As part of the FSB’s 2021 work programme, the FSB committed to examining the frameworks and dynamics of margin calls in centrally cleared and uncleared markets during the early stages of the Covid-19 pandemic. In this regard, a Joint Steering Group on Margin Practices, comprised of Basel Committee on Banking Supervision (BCBS), Committee on Payments and Market Infrastructure (CPMI) and International Organisation of Securities Commissions (IOSCO) members was established to focus on issues related to these margin demands.  

The Joint Steering Group has issued a survey to market participants active in cleared and uncleared derivative and securities markets. The survey is designed to collect information on margin practices during the COVID-19 pandemic from Central Counterparties (CCPs); clearing members/broker-dealers; and other market participants active in derivatives and securities markets (‘clients’), including insurance corporations, pension funds, MMFs, hedge funds, other investment funds and banks.

More information is available here.

Responses to the survey will be anonymised. The survey closes on Monday 17 May 2021 and the client survey can be accessed here.