It would be useful to build on it by adding tests that focus on liquidity risks across CCPs and their largest common clearing members. Such an exercise could focus on the robustness of the system as a whole rather than individual CCPs. The European Securities and Markets Authority is already expanding its supervisory stress testing exercise to incorporate liquidity risk.
Most of the shortcomings involve the functioning of corporate bodies – compromised, in some instances, by an uneven distribution of tasks and by unsatisfactory internal debate, with repercussions on strategy and coordination – as well as the efficacy of management instruments, the detection and management of risks, and the scope and depth of audits.