United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the Fixed Income Clearing Corporation: Government Securities Division’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 Fixed Income Clearing Corporation: Government Securities Division’s Observance of the CPSS-IOSCO Recommendations for Central Counterparties
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Bibliographic details
- Published: May 15, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455206728.002
Executive summary and key findings
- The paper discusses key findings of the Detailed Assessment of Observance of the Fixed Income Clearing Corporation–Government Securities Division’s 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, transparent, and enforceable legal framework for each aspect of its activities in all relevant jurisdictions.
- The assessment recommends that a CCP should require participants to have sufficient financial resources and robust operational capacity to meet obligations arising from participation in the CCP.
Policy recommendations and operational expectations
- Legal framework:
- A CCP should have a well-founded, transparent, and enforceable legal framework for each aspect of its activities in all relevant jurisdictions.
- Participant requirements:
- A CCP should require participants to have sufficient financial resources and robust operational capacity to meet obligations arising from participation in the CCP.
Scope, subjects, and keywords
- Subject: Banking; Central counterparty clearing house; Financial institutions; Financial markets; Financial regulation and supervision; Financial sector policy and analysis; Legal support in revenue administration; Operational risk; Revenue administration; Securities; Stress testing
- Keywords: Central counterparty clearing house; clearing banks; CR; cross-margining agreement; Ficc-GSD member; Ficc-GSD's rule; ISCR; Legal support in revenue administration; Operational risk; participation requirement; repo arrangement Ficc-GSD; rule filing; Securities; settlement process; Stress testing