May 6, 2026/IOSCO

• CPMI-IOSCO is seeking input from interested stakeholders on amendments to CCP-related resilience guidance and public quantitative disclosures requirements.
• The proposed amendments incorporate relevant proposals from the BCBS-CPMI-IOSCO final report Transparency and responsiveness of initial margin in centrally cleared markets, published in January 2025.¹
• CPMI-IOSCO invite comments on the proposed amendments by 30 June 2026.

The BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are seeking comments on proposed amendments to the 2017 CPMI-IOSCO Resilience of central counterparties (CCPs): further guidance on the PFMI – final report² (CCP resilience guidance) and to the 2015 CPMI-IOSCO Public quantitative disclosure standards (PQDs) for central counterparties³.

The proposed amendments incorporate relevant elements of the final BCBS-CPMI-IOSCO report Transparency and responsiveness of initial margin in centrally cleared markets, ^4,5 published in January 2025, into the CCP resilience guidance and the PQDs, covering simulation tools, measuring initial margin responsiveness, margin model governance frameworks, margin model overrides and CCP public disclosures.

1. See Final report: Transparency and responsiveness of initial margin in centrally cleared margin – review and policy proposals, January 2025, www.bis.org/bcbs/publ/d590.htm and www.iosco.org/library/pubdocs/pdf/IOSCOPD783.pdf.
2. See CPMI-IOSCO, Resilience of central counterparties (CCPs): further guidance on the PFMI – final report, July 2017, www.bis.org/cpmi/publ/d163.htm and www.iosco.org/library/pubdocs/pdf/IOSCOPD568.pdf.
3. See CPMI-IOSCO, Public quantitative disclosure standards for central counterparties, February 2015, www.bis.org/cpmi/publ/d125.htm and www.iosco.org/library/pubdocs/pdf/IOSCOPD475.pdf.
4. See Final report: Transparency and responsiveness of initial margin in centrally cleared margin – review and policy proposals, January 2025, www.bis.org/bcbs/publ/d590.htm and www.iosco.org/library/pubdocs/pdf/IOSCOPD783.pdf.
5. The Final BCBS-CPMI-IOSCO report noted that the relevant standard-setting bodies would consider how best to implement the proposals. For proposals 1–8, the relevant standard-setting bodies are CPMI and IOSCO. The CPMI and IOSCO consider that the most appropriate way to implement the proposals is through targeted additions to the CCP resilience guidance and the PQDs.