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Treasury written question – answered on 5th October 2020.

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Photo of Lord Myners Lord Myners Non-affiliated

To ask Her Majesty's Government what assessment they have made of the letter from 18 March 2019 by the Systemic Risk Council to the Financial Stability Board in response to that Board's discussion paper on the resolution of central counterparty clearing houses; and what plans they have to review capital adequacy and the effectiveness of incentives to prevent failure.

Photo of Lord Agnew of Oulton Lord Agnew of Oulton Minister of State (HM Treasury), Minister of State (Cabinet Office)

The UK is committed to maintaining the highest international and domestic standards of financial regulation, including for central counterparties (CCPs). The UK continues to play an active role in setting the international standards related to the recovery and resolution of CCPs. The UK was one of the first jurisdictions to have a domestic recovery and resolution regime in place, and we continue to keep this framework under review to ensure it effectively mitigates and prevents failure.

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