Mechanisms should be foreseen for involving all relevant stakeholders in the CCP’s decision-making process: this could mean establishing procedures whereby the CCP board formally consults direct participants, indirect participants and/or linked CCPs, as relevant, or having such relevant entities directly represented on the board, on the risk committee, or on other relevant committees.
The first real cracks on the global stage started to show with the sudden decline of the Chinese equity markets in June, when the Shanghai Composite Index declined by 32 per cent in less than a month, and a further 16.5 per cent by the end of August.