Page 19 - 期货和衍生品行业监管动态（2024年1月）

期货和衍生品行业监管动态

of good market practices but does not propose any policy changes to the

BCBS-IOSCO frameworks.

● The recommendations address challenges that could inhibit a seamless

exchange of margin and collateral calls in stress periods and highlight good

practices for making the Standard Initial Margin Model (SIMM) more

responsive to extreme market shocks.

The Basel Committee on Banking Supervision (BCBS) and the International

Organization of Securities Commissions (IOSCO) today published a Report on

streamlining VM processes and IM responsiveness of margin models in non-centrally

cleared markets, which sets out recommendations for good market practices to

enhance market functioning. Interested parties are invited to comment on this report.

In September 2022 the BCBS, the BIS Committee on Payments and Market

Infrastructures and IOSCO published a Review of margining practices. Today's

consultative report articulates the policy analyses work carried out by the

BCBS-IOSCO in two areas discussed in that report: (i) exploring the need to

streamline variation margin processes in non-centrally cleared markets; and (ii)

investigating the responsiveness of initial margin models in non-centrally cleared
markets.

The consultative report sets out eight recommendations to encourage the

widespread implementation of good market practices but does not propose any policy

changes to the BCBS-IOSCO frameworks.

The first four recommendations aim to address challenges that could inhibit a

seamless exchange of variation margin during a period of stress. The other four

highlight good practices for market participants to smoothly implement initiatives to

ensure the calculation of initial margin is consistently adequate for contemporaneous

market conditions and proposes that supervisors should monitor whether these

developments are sufficient to make this model responsive enough to extreme market

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