CCPs in particular withstood the default of Lehman Brothers, although the complete resolution was complicated and took some time. This resulted in increasing regulatory pressure for securities and derivatives to be cleared through CCPs, making them even more systemically important.
In the standards area, we are closely following the work being done under the aegis of the American National Standards Institute (ANSI) on standards that would support the use of substitute checks within the context of both bilateral and multilateral industry efforts to pursue check truncation.