CCP12 aims to promote effective, practical and appropriate risk management and operational standards for CCPs to ensure the safety and efficiency of the financial markets it represents.

Latest publications


By year


November 2021 | CCP12 Perspective on Transparency

This Perspective outlines the views of CCP12 members across the globe and the best practices that CCPs have adopted over the years to further promote confidence and integrity in the marketplace.

July 2021 | CCP12 First Bi-Annual Newsletter 2021 

Within the First 2021 Newsletter, CCP12 provides an overview of the Annual General Meeting, at which the new Primary Member – Dubai Clear  from Dubai – was accepted. Furthermore, the details on third Annual Markets
Review in Central Counterparty Clearing, CCP12 Papers, CCP12 Policy Perspectives, CCP12 responses to the regulators and Office updates are included.

May 2021 | CCP12, EACH, FIA and ISDA publish a paper to address CPMI/IOSCO category 1 topics

In the report “Central counterparty default management auctions – Issues for consideration”, the Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO), described issues for further industry work to consider the design and conduct of default management auctions. These issues were structured into three categories of work where the Policy Standing Group of CPMI-IOSCO sought industry action:

The first category includes several terminology and operational issues where there is broad industry consensus to support further development.

The second category includes areas (governance of a CCP’s default management process, use of traders in default management groups, the scope of client participation) where there may be differing views among clearing members, clients, CCPs, and other stakeholders.

The third category includes potential nascent and emerging practices (synchronizing default management processes, identification of potential hedges between CCPs) that may require further coordination and harmonisation among the default management processes of multiple CCPs.

This paper, developed by CCP12, EACH, FIA, and ISDA (the Associations), addresses the first category. The Associations continue to work on the other two categories in constant contact with authorities with the aim of finding common ground where possible and meet the authorities’ expectations.

May 2021 | CCP12 Policy Perspective on the implementation timeline for the Basel III Standards

In this Policy Perspective, CCP12 kindly requests that local regulatory authorities coordinate globally on the implementation timelines of the Basel III standards. Furthermore, CCP12 asks that these authorities provide transitional arrangements, if necessary, such that foreign CCPs could continue to be treated as qualifying CCPs under their bank and bank-affiliated clearing members’ local regulatory regimes, despite any timing gap in the foreign CCP’s domestic regulatory regime for the implementation of the Basel III standards.

March 2021 | CCP12 Annual Markets Review in Central Counterparty Clearing

2020 was overshadowed by the health and economic crisis arising from the COVID-19 Crisis , so much so that what would otherwise have been remarkable news stories for the markets – transition to risk-free-rates, negative oil prices, Brexit, and key elections – have taken second stage.
This issue of the CCP12 Annual Markets Review has the COVID-19 Crisis and its effect on cleared markets as its main connecting theme, supplemented with case studies exploring salient aspects of both business-as-usual and special circumstances across our membership.

February 2021 | CCP12 Second 2020 Newsletter

Within the Second 2020 Newsletter, CCP12 provides an overview of the Special General Meeting, at which the new Primary Member – IRGiT from Poland – was accepted. Furthermore, the details on CCP12’s response to the OECD consultation on the Reports on the Pillar One and Pillar Two Blueprints, the extended PQD Newsflash for Q2 2020, the updated Public Quantitative Disclosure Template and PQD Frequently Asked Questions Guide are included.


September 2020 | CCP12 First 2020 Newsletter

Within the First 2020 Newsletter, CCP12 informs of Marcus Zickwolff’s retirement from his CEO position, with the new CEO transition taking place as Teo Floor starts his new role.

Several papers were published such as ‘Progress and Initiatives in OTC Derivatives’, ‘CCPs again demonstrate resilience in times of crisis’, ‘Primer on Credit Stress Testing’. Moreover, CCP12 published an extended PQD Newsflash for Q1 2020 and a detailed PQD Newsletter for Q1 2020.

August 2020 | Primer on Credit Stress Testing – a CCP12 White Paper

Credit Stress Tests plays an important role in the risk management process of a CCP, including to size and assess the adequacy of a CCP’s financial resources. Within this CCP12 paper, a key overview of the stress testing involved at CCPs is provided.

This paper aims to provide background and context on Credit Stress Testing. It introduces the role and objective of credit Stress Testing in the context of a CCP’s overall risk management approach, gives a conceptual overview, sets out the regulatory expectations on a CCP’s Credit Stress Testing framework, discusses the different approaches to Stress Testing, and finally, describes the independent review and validation of Stress Testing.

July 2020 | CCPs again demonstrate strong resilience in times of crisis – a CCP12 paper

Despite the extraordinary volatility that arose during the 2020 pandemic, CCPs performed exceptionally without any losses or disturbances to local or global financial markets. Clearing volumes reached new all-time highs, but this did not hinder CCPs’ operations. The resiliency, availability, and stability of the ongoing CCP business and clearing operations, as well as their IT infrastructures, was achieved.

