FRANKFURT, Nov 21 (Reuters) - Europe's top securitieswatchdog is pushing for more action on drawing up plans to winddown central derivatives clearing houses (CCPs) that run intofinancial trouble.
Spurred by the collapse of the investment bank LehmanBrothers in the financial crisis, international regulators haveurged global banks to plan how to handle their own insolvenciesto limit the damage to the financial system.
But as banks advance their plans, dubbed "living wills" bysome, systemically critical CCPs are falling behind.
"One element we still need to work on is the recovery andresolution of CCPs," said Steven Maijoor, chairman of theEuropean Securities and Markets Authority. "CCPs are in theslipstream of the debate over banks."