In response to a Financial Stability Board Consultation Paper on the adequacy of central counterparty ("CCP") financial resources for recovery and resolution, three financial industry trade associations argued that a "better balance between loss allocation to clearing participants and loss allocation to CCPs would promote better outcomes..."
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The Committee on Payments and Market Infrastructures and IOSCO published revised guidance for regulators on designing and operating supervisory stress tests for central counterparties.
The Chicago Fed published a staff policy paper highlighting the major business model and risk profile differences between central counterparties and banks.
The Office of Financial Research proposed a framework for central counterparty stress testing "using information already available to supervisors."
The Financial Stability Board requested comments on proposed guidance for effective resolution of central counterparties.