This paper explores how CCPs managed the crisis remarkably well whilst striking the right balance between appropriate margin coverage, and also avoiding unnecessary procyclical changes to IM requirements relative to the observed levels of market volatility. Ultimately, CCPs proved once again, that they provide safety and stability to the markets that they serve, particularly during periods of stress.

February 2020 | Progress and Initiatives in OTC Derivatives – A CCP12 Report

Following the G20 Leaders’ pledge in 2009 to change the process by which non-standardized Over-The-Counter derivatives are traded, this CCP12 paper explores three exclusive case studies across Collateral, Foreign Exchange, and Interest Rate Derivatives in order to research the market dynamics and build critical insights across the derivatives markets.

The report examines in detail how market participants across the spectrum of the CCP industry are managing in this constantly evolving market. The paper explores key drivers of change currently taking place, the evolution in the bilateral and cleared markets and how Uncleared Margin Rules are affecting the industry.

January 2020 | CCP12 Newsletter – Second Half year 2019

Within the Second 2020 Newsletter, CCP12 provides an overview of 2019 which was a very successful and productive year for the association. CCP12 organized seven events, to which not only CCP12 members but also industry participants or regulators were invited.

Furthermore, CCP12 was also well represented in several international conferences with several positive mentions of CCP12 in the industry as a prominent association for CCPs. In total 19 publications were made, which ranged from responses to consultations, white papers, or position papers.


July 2019 | CCP Best Practices Third-Party Risk Management – A CCP12 Position Paper

CCP12’s position paper on CCP Best Practices: Third Party Risk Management provides an outline to the risk management processes that are commensurate with the level of risk and complexity introduced by CCPs’ third-party relationships and the overall CCP organizational structure. Adopting appropriate risk management best practices will allow the CCP to identify, manage and monitor risks associated with the use of third parties.

The position paper outlines principles that a CCP may consider when adopting processes to manage third-party risks. The reader should note that this paper refers to Third-Party Risk Management Programs as a catch-all term to describe how a CCP may implement some or all of the outlined principles. This paper is designed to provide a high-level educational tool to the industry on certain risk management practices of CCPs.

July 2019 | CCP12 Newsletter – Half year 2019

Within this newsletter, CCP12 reports on the AGM which was held in London in June. In the AGM  Istanbul Clearing, Settlement and Custody Bank Inc. from Turkey (Takasbank) and Multi Commodity Exchange Clearing Corporation Limited from India (MCXCCL) were accepted as CCP12 Primary Members. Vietnam Securities Depository also joined CCP12 earlier in the year as an Observer Member.

Furthermore, details on CCP12’s recent publications are included: ‘CCP12 Position Paper – CCP Best Practices’, ‘CCP12 Report – Incentives for Central Clearing and the Evolution of OTC Derivatives‘.

May 2019 | CCP Best Practices – A CCP12 Position Paper

Recognizing the important role of CCPs in the marketplace, CCP12, has produced a new position on “CCP Best Practices”, in order to elaborate on key practices surrounding CCPs’ operations and risk management.

The position paper points out that policymakers must continue to support the use of global CCP clearing services due to the systemic risk benefits inherent to central clearing, and should everything in their power to avoid taking steps that could undermine the benefits that market users received from central clearing organizations. CCP12 has coordinated with global CCPs to cover the following risk management topics: Membership Criteria; Monitoring of Financial Risks; Financial Safeguards; Margin Methodology; Stress Testing; Default Management; and Governance.

February 2019 | Incentives for Central Clearing and the Evolution of OTC Derivatives – A CCP12 Report

Ten years after the G20 Leaders’ commitment to reform the OTC derivatives markets, this paper examines the progress made in the central clearing arena with an emphasis on the incentives that are in place. The report is intended to supplement the Derivatives Assessment Team of the Financial Stability Board report, ‘Incentives to centrally clear over-the-counter derivatives’.

January 2019 | CCP12 2018 Report

Within the CCP12 First Annual Report for 2018, we highlight the different key events which took place.

CCP12 furthermore, welcomed New Zealand Clearing and Depository Corporation Limited to the association as a Primary Member.

Several consultations and reports were delivered which included: the ‘FSB Consultation on Cyber Lexicon’, ‘FSB DAT Consultation on Incentives to Clear’, and the ‘CCP12 Primer on Initial Margin’. Lastly, 2018 CCP12 published two editions on the PQD Newsflash as well as the first PQD Newsletter which presents a panorama of the CCP industry to market participants, relevant authorities, and the broader public.


December 2018 | CCP12 Primer on Initial Margin – A CCP12 White Paper 

This paper aims to provide background and context on initial margin. It introduces the role and objective of initial margin in the context of a CCP’s overall risk management approach, sets out the regulatory expectations on a CCP’s initial margin framework, discusses the key features of initial margin models, and finally, describes backtesting methods employed by a CCP, as this is one of the primary tools used to monitor the adequacy of initial margin performance.