IMF Staff Country Reports

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

May 15, 2010

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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, (USA: International Monetary Fund, 2010) accessed December 25, 2024

Summary

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.

Subject: Banking, Central counterparty clearing house, Credit default swap, Financial institutions, Financial markets, Financial regulation and supervision, Legal support in revenue administration, Money, Operational risk, Revenue administration, Securities

Keywords: Central counterparty clearing house, Clearing fund, CR, Credit default swap, Default procedure, Governance arrangement, ISCR, Legal support in revenue administration, Membership agreement, NSCC applicant, NSCC closeout procedure, NSCC management, NSCC member, NSCC participant, NSCC's rule, Operational risk, Securities

Publication Details

  • Pages:

    31

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2010/129

  • Stock No:

    1USAEA2010011

  • ISBN:

    9781455206711

  • ISSN:

    1934-7685

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