This report was originally published on 12 November 2015. Updates were made on 19 July and 26 November 2019.

This document sets out the regulatory framework for haircuts on certain non-centrally cleared securities financing transactions (SFTs). The framework aims to address financial stability risks associated with SFTs. The report includes numerical haircut floors to apply to non-bank-to-non-bank SFTs that were finalised after taking into account responses to a public consultation in October 2014.