Senior officials from the Securities and Exchange Commission, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Federal Reserve Board, and the Bank of England convened a virtual meeting today to discuss certain issues relating to the concept of resolution of a central counterparty (CCP). This meeting was one of a regular series of senior-level meetings held since 2017 to share views on CCP resolution and review the progress of an ongoing program of joint work among the agencies.

This work to date has included a review of U.S. and UK legal frameworks for resolution and analysis of the rulebooks of major U.S. and UK CCPs, thus facilitating the development of prototype resolution strategies for these CCPs. The work also has included consideration of the potential systemic impacts and operational challenges that might result from the use of resolution powers.

Over the next year, the group will continue to share analyses and discuss policy formulation in relation to CCP resolution, with the objective of facilitating progression from the development of resolution strategies to detailed operational planning.

Media Contacts:

Maggie Illingworth

Bank of England

Maggie.Illingworth@bankofengland.co.uk

Brian Sullivan

Federal Deposit Insurance Corporation

brsullivan@fdic.gov

Donna Faulk-White

Commodity Futures Trading Commission

DFaulk-White@CFTC.gov

Aisha Johnson

Securities and Exchange Commission

johnsonai@sec.gov