General Information & Client Services
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
July 05, 2017

The International Committees (FSB, CPMI, IOSCO, and BCBS) published three guidance documents and two reports as part of their joint workplan on central counterparty (CCP) resilience, recovery, and resolvability. In April 2015, these four entities had agreed on a joint workplan to coordinate international policy issues related to CCPs. To fully realize the benefits of CCPs, it is vital that CCPs are subject to strong regulatory, oversight, and supervisory requirements.

The Committees published three guidance documents on CCP resilience, recovery, and resolution. These documents mark the completion of the key substantive priorities set out in the 2015 workplan. Regarding CCP resilience, CPMI and IOSCO are providing further guidance on the Principles and Key Considerations of the Principles for financial market infrastructures regarding financial risk management for CCPs, particularly on governance, credit, and liquidity stress testing, coverage, margin, and a CCP's contributions of its financial resources to losses. Regarding recovery, CPMI and IOSCO have updated their 2014 guidance on recovery for financial market infrastructures to provide clarifications in the areas of operationalization of recovery plans; replenishment of financial resources; non-default related losses; and transparency about recovery tools and how they would be applied. Regarding resolution, FSB has finalized the guidance, which complements the FSB Key Attributes of Effective Resolution Regimes, on implementing the Key Attributes in resolution arrangements for CCPs. The FSB guidance sets out powers for resolution authorities to maintain the continuity of critical CCP functions; details on the use of loss allocation tools; and steps authorities should take to establish crisis management groups for relevant CCPs and develop resolution plans.

 

The Committees also published the following joint reports:

 

Interdependencies study. BCBS, CPMI, FSB, and IOSCO have completed their first joint comprehensive data collection covering 26 CCPs from 15 jurisdictions that analyzes the interdependencies between CCPs and their clearing members and other financial service providers. The network relationships analyzed in this report are generally characterized by a core of highly connected CCPs and financial institutions and a periphery of less highly connected CCPs and financial institutions. The study will help guide further work on CCP resolution. By the end of 2018 an assessment will be made on the value of regular data collections from CCPs to support authorities' understanding of CCP interdependencies.

 

Implementation report. In this report, the Chairs of the FSB Standing Committee on Supervisory and Regulatory Cooperation, the FSB Resolution Steering Group, CPMI, IOSCO, and BCBS provide an update on the work undertaken to complete the key substantive priorities set out in the joint workplan. They also report on the establishment of crisis management groups for CCPs that are systemically important in more than one jurisdiction and set out new actions, including further work on CCP interdependencies and on the financial resources needs of CCPs in resolution and treatment of CCP equity in resolution. Based on further analysis and experience gained in resolution planning, FSB will determine, by the end of 2018, whether there is a need for additional guidance on financial resources for CCPs in resolution.

 

Related Links

Guidance on Resilience of CCPs

Guidance on Recovery of CCPs

Guidance on Resolution of CCPs

Interdependencies Study

Implementation Report

Joint CCP Workplan, 2015 (PDF)

Keywords: International, FSB, CPMI, IOSCO, BCBS, Banking, Securities, CCP, Recovery and Resolution Framework, Workplan, Resilience

