BIS central bankers’ speeches  1  Specifically, the four safeguards comprise: ensuring effective international cooperative oversight of global CCPs; fair and open access criteria; appropriate liquidity arrangements in all relevant currencies; and procedures for effective resolution.
The Principles for financial market infrastructures, released in April by the Committee on Payment and Settlement Systems and the International Organization of Securities Commissions (IOSCO) this year, embed some elements of the four safeguards; other elements are left to domestic authorities to implement in their own regulatory frameworks and approaches.