On 6 May 2026, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a consultation on proposed amendments to (i) the Resilience of central counterparties (CCPs): Further guidance on the Principles for financial market infrastructures (PFMI) (CCP resilience guidance) and (ii) the 2015 CPMI-IOSCO Public quantitative disclosure standards for central counterparties (PQDs).

Background

The proposed amendments incorporate relevant proposals from the Basel Committee on Banking Supervision (BCBS)-CPMI-IOSCO final report (final report) published in January 2025, into the CCP resilience guidance and the PQDs. The final report itself built on the 2022 BCBS-CPMI-IOSCO Review of margining practices, which recommended international policy work aimed at evaluating the responsiveness of initial margin models and enhancing the transparency of margin requirements in centrally cleared markets.

The final report contained ten policy proposals relating to transparency and responsiveness of centrally cleared initial margin. For proposals 1–8, CPMI and IOSCO are the relevant standard-setting bodies. CPMI and IOSCO consider that the most appropriate way to implement these proposals is through targeted additions to the CCP resilience guidance and the PQDs. Importantly, the proposed amendments are not intended to create additional standards for CCPs beyond those set out in the PFMI.

Summary of the proposals

CCP resilience guidance

The key areas addressed in the updated CCP resilience guidance are as follows:

  • Margin simulators: CCPs should consider making margin simulation tools available to all clearing members (CMs) and where feasible their clients, including prospective CMs and clients, subject to appropriate non-disclosure agreements where necessary to increase transparency. Tools should at a minimum allow calculation of margin requirements across stress test scenarios (including key historical events) for current and hypothetical portfolios and incorporate the CCP’s main add-on charges.
  • Qualitative model disclosures: CCPs should disclose information enabling CMs and their clients to understand material aspects of the margin model, including the model type (e.g. Standard Portfolio Analysis of Risk and Value at Risk ), calibration of key parameters (e.g. lookback period, liquidation horizon, confidence interval), the logic and thresholds for margin add-ons, anti-procyclicality (APC) tools, and components affecting model responsiveness.
  • Responsiveness framework: CCPs should establish an internal analytical and governance framework for assessing margin responsiveness in the broader context of coverage and cost, seeking input from market participants when designing or materially changing it. The framework should be used to monitor model performance and trigger parameter reviews where needed.
  • Model overrides: Where CCPs use discretion to override model margin requirements, they should maintain clear governance procedures, undertake ex-post reviews and seek market participant input on both. CCPs should define the instances where overrides may be warranted, the key decision-makers and permissible adjustments, and publicly disclose relevant information on their override framework.
  • Board responsibility: The board of a CCP should be ultimately responsible for any material change to the margin system, including establishing the framework for discretionary overrides. Margin overrides are defined as discretionary and temporary deviations from model-driven margin estimates, which may increase or reduce requirements relative to what the model would otherwise indicate.

Public quantitative disclosures

Proposals 5 and 6 of the final report specifically relate to CCP disclosures and are implemented through amendments to the PQDs. These amendments cover the introduction, section 6 (Margin), the explanatory notes and a new Annex 1.

The key amendments include new item 6.9, a new set of reporting lines requiring CCPs to disclose a standardised measure of margin responsiveness alongside a measure of associated volatility. The responsiveness measure is based on two components: the rate of change in initial margin (using a ‘large call’ metric i.e. the largest margin increased over a specified number of business days) and the rate of change in market conditions (the ‘change in risk’), each derived from a pre-defined observation period.

In addition, CCPs must disclose the responsiveness measure for the most relevant products per clearing service on a quarterly basis, reflecting the largest per business day and largest per 20 business days over 3-month and 12-month observation periods. CCPs are encouraged to explain where the measure is affected by factors beyond model responses to volatility increases such as contract roll effects.

Next steps

The consultation closes on 30 June 2026 where responses will be published on the BIS and IOSCO websites. CPMI-IOSCO encourage CCPs to implement the changes to the PQDs within 12 months of publication of the final report.