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.
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
Stress Scenarios for CCP IM Simulators
ISDA has published a paper that explains why stress scenarios that central counterparties (CCPs) use for default fund sizing cannot be used for forward-looking initial margin (IM) simulators. Typically, stress scenarios used by CCPs consist of a single step, transitioning...
Paper on EMIR 3 Active Account Representativeness
On September 4, ISDA, the European Fund and Asset Management Association (EFAMA) and FIA shared a paper with EU policymakers requesting clarification on the implementation of the active account requirement under the third European Market Infrastructure Regulation in relation to...
ISDA In Review – August 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in August 2025.
Episode 51: Trading Places
Markets have been volatile so far this year, but what has this meant for market liquidity? The Swap talks to Chris Edmonds from Intercontinental Exchange on trading activity and the market, economic and geopolitical outlook. Please view this page via...