Restech and the Resolution of Critical Financila Infrastructures: An Application to Central Counterparties

Bárbara Gullón Ojesto María José Gómez Yubero

CNMV Working Papers from CNMV- Spanish Securities Markets Commission - Research and Statistics Department

Abstract: This paper analyses the potential of resolution technology (ResTech) as a strategic tool for improving the planning, execution, and monitoring of central counterparty (CCP) resolution processes. Building on the existing technology ecosystem in the RegTech and SupTech fields, the paper envisages a natural extension of these technologies to critical resolution functions in a context of increasing digitalisation and finnancial interconnectedness. Through a review of literature and institutional experiences, we identify the most relevant enabling technologies (such as AI, NLP, DLT and digital simulators), their potential applications in the preventive and executive phases, and the associated risks. The study highlights the need to strengthen institutional capacities, develop secure enviroments for experiementation, and foster effective international - particularly European - cooperation through bodies such as the Financial Stability Board (FSB) and the European Securities and Markets Authority (ESMA). Finally, the paper proposes action plans to progressively integrate ResTech into operational and regulatory frameworks with the aim of establishing it as a key pillar for the effective, legtimate and appropriate resolution of the challenges in the digital financial system.

Keywords: Restech; Central Counterparties; Emerging Technologies; Artificial Intelligence; Quantum computing; sistemic crises; Financial Stability; Cyber Resilience; Data Governance; RegTech; Suptech (search for similar items in EconPapers)
JEL-codes: C80 F55 O31 (search for similar items in EconPapers)
Date: 2025
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