On the other hand, overseers and supervisors need to make sure CCP recovery tools do not threaten the stability and soundness of financial institutions, and do not contradict the objectives of banking regulations.
In this regard, CPMI and IOSCO have been working closely with the BCBS to ensure rules regarding FMI recovery and resolution are fully consistent with the preservation of the stability of participants. At the ECB, while respecting the separation between bank supervision and CCP oversight, we will strive to ensure consistent approaches and a common understanding of risks.