Page 22 - 期货和衍生品行业监管动态(2024年6月刊)
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期货和衍生品行业监管动态
Affairs also provided an update on the agency’s international engagement.
Recommendations
Global Market Structure Subcommittee Recommendation – Report on the
Impact of the US Bank Capital Proposals on End-Users that Rely on Cleared
Derivatives Markets
The current U.S. Basel III endgame bank capital proposals represent a
comprehensive rewrite of the regulatory capital standards for major U.S. banks. The
proposal brings major implications for the clients these banks serve – particularly for
end users who rely on derivatives markets to hedge risk. In its current form, the
proposal would: reduce the capacity of U.S. banks to offer clients access to
derivatives markets; reduce liquidity in derivatives markets; increase the costs of
hedging for end-users and, as a result, increase costs for their customers;
disproportionately harm smaller end-users and non-public companies; increase
systemic risk; and create an unlevel playing field for market participants, including
across jurisdictions.
The report includes various recommendations to further examine the impact of
U.S. bank capital proposals on end users, central clearing, and derivatives markets.
Technical Issues Subcommittee Recommendation – Variation Margin
Processes in Non-Centrally Cleared Markets
Following the global implementation of margin requirements for non-cleared
derivatives, margin call and settlement volumes have grown exponentially, raising the
necessity for efficient collateral and liquidity management practices, especially during
times of market volatility. The importance of streamlining variation margin (VM)
practices is recognized by market participants through the increased use of standards
and solutions and by the global regulatory community which has recommended areas
for improvement of VM processes.
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