Against this backdrop, the FSB (2012) identified effective cooperation of authorities as a critical safeguard for global clearing, including the existence of (i) cooperative oversight arrangements between relevant authorities, both domestically and internationally and on either a bilateral or multilateral basis, that result in robust and consistently applied regulation and oversight of global CCPs and (ii) resolution and recovery regimes that aim to ensure that the core functions of CCPs are maintained during times of crisis and that consider the interests of all jurisdictions where CCPs are systemically important.
The need to focus on attempted security violations also needs to be taken care of since these offer themselves as excellent early warning signals which, if left unattended or improperly attended, may result in substantial losses and a small lapse often becomes a mega event due to lack of right decision at the right time.