On April 17, ISDA submitted a comment letter in response to the Fixed Income Clearing Corporation’s (FICC) proposed rule changes published by the Securities and Exchange Commission (SEC) on March 27, 2024. The changes would modify FICC’s government securities division (GSD) rule book so that FICC can facilitate access to clearing and settlement services of all eligible secondary market trades in US Treasury securities, in accordance with the Securities Exchange Act of 1934. The letter also addresses FICC’s advance notice to amend the GSD rules and proposed rule changes on separate and independent calculation, collection and holding of margin, published by the SEC on March 28, 2024.
Subsequently, the SEC solicited additional comments from market participants on FICC’s proposals related to the agent clearing model, as well as margin segregation via a series of questions. ISDA responded to the SEC’s questions on July 18, 2024.
Documents (2) for ISDA Submits Comments to FICC on Proposed Rule Changes Related to Clearing Models and Margin Segregation
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...