2  See Committee of Payment and Settlement Systems, “Principle for Financial Market Infrastructures”, April 2012. http://www.bis.org/publ/cpss101.htm. 3  See Payments Risk Committee, “Recommendations for Supporting Clearing Member Due Diligence of Central Counterparties”, 5 February 2013. BIS central bankers’ speeches  3  financial market infrastructures provides an opportunity to identify possible inconsistencies at a global level4. Conclusion Let me conclude [Slide 8].
The trend towards more central clearing is welcome and needed as it helps to manage risks better than bilateral clearing could. However, the greater use of CCPs concentrates and redistributes risks and may even create new risks. Much progress has been achieved by CCPs, banks and authorities to ensure high risk management standards of CCPs and enable clearing members to conduct due diligence.