{
  "title": "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",
  "publication": "IMF Staff Country Reports, May 15, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-detailed-23871",
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  "summary": "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.",
  "publishDate": "2010-05-15",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary",
      "content": "- 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.\n- The assessment recommends that:\n  - A CCP should have a well-founded, clear, and transparent legal basis in the relevant jurisdictions.\n  - A CCP should require participants to have sufficient financial resources and robust operational capacity to meet obligations arising from participation in the CCP."
    },
    {
      "heading": "Key findings and recommendations",
      "content": "- Findings:\n  - The document centers on observance of CPSS–IOSCO Recommendations for Central Counterparties (CCP) as they pertain to the NSCC.\n- Recommendations:\n  - Ensure a well-founded, clear, and transparent legal basis for CCP operations in relevant jurisdictions.\n  - Require CCP participants to maintain sufficient financial resources.\n  - Require CCP participants to maintain robust operational capacity to meet obligations arising from CCP participation."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject:\n  - Banking\n  - Central counterparty clearing house\n  - Credit default swap\n  - Financial institutions\n  - Financial markets\n  - Financial regulation and supervision\n  - Legal support in revenue administration\n  - Money\n  - Operational risk\n  - Revenue administration\n  - Securities\n- Keywords:\n  - Central counterparty clearing house\n  - clearing fund\n  - CR\n  - Credit default swap\n  - default procedure\n  - governance arrangement\n  - ISCR\n  - Legal support in revenue administration\n  - membership agreement\n  - NSCC applicant\n  - NSCC closeout procedure\n  - NSCC management\n  - NSCC member\n  - NSCC participant\n  - NSCC's rule\n  - Operational risk\n  - Securities\n\n---\n\n Content in this bundle\n\n- Cr10129\n  - Cr10129 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr10129 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-detailed-23871"
    }
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    "Published: May 15, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455206711.002",
    "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:",
    "Findings:",
    "Recommendations:",
    "Subject:",
    "Keywords:",
    "**Cr10129**"
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