CCP12

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Global Association of Central Counterparties (CCP12)
Ccp12 logo.png
Founded 2001
Headquarters 19F No. 233, Taicang Rd, Huangpu District, Shanghai, China
Products Industry Association
Key People Kevin McClear, Chair; Agnes Koh, Vice Chair; Dr. Dmitrij Senko, Vice Chair; George Kormas, Treasurer; Teo Floor, CEO
LinkedIn Profile
Web site www.ccp12.org
Releases Organization News

The Global Association of Central Counterparties (CCP12) was formed in 2001 by 12 major central counterparty (CCP) organizations in Europe, Asia and the Americas with the objective to share information, develop market analysis and form policy standards for common areas of concern.

CCP12 is the global association for CCPs, representing 38 members who operate more than 60 individual CCPs globally across EMEA, the Americas and the Asia-Pacific region. The group frequently invites regulators and representatives from other clearing and settlement organizations, exchanges and marketplaces, financial firms and other industry associations around the world to join its meetings.

Services[edit]

According to CCP12's mission statement, members of CCP12 work together on issues of mutual interest and benefit to minimize global systemic risk and enhance the efficiency and effectiveness of international markets. To this end, CCP12 members work collaboratively in order to share information, develop analysis and release position papers.[1] The association aims to promote the development and adoption of high-quality standards and best practices across CCP risk management and operational activities.[2] [3]

Some of CCP12's main achievements are:

Public Quantitative Disclosures[edit]

In 2015, CPMI-IOSCO published the Public Quantitative Disclosure Standards for Central Counterparties (CCPs) and encouraged CCPs around the globe to use a common template.[4]

On 2 November 2017, CCP12 officially released the CCP12 PQD Template on Public Quantitative Disclosures (PQDs), which provides a global harmonized approach. This PQD template represents CCP12’s active response to CPMI-IOSCO and the endeavour to foster industry best practices. The template improves standardization and transparency of the CCP industry by facilitating comparable data points and formats. The CCP12 PQD Template has been adopted by CCPs across the globe, by both members and non-members of CCP12.

On 4 November 2020, an updated CCP12 PQD Template[5] was released[6], which provides further clarity in relation to populating the disclosure fields in a standardized approach, a method to track PQD changes, and further ensures machine readable data points.

Additionally, the CCP12 PQD Frequently Asked Questions (FAQ) Guide[7] was released[6], which provides details of the CCP12 PQD Template such as the ‘Disclosure Title’, ‘Reference’, ‘Description’ and ‘Reporting Frequency’. In addition to this, after discussion with the CCP12 members, market participants, and global regulators, a comprehensive explanation to all disclosures are included which have been defined in order to give supplementary guidance to CCPs.

CCP12 publishes the CCP12 Public Quantitative Disclosure Newsflash on a quarterly basis, which gives a high-level overview across our membership of published collated figures for Collateral Held, Initial Margin (IM) required, Default Fund Required and Average Daily Variation Margin. Furtermore, CCP12 publishes the CCP12 Public Quantitative Disclosure Newsletter, which examines a number of CCP risk management indicators in greater detail, including IM Required/Held, DF Required/Held, Collateral Make-Up of the IM and DF contributions, Average Daily Variation Margin, Margin Overcollateralization, an overview of the Credit Default Swaps (CDS) and Interest Rate Swaps (IRS) Margin requirements, and lastly, Availability, Failures and Recovery Time Objectives.

Working Committees[edit]

The Operations Working Committee (OWC)[edit]

The OWC addresses operational and technical issues raised by industry forums and regulators. It deals with the requests on message standardization. It also serves as a platform for information exchange on new or ongoing technical issues like fintech and cyber security.

The Policy Working Committee (PWC)[edit]

The PWC addresses policy topics raised by the industry and regulators (i.e. resilience, recovery and resolution). It also serves as a platform for information exchange on new and ongoing policy issues.

The Public Quantitative Disclosure Working Committee (PQDWC)[edit]

The PQDWC Working Group addresses the development and on-going needs of CCPs seeking to meet the requirements of the CPMI-IOSCO Public Quantitative Disclosure Framework.

The Risk Working Committee (RWC)[edit]

The RWC addresses quantitative, risk-based proposals from regulators. This includes CCP12 on-going work on supervisory stress testing.

Membership[edit]

CCP12 Primary Members[edit]

CCP12 Observer Members[edit]

Key People[edit]

CCP12 Executive Committee[edit]

CCP12 Office[edit]

References[edit]