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IBFed Response on Risk Mitigation Standards for Non-centrally Clear OTC Derivatives

24 Oct 2014

The Financial Markets Working Group of the IBFed appreciates the opportunity to provide comments to the IOSCO consultation report (Consultation) regarding risk mitigation standards for non-centrally cleared OTC derivatives. In general, we support IOSCO’s efforts to carry out the G20 mandate to improve global financial stability and promote transparency of the global securities markets, of which the risk mitigation standards are an integral part. Specifically, we support the goal of the risk mitigation standards that counterparties agree to fundamental economic and legal terms prior to, or contemporaneously with, the execution of a transaction, and to memorialize those terms. We further support the following intended benefits of the proposed risk mitigation standards: (i) the promotion of legal certainty and facilitation of timely dispute resolution; (ii) the facilitation of the management of counterparty credit and other risks; and (iii) increasing overall financial stability.

IBFed Response on Risk Mitigation Standards for Non-centrally Clear OTC Derivatives
 
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