2015年-FSB全球金融稳定委员会_2015_CCP_Workplan_6页_280kb

2015 CCP Workplan Summary

1. Core Content

The 2015 CCP Workplan outlines the international coordination efforts among the Chairs of the FSB Standing Committee on Supervisory and Regulatory Cooperation (FSB SRC), the FSB Resolution Steering Group (FSB ReSG), the Committee on Payments and Markets Infrastructures (CPMI), the International Organization of Securities Commissions (IOSCO), and the Basel Committee on Banking Supervision (BCBS). The goal is to enhance the resilience, recovery planning, and resolvability of central counterparties (CCPs) in the derivatives market, in line with the G20 commitment to central clearing of standardised OTC derivatives.

2. Main Principles

• CPMI-IOSCO is designated as the primary forum for international coordination on the going concern oversight, supervision, and regulation of CCPs, including recovery planning.
• Regular interaction between CPMI-IOSCO and the FSB SRC is required, especially regarding recovery planning.
• The FSB ReSG should be the focal point for CCP resolution work, in close cooperation with CPMI and IOSCO.
• The BCBS should lead international coordination on bank exposures to CCPs, leveraging its expertise in banking supervision.
• The workplan should focus on systemic CCPs across multiple jurisdictions, as outlined in the Istanbul Communiqué.
• Regular communication among the Chairs is essential to ensure efficient and collaborative international policy work.

3. Key Substantive Priorities

A. CCP Resilience

• Evaluate existing standards for CCP loss absorption capacity and liquidity, including initial margin methodologies and the Cover 1/Cover 2 standard.
• Assess stress testing policies and develop a framework for consistent and comparable stress tests of CCP financial resources and liquidity arrangements.
• Consider the impact of leverage ratio on CCP functioning and encourage interaction between BCBS and CPMI-IOSCO.

B. CCP Recovery Planning

• Conduct a stock-take of existing CCP recovery mechanisms, including loss allocation tools such as default waterfalls, cash calls, and contract tear-ups.
• Develop more granular standards or guidance for recovery planning, based on the implementation of the PFMI requirements and existing CPMI-IOSCO guidance.
• Ensure recovery plans maximise CCP recovery success while minimising contagion risks to the broader financial system.

C. CCP Resolvability

• Conduct a stock-take of existing resolution regimes and planning arrangements for CCPs.
• Develop standards or guidance for resolution planning, strategies, and tools, including cross-border coordination and recognition of resolution actions.
• Build on the FSB Key Attributes and existing FMI resolution guidance.
• Assess the need for additional prefunded financial resources and liquidity arrangements in resolution scenarios.

D. Analysis of Interdependencies

• Quantify interdependencies between CCPs and major clearing members, mapping common memberships and shared service provision globally.
• Analyse potential contagion effects arising from recovery or resolution actions.
• Establish a joint ad hoc study group of around 15 members to identify, quantify, and analyse these interdependencies, supported by the secretariats of the relevant committees.
• The study group will report regularly to the Chairs and aim to deliver a final report within 12 months of its establishment.

4. Key Information

• The workplan is intended to coordinate international policy efforts on CCPs.
• It includes four main areas: resilience, recovery planning, resolvability, and interdependencies.
• CPMI-IOSCO is responsible for resilience and recovery planning, while the FSB ReSG leads on resolution.
• The BCBS is the primary body for bank exposures to CCPs.
• A joint ad hoc working group will be established to analyse interdependencies between CCPs and their members.
• The Chairs will provide updates on the progress of the workplan at subsequent FSB Steering Committee and Plenary meetings, with a final report due by September 2016.

5. Annex A Summary