CPMI and IOSCO consultation on updated guidance and public disclosures to implement initial margin proposals

The BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published a joint consultation and updated versions of their 2017 central counterparties (CCP) resilience guidance, and their 2015 public quantitative disclosure standards (PQDs) for CCPs. The purpose of the proposed amendments is to incorporate relevant proposals from the January 2025 BCBS-CPMI-IOSCO report on the transparency and responsiveness of initial margin in centrally cleared markets. The proposed amendments address areas such as the use of margin simulation tools, measurement of initial margin responsiveness, governance of margin models, the use of margin model overrides, and enhancements to CCP public disclosures. The consultation clarifies that the proposed amendments are not intended to create additional standards for CCPs beyond those set out in the Principles for Financial Market Infrastructure. The deadline for comments is 30 June.

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