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
RMB IRD Growth in Mainland China & Hong Kong
This report analyzes interest rate derivatives (IRD) activity in mainland China and Hong Kong, with a particular focus on renminbi (RMB)-denominated IRD. It examines market growth, structure and integration across onshore and offshore centers, and places these developments within the...
ISDA and SIFMA Comment on CFTC Proposed Revisions to Business Conduct and Swap Documentation Requirements
On October 24, 2025 ISDA and SIFMA submitted comments to the CFTC on its proposed Revisions to Business Conduct and Swap Documentation Requirements for Swap Dealers and Major Swap Participants. The proposal covers amendments to requirements related to external business...
Paper on Proposal 6 on Margin Transparency
On November 16, ISDA published a document that looked at proposal 6 in the final Basel Committee on Banking Supervision (BCBS), Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO) report on margin transparency. Proposal...
Tender Issued for DC Administrator Role
ISDA and the Credit Derivatives Governance Committee have issued an invitation to tender for an independent regulated entity to serve as the administrator for the Credit Derivatives Determinations Committees (DCs), which includes assuming the role of DC secretary. The DC...