2  BIS central bankers’ speeches  It’s an ongoing discussion within CPMI-Iosco and we’ll then report the outcome of our work to the FSB, prospectively also around July.
The objective is to look at the potential cross-border systemic risk implications of CCPs throughout their potential lifecycle, although the measures to address these implications may be different under business as usual, emergency and resolution conditions. One recovery tool that is highly controversial is the use of initial margin.