Measures to spur the establishment of cooperative arrangements in line with Responsibility E as well as of CMGs will provide important checks and balances for the risk management, recovery and resolution planning of cross-border CCPs and will be essential in supporting effective cooperation between authorities.
This will help to ensure that a potential CCP emergency can be addressed in a swift, orderly and comprehensive manner, thereby limiting potential wider systemic contagion effects. One area where further progress is still needed relates to the enhanced consideration of interdependencies between CCPs and major financial institutions in identifying cross-sectoral vulnerabilities and contagion channels.