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February 08, 2019

FSB published responses received to the consultation on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution. The comment period on the consultation had ended on February 01, 2019.

Centrally clearing standardized over-the-counter (OTC) derivatives is a pillar of the G20 Leaders’ commitment to reform OTC derivatives markets in response to the global financial crisis. CCPs’ "criticality" to the overall safety and soundness of the financial system means that authorities must take steps to ensure that CCPs do not become a source of systemic risk and that any CCP can be successfully resolved without resorting to a government bailout. FSB has concluded that further guidance on the necessary financial resources should be developed in an evidence-based way, including by drawing on the practical experience gained from resolution planning by relevant authorities and Crisis Management Groups. To inform this process, the FSB discussion paper sets out considerations that may be relevant to evaluating whether existing financial resources and tools are adequate to implement resolution strategies for individual CCPs; the discussion paper also sets out considerations that could guide authorities in developing possible approaches to the treatment of CCP equity in resolution.

 

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Keywords: International, Banking, Insurance, CCP, CCP Resolution, OTC Derivatives, Responses to Consultation, PMI, FSB

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