Today, FIA Global, in cooperation with the law firms Linklaters and Milbank, Tweed, Hadley & McCloy, announced a new guide to the rules of central clearing counterparties (CCPs). The FIA Global CCP Rulebook Review is a subscription service that will provide a standardized, comprehensive overview and analysis of the rules and procedures governing certain CCPs, as well as timely updates on changes to the rules and regulatory framework. It will highlight the issues most relevant to clearing members and end-users as they evaluate evolving regulatory obligations relating to CCPs on a real-time basis.
“The FIA Global CCP Rulebook Review will be an invaluable tool to assess the rules and procedures of clearinghouses around the world,” said Walt Lukken, President and CEO of FIA. “As global regulators implement centralized clearing requirements, there is an increased focus on monitoring the risks associated with clearing derivatives products. Clearing members face a new landscape of regulatory and capital requirements — one that is changing frequently. The FIA Global CCP Rulebook Review will provide a comprehensive map to this new terrain.”
FIA Global has engaged two internationally recognized law firms — Linklaters LLP and Milbank, Tweed, Hadley & McCloy — to conduct a thorough rule review of CCPs in multiple jurisdictions. With input from FIA Global members, the law firms developed a detailed questionnaire for use as a framework to summarize the key rules and procedures of each CCP. The resulting analyses and continuous updates will help subscribers meet regulatory obligations to conduct due diligence on CCPs.
Michael Voisin, Capital Markets partner at Linklaters said, “The FIA Global CCP Rulebook Review was designed to help put complex and often changing rules into an easily coherent and consistent framework. It’s a unique and innovative product with tremendous potential for users of CCPs.”
John Williams, partner at Milbank, Tweed, Hadley & McCloy said, “Having a consistent global framework of rulebook reviews should allow risk managers at clearing members and end users to focus more keenly on the key issues they must address without being impeded by opaque or inconsistent CCP rules and procedures.”
“Not only does the FIA Global CCP Rulebook Review allow clearing risk professionals to access information about a variety of CCPs in one location, it also gives subscribers the confidence that they are acting with the latest industry information,” said Lukken. “We are proud to offer this service to facilitate the critical work done by clearing members and end users.”
The FIA Global CCP Rulebook Review will launch in December 2014. Stay tuned for more details and subscription information. Learn more about the FIA Global CCP Rulebook Review or contact Jackie Mesa at (202) 466-5460.
