On 11 September 2026, the US SEC published a joint readout concerning central counterparty resolution. The tabletop exercise took place on 3 September 2026. Senior officials discussed issues arising from the hypothetical resolution of central counterparties (CCPs). Their discussions focused on information sharing and communications arrangements to support financial stability. The meeting continued a programme of cooperation involving US and UK authorities since 2017.1
Senior officials from five authorities participated:
- US Securities and Exchange Commission (US SEC);
- US Federal Deposit Insurance Corporation (US FDIC);
- US Commodity Futures Trading Commission (US CFTC);
- US Federal Reserve Board; and
- Bank of England.
The meeting reviewed progress in the agencies’ ongoing joint work on CCP resolution. Particular attention concerned arrangements for sharing information and communicating during a potential resolution.
Participants acknowledged the importance of maintaining dialogue between US and UK authorities. They also emphasised continued sharing of analyses and discussions concerning CCP resolution policy. The readout highlighted arrangements intended “to support financial stability in the event of a CCP resolution”.1
What Is Central Counterparty Resolution?
A CCP stands between counterparties to transactions in financial markets. It becomes the buyer to each seller and the seller to each buyer. This places CCPs at the centre of the markets they serve.2
Resolution involves authorities using their legal powers to manage a CCP’s failure. The Bank of England’s framework seeks to preserve critical clearing services and limit wider disruption. Protecting public funds is another objective.
The Bank has explained that interrupted clearing services could affect exchanges and cleared over-the-counter markets. Such disruption could impede trading and affect confidence across the wider financial system. These dependencies explain why resolution planning matters to clearing members and their clients.3
Footnotes
- US SEC, Joint Readout of Principals’ Meeting of U.S. and UK Authorities Regarding Central Counterparty Resolution, Press Release No. 2026-87, 11 September 2026.
- Bank of England, Who We Are and What We Do, explanation of central counterparties under “Types of firms it covers”.
- Bank of England, Central Counterparty Resolution Execution and Resolvability Outcomes, Discussion Paper, 19 May 2026, Summary and section 1.1, paragraph 4.
