On 27 November 2018, the Futures Industry Association (FIA) published a position paper on recommendations for central counterparty (CCP) risk management. The position paper makes recommendations in the following areas for CCP risk management, including:
- membership criteria;
- CCP governance of self-clearing members;
- margin adequacy (particularly in low-liquidity markets and in respect of concentration risk and correlation risk);
- regulatory oversight;
- risk management of members by CCPs;
- default management including design and testing; and
- skin in the game.