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December 14, 2017

FSB, BCBS, CPMI, and IOSCO have agreed to evaluate the effects of the interaction of the post-crisis regulatory reforms on incentives to centrally clear over-the-counter (OTC) derivatives. Over 2017–18, a joint BCBS-CPMI-FSB-IOSCO Derivatives Assessment Team (DAT) is reviewing the incentives for central clearing, arising from the interaction of a number of reforms. To support their work, the DAT and BCBS have prepared qualitative surveys to be completed by different participants in central clearing—that is, central counterparties, clearing members (as both OTC derivatives dealers and providers of client clearing services), and indirect clearers/end users. The deadline for survey responses is January 26, 2018.

The surveys cover areas such as the effects of G20 reforms on derivatives markets, client clearing service provision, and other market structure issues and observations. Survey responses should be provided on a group-wide basis. Respondents are encouraged to complete the survey (that is, clearing member—as derivatives dealer and client clearing service provider (CCSP), CCP, or end user) that best fits their main role in derivatives markets. However, where a respondent considers itself to be active in more than one role and wishes to respond to more than one survey, it may do so, but still providing responses on a group-wide basis in each case. Responses to the surveys, along with other input analyses, will be used to evaluate the effects of reforms on incentives to centrally clear. Survey responses may also be used by CPMI and IOSCO Policy Standing Group regarding its potential future work on client. The DAT study is being conducted under the FSB framework for post-implementation evaluation of effects of the G20 financial regulatory reforms. The study began in July 2017 and the final report is expected to be completed in late 2018.

 

Related Link: Press Release and Survey Documents

Keywords: International, Banking, Central Clearing, OTC Derivatives, Regulatory Reforms, FSB/BCBS/CPMI/IOSCO

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