BCBS-IOSCO-CPMI report sets out recommendations for good margin practices in non-centrally cleared markets

17 January 2024

This BCBS-CPMI-IOSCO consultative report sets out ten policy proposals which aim to increase the resilience of the centrally cleared market ecosystem in times of market stress.

The proposals are designed to improve market participants' understanding of centrally cleared initial margin calculations and potential future margin requirements. They cover aspects of central counterparty (CCP) transparency, governance and review of initial margin models, as well as clearing member transparency for clients and CCPs.

The report builds on the BCBS-CPMI-IOSCO report Review of margining practices published in September 2022. This first report recommended international policy work aimed at, among other things, evaluating the responsiveness of initial margin models and enhancing the transparency of margin requirements in centrally cleared markets. It also takes into account the findings of the BCBS-CPMI-IOSCO report Margin dynamics in centrally cleared commodities markets in 2022 published in May 2023.

full paper

IOSCO

© BCBS (BIS)