On June 25, 2021, top officials from the SEC, the Commodity Futures Trading Commission (CFTC), the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Bank of England assembled remotely to share points of view related to the concept of central counterparty (CCP) resolution. This cross-agency body of senior-level officials, which has been meeting regularly since 2017, also gathers to assess the progress of an ongoing program of joint endeavors among the agencies.
Thus far, the following developments are the results of the collaborative work among the agencies:
full assessment of US and UK legal structures for resolution and evaluation of the rule books of significant US and UK CCPs. This review aided in the development of prototype resolution strategies for these CCPs.
discussions about the potential systemic impacts and operational challenges that might result from the use of resolution powers.
With the goal of helping to move from the development of resolution strategies to detailed operational planning, the multi-agency group will continue to share analyses and discuss policy development related to CCP resolution throughout the year.