Related Insights

EBA Consults on Significant Risk Transfer in Securitization

September 19, 2017 WebPage Regulatory News

BCBS Updates FAQs on the Basel III Definition of Capital

September 19, 2017 WebPage Regulatory News

EIOPA Publishes Second Set of Solvency II Statistics on Europe

September 18, 2017 WebPage Regulatory News

ESMA Issues Procedure for ETD Access to CCPs Under MIFID II

September 15, 2017 WebPage Regulatory News

Danièle Nouy of ECB on Dealing with Regulatory Arbitrage

September 15, 2017 WebPage Regulatory News

EIOPA Q&A on Regulations: First Update for September 2017

September 15, 2017 WebPage Regulatory News

IMF Reports on 2017 Article IV Consultation with Portugal

September 15, 2017 WebPage Regulatory News

Sabine Lautenschläger of ECB Speaks on Banking Supervision

September 15, 2017 WebPage Regulatory News

ESRB Paper on CCPs in Interest Rate Derivatives Market in EU

September 15, 2017 WebPage Regulatory News

FED Proposes Revision to FR Y-15 in September 2017

September 14, 2017 WebPage Regulatory News

IMF Publishes Paper on Challenges and Implications of Big Data

September 14, 2017 WebPage Regulatory News

ESMA Updates Q&A on MiFID II Implementation

September 12, 2017 WebPage Regulatory News

BCBS Issues Basel III Monitoring Updates for September 2017

September 12, 2017 WebPage Regulatory News

ECB and BoJ Release Report on Distributed Ledger Technology

September 06, 2017 WebPage Regulatory News

FED Paper on Next Steps for Improving the U.S. Payment System

September 06, 2017 WebPage Regulatory News

FINMA Releases the Insurance Market Report 2016

September 05, 2017 WebPage Regulatory News

ESMA Updates Q&A on Market Abuse Regulation

September 01, 2017 WebPage Regulatory News

FED Adopts Final Rule to Enhance Financial Stability

September 01, 2017 WebPage Regulatory News

EBA Single Rulebook Q&A: First Update for September 2017

September 01, 2017 WebPage Regulatory News

PRA Publishes Supervisory Disclosures Under Solvency II

September 01, 2017 WebPage Regulatory News

FED Adopts Final Rule to Enhance Financial Stability

September 01, 2017 WebPage Regulatory News

FSB Publishes Its Peer Review of Argentina

August 31, 2017 WebPage Regulatory News

DNB Issues Banking Newsletter for August 2017

August 30, 2017 WebPage Regulatory News

FASB Amends and Improves the Standard on Hedge Accounting

August 28, 2017 WebPage Regulatory News

EBA Single Rulebook Q&A: Second Update for August 2017

August 25, 2017 WebPage Regulatory News

US Agencies Published Semi-Annual Regulatory Agenda

August 24, 2017 WebPage Regulatory News

APRA Responds to Consultation on EFS Collection

August 23, 2017 WebPage Regulatory News

IMF Concludes 2017 Article IV Consultation with Bahrain

August 21, 2017 WebPage Regulatory News

BoM Issued Revised Guideline on Credit Risk Management

August 18, 2017 WebPage Regulatory News

EIOPA Q&A on Regulations: First Update for August 2017

August 18, 2017 WebPage Regulatory News

IMF Reports on 2017 Article IV Consultation with China

August 15, 2017 WebPage Regulatory News

SBV Amends Circular on NPL and NPL Resolution of VAMC

August 15, 2017 WebPage Regulatory News

EBA Updates Data Used for the Identification of G-SIIs

August 11, 2017 WebPage Regulatory News

Basel III Monitoring Updates for August 2017

August 10, 2017 WebPage Regulatory News

ESMA Published Opinions on Position Limits Under MiFID II

August 10, 2017 WebPage Regulatory News

FED Updates Reporting Form FR Y-14Q in August 2017

August 08, 2017 WebPage Regulatory News

MAS Consults on Revisions to the Deposit Insurance Scheme

August 04, 2017 WebPage Regulatory News

EBA Single Rulebook Q&A: First Update for August 2017

August 04, 2017 WebPage Regulatory News

EBA Consults on Its Approach to Financial Technology

August 04, 2017 WebPage Regulatory News

OCC Seeks Comments on Revising the Volcker Rule

August 02, 2017 WebPage Regulatory News

PRA Update on BEEDS Portal UAT for Capital+ Reporting

July 31, 2017 WebPage Regulatory News

IAIS Consults on Revisions to ICP 24

July 31, 2017 WebPage Regulatory News

