Financial Risk Mitigation Senior Task Force
The Financial Risk Mitigation Senior Task Force (FRMSTF) will evaluate the recommendations in the Report of the Independent Consultants on the GreenHat Default related to Market rules updates, Credit and risk management rules updates, Membership qualifications and processes updates, and Stakeholder process changes. The FRMSTF reports to the Markets and Reliability Committee (MRC).
Facilitator: Anita Patel
Secretary: Michele Greening
During the meeting, if you are experiencing issues with connectivity or teleconference, please contact Meeting Support. For registration issues, contact PJM.
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Date
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| Charter PDF |
4.30.2019
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| IM-H Historical Data ZIP (195 MB) |
5.14.2021
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| Q & A for Limited ARR Stakeholder Discussion - 3.22.2021 PDF |
3.23.2021
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| FTR Credit Requirement Template with IM Historical Simulation XLS |
6.7.2021
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| Sample of Monthly Algorithm Run XLS |
12.14.2020
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| STD2IM Factor as Function Sample Size XLS |
1.4.2021
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| Portfolio Sample Auction: Monthly - 6.30.2018 | Long-Term - 6.30.2019 XLS |
12.10.2020
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| PNODE Substitute Mappings: Data XLS |
12.3.2020
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| HSIM Unwind Schedule New Auctions XLS |
12.3.2020
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| Proxy Months XLS |
12.3.2020
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Upcoming Meetings
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Meeting
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Date
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Time
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Attendance
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Upcoming Meetings
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Meeting Materials
10.15.2020 - Financial Risk Mitigation Senior Task Force
| 10.12.2020 | Agenda PDF | |
| 10.12.2020 | Agenda DOC | |
| 10.14.2020 | Item 1 - Draft Minutes - 9.29.2020 PDF | |
| 10.13.2020 | Item 2 - Work Plan PDF | |
| 10.12.2020 | Item 4 - Liquidation Process Voting Results PDF | |
| 10.13.2020 | Item 6A - Minimum Capitalization PDF | |
| 10.14.2020 | Item 6B - Perast - Min Capitalization PJM PDF | |
| 10.14.2020 | Item 7 - FTR Liquidation Examples PDF |
9.29.2020 - Financial Risk Mitigation Senior Task Force
9.10.2020 - Financial Risk Mitigation Senior Task Force
| 9.9.2020 | Agenda PDF | |
| 9.9.2020 | Agenda DOC | |
| 9.9.2020 | Item 1 - Draft Minutes - FRMSTF - 8.26.2020 PDF | |
| 9.9.2020 | Item 2 - Defaulting FTR Positions - Problem Statement PDF | |
| 9.9.2020 | Item 2 - Defaulting FTR Positions - Issue Charge PDF | |
| 9.10.2020 | Item 2 - Liquidation Solution - Presentation PDF |
8.26.2020 - Financial Risk Mitigation Senior Task Force
| 8.21.2020 | Agenda PDF | |
| 8.21.2020 | Agenda DOC | |
| 8.26.2020 | Item 1 - Draft Minutes - FRMSTF - 7.21.2020 PDF | |
| 8.21.2020 | Item 4 - Future Commission Merchant (FCM) - Presentation PDF | |
| 8.26.2020 | Item 5 - Liquidation Process - Presention PDF | |
| 8.24.2020 | Item 5 - Re-establishing Liquidation Provisions Discussion Paper PDF | |
| 8.21.2020 | Item 7 - Impact of Bid Cleared Price - Presentation PDF |
7.21.2020 - Financial Risk Mitigation Senior Task Force
| 7.17.2020 | Agenda PDF | |
| 7.16.2020 | Item 1 - Draft Minutes - FRMSTF - 06.24.2020 PDF | |
| 7.16.2020 | Item 2 - Work Plan PDF | |
