Letter to BCBS on Revisiting SA-CCR

On April 21, 2022, ISDA, the Institute of International Finance, and the Global Financial Markets Association submitted a joint letter requesting the Basel Committee reopen the 2014 standardized approach for measuring counterparty credit risk (SA-CCR).

While the SA-CCR standard is a more risk sensitive approach for calculating exposure at default for counterparty credit risk compared to the Current Exposure Method, it is becoming evident as firms implement SA-CCR that the framework as written needs to be revisited given the timing of the finalized rule as it does not adequately reflect structural changes in the derivatives market and the overall regulatory framework since the standard was finalised. In light of market developments that have occurred in recent years the industry believes a holistic and consistent review of SA-CCR across all jurisdictions is justified in order to minimize the risk of market fragmentation and to recalibrate SA-CCR to a sufficiently risk-sensitive level.

US FX Derivatives Review

ISDA has expanded its SwapsInfo website to include data on US foreign exchange (FX) derivatives, extending the platform's coverage beyond interest rate and credit derivatives to a third over-the-counter derivatives asset class. The US FX Derivatives Review covers trading activity...

Response to FCA on Post-trade Transparency

On October 16, ISDA responded to the Financial Conduct Authority’s (FCA) consultation CP26/30.  While the consultation is principally focused on cash equity market structure and transparency, ISDA responded to questions on the potential inclusion of equity swaps in the scope...

Efficiency is Vital to Delivering Resilience

With less than three months to go until implementation of US Treasury clearing begins at the end of this year, it’s critical that the mandate is safely implemented without compromising market efficiency. This represents a huge change in market structure,...