Question to the HM Treasury:

To ask Her Majesty’s Government when they last reviewed the risks posed to financial stability by central clearing houses; and whether such a review took account of the increasing practice of cross-margining linking two or more clearing houses.

Under European Regulation No 648/2012 (EMIR) CCPs in the UK are regulated by the Bank of England. For other information I refer the noble Lord to my written answers of 1 April (HL7153) and 26 April (HL7583, HL7584, HL7585, and HL7586).