- Derivatives — Central Securities Depository (CSD) — Committee on Payment and Settlement Systems (CPSS) — Central counterparty (CCP) — Securities settlement system (SSS) — Settlement — Financial regulation — European Systemic Risk Board (ESRB)
This chapter begins with a summary of the regulatory and legal frameworks of clearing, including how third-country (or foreign) central counterparties (CCPs) are treated in selected jurisdictions. It provides a description of the impact that cross-border clearing has on capital requirements and explains the concepts of interoperability and bases. The chapter then lays out how clearing participants (either clearing members or clients) navigate cross-border clearing. It describes how these clearing participants choose which CCP to access and how to do so. After a description of operational considerations of cross-border clearing, the chapter looks at risk and crisis management in a cross-border setting and considers particular issues when clearing in small or closed jurisdictions.
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