| 7.16.2020 | Item 4 - Surety Bonds & LCS - Presentation PDF | |
| 7.16.2020 | Item 5 - Back Testing Results - Presentation PDF | |
| 7.16.2020 | Item 6 - Combined FTR Default Management & Credit Enhancement Options Matrix XLS | |
| 7.17.2020 | Item 7 - Termination of Defaulted Portfolios Presentation PDF | |
| 7.17.2020 | Informational Only - FTR Clearing at Nodal PDF |
6.24.2020 - Financial Risk Mitigation Senior Task Force
| 6.19.2020 | Agenda PDF | |
| 6.19.2020 | Agenda DOC | |
| 6.19.2020 | Item 1 - Draft Minutes - FRMSTF - 5.27.2020 PDF | |
| 6.23.2020 | Item 2 - Work Plan PDF | |
| 6.22.2020 | Item 3 - External Clearing Update PDF | |
| 6.22.2020 | Item 4 - Minimum Capital Requirements PDF | |
| 6.22.2020 | Item 5 - Default Management PDF |
5.27.2020 - Financial Risk Mitigation Senior Task Force
| 5.22.2020 | Agenda PDF | |
| 5.22.2020 | Agenda DOC | |
| 5.22.2020 | Item 1 - Draft Minutes - FRMSTF - 5.11.2020 PDF | |
| 5.22.2020 | Item 2 - Work Plan PDF | |
| 5.22.2020 | Item 3 - FTR Default Management Discussion - Presentation PDF | |
| 5.26.2020 | Item 4 - Intercontinental Exchange Liquidation Process PDF |
5.11.2020 - Financial Risk Mitigation Senior Task Force
| 5.6.2020 | Agenda PDF | |
| 5.6.2020 | Agenda DOC | |
| 5.6.2020 | Item 1 - Draft Minutes - FRMSTF - 4.23.2020 PDF | |
| 5.11.2020 | Item 2 - Phase II Approach PDF | |
| 5.6.2020 | Item 3 - eCredit Tutorial Sample Data PDF |
4.23.2020 - Financial Risk Mitigation Senior Task Force
| 4.20.2020 | Agenda PDF | |
| 4.20.2020 | Agenda DOC | |
| 4.10.2020 | Item 1 - Draft Minutes - FRMSTF - 3.30.2020 PDF | |
| 4.20.2020 | Item 2 - Work Plan PDF | |
| 4.20.2020 | Item 3A - ERCOT CRR Default Liquidation PDF | |
| 4.20.2020 | Item 3B - PJM FTR Default Liquidation Process PDF | |
| 4.20.2020 | Item 4 - FTR Liquidation Process - Options Matrix XLS | |
| 4.20.2020 | Item 5 - FTR Credit Requirement Enhancements - Options Matrix XLS |
3.30.2020 - Financial Risk Mitigation Senior Task Force
| 3.26.2020 | Agenda PDF | |
| 3.26.2020 | Agenda DOC | |
| 3.26.2020 | Item 1 - Draft Minutes - FRMSTF - 1.13.2020 PDF | |
| 3.26.2020 | Item 3 - Work Plan PDF | |
| 3.26.2020 | Item 4 - Initial Margin Education PDF | |
| 3.26.2020 | Item 5 - FTR Credit Requirement Enhancements PDF | |
| 3.26.2020 | Item 6 - FTR Liquidation Process PDF |
1.13.2020 - Financial Risk Mitigation Senior Task Force
12.17.2019 - Financial Risk Mitigation Senior Task Force
12.9.2019 - Financial Risk Mitigation Senior Task Force
| 12.5.2019 | Agenda PDF | |
| 12.5.2019 | Agenda DOC | |
| 12.5.2019 | Item 1 - Draft Minutes - FRMSTF - 11.21.2019 PDF | |
| 12.5.2019 | Item 2 - Voting Timeline PDF | |
| 12.5.2019 | Item 2 - Work Plan PDF | |
| 12.6.2019 | Item 3 - FTR Revenue Concerns PDF | |
| 12.5.2019 | Item 4 - Stakeholder Governance - Updated Matrix XLS | |
| 12.9.2019 | Item 5 - Risk Model - Coops PDF | |
| 12.9.2019 | Item 5 - Risk Model - Munis PDF | |
| 12.11.2019 | Item 6 - Market Participant Risk Evaluation Enhancements Matrix - Updated 12.11.2019 XLS |
11.21.2019 - Financial Risk Mitigation Senior Task Force
| 11.20.2019 | Agenda PDF | |
| 11.19.2019 | Item 1 - Draft Minutes - FRMSTF - 11.7.2019 PDF | |
| 11.20.2019 | Item 2 - Voting Timeline PDF | |
| 11.20.2019 | Item 2 - Work Plan PDF | |
| 11.19.2019 | Item 4 - Stakeholder Governance - Updated Matrix XLS | |
| 11.21.2019 | Item 5 - Credit Scoring Models PDF | |
| 11.21.2019 | Item 5 - Credit Scoring Models - Presentation PDF | |
| 11.20.2019 | Item 6 - Establishing Best Credit Practices & Credit Policy Enhancements PDF | |
| 11.20.2019 | Item 6 - Market Participant Risk Evaluation Enhancements Matrix XLS | |
| 11.20.2019 | Item 7 - Proposal to Enable Exchange Based Clearing of FTRs PDF | |
| 11.20.2019 | Item 7 - Proposal to Enable Exchange Based Clearing of FTRs - Appendix B PDF | |
