Page 22 - 期货和衍生品行业监管动态（2024年12月刊）

期货和衍生品行业监管动态

如大宗商品交易商等非金融实体也可能存在重大衍生品及证券风险敞口。虽

然本次发布的政策建议不直接适用于此类实体，但它们及其交易对手可以利用这

些建议改进其流动性管理和治理实践。

FSB Issues Policy Recommendations to Enhance Non-bank Market Participants’

Preparedness for Margin and Collateral Calls (2024/12/10)

? Policy recommendations aim 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.

? Recommendations follow public consultation and focus on liquidity risks

arising from spikes in margin and collateral calls, including during times of

market-wide stress.

? Recommendations cover liquidity risk management and governance, stress

testing and scenario design, and collateral management practices of

non-bank market participants.

The Financial Stability Board (FSB) today published 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 recommendations respond to calls for regulatory adjustments to deal with

liquidity strains in the non-bank financial intermediation (NBFI) sector arising from

spikes in margin and collateral calls during market stress. The recommendations are

intended to build on and complement rules and regulations for liquidity risk

management and governance that already exist in many sectors and jurisdictions.

Derivatives and securities activities can expose market participants to margin and

collateral calls. Recent episodes of market stress, including the March 2020 market

turmoil, the Archegos failure in March 2021, the 2022 turmoil in certain commodities

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