On June 10, 2024, the IIF responded to the FSB’s consultation on liquidity preparedness for margin and collateral calls. The IIF believes that the FSB’s recommendations generally are helpful and appropriate. We call for greater transparency on the margining practices of central counterparties (CCPs) in order to promote market participants’ operational efficiencies and preparedness. CCPs could also share more information with one another and with market participants on their stress testing parameters and scenarios and provide more detail on margin and collateral models and the impacts of netting. The IIF encourages the FSB to differentiate among non-bank market participants that are already highly regulated and subject to comprehensive supervision and oversight and those that are not subject to comprehensive regulatory and supervisory frameworks.