The Committee on Payment and Settlement Systems (CPSS) and the
International Organization of Securities Commissions (IOSCO) have today
published for public comment a consultative document on the Public quantitative
disclosure standards for central counterparties.
In order that the risks related to the use of central counterparties (CCPs) can be
properly understood, CCPs need to make relevant information publicly available,
as stated in the CPSS-IOSCO Principles for financial market infrastructures,
published in April 2012.
To provide guidance on what should be disclosed by a CCP and other financial
market infrastructures, CPSS and IOSCO published a Disclosure framework in
December 2012, primarily covering qualitative data that need relatively infrequent
updating (for example, when there is a change to a CCP’s risk management
framework). To complement that disclosure framework, the document now being
published sets out guidance on the quantitative data that a CCP should disclose
more frequently.
Taken together with the Disclosure framework, the proposed disclosures in this
consultative document are intended to support the objectives of enabling
stakeholders, including authorities, participants (direct, indirect and prospective)
and the public, to:
– compare CCP risk controls, including financial condition and financial
resources to withstand potential losses;
– have a clear, accurate and full understanding of the risks associated with a
CCP;
– understand and assess a CCP’s systemic importance and its impact on
systemic risk;
– and understand and assess the risks of participating in CCPs (directly,
and, to the extent relevant, indirectly).
Published with the document is a cover note that lists issues on which the
committees seek comments during the public consultation period. There are
further consultation questions on some of the specific disclosure items within the
consultation document. Comments on the report are invited from all interested
parties and should be sent by 13 December 2013 (see note 1 below).
