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
ISDA AGM Studio: David Bailey
David Bailey, executive director, prudential policy, at the Bank of England, speaks with ISDA CEO Scott O’Malia about the UK’s approach to Basel 3.1, the impact of the revised US Basel III endgame on cross‑border consistency and the role of the...
ISDA AGM Studio: Harleen Bains and Sonali Das Theisen
How have trading desks responding to increased market volatility this year? Harleen Bains, ISDA board member and head of global markets sales, Canada, at RBC Capital Markets, and Sonali Das Theisen, global head of FICC e‑trading and markets strategic investments...
ISDA AGM Studio: Scott O'Malia and Chris Edmonds
Christopher Edmonds, president, fixed income & data services, at Intercontinental Exchange, speaks with Scott O’Malia, ISDA CEO, about how market volatility, regulatory change and technological transformation are reshaping global markets. The discussion explores what recent volatility has meant for participation,...
ISDA AGM Studio: Bill Borden, Microsoft
Bill Borden, corporate vice president, worldwide financial services, at Microsoft, speaks with Mark New, ISDA’s co-head of digital transformation and senior counsel, about how artificial intelligence (AI) is shaping the future of financial markets and the key factors firms should...