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.