On June 30, ISDA, the Institute of International Finance (IIF) and the Global Financial Markets Association (GFMA) submitted a joint response to the Financial Stability Board (FSB) on its interim report on supervisory and regulatory approaches to climate-related risks.
The associations support and welcome the FSB’s initiative in developing the report to assist supervisory and regulatory authorities in developing their approaches to climate change, focusing on cross-sectoral and system-wide aspects of climate-related financial risks.
The associations consider climate change to be a critically urgent global issue, which warrants a globally coordinated and harmonized approach across jurisdictions, including in supervisory principles and standards with respect to climate risk management. As outlined in the response, the associations and their members consider that supervisory engagement, risk management, disclosure, and scenario analysis exercises are likely to be an effective toolkit for financial institutions to measure, manage, and take steps to mitigate climate-related risks.
ISDA’s members are committed to maintaining the safety and efficiency of the global financial markets and recognize that banks have a big role to play in the management of climate-related financial risks.
Documents (1) for ISDA, IIF, GFMA Respond to FSB on Climate-related Risks
Latest
Response to FCA on Commodity Derivatives Clearing
On April 9, ISDA, the Commodity Markets Council Europe (CMCE), Energy Traders Europe (ETE) and FIA jointly responded to Chapter 7 of the UK Financial Conduct Authority’s (FCA) Quarterly Consultation CP26/8 on increasing the clearing threshold for commodity derivatives under the UK...
Response on EC’s SFR Proposal
On April 9, ISDA published technical comments on the European Commission’s (EC) proposed Settlement Finality Regulation (SFR) as it applies to designated EU systems and registered third-country systems. One significant concern is that the scope of insolvency protections provided to...
Natixis CIB Adopts ISDA’s DRR
ISDA has announced that Natixis CIB has adopted ISDA’s Digital Regulatory Reporting (DRR) solution, enabling the bank to meet regulatory reporting requirements more efficiently and accurately. The ISDA DRR uses the Common Domain Model (CDM) – an open-source data standard...
Paper on MIFIR PTT
On April 7, ISDA, the Association for Financial Markets in Europe (AFME), the International Capital Market Association (ICMA) and the European Banking Federation (EBF) published a paper on proposals relating to post-trade transparency (PTT) under the Markets in Financial Instruments...