7 Ultimately, CCPs and their supervisors will need to maintain vigilance to ensure that liquid resources are sufficient to withstand the kinds of liquidity shocks that would likely accompany a member’s default.
In addition, it is crucial that liquidity scenario analysis be a regular part of a CCP’s stress-testing program to help ensure that appropriate liquidity planning does not suffer from a lack of vision or imagination. Transparency Enhanced transparency is central to the reform agenda, and there has been some progress in this area.