Page 23 - 期货和衍生品行业监管动态（2024年4月）

期货和衍生品行业监管动态

? Report proposes eight policy recommendations focused on managing and

mitigating the impact of spikes in margin and collateral calls in the non-bank

financial intermediation (NBFI) sector.

? Proposed recommendations cover liquidity risk management and governance,

stress testing and scenario design, and collateral management practices of

non-bank financial institutions.

The Financial Stability Board (FSB) published today a consultation report on

liquidity preparedness for margin and collateral calls. The report sets out eight

proposed policy recommendations to enhance the liquidity preparedness of non-bank

market participants for margin and collateral calls in centrally and non-centrally

cleared derivatives and securities markets (including securities financing such as

repo).

The report highlights the need for policy adjustments to deal with liquidity

strains in the NBFI sector arising from spikes in margin and collateral calls during

times of market stress, such as the March 2020 market turmoil, Archegos, and the

commodities markets turmoil and stress in liability-driven investment funds in 2022.

To achieve this, the FSB is proposing eight high-level and cross-sectoral policy
recommendations that build on and complement existing rules and regulations on

liquidity risk management across different sectors and jurisdictions.

The recommendations cover liquidity risk management and governance, stress

testing and scenario design, and collateral management practices of non-bank market

participants, focussing on liquidity risks arising from spikes in margin and collateral

calls. They apply to non-bank market participants that may face margin and collateral

calls, including insurance companies, pension funds, hedge funds, other investment

funds and family offices. They are proposed to apply proportionately with a focus on

non-bank market participants with material exposures to spikes in margin and

collateral calls during times of stress. The report also highlights the need for financial

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