Against this background, how to move forward with the establishment of CCPs for CDSs has been the subject of discussion in recent months among several institutions and fora, including the European Commission, the Federal Reserve Bank of New York and the Financial Stability Forum, as well as the ECB, which hosted a meeting with European stakeholders on this issue two weeks ago.
In Europe in particular, we are close to reaching consensus on three major issues: First, there is broad agreement on the need for more than one CCP solution for CDSs, given the importance of competition for the efficient functioning of CDS markets.