Major Clearing Brokers Announce Support for the ISDA Clearing Connectivity Standard | Business Wire
This is a few days old, but it’s an interesting move – the problem CCS is trying to address is that each CCP and each FCM have their own specific communications and reporting formats, which CCS provides a standard alternative to.
The FCMs / Clearing Brokers announcing support for CCS will therefore provide any buy-side Client with data using the CCS format, rather than each buy-side firm implementing a different data format from each FCM / CB.
ISDA have a page dedicated to the CCS topic here: https://www2.isda.org/functional-areas/technology-infrastructure/clearing-connectivity-standard-ccs/
Whether this becomes a global standard for all clearing intermediaries and broadens into other asset classes remains to be seen – but if it provides a low(er) cost and quicker way for a buy-side firm to engage with an intermediary, and whether it also facilitates easier switching between FCMs / CBs, will be the key drivers I suspect.