The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions proposed standardized disclosures by clearinghouses to enable stakeholders to more adequately compare the entities’ risks, risk controls and systemic importance. The disclosures require, among other things, basic quantitative data (presented in a common template) regarding transaction volumes and values, resources to withstand possible losses, settlement timeliness and other performance-related statistics. Most information should be updated quarterly or annually. Among specific information recommended to be disclosed are (1) total value of default resources (excluding initial and variation margin), distinguished by pre-funded and committed resources; (2) stress test findings regarding largest aggregate loss in excess of initial margin caused by the default of a single participant and affiliates, and any two participants and affiliates; (3) type of initial margin model used; (4) default rules and principles; and (5) open interest and initial margin concentration metrics for the largest clearing members (on an anonymous and aggregate basis). CPMI operates under the umbrella of the Bank for International Settlements.