ESMA has published its final report on systemic risk and cost implications of interoperable arrangements between CCPs‎ established under EMIR. It details how the concept of interoperability has emerged and the general EU regulatory framework applicable to it under EMIR and related guidance. It also details a mapping and a description of the current interoperability arrangements between EU CCPs for different product types, namely equities, government bonds and Exchange Traded Derivatives. The key risk in relation to systemic risk and costs implications is the counterparty credit risk resulting from exposures between interoperable CCPs. The evidence collected on current practices shows that CCPs have set up mechanisms to adequately mitigate potential risk of under-collateralisation, even in cases where re-use is permitted. (Source: ESMA reports on risks and costs of CCP interoperability)