On September 3, 2026, senior representatives from the U.S. Securities and Exchange Commission, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Federal Reserve Board, and Bank of England convened for a tabletop exercise focused on the hypothetical resolution of central counterparties (CCPs). This session was part of a regular series of senior-level meetings held since 2017 designed to share views on CCP resolution and review the progress of ongoing joint work among the agencies.
The meeting provided an opportunity to assess recent collaborative efforts, specifically examining information sharing and communications arrangements intended to support financial stability during a CCP resolution event. Participants acknowledged the importance of maintaining dialogue between UK and U.S. authorities, continuing to share analyses, and discussing policy formulation related to CCP resolution frameworks.
This development underscores the sustained operational coordination between major U.S. and U.K. regulators in managing systemic risk within derivatives markets. By focusing on hypothetical resolution scenarios through tabletop exercises, the agencies are actively stress-testing their communication protocols and information-sharing mechanisms, which are critical components of market infrastructure resilience.
From a Market Structure perspective, the continuity of these joint sessions since 2017 signals a mature approach to cross-border regulatory cooperation. The emphasis on refining policy formulation and analytical exchange suggests that authorities are prioritizing preparedness over reactive measures, aiming to ensure that potential disruptions in central counterparty operations can be managed without triggering broader financial instability.
