The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) have launched a review into their existing standards for financial market infrastructures such as payment systems, securities settlement systems and central counterparties.
The review will focus on the 2001 Core principles for systemically important payment systems, the 2001/2 Recommendations for securities settlement systems, and the 2004 Recommendations for central counterparties.
The review will be led by representatives of the central banks that are members of the CPSS and the domestic regulators that are members of the IOSCO Technical Committee. The International Monetary Fund and the World Bank are also participating in the review.
In a statement issued by CPSS-IOSCO, the two industry bodies are already in the process of providing guidance on how the 2004 Recommendations for central counterparties should be applied to CCPs handling OTC derivatives.
The new guidance will also cover OTC derivatives trade repositories. TriOptima has recently gone live with its OTC interest rate derivatives trade repository.
A consultative document on the guidance will be issued within the next few months.