13  balances at the Federal Reserve helps them avoid some of the risk involved in holding balances with their clearing members. Doing so also provides CCPs with a flexible way to hold balances on days when margin payments unexpectedly spike and it is difficult to find banks that are willing to accept an unexpected influx in deposits.
In such a case, it may also be too late in the day to rely on the repo market. The availability of Fed accounts could help avoid potential market disruptions in those types of circumstances. Cross-Border Cooperation The lessons from Brexit also point to the need for cross-border cooperation. Brexit triggered payments flows to CCPs across many jurisdictions.