One of the most significant reforms introduced in the wake of the global financial crisis was the introduction of mandatory clearing for certain standardised ‘over the counter’ (OTC) derivatives. As a result of this policy, central counterparties (CCPs) have assumed a larger role in the global financial system. Designing a harmonised regime for the orderly management of failing CCPs is an integral part of post-crisis regulatory reforms but is challenging. This work remains ongoing at the international, regional and national levels. This article seeks to contribute to the ongoing debates. The article’s focus is on a particularly appealing resolution tool, partial property transfer. It explains how a resolution strategy using partial property transfer interacts with the typical legal structure of systemically significant CCPs. The first thesis developed in this article is that in order for resolution authorities to be able to implement a partial property transfer of a failing clearing service or services while ensuring the continuity of critical service provision, ex ante reforms to the organisational structure of some clearing houses should be considered. The second is that, to be fit for purpose, the creditor safeguard used in a partial property transfer resolution needs to be framed in terms of the losses at the point of transfer to creditors of the affected clearing service. The article offers proposals designed to facilitate effective resolutions in this context. It provides worked examples to illustrate the rationale behind the proposals and to explore how they improve the resolvability of large CCPs.

中文翻译：

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提高可解决性：部分财产转让和中央交易对手

全球金融危机之后引入的最重要的改革之一是对某些标准化的“场外交易”(OTC) 衍生品实行强制清算。由于这项政策，中央对手方 (CCP) 在全球金融体系中发挥了更大的作用。为失败的中央对手方的有序管理设计一个协调的制度是危机后监管改革的一个组成部分，但具有挑战性。这项工作仍在国际、区域和国家层面进行。本文旨在为正在进行的辩论做出贡献。这篇文章的重点是一个特别有吸引力的解决工具，部分财产转移。它解释了使用部分财产转让的解决策略如何与具有系统重要性的 CCP 的典型法律结构相互作用。本文提出的第一个论点是，为了使处置机构能够在确保关键服务提供的连续性的同时对失败的清算服务实施部分财产转让，对一些清算所的组织结构进行了事前改革应该被考虑到。第二个是，为了适合目的，部分财产转让决议中使用的债权人保障需要根据转让给受影响清算服务的债权人时的损失来制定。本文提供了旨在促进在这种情况下有效解决的建议。它提供了工作示例来说明这些建议背后的基本原理，并探讨它们如何提高大型 CCP 的可解决性。