On September 3, 2026, senior principals from the SEC, FDIC, CFTC, Federal Reserve, and Bank of England conducted a joint tabletop exercise focused on central counterparty resolution scenarios. The exercise reflects ongoing cross-border coordination under post-2008 resolution frameworks and signals that regulators on both sides of the Atlantic are stress-testing CCP failure playbooks, likely against a backdrop of elevated rate volatility and rising Treasury supply.
For Armada's traditional repo desk, FICC is the primary clearing counterparty for sponsored and bilateral Treasury repo. A CCP resolution scenario would directly affect margin and default fund exposures. Armada should confirm that its FICC clearing documentation addresses porting, close-out netting, and access to the default waterfall, and monitor for any follow-on regulatory guidance stemming from this exercise.