OFR-中央对手方清算体系.pdfVIP

Central Counterparty Clearing: Issues for Consideration Financial Research Advisory Committee Financial Services and Risk Management Subcommittee February 2015 CCP’s – An Overview CCPs are significant utilities of the global financial systems, but data is scarce. 123 CCPs identified Across 57 different countries Source: FRAC Working Group CCP Inventory BIS Redbook 2 CCP’s - Systemic Relevance Even as they reduce counterparty risk, CCP’s may concentrate the remaining risk. Source: FRAC Working Group CCP Inventory BIS Redbook 3 CCP’s – An Emerging Area of Focus Despite their increasing significance, CCP risks are not well understood. Some regulators have started to raise concerns: US – ‘CCPs and regulators need to develop clear and detailed CCP recovery and resolution strategies that are well designed to minimize transmission of the CCPs distress to its clearing members and beyond ‘ -Governor Powell, November 6, 2014 ‘As risk concentration increases in the cleared space, CCPs need to have a plan to either recover from severe shocks, or for the CCP’s operations to be shutdown in an orderly manner… transparency is critical. Explicit recovery and wind-down plans help avoid an ad hoc response to a systemic event. Explicit plans also mean clearing members get a better picture of exactly how much risk they might face. Clearinghouses should maximize details in order to enhance predictability for clearing members.’ - Mark Wetjen, CFTC Commissioner, Dec 4, 2014: BOE - TLAC needs to be considered for CCPs as proposed by FSB in addition to ‘writing down operating liabilities through some form of initial margin haircutting should also be considered’ - David Bailey, Director, Financial Market Infrastructure November 24, 2014