On 20 July 2009 the Committee on Payment and Settlement Systems and the Technical Committee of IOSCO announced they had set up a working group to review the application of the 2004 CPSSIOSCO "Recommendations for Central Counterparties" (the Recommendations) to clearing arrangements for OTC derivatives. The Recommendations set out standards for risk management of a CPP. The working group will discuss key issues that can arise when CCPs provide central clearing services for OTC derivatives. The working group will propose guidance on how CCPs for OTC derivatives may meet the standards set out by the Recommendations and identify areas where the Recommendations might be strengthened or expanded.