SEC, Bank of England Test U.S.-UK CCP Resolution Coordination
U.S. and UK regulators reviewed CCP resolution coordination, information sharing and crisis communications after a Sept. 3, 2026 joint tabletop exercise.
Summary
SEC press release 2026-87 said senior officials from the Securities and Exchange Commission, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Federal Reserve Board and Bank of England conducted a tabletop exercise on Sept. 3, 2026, covering certain issues in a hypothetical central counterparty resolution. The Sept. 11 readout said the exercise continued a series of senior-level U.S.-UK meetings held regularly since 2017.
The authorities reviewed recent joint work, particularly information-sharing and communications arrangements intended to support financial stability during a CCP resolution. Participants supported continued U.S.-UK dialogue, analytical exchanges and policy discussions, but the release announced no specific policy change, binding agreement, remediation plan or date for the next meeting.
Positives
- Five major U.S. and UK authorities participated in the Sept. 3 tabletop exercise, demonstrating senior-level cross-border engagement.
- Regular senior-level meetings since 2017 provide an established forum for coordinating CCP resolution planning.
- Authorities reviewed information-sharing and communications arrangements designed to support financial stability during a CCP resolution.
- Participants supported continued dialogue, shared analysis and policy discussions between U.S. and UK authorities.
Risks & concerns
- The Sept. 3 exercise was hypothetical and addressed only certain CCP resolution issues, limiting what the readout establishes about an actual failure.
- Release 2026-87 identified no specific CCP, loss scenario, operational gap, finding or remediation deadline.
- The authorities announced no policy change, binding agreement or timetable for completing their ongoing joint work.
