Macroprudential safeguards for central clearing were already established under the PFMI and the Key Attributes and have been further enhanced under the CCP work plan.
2|5  Enhancing the macroprudential safeguards for central clearing  Given the central role of CCPs in the financial system, it is critical to ensure that CCPs are not only robust on a stand-alone basis, but that their potential wider systemic risk externalities are also understood and mitigated. Macroprudential safeguards for CCPs should, at a minimum, prevent CCPs from acting in a procyclical manner.