FIA joined the Clearing House Association and the Securities Industry and Financial Markets Association (SIFMA) in a response to the Financial Stability Board's Guidance on Continuity of Access to Financial Market Infrastructures (“FMIs”) for a Firm in Resolution.
In the event that a global systemically important financial institution (G-SIFI) is in resolution, it is essential that it be able to continue performing its critical functions, which are defined in the FSB Guidance as activities that are vital to the functioning of the real economy. Access to vital services, including CCPs, is a key component of a G-SIFI's ability to continue performing those functions. The associations believe that the FSB Guidance represents a significant and important step towards clarity surrounding the conditions for continued access to critical FMI services.
