And we have already started. The NBU, for example, has as usual drawn up an action plan for the current year and reported on its 2019 results. The action plan is based on two documents – the strategy for financial sector development until 2025 and the central bank’s medium term strategy.
CCPs must have arrangements in place to ensure comprehensive loss absorption in all circumstances, in line with the CPMI-IOSCO Principles for Financial Market Infrastructures and the related recovery guidance. Second, we should acknowledge competitive pressures and diverging interests in central clearing. It is true that the growth of global OTC derivatives clearing has led to intensified oligopolistic competition among CCPs.