Thinking carefully about which circumstances in the future would warrant the activation of such arrangements will be a useful form of contingency planning. For the United States, of course, perhaps the most difficult and important question involves access to central bank credit facilities by U.S. broker-dealers, including the primary dealers.
Securitisation will also be needed for payment systems. Since the European systems for the cross-border use of securities are not yet fully designed, the central banks are preparing the what is known as Correspondent Central Banking Model (CCBM), with the foreign central bank acting as correspondent.