FRANKFURT, Nov 21 (Reuters) - Europe's top securities watchdog is pushing for more action on drawing up plans to wind down central derivatives clearing houses (CCPs) that run into financial trouble.
Spurred by the collapse of the investment bank Lehman Brothers in the financial crisis, international regulators have urged global banks to plan how to handle their own insolvencies to limit the damage to the financial system.
But as banks advance their plans, dubbed "living wills" by some, systemically critical CCPs are falling behind.
"One element we still need to work on is the recovery and resolution of CCPs," said Steven Maijoor, chairman of the European Securities and Markets Authority. "CCPs are in the slipstream of the debate over banks."