More is needed to ensure that banks are resolvable without recourse to the taxpayer. Therefore, the second pillar of banking union remains incomplete. The third pillar of the banking union – a European deposit insurance scheme (EDIS) – remains missing. Deposit protection should transfer to the European level, as has already happened with banking supervision and bank resolution.
Measures to stabilize financial markets in the United States and Europe  In the United States and Europe, market participants have recognized issues such as market transparency and risk assessment regarding over-the-counter (OTC) derivatives transactions including credit default swap (CDS) trading, and have discussed measures to strengthen  2  BIS Review 116/2010  market infrastructure related to the settlement and clearing system, such as the wide use of the central counterparty (CCP).