Global Regulators Set Guidance For Failing Clearinghouses

Law360, London (November 16, 2020, 4:42 PM GMT) -- A global forum of central bankers set out guidance on Monday for resolution authorities on monitoring clearinghouses to ensure they can fail without causing tremors through the wider financial system.

The Financial Stability Board has told resolution authorities, such as the U.K.'s Bank of England, what they should do if they identify a struggling central counterparty, or CCP. The board wants to help the authorities rescue or wind down clearinghouses, which play a critical middleman role in facilitating trading in derivatives markets, if they get into difficulty.

The FSB said the guidance was important because of the market turmoil created by the...

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