On February 1, 2024, ISDA published a comparison of available US Treasury (UST) clearing models, as well as models for clearing repos at other central counterparties (CCPs) globally and models for clearing derivatives. This comparison is intended to help market participants understand existing and potential new clearing models for UST cash and repo transactions as they implement the US SEC’s recent rules requiring clearing of such transactions.
Since that time, ISDA updated the comparison to reflect new, and recent changes to existing, clearing models offered by the Fixed Income Clearing Corporation (FICC). This year, ISDA also added new clearing models that have been proposed by CME Securities Clearing (CMESC).
ISDA intends to continue to update this comparison matrix as new clearing models across the industry are proposed and finalized.
Since that time, ISDA updated the comparison to reflect new, and recent changes to existing, clearing models offered by the Fixed Income Clearing Corporation (FICC). This year, ISDA also added new clearing models that have been proposed by CME Securities Clearing (CMESC) and ICE Clear Credit (ICC).
PLEASE NOTE: You may need to download the comparison matrices and save them as PDFs to your respective devices in order to be able to “zoom in” to the relevant comparison matrix to a level that is readable. We recommend viewing the matrices using adobe which allows for higher resolution when zooming in.
Documents (2) for ISDA Clearing Model Comparison
Latest
Paper on Enhancing Liquidity and Risk Management
As ISDA marks its 40th anniversary this year, it is an opportune time to reflect on the challenges and opportunities faced by the global derivatives markets over the past four decades. Rapid growth, continued innovation, regulatory reform, central clearing, margining,...
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On October 21, ISDA and nine other trade associations – the Alternative Investment Management Association, the European Association of Co-operative Banks, the European Association of Corporate Treasurers, the European Banking Federation, the European Fund and Asset Management Association, the European...
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ISDA Trading Forum Sydney: CEO Remarks
ISDA Derivatives Trading Forum Sydney October 21, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer Good morning, and welcome to the Derivatives Trading Forum. It’s great to be back in Sydney following our last trip back in August....
