[45] By ensuring that the role of central bank money as the anchor of the payment system is preserved for both retail and wholesale transactions, central banks will safeguard the trust on which private forms of money ultimately depend. Conclusion Let me conclude.
CCPs should be resilient in the sense that their financial resources allow them to withstand potential failures of major clearing members as well as any other extreme but plausible stress events (“non-default” scenarios, e.g. related to custody investment losses, operational and legal risk and cyber threats).