Page 15 - 期货和衍生品行业监管动态（2025年1月刊）

期货和衍生品行业监管动态

responses coordinated by the Financial Stability Board (FSB) to the March

2020 “dash for cash” market turmoil.

 The reports contain proposals and practices intended to improve transparency,

streamline margin processes and increase the predictability of margin

requirements across centrally and non-centrally cleared markets.

The BCBS, the CPMI and IOSCO today published three reports containing

proposals and practices to improve transparency and streamline margin processes and

increase the predictability of margin requirements across centrally and non-centrally

cleared markets.

The reports are part of a holistic work programme bringing together the BCBS,

the CPMI, IOSCO and the FSB. They were developed following the 2022 publication

of the BCBS- CPMI-IOSCO report Review of margining practices, which identified

areas for further work.

Transparency and responsiveness of initial margin in centrally cleared markets

– review and policy proposals, from the BCBS, CPMI and IOSCO, sets out 10 final

policy proposals relevant to central counterparties and clearing members.

The proposals seek to aid market participants’ and regulators’ understanding of
initial margin requirements and responsiveness through increased transparency. An

accompanying cover note summarises consultation feedback. The relevant standard

setting bodies will consider how best to implement the proposals.

In tandem, the CPMI and IOSCO have published the final report Streamlining

variation margin in centrally cleared markets – examples of effective practices. The

eight effective practices set out in the report provide examples of how standards set

out in the CPMI-IOSCO Principles for financial market infrastructures, as

supplemented by the relevant guidance, can be met.

The practices aim to enhance market participants’ liquidity preparedness for

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