On September 1, ISDA and FIA submitted a joint response to the US Securities and Exchange Commission (SEC), supporting the Fixed Income Clearing Corporation’s (FICC) proposal to establish a dedicated guaranty fund at its government securities division (GSD).
FICC had filed a rule change on August 6 that would introduce a dedicated default fund for the GSD segment, which clears US Treasuries. ISDA and FIA support FICC’s proposal, which would strengthen the resilience of US Treasury clearing, improve the bankruptcy-remote treatment of margin assets and align FICC’s framework more closely with international central counterparty (CCP) standards.
The joint response also recommends that non-default losses should remain the responsibility of the CCP rather than being mutualized among members and calls for the retention of the current 10 business day event period, together with a cooling-off mechanism to better contain members’ exposure during periods of market stress.
Documents (1) for ISDA, FIA Respond to SEC on FICC Proposal to Implement a Dedicated Guaranty Fund
Latest
Efficiency is Vital to Delivering Resilience
With less than three months to go until implementation of US Treasury clearing begins at the end of this year, it’s critical that the mandate is safely implemented without compromising market efficiency. This represents a huge change in market structure,...
ISDA In Review – September 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in September 2026.
ISDA Digital Assets Forum Opening Remarks
ISDA Digital Assets Forum Washington, DC October 6, 2026 Opening Remarks Scott O’Malia, CEO, ISDA Good morning, and a very warm welcome to the ISDA Digital Assets Forum. Thanks for joining us today, and a special thank you to...
Assessing Tokenized MMFs as Eligible Collateral
Distributed ledger technology and digital assets have matured from their early stages to solutions capable of addressing longstanding inefficiencies in collateral management. Tokenized money market funds (TMMFs) represent a particularly promising area for the application of this technology, combining the...