It needs to be complemented by coordination within the central clearing community –between banks, CCPs and their respective authorities – and this is the main point of my remarks today. Indeed, the interaction of the various stakeholders is attracting more and more attention, especially as we move towards thorny questions around the responsibilities of banks and CCPs for potential end-of-waterfall losses.
[6] It is also an important matter for the ECB in particular, given our dual perspective as banking supervisor and central bank of issue. I will divide my remarks into three main parts. First, I will summarise why effective coordination between banks, CCPs and public authorities is essential for the safety of central clearing.