This calls for the careful design of CCPs, as well as robust regulation and supervision. It will also be important to ensure sufficient access to CCPs to avoid limiting competition. This is of particular concern in countries that are not host to a large global CCP. There are two potential paths to address these design issues.
The first is to promote fair and open access to global CCPs with shared oversight arrangements, so that strong, large and mid-tier derivatives market participants have efficient access to central clearing. The second is to build local CCPs that are better aligned with local risks and local market conditions.