Some discretion is therefore needed both for the CCPs themselves and perhaps more importantly for the authorities, which cannot take a “hands off” approach during a crisis situation. Authorities have a particular responsibility to do what is systemically needed in a crisis, and are better-placed to do this than CCPs given their broader perspective.
We must work with what we have even though there is need for adjustments. We must ensure that the guidelines we issue continue to be relevant and are framed to best achieve the desired objectives. Given the rapid changes in technologies and instruments now available we must be sure that we are targeting the correct regulatory goals.