Furthermore, although establishing an active account will not be without cost, it must also be acknowledged that EU stakeholders have a joint responsibility to establish a central clearing framework that is robust in periods of severe stress.
Disrupted access to critical clearing services during a financial crisis would have much greater financial risk implications than gradually moving part of the respective euro-denominated business to EU CCPs. Better preparedness for extreme stress events The second area in which further progress is required is our capacity to effectively address low-probability, high-impact types of risk. Let me give two examples here.