One issue to be further analysed is whether interoperability arrangements could facilitate the porting of open positions to an alternative CCP, thus preventing a total close-out of transactions and containing any potential knock-on effects to clearing members.
Discussions regarding the global and EU framework for CCP resolution are still under way, and more work will need to be done to assess the extent to which interoperability can help during a resolution process; however, there are reasons to believe that it could indeed be an asset from the perspective of CCP substitutability 6.