There should also be clear rules for the allocation of losses in failure-induced crises and in undone damage scenarios. In the latter case, the primary responsibility should lie with the CCP and losses should not be allocated among the clearing participants. In addition, resilience situations that do not precede standard scenarios should be monitored more closely in order to further limit resolution scenarios. The standard cascade must be fully protected against non-standard losses. The original Margins should be bankrupt. The Negotiations in Brussels have shown little progress, notably due to the lack of international consensus and political developments around Brexit, but the settlement is expected to see the light of day in 2020. Valdis Dombrovskis, Executive Vice President of Financial Stability, Financial Services and Capital Markets Union, said: “I welcome the political agreement on the recovery and resolution of the CCP and would like to congratulate the Croatian Presidency for all the work it has done on this file. This is another step in making the EU`s financial system more resilient. It also adds an extra level of security to our financial system. With this agreement, the EU is at the forefront of international developments in this area. » August 2016 – CPMI-IOSCO and FSB consultations on the resilience, recovery and settlement of CCPs. Publication of joint reports “Thanks to the united position of the European Parliament, despite a difficult crisis context, we have reached a very good political agreement on the 2021 budget of the European Union institutions. During these negotiations, I have endeavoured to ensure that all the institutions of the Union, i.e.
the Court of Justice, the Court of Auditors, the European Ombudsman, the Committee of the Regions, the Economic and Social Committee, the European Data Protection Supervisor,…, have sufficient resources and staff to carry out their tasks in the best possible way and to function optimally. This has been possible thanks to our commitment to save money in the context of the changes in our activities during the COVID-19 pandemic,” said Mr Oliver Chastel (RENEW, BE), rapporteur for the other sections. The establishment of a system for the recovery and resolution of financial market infrastructures is one of the last remaining elements of the post-crisis financial services reform agenda in the European Union (EU). CCPs emerged from market infrastructure reforms as new “Too big to fail” institutions, following the establishment in 2012 of clearing requirements for over-the-counter (OTC) derivatives by EMIR and equity and derivatives trading obligations by MiFID II/MiFIR. The text was approved by EU ambassadors on 22 July. It is now the subject of a legal revision of the language . . .