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
May 15, 2010
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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.
Subject: Banking, Central counterparty clearing house, Credit default swap, Financial institutions, Financial markets, Financial regulation and supervision, Legal support in revenue administration, Money, Operational risk, Revenue administration, Securities
Keywords: Central counterparty clearing house, clearing fund, CR, Credit default swap, default procedure, governance arrangement, ISCR, Legal support in revenue administration, membership agreement, NSCC applicant, NSCC closeout procedure, NSCC management, NSCC member, NSCC participant, NSCC's rule, Operational risk, Securities
Pages:
31
Volume:
2010
DOI:
Issue:
129
Series:
Country Report No. 2010/129
Stock No:
1USAEA2010011
ISBN:
9781455206711
ISSN:
1934-7685
