Crisis propagation may be further driven by interdependencies of changing complexity. These can exist between CCPs and other financial institutions, for example, through interoperability arrangements. Note that the same large financial institutions, being clearing members of many CCPs, increase interdependencies even in the absence of interoperability. Finally, existing differences in regulation may lead to regulatory arbitrage and potentially to a race to the bottom.
Moreover, the use of a centralised infrastructure depends, in some instances, on exemptions from registration or the application of equivalence or substituted compliance with foreign infrastructures. Where foreign CCPs cannot be used, compliance with mandatory clearing under domestic laws may inhibit cross-border transactions.