The Committee on the Global Financial System (CGFS) monitors developments in global financial markets for central bank Governors.

The CGFS has published a report entitled The role of margin requirements and haircuts in procyclicality. The report reviews the impact of haircut setting and margining practices in securities financing and over-the-counter derivatives transactions during the financial crisis. It also explores policy options for reducing the procyclical effects of those practices on financial markets.

View CGFS publishes report on role of margin requirements and haircuts in procyclicality, 23 March 2010