This progress report provides an update on the work the FSB is undertaking together with the Basel Committee on Banking Supervision (BCBS), Committee on Payments and Market Infrastructures (CPMI), the International Organization of Securities Commissions (IOSCO) to address risks posed by central counterparties (CCPs). In 2009, the G20 Leaders committed that all standardised over-the-counter (OTC) derivatives contracts should be cleared through CCPs. Increased use of central clearing aims to enhance financial stability. At the same time, in order to fully realise the benefits of CCPs, they should be subject to strong regulatory oversight and supervisory requirements.

 In April 2015 the BCBS, CPMI, FSB and IOSCO agreed a workplan to coordinate their respective international policy work aimed at enhancing the resilience, recovery planning and resolvability of CCPs, and to work in close collaboration. To support these efforts, these bodies established a study group to explore in more depth and quantify the interdependencies in central clearing and examine the potential for any spillovers from steps taken by CCPs or banks related to resilience, recovery or resolution that could result when such interdependencies exist. The workplan focuses on CCPs that are systemic across multiple jurisdictions. This report is an update to the progress report published by the FSB in September 2015.