Dealers and clearing experts have urged regulators to introduce so-called living wills for clearing houses, warning that a “credible” plan for unwinding critical pieces of market infrastructure is “vital to financial stability”. The comments come amid growing fears that the US government’s inability to raise its debt ceiling could prompt a global credit event.

The International Swaps and Derivatives Association, the global dealer trade body, has strongly urged regulators to introduce living wills for clearing houses and other pieces of market infrastructure, warning that a resolution framework is "imperative".