On 9 August 2018, a group of international regulatory authorities (the Basel Committee on Banking Supervision, Committee on Payments and Market Infrastructures, Financial Stability Board and International Organization of Securities Commissions) co-published a report on the analysis of central clearing interdependencies.

The international authorities launched a data collection project in 2016 to identify, quantify and analyse interdependencies between central counterparties (CCPs) and major clearing members and financial service providers, and the resulting systemic implications. Initial findings were published in July 2017. The international authorities then agreed to conduct a further data collection to assess whether the 2016 findings were stable over time. The current report covers the results of the additional data collection exercise.

Data was collected from 26 CCPs across 15 jurisdictions, the same used in the first data collection exercise. The findings broadly confirm the results of the first data collection exercise, namely that:

  • prefunded financial resources are concentrated at a small number of CCPs;
  • exposures to CCPs are concentrated among a small number of entities;
  • the relationships mapped in the report are all characterised, by a core of highly connected CCPs and entities and a periphery of less highly connected CCPs and entities;
  • a small number of entities tend to dominate each of the critical services required by CCPs; and
  • clearing members and clearing member affiliates are also important providers of other critical services required by CCPs and can maintain numerous types of relationships with several CCPs simultaneously.

Visualisations and a full analysis of the data collected across the jurisdictions can be found in chapters 3 – 6 of the report. The data collected is included in the annexes to the report.