6 In addition, the Federal Reserve is the holding company supervisor of a number of the largest clearing members. The challenge is to ensure that regulation and supervision take into account the broad implications of derivatives trading for CCPs, their members, and the broader financial system.
Close collaboration between regulators – both domestically and internationally – will be necessary to ensure that central clearing can promote the kind of financial system resiliency that will be required when another severe crisis threatens. While central clearing and CCPs do present a number of complex and unique challenges, these challenges are not insurmountable.