And, as I will discuss a little later, the same is true of CCPs – they, too, should have no expectation of taxpayer support if they fail. To say it as plainly as possible, the purpose of all of this new infrastructure and regulation is not to facilitate the orderly bailout of a CCP in the next crisis.
Quite to the contrary, CCPs and their members must plan to stand on their own and continue to provide critical services to the financial system, without support from the taxpayer.