Page 16 - 期货和衍生品行业监管动态（2025年12月）

期货和衍生品行业监管动态

Global Standard-setting Bodies Publish Assessment of Margin Requirements for
Non-centrally Cleared Derivatives (2025/12/12)

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

Organization of Securities Commissions (IOSCO) today published a report

that reviews the implementation of margin requirements for

non-centrally cleared derivatives.

 The report concludes that the framework has been effectively implemented

and finds no evidence of material issues. No changes to the framework are

proposed.

 The BCBS-IOSCO Working Group on Margining Requirements (WGMR)

recommends ongoing monitoring through supervisory information

exchange and the sharing of experiences among member authorities.

The BCBS and IOSCO today published a report that reviews the implementation

of margin requirements for non-centrally cleared derivatives. The assessment marks a

milestone in the ongoing monitoring of the standard introduced in response to the

2011 G20 call to enhance the resilience of financial markets.

The standard, first published in September 2013, establishes a framework for
margin requirements for non-centrally cleared derivatives. The final phase of

implementation occurred in September 2022, and implementation has now reached a

steady state. The WGMR assessed the framework’s implementation, drawing on a

2024 quantitative impact study, a survey of WGMR members and recent international

margin-related work.

The assessment found no material issues with the framework. The amount of

margin exchanged for non-centrally cleared derivatives has increased materially since

2012, contributing to greater financial system resilience. The framework has been

effective in supporting the intended functioning of capital and centrally cleared

2