United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the National Securities Clearing Corporation’s Observance of the CPSS-IOSCO Recommendations for Central Counterparties

International Monetary Fund

No 2010/129, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings of the Detailed Assessment of Observance of the National Securities Clearing Corporation’s (NSCC) Observance of the Committee on Payment and Settlement Systems/International Organization of Securities Commissions (CPSS–IOSCO) Recommendations for Central Counterparties (CCP) for the United States. The assessment recommends that a CCP should have a well-founded, clear, and transparent legal basis in the relevant jurisdictions. A CCP should require participants to have sufficient financial resources and robust operational capacity to meet obligations arising from participation in the CCP.

Keywords: ISCR; CR; NSCC's rule; clearing fund; NSCC member; default procedure; NSCC management; NSCC closeout procedure; NSCC participant; governance arrangement; membership agreement; NSCC applicant; Central counterparty clearing house; Securities; Operational risk; Credit default swap; Legal support in revenue administration (search for similar items in EconPapers)
Pages: 31
Date: 2010-05-15
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