Development of Central Counterparty Clearing for Derivatives (2000-2015)

1. Central counterparty standards published for securities

   Mar 2, 2004Labels: CPSS-IOSCO, Central counterparty

   • BIS CPMI

2. Lehman bankruptcy spotlights OTC derivatives risks

   Sep 15, 2008Labels: Lehman Brothers, OTC derivatives

   • CCPG
   • Risk net

3. U.S. regulators coordinate oversight for CDS CCPs

   Nov 13, 2008Labels: U S, CDS CCPs

   • CFTC

4. CFTC allows CME to certify CDS clearing plan

   Dec 23, 2008Labels: CFTC, CME

   • CFTC

5. ICE Trust launches U.S. CDS index clearing

   Mar 9, 2009Labels: ICE Trust, CDS index

   • ICE IR
   • Risk net

6. ISDA “Big Bang” protocol standardizes CDS settlement

   Apr 8, 2009Labels: ISDA, Big Bang

   • ISDA
   • Goodwin

7. Dealers commit to expand central clearing

   Sep 8, 2009Labels: Major dealers, New York

   • NY Fed
   • NY Fed

8. G20 sets global mandate for OTC derivatives clearing

   Sep 25, 2009Labels: G20, OTC derivatives

   • RBA
   • NY Fed

9. CPSS-IOSCO issues OTC derivatives CCP guidance

   May 12, 2010Labels: CPSS-IOSCO, OTC CCP

   • BIS CPMI
   • BIS CPMI

10. Dodd-Frank enacted, creating U.S. swap clearing framework

    Jul 21, 2010Labels: Dodd-Frank, Title VII

    • Congress gov CRS

11. PFMI standards replace earlier CCP principles

    Apr 16, 2012Labels: PFMI, CPMI-IOSCO

    • CFTC
    • RBA

12. EU EMIR takes effect, enabling mandatory clearing

    Aug 16, 2012Labels: EMIR, European Union

    • ESMA
    • EU Commission

13. CFTC adopts first U.S. mandatory clearing determinations

    Nov 28, 2012Labels: CFTC, Mandatory clearing

    • CFTC

14. First U.S. clearing compliance date begins (Category 1)

    Mar 11, 2013Labels: Category 1, CFTC compliance

    • CFTC

15. BCBS-IOSCO revise margin rules for uncleared derivatives

    Mar 18, 2015Labels: BCBS-IOSCO, Margin rules

    • BIS BCBS

16. FSB documents uneven but advancing clearing implementation

    Nov 4, 2015Labels: FSB, Implementation report

    • FSB