Analysis of Central Clearing Interdependencies

July 2017

The Committee on Payments and Market Infrastructures (CPMI), the Financial Stability Board (FSB), the International Organization of Securities Commissioners (IOSCO) and the Basel Committee on Banking Supervision (BCBS) today published a study on interdependencies in central clearing.

The network relationships analysed in this report are generally characterised by a core of highly connected central counterparties (CCPs) and financial institutions and a periphery of less highly connected CCPs and financial institutions. Financial resources provided to CCPs are concentrated at a small number of CCPs and exposures to CCPs are concentrated among a small number of institutions.

The study is one of the key substantive priorities set out in the joint workplan on CCP resilience, recovery and resolvability, along with the CPMI-IOSCO CCP resilience guidance, the CPMI-IOSCO CCP recovery guidance and the FSB CCP resolution guidance.