CCPs will be required to establish robust recovery, continuity and resolution mechanisms. These must be addressed in relation to two situations: (1) at the “end of the default waterfall”; and (2) where there are non-default losses (NDL) that exceed a clearinghouse’s financial resources above the minimum regulatory capital requirements. This paper is in response to industry efforts to develop an effective recovery, continuity and resolution framework for central counterparties and reflects consensus views of the ISDA Risk and Margin Regulatory Implementation Committee (RIC).
Documents (1) for CCP Loss Allocation at the End of the Waterfall
Latest
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...
Response to EC on Carbon Accounting
On October 5, ISDA responded to the Joint Research Centre (JRC) of the European Commission (EC) survey, drawing on input from five member firms across the banking, exchange and market-data sectors. The response highlighted broad support for internationally recognized carbon...
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.