The legal provisions concerning the exchange of information and coordination between the consolidating supervisor and the host (subsidiary) supervisors are also significantly enhanced, inter alia by specifying items of relevant and essential information to be shared and by requiring written coordination and cooperation arrangements.
In such an event, the CCP becomes unable to receive securities from the participant in default, which would result in the failure of delivery to other participants on the settlement day, the so-called "settlement fails." It would immediately attempt to purchase securities from the market and therefore resolve settlement fails.