In the report Central Counterparty Default Management Auctions – Issues for Consideration, the Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) described issues for further industry work to consider the design and conduct of default management auctions. These issues were structured into three categories of work where the Policy Standing Group of CPMI-IOSCO sought industry action.
After the publication of a joint paper developed by CCP12, the European Association of CCP Clearing Houses (EACH), FIA and ISDA on category 1 issues, which included several terminology and operational issues, the associations, together with the client associations FIA Principal Traders Group and the Managed Funds Association, developed three papers on category 2 issues:
- Joint association paper on client participation;
- CCP12/EACH paper on CCP governance and default management groups;
- FIA/ISDA paper on governance of CCP default management processes and the role of default management groups.
The associations continue to work on the third category, which includes potential nascent and emerging practices (synchronizing default management processes and identification of potential hedges between CCPs).
Latest
Expanding Legal Agreement Coverage in the CDM
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ISDA Omnibus Canadian Representation Letter
On September 2, ISDA published the Omnibus Canadian Representation Letter, which combines previously published representation letters drafted to assist firms in compliance with Canadian trade reporting, business conduct, regulatory margin and clearing classification rules. The Omnibus Canadian Letter is designed...
Joint Response on Cross-margining
On August 31, ISDA and FIA submitted a letter to the US Commodity Futures and Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) on the agencies’ joint request for comment on the implementation of portfolio margining and cross-margining...
Accounting for Carbon Credits: Latest Developments
This paper updates and extends the analysis set out in ISDA’s October 2023 paper on accounting for carbon credits. While preserving the original focus on the accounting treatment of voluntary carbon credits (VCCs) and compliance carbon credits (CCCs), it expands...