Page 37 - 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

2.Recommendations on DCO Recovery and Orderly Wind-Down Plans;

Information for Resolution Planning.

Data and Analysis Regarding FCM Capacity Trends

A few years prior to voting to approve this recommendation, the FCM Capacity

Workstream of the Market Structure Subcommittee began examining the current state

of the market for FCMs. The workstream aimed to examine the structural changes that

have occurred within the FCM industry over the last 20 years. To facilitate its analysis,

the workstream assembled a database from reports prepared by the Commission.

These publicly available reports contain, among other data, select financial

information taken from FCM regulatory filings. The data looks at trends relating to

the number of FCMs, activity over the years, client margins, and FCM capital

requirements.

The data reflects information for a 20-year period running from 2003 through

2023. Among other observations, the workstream noted industry consolidation as well

as structural changes, including an increased concentration of bank-affiliated FCMs.

The workstream also noted increased concentration among FCMs that are dually

registered as broker-dealers.

Recommendations on DCO Recovery and Orderly Wind-Down Plans;

Information for Resolution Planning

The MRAC also voted to approve the recommendations on DCO Recovery and

Orderly-Wind Down Plans; Information for Resolution Planning at the April 9

meeting. This report and recommendation included five sets of recommendations for

the Commission’s consideration, including the following:

1.Implement Supervisory Stress Tests. Commission staff should adopt and

implement supervisory stress testing of credit and liquidity risks for all DCOs.

Commission staff should adopt and implement supervisory stress testing of

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