Formally, our supervision of your industry is rooted in the Payment Services Directive from 2009, PSD1, and the update, PSD2, from 2019. It is also rooted in the Anti-Money Laundering and Anti-Terrorist Financing Act from 2008. Theoretically, one could say that supervising the trustworthiness of our financial system is about finding the right balance between entrepreneurial opportunities and stability risks.
To prepare for situations of even more extreme market distress, CCPs also need to formulate recovery plans that show how they intend to absorb losses and restore business viability. See Cœuré, B. (2015), “Ensuring an adequate loss-absorbing capacity of central counterparties,” Remarks at the Federal Reserve Bank of Chicago 2015 Symposium on Central Clearing, Chicago, 10 April.