On February 1, 2024, ISDA published a comparison of available US Treasury (UST) clearing models, as well as models for clearing repos at other central counterparties (CCPs) globally and models for clearing derivatives. This comparison is intended to help market participants understand existing and potential new clearing models for UST cash and repo transactions as they implement the US SEC’s recent rules requiring clearing of such transactions.
Since that time, ISDA updated the comparison to reflect new, and recent changes to existing, clearing models offered by the Fixed Income Clearing Corporation (FICC). This year, ISDA also added new clearing models that have been proposed by CME Securities Clearing (CMESC).
ISDA intends to continue to update this comparison matrix as new clearing models across the industry are proposed and finalized.
PLEASE NOTE: You may need to download the comparison matrices and save them as PDFs to your respective devices in order to be able to “zoom in” to the relevant comparison matrix to a level that is readable. We recommend viewing the matrices using adobe which allows for higher resolution when zooming in.
Documents (2) for ISDA Clearing Model Comparison
Latest
A Positive Step to Improve the FRTB in the EU
As the Basel III capital reforms are finalized for implementation in key jurisdictions, ISDA is maintaining a laser focus on making sure the rules are robust and risk-appropriate. Simply put, if capital requirements are set disproportionately high, this will have...
Trading Book Capital: Scott O'Malia Remarks
Trading Book Capital: Policy Challenges for the EU 2024-2029 Mandate March 25, 2025 Welcoming Remarks Scott O’Malia ISDA Chief Executive Officer Good morning and welcome to ISDA’s trading book capital event. It’s great to be here in Brussels and...
Setting Out the Value Proposition of Derivatives
History enthusiasts may have heard of the Code of Hammurabi, an early legal text from ancient Mesopotamia, carved into a stone slab about 3,700 years ago. The code covers everything from property rights to divorce, but it also recognizes the...
Appropriate Capital Rules Critical for Markets
“Setting capital requirements for globally active banks is a fine balancing act. As regulators learned during the global financial crisis, insufficient capital creates vulnerabilities in the banking sector that can have damaging consequences in times of stress. However, if banks...