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      Page 23 - 期貨和衍生品行業(yè)監管動(dòng)態(tài)(2024年4月)
      P. 23

      期貨和衍生品行業(yè)監管動(dòng)態(tài)
      
      
      
      
                             ?   Report proposes eight policy recommendations focused on managing and
      
                                 mitigating the impact of spikes in margin and collateral calls in the non-bank
      
                                 financial intermediation (NBFI) sector.
      
      
                             ?   Proposed recommendations cover liquidity risk management and governance,
      
                                 stress testing and scenario design, and collateral management practices of
      
                                 non-bank financial institutions.
      
      
                              The Financial Stability Board (FSB) published today a consultation report on
      
                         liquidity preparedness for margin and collateral calls. The report sets out eight
      
                         proposed policy recommendations to enhance the liquidity preparedness of non-bank
      
                         market participants for margin and collateral calls in centrally and non-centrally
      
                         cleared derivatives and securities markets (including securities financing such as
      
                         repo).
      
      
                              The report highlights the need for policy adjustments to deal with liquidity
      
                         strains in the NBFI sector arising from spikes in margin and collateral calls during
      
                         times of market stress, such as the March 2020 market turmoil, Archegos, and the
      
                         commodities markets turmoil and stress in liability-driven investment funds in 2022.
      
      
                         To achieve this, the FSB is proposing eight high-level and cross-sectoral policy
                         recommendations that build on and complement existing rules and regulations on
      
      
                         liquidity risk management across different sectors and jurisdictions.
      
      
                              The 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. They apply to non-bank market participants that may face margin and collateral
      
                         calls, including insurance companies, pension funds, hedge funds, other investment
      
                         funds and family offices. They are proposed to apply proportionately with a focus on
      
                         non-bank market participants with material exposures to spikes in margin and
      
                         collateral calls during times of stress. The report also highlights the need for financial
      
      
      
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