Page 38 - 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

operational and other non-default risks for all DCOs, leveraging industry exercises

covering these risks, where appropriate. Commission staff should include reverse

stress tests in their supervisory stress tests. The results of the supervisory stress tests

should be made available to the public, in a level of detail determined to be

appropriate by Commission staff, within a reasonable time after the stress tests have

been concluded. Subcommittee members representing end-users, FCMs and academia

believe these stress tests should be required to take place at least annually.

Subcommittee members representing DCOs do not believe the frequency of reverse

stress tests should be annual but rather the frequency of reverse stress tests should be

determined by Commission staff.

2.Require DCOs to Determine Recovery and Wind-Down Scenarios and

Analyses. In the final rule, the text of CFTC Regulation 39.39(c)(2) should be

amended to require that DCOs conduct scenario analysis that includes extreme but

plausible scenarios that could trigger recovery or wind down. The final rule should

retain the requirement that SIDCOs include in their plans an assessment of (1) the

financial resources and tools available in the event of recovery and wind down, and (2)

how they would address the scenarios identified that could trigger recovery and wind

down.

3.Support Inclusion of NDLs in Recovery and Resolution Planning for All

DCOs. The Commission should retain the proposal to require a DCO that is neither a

SIDCO nor a Subpart C DCO to maintain and submit to the Commission viable plans

for orderly wind down necessitated by default losses as well as NDLs. The

Commission should retain the proposed definition of NDL as applicable to all DCOs.

4.Support the Provision of Data to the CFTC for Resolution Planning.

Subcommittee members representing end-users, FCMs and academia believe the

Commission and FDIC should develop an inter-agency task force to discuss the

sharing of information for resolution planning purposes for DCOs. However,

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