CFTC ‘puzzled’ by CPMI-Iosco plan on margin procyclicality

Prescriptive models could increase systemic risk at CCPs, market participants warn


International regulatory standard-setting bodies are creating "solutions in search of a problem" by proposing that clearing houses introduce prescriptive new quantitative metrics to detect possible procyclical effects embedded within their initial margin (IM) models, a senior US supervisor has claimed.

Speaking at a Commodity Futures Trading Commission (CFTC) roundtable discussion in Washington DC yesterday (October 6), John Lawton, deputy director of the agency's division of clearing and risk

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