20 February 2018
Visit www.avoka.com

ICE Benchmark Administration launches crowdsourcing facility for ISDA Simm

01 September 2016  |  3154 views  |  0 Source: Intercontinental Exchange

Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that ICE Benchmark Administration (IBA) has successfully launched a crowdsourcing facility for the ISDA Standard Initial Margin Model (ISDA SIMM™) ahead of new margin rules for non-cleared derivatives which are effective today.

The IBA crowdsourcing facility, which launched on August 1, 2016, is already supported by 16 global banks who are submitting risk data to the facility. This number is anticipated to grow alongside industry adoption of ISDA SIMM™.

The ISDA SIMM™ is a common methodology for the calculation of initial margin requirements for non-cleared derivatives. The methodology was developed as part of ISDA’s Working Group on Margin Requirements (WGMR) implementation initiative to help market participants meet new margin BCBS-IOSCO rules for non-cleared derivatives.

IBA was appointed to operate the crowdsourcing facility for ISDA SIMM™ last year following an extensive selection process run by a committee of ISDA staff and industry participants. As the provider of the crowdsourcing facility, IBA manages the aggregation and compilation of risk data so market participants can implement the ISDA SIMM™ consistently. In addition, the facility ensures that consensus results, obtained via a voting mechanism, are used for the margin model’s risk buckets and weightings.

Since its establishment in 2013, IBA has become one of the world’s most experienced and trusted providers of regulated benchmarks. This has been accomplished through IBA’s significant investment in building new, highly-automated, in-house technology for the calculation and distribution of benchmark data, as well as implementing new surveillance and governance procedures across ICE LIBOR, LBMA Gold Price and ICE Swap Rate.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Visit https://www.capgemini.comvisit www.ebaday.comvisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11768 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9395 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9203 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7964 views comments | 13 tweets | 12 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7292 views comments | 19 tweets | 18 linkedin

Featured job

Competitive
Germany, Austria or Switzerland

Find your next job