The recent European Union-wide stress test led by the European Securities and Markets Authority (ESMA) is a promising first  4  See also Cœuré, B., interview with Risk Magazine, 19 May 2016. 5  See Financial Stability Board, “Strengthening Oversight and Regulation of Shadow Banking -Regulatory framework for haircuts on non-centrally cleared securities financing transactions”, 14 October 2014.
2  BIS central bankers’ speeches  step in this direction6. While this is an ambitious project and will take some time, I hope we can propose a way forward at the G20 summit in September. Finally, we will need to make substantial progress in understanding and assessing interdependencies between CCPs and their participants, across the multiple relationships they have with each other.