Working in conjunction with the Basel Committee on Banking Supervision and the Financial Stability Board (FSB), they have also set out a detailed work plan for further enhancing the resilience, recovery planning and resolvability of CCPs. Earlier this year, CPMI-IOSCO conducted surveys of more than 30 of the most systemically important CCPs regarding their stress testing, margin, recovery planning, and loss allocation frameworks.
The survey responses have now been received and are being analyzed. I expect that these exercises will result in more granular guidance to CCPs covering a wide set of operational areas, further helping to ensure consistency of implementation of the PFMIs and market infrastructure resilience. Further work on resolution is also necessary.