More also needs to be done to conceptualise non-default loss scenarios[11] , reliable tools for absorbing the associated losses, and the roles and responsibilities of the various stakeholders. There are far fewer prefunded resources available for non-default losses than for default losses, so the risk of entering into CCP recovery or resolution for non-default related reasons may be higher than for default-related reasons.
It is therefore critical to make progress in this area. In this context, we also need to reflect on how to ensure a fair loss allocation. While our choice can be guided by the basic premise that those taking the decisions should also be responsible for any losses, it is not always clear where we should draw this line.