In 2012 global standard setting bodies (CPMI-IOSCO) adopted key risk mitigation requirements – the Principles for Financial Market Infrastructures – which raised the bar worldwide for CCP supervision. A global CCP work plan has recently been launched to further strengthen the resilience, recovery planning and resolution of CCPs, which will lead to further guidance being released in the near future.
Under EU law, each CCP is overseen by a college of supervisors, involving all authorities that have a relevant interest in its prudent risk management. The colleges act as forums for information-sharing, ensuring a high level of transparency in the way CCPs operate, which can prove especially valuable in the event of a crisis.