Page 14 - 期货和衍生品行业监管动态（2024年2月）

期货和衍生品行业监管动态

and transparency.

 The effective practices cover intraday VM call scheduling and frequency,

treatment of excess collateral, the pass-through of VM by CCPs and transparency

between CCPs, clearing members and their clients.

 The effective practices supplement the Principles for Financial Market

Infrastructures (PFMI) and CCP resilience guidance by providing examples of how

these standards can be met.

The BIS Committee on Payments and Market Infrastructures (CPMI) and the

International Organization of Securities Commissions (IOSCO) today published the

report “Streamlining variation margin in centrally cleared markets – examples of

effective practices”, which sets out for consultation eight effective practices

addressing variation margin (VM) processes and transparency between CCPs,

clearing members and their clients.

Interested parties are invited to comment on this report.

The eight effective practices aim to provide examples of how standards set out in

the PFMI and CCP resilience guidance can be met. They are intended to inform CCPs

in designing their VM call and collection processes.

Among the examples covered are:

 Scheduling, frequency and timing of intraday VM calls.

 Offsetting VM call requirements against other obligations where

possible.

 Pass-through of VM by CCPs.

 Use of excess collateral to meet VM obligations.

 CCP and clearing member transparency in VM requirements and

processes.

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