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
Joint Response to FCA and HMT Consultations
On January 16, ISDA and UK Finance responded to both the consultation on streamlining the UK European Market Infrastructure Regulation (UK EMIR) intragroup regime by the Financial Conduct Authority’s (FCA) and the draft statutory instrument from His Majesty’s Treasury (HMT)....
Key Trends in OTC Derivatives Market H1 2025
The latest data from the Bank for International Settlements (BIS) over-the-counter (OTC) derivatives statistics shows an increase in notional outstanding of OTC derivatives during the first half of 2025 compared to the first half of 2024. Notional outstanding rose across...
Credit Derivatives Trading Activity Q3 2025
This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to...
Striking a Balance on EU Market Risk Capital
With US prudential regulators poised to publish a revised Basel III endgame proposal this year, and EU and UK regulators moving to finalize their own rules, ISDA is maintaining a laser focus on achieving a risk-appropriate capital framework that is...