The Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI), the International Organization of Securities Commissioners (IOSCO) and the Basel Committee on Banking Supervision (BCBS) today published three guidance documents and two reports as part of their joint workplan on central counterparty (CCP) resilience, recovery and resolvability.
CCPs are an increasingly important part of the financial system, particularly following post-crisis reforms to mandate central clearing of standardized over-the-counter derivatives. To fully realize the benefits of CCPs, it is vital that they are subject to strong regulatory, oversight and supervisory requirements. In April 2015 the four committees agreed a joint workplan to coordinate international policy issues related to CCPs.
The three guidance documents published today mark the completion of the key substantive priorities set out in the workplan:
The Committees also published two joint reports: