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Recovery and Resolution Regulation for CCPs

Recovery and Resolution Regulation for Central Counterparties (CCPs)

Recovery and Resolution for CCPs is the next legislative step in implementing the G20 objectives. It will complement the high standards implemented through EMIR and confirm the CCPs' role as a neutral risk manager for financial markets.

Objective

The objective of Recovery and Resolution for CCPs is to define measures to be taken in extreme but plausible events of financial distress. The key objective is to exclude the use of public resources and increase the stability of financial markets.

Time line

The EU Commission has published the first legislative proposal in November 2016.

Recovery and Resolution: the highlighted parts of the value chain are affected

Erik Müller: financial stability without taxpayer bail-outs

In an op-ed article in the Börsen-Zeitung, Erik Müller, CEO of Eurex Clearing AG, explains how recovery and resolution regulation for central counterparties can help when done right.

Video: new EU rules for safer central counterparties (CCPs)

The European Commission has published this interesting explanatory video on the role of CCPs as well as on recovery and resolution legislation.

CPMI-IOSCO on recovery of FMIs

The purpose of this report is to provide guidance for financial market infrastructures (FMIs) and authorities on the development of recovery plans.

Effective resolution regimes and policies

The Key Attributes of Effective Resolution Regimes for Financial Institutions (the ‘Key Attributes’ KA) set out the core elements that the Financial Stability Board (FSB) considers to be necessary for an effective resolution regime.

European Commission releases proposal

Europe

The European Commission released its proposal for a regulation on a framework for the recovery and resolution of central counterparties. The proposal complements risk reduction measures and EMIR. It shall close the gap in the financial regulatory architecture, as CCPs lie at the heart of all financial systems.

Related topics

European Commission: Safer Financial Infrastructure [PDF, 1.96 MB]
The Single Resolution Board issued its 2017 work programme, focussing on resolution planning and resolution readiness
EACH: Recovery and Resolution of CCPs
EACH: Response to the FSB discussion note on ‘Essential Aspects of CCP Resolution Planning’
FSB: Financial Stability Board agrees 2017 workplan
European Commission: Proposal for a regulation of the European Parliament and of the Council on a framework for the recovery and resolution of central counterparties and amending Regulations (EU)
European Commission: Annex - Proposal for a regulation of the European Parliament and of the Council on a framework for the recovery and resolution of central counterparties and amending Regulations (EU)
European Commission - Central Counterparties Recovery and Resolution Proposal: Frequently Asked Questions

Further information

October 2016: Eurex Clearing Response to the FSB Discussion Note on “Essential Aspects of CCP Resolution Planning” [PDF, 270.27 kB]
October 2016: Eurex Clearing Response to the CPMI-IOSCO Consultative Report on “Resilience and recovery of central counterparties (CCPs): Further guidance on the PFMI” [PDF, 202.83 kB]
July 2014: How central counterparties strengthen the safety and integrity of financial markets [PDF, 235.92 kB]
September 2012: Consultative report on Recovery and resolution of financial market infrastructures [PDF, 100.43 kB]

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