On June 30, ISDA submitted a response to the Hong Kong Monetary Authority’s (HKMA) consultation on proposed revisions to the list of jurisdictions referenced in footnote 27 under paragraph 2.3.2 of the Supervisory Policy Manual (SPM) module CR-G-14 (Non-centrally Cleared OTC Derivatives Transactions – Margin and Other Risk Mitigation Standards).
ISDA expressed support for the proposal, which would replace the current reference to Working Group on Margin Requirements (WGMR) jurisdictions with Basel Committee on Banking Supervision (BCBS) member jurisdictions. Under the proposal, comparability would be recognized from the date a jurisdiction implements the relevant margin and risk mitigation standards. The change would expand the list of deemed comparable jurisdictions to 28 BCBS member jurisdictions, including additional markets such as China, Argentina, Indonesia, Mexico, Saudi Arabia, South Africa, and Turkey.
Documents (1) for ISDA submits response supporting HKMA proposal on comparable jurisdictions under the non-cleared margin framework
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