Recovery and Resolution of CCPs: Obsessing over regulatory symmetry? ECMI Commentary No. 56, 9 August 2018

Lamandini, Marco (2018) Recovery and Resolution of CCPs: Obsessing over regulatory symmetry? ECMI Commentary No. 56, 9 August 2018. [Policy Paper]

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Abstract

We already know quite a lot about the legislative initiatives and supervisory guidance on the recovery and resolution of central counterparties (CCPs). As Steven Maijoor nicely put it, the task of managing the risk of default by CCP can be condensed into three interlinked aspects: “resilience, recovery and resolution”.1 Having all this in mind, I would like to focus in this commentary on the international and institutional dimensions of the current EU proposals for recovery and resolution and then briefly conclude with a question of European institutional design that, to my mind, remains unanswered in the current EMIR 2.2 framework.

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