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期貨和衍生品行業(yè)監管動(dòng)態(tài)
CCP default simulation, and improvement of trade reporting data to monitor systemic
risk.”
Commissioner Pham added, “In a major step forward, the digital asset taxonomy
framework provides valuable foundational guidelines to further advance the
discussion and promote U.S. regulatory clarity, and was extensively vetted by
stakeholders such as regulatory authorities, financial institutions, asset managers,
market infrastructures, and service providers. I’m grateful to all of the GMAC and
Subcommittee members, especially the workstream leads, and the GMAC leadership
team for their substantial work.”
Each recommendation was approved without objection at the GMAC
meeting Wednesday, March 6. The meeting also included a keynote presentation from
Financial Stability Board (FSB) Secretary General John Schindler on the FSB’s 2024
work program and priorities, a panel discussion on the impact of the Basel III
endgame proposal on derivatives markets and access to clearing, and an update on the
GMAC’s earlier recommendation regarding appropriately calibrated swap block and
cap sizes to enhance market liquidity and financial stability.
Recommendations
Global Market Structure Subcommittee Recommendation - Inclusion of U.S.
Treasury ETFs as Eligible Initial Margin Collateral [forthcoming[
The use of exchange traded funds (ETFs) that invest in U.S. Treasury bonds has
dramatically increased in recent years. While standalone U.S. Treasury bonds can be
used as initial margin (IM) collateral for uncleared swaps, ETFs that invest in them
are not similarly eligible as collateral, despite being more diversified which can
mitigate idiosyncratic risk.
During many historic volatile trading sessions, certain UST ETFs have acted
globally as “shock absorbers,” providing real-time prices and liquidity. Most notably,
8