESMA’s Consultations on CCP Recovery & Resolution
- FIA-ISDA response Art 20 Recompense(pdf) will open in a new tab or window
- FIA-ISDA response Early Intervention Measures(pdf) will open in a new tab or window
- FIA-ISDA response Recovery Indicators(pdf) will open in a new tab or window
- FIA-ISDA response Recovery Plan Assessment Factors(pdf) will open in a new tab or window
- FIA-ISDA response Recovery Plan Scenarios(pdf) will open in a new tab or window
- FIA-ISDA response Second Tranche SITG(pdf) will open in a new tab or window
- FIA-ISDA response Temporary Restrictions(pdf) will open in a new tab or window
Latest
A Financial Markets Revolution
Every financial center has its own unique features, but it was particularly fitting that ISDA’s recent Annual General Meeting (AGM) was held in Boston – not only a global hub for asset management and insurance, but also a city that...
ISDA AGM Studio: Nnamdi Okaeme & John Pucciarelli
Marking the 10‑year anniversary of the ISDA Standard Initial Margin Model (ISDA SIMM), Joel Clark, senior director, communications, at ISDA, speaks with Nnamdi Okaeme, ISDA’s head of SIMM, and John Pucciarelli, head of partnerships and director of industry engagement at...
Response on Legal Frameworks for Carbon Credits
On May 4, ISDA and the Association for Financial Markets in Europe (AFME) responded to the European Commission’s (EC) consultation on a legal framework for the inclusion of international carbon credits within the EU’s 2040 climate law framework. In the...
ISDA AGM Studio: Julia Hueckel and Chris Zuehlke
Julia Hueckel, director of global regulatory policy at Coinbase, and Chris Zuehlke, global head of Cumberland and partner at DRW, speak with Nicolette Cone, ISDA’s chief of staff and associate general counsel, on the rapidly evolving legislative framework for digital...