A discussion paper on client clearing: access and portability
The purpose of this paper is to: (1) develop knowledge and understanding regarding new access models by which entities that historically have participated indirectly as “clients” could directly access CCP services; (2) develop knowledge and understanding of current porting processes in place at CCPs; (3) examine and analyse possible solutions to facilitate access and portability arrangements; (4) consider in particular the potential benefits, risks and challenges that these new possible solutions may bring with respect to access (Principle 18 of the PFMI), tiering (Principle 19) and portability (Principle 14); and (5) elicit comments and feedback from a broad range of interested stakeholders.
The IOSCO/CPMI paper is available at https://www.iosco.org/library/pubdocs/pdf/IOSCOPD691.pdf
For more information specific to the repo markets, see the Finadium report Repo and CCP Client Clearing, February 2021.