The International Organization of Securities Commissions and the Committee on Payments and Infrastructures of the Bank for International Settlements issued a report noting that some global central counterparties have not yet implemented a number of recommended risk management and recovery planning measures. Among other things, some CCPs only employ one loss allocation tool (i.e., special assessments) as opposed to multiple tools to address uncovered credit losses, as recommended, and some derivatives CCPs and most cash CCPs “continue to lack mandatory rule-based recovery tools to re-establish a matched book (or to otherwise close out a defaulter’s outstanding obligations) and rely only on voluntary, market-based tools.” The regulatory organizations believes CCPs need a “range of tools” to ensure a CCP can establish a matched book.