The question now is how to sustain and strengthen this new simpler system. I have two answers:  First of all, keeping the spaghetti bowl untangled means global infrastructure. The deep pools of liquidity that make central clearing economical don’t correspond to national borders. Derivatives clearing is a global service. UK CCPs clear global markets for interest rates, foreign exchange, credit default swaps, and commodities. Foreign clearing members make up 63% of the clearing members at  6  Speech by Alex Brazier. How to: MACROPRU. 5 principles for macroprudential policy. 13 February 2017. 4  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  4  UK CCPs. At the end of 2020 there were £ trillion of derivative contracts between UK CCPs and EU clearing members, and £ trillion between UK CCPs and US clearing members.7  The growth of global infrastructure that spans national borders is a direct result of the reforms we put in place after 2008 – again a feature not a bug. This cross-border nature of clearing means that there must be a consistent approach for the regulation and supervision of cross-border CCPs. The Principles for Financial Market Infrastructure, issued in 2012, provide that foundation. It also means that regulators and supervisors must do something difficult and for some, radical: we need to trust each other. This trust should not be blind.
Fortunately the FSB – working with the Committee on Payments and Market Infrastructure (CPMI) and the International Organization of Securities Commissions (IOSCO) are doing just that. 11  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  11