Experts at ISDA's Annual General Meeting in Singapore expressed concern that clearinghouses appear poised as the next "too big to fail" financial institutions. Market participants are concerned that a failing central counterparty could present systemic risk. "There are still no resolution plans for CCPs, and it is murkier now that clearinghouses have moved away from the utility model," said Athanassios Diplas, senior adviser to ISDA's board.

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