[1] In the years that followed, a series of regulatory and supervisory measures were introduced to ensure that the concentration of risks in central counterparties (CCPs) would be addressed through adequate risk management practices. In the current context of elevated economic and financial uncertainty, CCPs must adapt their risk management strategies.
Public authorities, meanwhile, must consider how they can best adjust the regulatory and oversight framework for CCPs. In my remarks today, I will highlight three areas that require progress to preserve the pivotal role of CCPs in safeguarding stability. I will discuss challenges in cross-border supervision, the need to be better prepared for extreme stress events and further actions to limit margin procyclicality.