On 25 June 2020, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report ‘Central counterparty default management auctions – Issues for consideration’.

The purpose of the report is to provide a description of the issues that a central counterparty (CCP) should consider when planning and conducting default management auctions and to identify practices that a CCP could consider in its development of, and improvements to, default management auction rules, governance arrangements and procedures to address these issues.

The report reflects the current practices at one or more CCPs, and by facilitating the sharing of existing practices and views on default management auctions, it aims to help advance industry efforts and foster dialogue on the key concepts, processes and operational aspects used by CCPs in planning and executing default management auctions.