Page 23 - 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

markets, and the September 2022 issues experienced by many pooled liability-driven

investment (LDI) funds, underscore the importance of margin and collateral calls to

financial stability and the need for market participants to be prepared to meet these

calls.

The FSB’s eight policy 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 during times of market-wide stress. The recommendations

cover both centrally and non-centrally cleared derivatives and securities markets and

apply to a broad range of non-bank market participants that may face margin and

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

investment funds, and family offices.

Non-financial entities such as commodities traders can also have material

derivatives and securities exposures. While the recommendations do not directly

apply to such entities, they and their counterparties could use the recommendations to

improve their liquidity management and governance practices.

https://www.fsb.org/2024/12/fsb-issues-policy-recommendations-to-enhance-non-ban
k-market-participants-preparedness-for-margin-and-collateral-calls/

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