ISDA submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) in response to the CME Securities Clearing, Inc.(CMESC) application for registration as a clearing agency to clear US Treasury Transactions.
ISDA encourages the SEC to facilitate clearing of U.S. Treasuries at additional clearing agencies in light of the SEC’s clearing mandate. Subject to CMESC making the amendments and clarifications discussed in the comment letter with respect to its clearing model, ISDA strongly supports CMESC’s application to register as a clearing agency. The proposed framework for clearing in the CMESC application would create a competitive U.S. Treasury clearing landscape that, in turn, would provide for a more resilient U.S. Treasury market.
Among others things, ISDA’s comments recommend that CMESC amend and clarify certain rules and procedures to ensure favorable regulatory capital treatment for prudentially regulated market participants that clear for other market participants.
Documents (1) for ISDA Response to CMESC Proposal to Establish a New Clearing Agency to Clear US Treasury Transactions
Latest
Four Directors Join ISDA Board
ISDA has announced that two directors have been elected to the ISDA board and two new directors have been appointed, as ISDA’s 40th Annual General Meeting gets underway in Boston. The newly appointed directors are: Tom Ceusters, Director and Chief...
Episode 56: Countdown to Treasury Clearing
With less than nine months to go until the first US Treasury clearing mandates come into force, BlackRock’s Tyler Wellensiek and BNY’s Nate Wuerffel discuss industry progress. Please view this page via Chrome to access the recording.
Response to Eurosystem Consultation on Appia
On April 22, ISDA responded to the Eurosystem consultation on the Appia roadmap. ISDA broadly supports the roadmap and its high level principles, while recommending that the principle on market access and integration should be expanded to explicitly address interoperability...
ISDA Responds to ESMA on PTRR Clearing Exemption
On April 20, ISDA submitted a response to the European Securities and Markets Authority (ESMA) consultation paper on a draft regulatory technical standard (RTS) for the post-trade risk reduction (PTRR) exemption from the derivatives clearing obligation under Article 4b of the...