| 11.20.2019 | Item 8 - Alternative Proposal for PJM Market Participant Risk Evaluation PDF |
11.7.2019 - Financial Risk Mitigation Senior Task Force
| 11.4.2019 | Agenda PDF | |
| 11.4.2019 | Agenda DOC | |
| 11.4.2019 | Item 1 - Draft Minutes - FRMSTF - 10.18.2019 PDF | |
| 11.4.2019 | Item 2 - Voting Timeline PDF | |
| 11.4.2019 | Item 2 - Work Plan PDF | |
| 11.4.2019 | Item 3 - Survey Responses - FTR Underfunding & Risk Mitigation PDF | |
| 11.7.2019 | Item 3 & 4 - FRMSTF Survey - Written Responses PDF | |
| 11.7.2019 | Item 4 - Market Eligibility Matrix XLS | |
| 11.4.2019 | Item 4 - Survey Responses - Credit Best Practices PDF | |
| 11.5.2019 | Item 5 - Results of Risk Model Quantitative Analysis - Part 2 PDF | |
| 11.6.2019 | Item 6 - PJM Position Paper on Initial Margin PDF |
10.18.2019 - Financial Risk Mitigation Senior Task Force
| 11.1.2019 | Agenda PDF | |
| 11.1.2019 | Agenda DOC | |
| 10.15.2019 | Item 1 - Draft Minutes - FRMSTF - 9.24.2019 & 9.25.2019 PDF | |
| 10.15.2019 | Item 2 - Publication Schedule PDF | |
| 10.15.2019 | Item 2 - Voting Timeline PDF | |
| 10.15.2019 | Item 2 - Work Plan PDF | |
| 10.15.2019 | Item 3 - Financial Transmission Rights Underfunding Review PDF | |
| 10.15.2019 | Item 4 - Financial Transmission Rights Product Range & Auction Process - Operating Agreement Redlines PDF | |
| 10.17.2019 | Item 5 - Credit Analysis Overview PDF | |
| 10.18.2019 | Item 6 - Credit & Collateral Best Practices PDF |
9.25.2019 - Financial Risk Mitigation Senior Task Force
| 9.19.2019 | Agenda PDF | |
| 9.19.2019 | Agenda DOC | |
| 9.19.2019 | Item 6 - External Clearing for PJM FTR Market PDF | |
| 9.25.2019 | Item 6 - External Clearing Implications, Benefits & Challenges PDF | |
| 9.19.2019 | Item 7 - Results of Risk Model Quantitative Analysis PDF | |
| 9.24.2019 | Item 7 - Results of Risk Model Quantitative Analysis - Presentation PDF |
9.24.2019 - Financial Risk Mitigation Senior Task Force
| 9.19.2019 | Agenda DOC | |
| 9.19.2019 | Item 1 - Draft Minutes - FRMSTF - 9.5.2019 PDF | |
| 9.20.2019 | Item 3 - Charter - Redline PDF | |
| 9.19.2019 | Item 3 - Voting Timeline PDF | |
| 9.19.2019 | Item 3 - Work Plan PDF | |
| 9.19.2019 | Item 4 - Voting Results - FTR Product Range & Auction Process PDF | |
| 9.19.2019 | Item 5 - FTR Clearing (eFTR's) Proposal PDF | |
| 9.19.2019 | Item 5 - Nodal Data Services Offering PDF |
9.5.2019 - Financial Risk Mitigation Senior Task Force
8.14.2019 - Financial Risk Mitigation Senior Task Force
| 8.9.2019 | Agenda PDF | |
| 8.9.2019 | Agenda DOC | |
| 8.5.2019 | Item 1 - Draft Minutes - FRMSTF - 7.17.2019 PDF | |
| 8.9.2019 | Item 4 - Work Plan PDF | |
| 8.12.2019 | Item 5 - Due Diligence & Assessment Criteria Process - Position Paper PDF | |
| 8.12.2019 | Item 5 - Due Diligence & Assessment Criteria Process - Presentation PDF | |
| 8.12.2019 | Item 6 - PJM Authorities & Discretion to Deny or Revoke Trading Rights PDF | |
| 8.13.2019 | Item 7 - Stakeholder Process Changes (Governance) - Options Packages Matrix - Updated XLS | |
| 8.9.2019 | Item 8A - Markets Track Options Matrix XLS | |
| 8.9.2019 | Item 8B - Vitol - Rolling FTR Auction PDF | |
| 8.9.2019 | Publication Schedule PDF |
7.17.2019 - Financial Risk Mitigation Senior Task Force
6.25.2019 - Financial Risk Mitigation Senior Task Force
6.6.2019 - Financial Risk Mitigation Senior Task Force
5.13.2019 - Financial Risk Mitigation Senior Task Force
| 5.6.2019 | Agenda PDF | |
| 5.6.2019 | Agenda DOC | |
| 5.10.2019 | Item 2 - Work Plan PDF | |
| 5.8.2019 | Item 3 - Stakeholder Process Participation Education PDF | |
| 5.10.2019 | Item 4 - Observations on the Report of the Independent Consultants on the GreenHat Default Recommendations PDF | |
| 5.6.2019 | Financial Risk Mitigation Principles and Framing Questions PDF |
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