强制保证金规则及ISDA的SFT文件使用

This pre-recorded conference is delivered in Chinese   2022年8月ISDA出版了认可中国净额结算的法律意见书，该意见书涵盖了常见的场外衍生交易以及证券融资交易（以下简称SFT）：即回购和证券出借交易。ISDA的法律意见书在《期货和衍生品法》生效的同一日发布。该法对终止净额结算及期货和场外衍生品交易提供了强有力的法律保障，大大降低了信用风险，从而减少了和中国机构进行衍生品交易时所需的监管资本。ISDA法律意见书的发布和《期货和衍生品法》是中国衍生市场发展中的里程碑，本研讨会将集中讲解这一发展在交易文件上产生的两大影响。 在国外非集中清算的场外衍生品交易的强制保证金规则已执行了若干年。虽然目前中国尚未发布强制保证金规则，国内机构在和国外机构交易时，国外机构需遵循的强制保证金规则同样会适用于和国内机构进行的交易。虽然欧盟、英国、瑞士以及亚太一些国家和地区的规则对来自于非净额结算国家的交易对手有豁免性规定，但在中国净额结算的法律意见书出版后，这一豁免不再会适用，这意味着和相关中国机构的交易也需遵循保证金规则。本研讨会的上半场会聚焦于强制保证金规则，详细介绍在交换初始保证金（IM）和变动保证金（VM）时需要考虑的文件、托管人及担保品管理的程序及系统问题。 目前《ISDA主协议》是唯一得到中国监管者认可的国际主协议。对《ISDA主协议》的认可对《期货和衍生品法》中未涵盖的回购交易的净额结算至关重要。随着ISDA发布中国净额结算的法律意见书及在今年二月出版新SFT定义，和同一对手方进行衍生品和/或回购交易的金融机构可以将该等交易置于ISDA主协议下，而无需担心净额结算的可执行性。因此，我们相信市场参与者在和中国金融机构的跨境回购交易中有使用《ISDA主协议》的需求。本研讨会的下半场将集中探讨和中国金融机构的跨境回购交易使用ISDA的SFT文件的相关问题。 On August 1, ISDA... Read more Intro to Regulatory Margin Rule Implementation and SFT Documentation (Chinese)

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The SFT Definitions and related SFT Schedule Provisions have been drafted to allow for Securities... Read more 2022 ISDA Securities Financing Transactions Definitions

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On March 31, 2021, ISDA and the Institute of International Finance (IIF) submitted a joint... Read more ISDA and IIF Respond to Basel Committee Consultation on SFT Haircuts

Financial institutions across the world are searching for ways to overcome squeezed margins by improving... Read more An Opportunity for Standardization

ISDA has today published a new whitepaper that identifies opportunities for greater collaboration between derivatives... Read more ISDA Publishes Proposal for Greater Collaboration Between Derivatives and SFT Markets