It is fully in line with our mandate. These measures, including the full allotment of liquidity at fixed rate, are transitory by nature, as I say regularly in the name of the Governing Council. Q. Three years after the start of the crisis, where are we now? A.
Banks and broker-dealers serve not only as clearing members of CCPs, but also as liquidity providers and as custodians of their cash and securities. CCPs typically have lines of credit  4  See Financial Stability Board (2015), “OTC Derivatives Market Reforms: Ninth Progress Report on Implementation (PDF)“ (Basel, Switzerland: FSB, July). 5  See www.federalreserve.gov/newsevents/press/bcreg/bcreg20151030b1.pdf.