London, 28 May 2010

EACH, the European Association of Central Counterparty Clearing Houses, today publishes its Default Procedures Publication Guideline. This document is the result of work undertaken by EACH risk experts since the successful resolution of the failures of Lehman Brothers and other market participants during the financial turmoil.

The Guideline builds on the experiences of those CCPs most affected by those failures and is intended to assist EACH members in preparing their own internal procedures and Disclosure documents. It also serves as a response to calls by public authorities and market participants for greater transparency over the actions that CCPs may take in resolving participant failures.

EACH and its members will continue to work closely with the European Commission, ESCB-CESR, CPSS- IOSCO and supervisory authorities to further refine and develop international standards and contribute to legislative proposals.

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