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July 21, 2017

FSB published public responses to the February 2017 consultative document on guidance on central counterparty (CCP) resolution and resolution planning. The consultation period for this ended on March 13, 2017. The comments received are expected to assist in the finalization of the guidance by the time of the G20 Leaders’ Summit in July 2017.

The draft guidance builds on the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions, which set out a framework for resolution of financial market infrastructures or FMI. The guidance covers a number of aspects of CCP resolution planning, which authorities should consider when developing frameworks for resolving failing CCPs, including:

Policy objectives for CCP resolution planning to maintain financial stability

Powers that resolution authorities should have to ensure the effective resolution of CCPs, including potential indicators for considering when a CCP should enter resolution

Use of loss allocation tools in resolution and provisions necessary to protect creditor rights so the triggering of resolution by authorities does not leave creditors worse off than if the authorities had not stepped in

Steps authorities should take for CCP resolution planning, including assessing resolvability and considerations about the formation of crisis management groups for systemically important CCPs

 

Related Links

Responses to Consultation

Consultation on CCP Resolution

Key Attributes of Effective Resolution Regimes

Keywords: International, PMI, FMI, Resolution Planning, CCP, Key Attributes, Responses to Consultation, FSB

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