For example, the general principle that operational losses should be borne by CCPs may not hold in the case of contagion risks emanating from a clearing member that has suffered a cyberattack. In addition, given the small amount of CCP capital, it is uncertain whether comprehensive loss absorption could be ensured in all circumstances.
Recourse to insurance or voluntary capital injections from parent companies may not be sufficient to ensure a reliable, timely and comprehensive response. In the area of client clearing, we currently see very diverse arrangements for sharing information and involving CCPs in the relationships between clearing members and clients.