It is important to understand that the close co-movements that appear when comparing trends in premia with trends in macro-volatilities are not inconsistent with an alternative, inverse pattern of causation: one predominantly running from financial market prices to the macro-economy. Exogenous changes in financial markets may have caused an original fall in risk premia.
Against this backdrop, the FSB (2012) identified effective cooperation of authorities as a critical safeguard for global clearing, including the existence of (i) cooperative oversight arrangements between relevant authorities, both domestically and internationally and on either a bilateral or multilateral basis, that result in robust and consistently applied regulation and oversight of global CCPs and (ii) resolution and recovery regimes that aim to ensure that the core functions of CCPs are maintained during times of crisis and that consider the interests of all jurisdictions where CCPs are systemically important.