The Financial Stability Board reported that “considerable progress” has been made by world regulators and regulatory organizations since the 2007-2008 financial crisis to help ensure that the collapse of systematically important financial institutions can be resolved without wider disruption. However, the FSB also reported that approximately 10 global central counterparties (CCPs) control 88 percent of all financial resources (initial margin and default funds) provided to the 26 CCPs it collected data from, and that the top 20 clearing members (out of 307 included in the FSB’s study) account for 75 percent of all financial resources provided to the CCPs. As a result, “the default of a CCP’s top two clearing members could result in defaults of the same entity or affiliates in up to 23 other CCPs included in this analysis.” (The FSB endeavors to coordinate national financial sector authorities and international standard-setting bodies to promote effective regulation and supervision.)