Besides the transparency provided by the new CPMIIOSCO public quantitative disclosure standards, the joint analytical work recently started by BIS central bankers’ speeches  5  the FSB, BCBS and CPMI-IOSCO on CCP interdependency will shed more light on crossexposures and contagion channels between CCPs and their clearing members, including potentially through interoperability.
Regulatory Change The regulatory framework for credit unions has undergone substantial change over a period of years beginning with the legislative changes made following the Commission on Credit Unions, which included the introduction of detailed requirements to strengthen credit union governance frameworks.