The European Systemic Risk Board (ESRB) has published a report on the systemic risk implications of central counterparty (CCP) interoperability arrangements under EMIR. In the ESRB's opinion, CCP interoperability arrangements can have implications for financial stability in two different ways, namely: (i) they can help to contain systemic risks in a situation where a number of different CCPs clear the same financial instruments; and (ii) they can, however, also have systemic risk implications as the establishment of interoperable links introduces a significant element of complexity into the overall risk management system and adds a channel for direct contagion between two or more CCPs.