Risks through interoperability Third, it must be ensured that central financial stability concerns do not take a back seat to issues of competition and efficiency. It would certainly be desirable from the derivative user’s viewpoint if the CCPs became interconnected, ie interoperable.
Many supervisors, including the SSM and the Bank of Italy, have also asked intermediaries not to distribute dividends or buy back their own shares, and to be extremely careful in paying bonuses.2 In sum, the overall short-term policy response was impressive, and quite effective in mitigating the consequences of an unprecedented crisis.