BIS Review 90/2010  3  The second priority relates to the need for updated and globally consistent requirements to ensure the safety and soundness of financial infrastructures. By nature of their business, financial infrastructures concentrate systemic risk, owing to their large size, their limited degree of substitutability and the strong web of mutual interdependencies across infrastructures, e.g.
arising from exposures to the same large participants. Increased reliance on market infrastructures across financial markets further underlines the importance of effectively addressing this risk. Therefore, it is crucial to ensure that CCPs are able to manage these specific risks related to the clearing of OTC derivatives.