EBA Single Rulebook: Final Q&A Updates in July 2017

July 28, 2017 WebPage Regulatory News

ESRB Publishes Its Annual Report for 2016

July 28, 2017 WebPage Regulatory News

EIOPA Consults on Information Requests on IORPs

July 26, 2017 WebPage Regulatory News

Bundesbank Updates Structured Q&A on AnaCredit

July 25, 2017 WebPage Regulatory News

EIOPA Q&A on Regulations for July 2017

July 24, 2017 WebPage Regulatory News

BOM Updates Guidelines and Guidance Notes in July 2017

July 21, 2017 WebPage Regulatory News

OSFI Revises Implementation Timeline for the FRTB Rules

July 20, 2017 WebPage Regulatory News

FSB Report on the Peer Review of France

July 20, 2017 WebPage Regulatory News

IMF Report on the Use of Supervisory Standards in FSAP

July 20, 2017 WebPage Regulatory News

APRA Announces Stronger Capital Benchmarks for Banks

July 19, 2017 WebPage Regulatory News

IAIS Newsletter for July 2017

July 18, 2017 WebPage Regulatory News

ESMA Updates Q&A on UCITS and AIFMD

July 11, 2017 WebPage Regulatory News

ESRB Report on Resolving Non-Performing Loans in Europe

July 11, 2017 WebPage Regulatory News

SRB Publishes the 2016 Annual Report

July 11, 2017 WebPage Regulatory News

ESMA Updated Q&A on MiFID II/MiFIR Investor Protection

July 10, 2017 WebPage Regulatory News

EC Consults on Development of Secondary Market for NPLs

July 10, 2017 WebPage Regulatory News

ESMA Updates Q&A on Implementation of MiFID II

July 07, 2017 WebPage Regulatory News

ESMA Consults on Simplifications for Prospectuses

July 06, 2017 WebPage Regulatory News

ESMA Updated Q&A on Market Abuse Regulation

July 06, 2017 WebPage Regulatory News

FSB Progress Report on Financial Regulatory Reforms

July 03, 2017 WebPage Regulatory News

FED Reporting Updates for July 2017

July 03, 2017 WebPage Regulatory News

EBA Single Rulebook: Final Q&A Updates in June 2017

June 30, 2017 WebPage Regulatory News

FSB Reports on Reforms to OTC Derivatives Markets

June 29, 2017 WebPage Regulatory News

FED Reporting Updates for June 2017

June 28, 2017 WebPage Regulatory News

DNB Issued Banking Newsletter for June 2017

June 28, 2017 WebPage Regulatory News

EBA Publishes Annual Consumer Trends Report for 2017

June 28, 2017 WebPage Regulatory News

DNB Issues Insurance Newsletter for June 2017

June 28, 2017 WebPage Regulatory News

FPC Publishes Financial Stability Report in June 2017

June 27, 2017 WebPage Regulatory News

ECB Recommends Amendment to Article 22 of its Statute

June 23, 2017 WebPage Regulatory News

HKMA Circular on AML/CFT Amendment Bill 2017

June 23, 2017 WebPage Regulatory News

JFSA Consults on BCBS Pillar 3 Disclosure Requirements

June 23, 2017 WebPage Regulatory News

PRA Updates SS35/15 on Guidelines for Completing MLAR

June 23, 2017 WebPage Regulatory News

HKMA Consultation on Implementation of IRRBB Standards

June 22, 2017 WebPage Regulatory News

IAIS Newsletter for June 2017

June 22, 2017 WebPage Regulatory News

FCA Update on Regulatory Sandbox Under Project Innovate

June 22, 2017 WebPage Regulatory News

EBA Launched 2016 CVA Risk Monitoring Exercise

June 21, 2017 WebPage Regulatory News

PRA Published Consultation Paper on Recovery Planning

June 21, 2017 WebPage Regulatory News

EBA Responds to the EC Consultation on Fintech

June 15, 2017 WebPage Regulatory News

ESAs Published Annual Reports for 2016

June 15, 2017 WebPage Regulatory News

EIOPA Q&A on Regulations for June 2017

June 15, 2017 WebPage Regulatory News

RBI Accredits Another Credit Rating Agency INFOMERICS

June 13, 2017 WebPage Regulatory News

PRA Published CP6/17 on Regulatory Reporting

June 12, 2017 WebPage Regulatory News

Bundesbank Updates on AnaCredit Project for June 2017

June 12, 2017 WebPage Regulatory News

EC Approved Resolution of Banco Popular

June 07, 2017 WebPage Regulatory News

ESMA Chair Says Preparation for MiFID II is on Track

June 07, 2017 WebPage Regulatory News

Response of ESMA to EC Consultation on Fintech

June 07, 2017 WebPage Regulatory News

EC Report on Information Barriers in SME Funding Market

June 06, 2017 WebPage Regulatory News