Pimco issued a white paper in October calling for global standards for derivatives clearinghouses in order to maximize the protection of client assets and reduce systemic risk if a clearinghouse were to fail. The paper recommends that CCPs should have “skin in the game” by putting their own capital into their guarantee funds. The paper also recommends that CCPs should have access to central bank liquidity in case of emergency and should undergo periodic “stress tests” with the results reviewed by regulators.
