Joint Readout of Principals Meeting of U.S. and UK Authorities Regarding Central Counterparty Resolution

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.