United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the National Securities Clearing Corporation’s Observance of the CPSS-IOSCO Recommendations for Central Counterparties

IMF Staff Country Reports, May 15, 2010

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Canonical URL: United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the National Securities Clearing Corporation’s Observance of the CPSS-IOSCO Recommendations for Central Counterparties

This paper discusses key findings of the Detailed Assessment of Observance of the National Securities Clearing Corporation’s (NSCC) Observance of the Committee on Payment and Settlement Systems/International Organization of Securities Commissions (CPSS–IOSCO) Recommendations for Central Counterparties (CCP) for the United States.
The assessment recommends that:
- A CCP should have a well-founded, clear, and transparent legal basis in the relevant jurisdictions.
- A CCP should require participants to have sufficient financial resources and robust operational capacity to meet obligations arising from participation in the CCP.

Findings:
- The document centers on observance of CPSS–IOSCO Recommendations for Central Counterparties (CCP) as they pertain to the NSCC.
Recommendations:
- Ensure a well-founded, clear, and transparent legal basis for CCP operations in relevant jurisdictions.
- Require CCP participants to maintain sufficient financial resources.
- Require CCP participants to maintain robust operational capacity to meet obligations arising from CCP participation.