存’s Fixed Income 清算 Corporation (FICC) 和 National Securities 清算 Corporation (NSCC) work to solve problems for market participants that are best accomplished by central utilities. 在过去的40多年里，存的CCP服务根据客户的反馈发生了变化, 市场演变和监管要求. 清算解决方案不会自行到来, 它们也不会孤立地取得成功:它们需要市场参与者的持续参与和反馈.
相关文章:评估美国经济的潜在扩张.S. 库务署中央结算
引进了一些新的, 重要的监管建议, 包括《vnsr威尼斯城官网登入》最后阶段提出的规则, 新的你.S. Securities 和 Exchange Commission (SEC) proposals around recovery 和 wind-down planning 和 mitigating governance conflicts, 和, 也许最重要的是, 美国证券交易委员会(SEC)提议扩大美国金融市场的中央清算.S. 美国国债和美国国债.S. 国债回购, 是否需要重新评估范围内实体的清算要求, 以及重新审视清算服务对美国银行业的价值.S. 回购及证券融资交易(SFTs).
近年来，FICC在赞助回购清算方面取得了成功. FICC的赞助服务 是否对清算进行全民公投，而市场认为改变是值得的. The results are in the numbers: FICC now typically clears between $700-800 billion daily in sponsored repo activity.
假设美国证券交易委员会(SEC)提出的扩大美国国债中央清算的规则得以实施.S. 国债回购和现金活动成为最终的并生效, 存最近的一项调查估计，额外的1美元.市场参与者可能需要每天清算63万亿美元. 如果扩大清算的建议按照目前所写的执行, 美国国债现金和回购清算的可选择性可能会大大降低, 以及目前进行双边贸易的公司, 在中央结算保证之外, 可能需要与中国共产党进一步整合.
与此形成鲜明对比的是, NSCC’s Securities Finance Transaction (SFT) CCP has not yet seen the same type of voluntary adoption 和 momentum as the sponsored repo activity. Industry participants note that the math does work on the CCP for some equity loan 和 borrow transactions 和 for some counterparties, 但这还不足以推动许多公司的深度整合和运营. 一个常见的挑战，以澳门赌场SFT CCP, 虽然从一开始就为人所熟知, is the fact that the default management contributions for cleared equity loans 和 borrows are typically significantly higher than for treasury repo given the relatively higher volatility of the underlier. 帮助减轻这类捐款的负担, NSCC has made specific accommodations to allow for those contributions to be satisfied in a mix of cash 和 Fed-eligible securities, 但这种调整尚未得到广泛采用. 文化与客户行为, 就像vnsr威尼斯城官网登入市场的任何变化一样, 是否存在额外的障碍:中共要求一些公司采用新的经营方式, 未来的利益有时难以实时预测.
同时, 在每一个主要的金融区域, 巴塞尔协议III终局规则 will have a major impact on the balance sheets of financial market participants; this applies whether the rules stay close to the 2017 和 2019 original Basel III finalizations or are the new additions found in the U.S. 建议规则制定公告. 美国.S. version of the final rules propose changes to how large banks calculate their risk weighted assets 和 prefers much more 标准化 than the Basel Committee originally proposed. 新时代的美国.S. 扩大风险为基础的方法意味着美国的资产负债表成本.S. 银行可能会增加19%. Repo 和 securities finance may see some localized benefits from lower counterparty risk weights in the bilateral market, 但许多母公司银行将面临GSIB费用的增加，这可能会消除任何商业层面的节省. 除此之外，操作风险资本要求也在不断提高. This has been mentioned recently by several member firms as one of the main drivers of the increase in regulatory capital requirements at the top of the house.
U的介绍.S. 巴塞尔协议III终局规则, 以某种形式, may mean that regulated entities in securities finance may need to reevaluate the NSCC SFT CCP offering 和 further explore utilization of the FICC Sponsored Service, 市场参与将证明FICC和NSCC服务正在满足市场需求. 为澳门赌场SFT CCP提供, a lack of market engagement may mean that the problem set is not difficult enough yet for firms in the bilateral market to make a move to clearing in the absence of a regulatory requirement, 在这种情况下，中共需要考虑它在vns6060威尼斯城官网分配方面是否做出了正确的选择.
Participants in FICC的赞助服务 have shown that voluntary adoption makes sense 和 may soon see some version of a clearing requirement. Potential clients of the NSCC SFT CCP may want to get engaged now to start clearing 和 work to evaluate their business model; this is the way to safeguard their balance sheet interests alongside the Basel III Endgame.
ccp的价值
当然, 利用ccp是有成本的, 市场参与者必须找到资本支出方面的成本抵消, 风险管理或交易费率自愿参与. 对一些人来说，听到一个很好的清算理由可能会令人沮丧, but then be faced with the reality of default management contributions in the form of margin 和 guaranty fund requirements. 这就是ccp的工作方式——没有风险瀑布，就不可能有稳健的风险管理, 而默认管理贡献是这一过程中的核心机制.
ccp在金融市场中发挥着关键作用, 在交易中充当中间人，以减轻交易对手的风险. The robust risk management processes employed by CCPs instill confidence in market participants which fosters a healthy 和 liquid market environment. 监管 authorities closely monitor CCPs to ensure their risk management processes are sound 和 adhere to established st和ards. 制定这些标准是为了帮助减轻系统性风险，促进金融稳定.
FICC’s Sponsored Repo clearing members know that the default management contributions required for government bonds generally comprise more than margin in the bilateral markets, but FICC’s sponsored repo volumes show that the balance between cost 和 delivering benefits leans on the side of the CCP.
对于像股票这样比政府债券波动更大的非政府债券vnsr威尼斯城官网登入, a hypothetical default management contribution could be 7% to 10% or even more in extremely volatile periods. 另一方面，有人可能会认为，102%的双边美国国债担保水平.S. 以现金作抵押的股权贷款, 而市场标准, 是不是反映了真实, 该交易的市场风险更高, 合格CCP (QCCP)如中冶必须在其风险模型中准确考虑哪些因素.
即使不稳定的股票保证了10%的违约管理贡献, QCCP的交易对手风险敞口对贷款人和借款人都降至2%. 对于一些贷款人和借款人来说，这在经济上是有意义的. 对其他人来说，可能不是. But for a market that is deeply concerned about the cost of counterparty default indemnification 和 the risk exposure to certain types of lenders, 有一种观点认为，中共的价值主张是有道理的.
Could anything else deliver a benefit that would allow market participants to obtain a 2% risk weight against any counterparty 和 not contribute default funds or margin?
参与的力量
存是来帮助这个行业的, st和ing at the center of global trading activity 和 processing trillions of dollars of securities transactions daily. The question that 存 和 market participants share is what industry challenges are most pressing that they should work on together.
FICC和NSCC在为市场参与者创造提高效率的解决方案方面走了很远, 标准化, 降低风险和节约成本. 随着美国新的强制性清算规则的最终确定.S. 美国国债和美国国债.S. 国债回购, 如果采用, the door remains open to create new FICC rules if circumstances require it; existing clearing models are never set in stone. 同样的, any viable industry plan about how to mitigate the impact of clearing fund contributions for securities finance transactions would be heard.
ccp永远不会是唯一的游戏，也不应该是唯一的游戏. 即使有潜在的监管授权, there is no reason to think that clearing will be the only service that market participants use; there will always be room for bilateral, 三方, 以及以后可能出现的任何新选项(例如分布式账本技术的潜在应用). 对于任何解, 市场参与解决问题是vnsr威尼斯城官网登入开发过程中必不可少的一部分, 真正的改变会使整个行业受益.
本文最初发表于 Finadium 2023年11月2日.