{
  "title": "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",
  "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-23872",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-detailed-23872",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-detailed-23872/index.md",
  "summary": "This 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. 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": "Executive summary and key findings",
      "content": "- 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.\n- 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.\n- 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."
    },
    {
      "heading": "Policy recommendations and operational expectations",
      "content": "- Legal framework:\n  - A CCP should have a well-founded, transparent, and enforceable legal framework for each aspect of its activities in all relevant jurisdictions.\n- Participant requirements:\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": "Scope, subjects, and keywords",
      "content": "- 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\n- 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\n\n---\n\n Content in this bundle\n\n- Cr10130\n  - Cr10130 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr10130 (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-23872"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-detailed-23872/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-detailed-23872/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-detailed-23872/bundle-manifest.json)",
    "Published: May 15, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455206728.002",
    "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.",
    "Legal framework:",
    "Participant requirements:",
    "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",
    "**Cr10130**"
  ],
  "related": [
    {
      "title": "Cr10130",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10130.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10130.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10130.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-detailed-23872/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-detailed-23872/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-detailed-23872/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-23T07:31:29.193Z"
}