On June 4, ISDA submitted a response to the Bank of England’s (BoE) consultation on its approach to using its requirements and permissions powers to facilitate mobilization of new central counterparties (CCPs). The consultation includes a draft policy statement, setting out how the BoE will use its powers to impose de miminis limits and give permissions to modify or waive certain rules for new CCPs in a ‘mobilization’ phase.
ISDA supports the proposed framework to facilitate mobilization of new CCPs and promote innovation, including the use of tokenized collateral. ISDA recommends extending the regime to existing CCPs to ensure a level playing field and calls for clearer safeguards, including transparent and risk-based de minimis limits, strong disclosure to clearing members and strict constraints on rule waivers.
Documents (1) for ISDA Responds to BoE Consultation on Permissions to Facilitate Mobilization of New CCPs
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