For example, the Federal Reserve Bank of New York has led cooperative efforts to improve the clearing and settlement procedures for credit default swaps and other over-the-counter derivatives. In addition, the Federal Reserve is collaborating with the Securities and Exchange Commission and the Commodity Futures Trading Commission to facilitate the development of central counterparties for the trading of credit default swaps.
Households have also begun to increase their recourse to flexible rate mortgages (Chart 23, left panel). Amid  monetary policy normalisation, euro area households also tend to be more likely to initiate flexible rate mortgages than in the recent past.