It starts with good risk management in CCPs under the PFMI. It then includes a better understanding of the inter-dependencies – on which the FSB is currently working – and a better understanding of the CCP practices that can create pro-cyclicality in the system, e.g. margining practices.
And just this Wednesday, Bundesbank has launched a website on the topic, providing information as well as contact details for banks assessing to move part of their business to Germany. Of course, we also emphasise the requirements for establishing a licensed entity there.