Page 22 - 期貨和衍生品行業監管動態（2024年6月刊）

期貨和衍生品行業監管動態

Affairs also provided an update on the agency’s international engagement.

Recommendations

Global Market Structure Subcommittee Recommendation – Report on the

Impact of the US Bank Capital Proposals on End-Users that Rely on Cleared

Derivatives Markets

The current U.S. Basel III endgame bank capital proposals represent a

comprehensive rewrite of the regulatory capital standards for major U.S. banks. The

proposal brings major implications for the clients these banks serve – particularly for

end users who rely on derivatives markets to hedge risk. In its current form, the

proposal would: reduce the capacity of U.S. banks to offer clients access to

derivatives markets; reduce liquidity in derivatives markets; increase the costs of

hedging for end-users and, as a result, increase costs for their customers;

disproportionately harm smaller end-users and non-public companies; increase

systemic risk; and create an unlevel playing field for market participants, including

across jurisdictions.

The report includes various recommendations to further examine the impact of

U.S. bank capital proposals on end users, central clearing, and derivatives markets.

Technical Issues Subcommittee Recommendation – Variation Margin

Processes in Non-Centrally Cleared Markets

Following the global implementation of margin requirements for non-cleared

derivatives, margin call and settlement volumes have grown exponentially, raising the

necessity for efficient collateral and liquidity management practices, especially during

times of market volatility. The importance of streamlining variation margin (VM)

practices is recognized by market participants through the increased use of standards

and solutions and by the global regulatory community which has recommended areas

for improvement of VM processes.

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