The Financial Stability Board (FSB) has published the 2015 CCP Workplan, which describes a set of principles for coordinating international policy work on issues related to central counterparties (CCPs) and sets out key substantive priorities.

The FSB was asked to produce this workplan, in cooperation with the Committee on Payments and Markets Infrastructures (CPMI), the International Organization of Securities Commissions (IOSCO) and the Basel Committee on Banking Supervision (BCBS), at the February 2015 G20 finance ministers and central bank governors meeting. The key elements of the workplan include:

  • evaluating existing measures for CCP resilience, including loss absorption capacity, liquidity and stress testing;
  • conducting a stock-take of existing CCP recovery mechanisms, including loss allocation tools, and considering whether there is a need for more granular standards;
  • reviewing existing CCP resolution regimes and resolution planning arrangements, and considering whether there is a need for more granular standards or for additional pre-funded capital and liquidity resources in resolution; and
  • analysing the interconnections between CCPs and the banks that are their clearing members, and potential channels for transmission of risk.

Alongside the workplan the FSB has also published a progress report which provides an update on delivery. Amongst other things, the progress report notes that:

  • a consultation report on CCP resilience and recovery issues is expected to be published in mid-2016;
  • a report of the Level 3 assessment of CCP risk management is expected to be published in mid-2016;
  • the FSB will consider the need for, and develop as appropriate, more granular standards or guidance for CCP resolution planning, resolution strategies and resolution tools, including cross-border coordination and recognition of resolution actions in end-2016; and
  • the FSB, BCBS, CPMI and IOSCO will finalise and publish a report on the interconnections between CCPs and clearing members in October 2016.

View 2015 CCP Workplan, 22 September 2015

View Progress Report on the CCP Workplan, 22 September 2015