CCPs in particular withstood the default of Lehman Brothers, although the complete resolution was complicated and took some time. This resulted in increasing regulatory pressure for securities and derivatives to be cleared through CCPs, making them even more systemically important.
Regulatory oversight increased along with this increase in importance, with attention focused on risk management and loss absorbance capability of CCPs, recovery plans and resolution in the event that the CCP was unable to recover. International work in this area is ongoing, with the FSB releasing a consultation paper on CCP resolution in February.