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.
Furthermore, trade repositories need to be designed, operated and overseen in an adequate manner, given the novelty of these infrastructures and the reliance of other market infrastructures, public authorities and market participants on the accuracy and availability of the respective data. Two complementary strands of work are underway in these fields.