Your browser does not support JavaScript!
Clearing and settlement: priorities for supporting the SIU 

Clearing and settlement: priorities for supporting the SIU 

Day 2 Afternoon

Thursday 18 September

Room :

ROOM 1

Speakers

Chair
Klaus Löber
Chair, Central Counterparties Supervisory Committee - European Securities and Markets Authority (ESMA)
Public Authorities
Birgit Puck
Managing Director Securities Supervision - Austrian Financial Market Authority
Fiona Van Echelpoel
Deputy Director General, DG Market Infrastructure & Payments - European Central Bank (ECB)
Giuseppe Grande
Head of Market and Payment Systems Oversight - Banca d'Italia
Industry Representatives
Bernard Frenay
CEO European Markets & ESG - Euroclear S.A.
Haroun Boucheta
Head of Public Affairs & Chief of Staff, Securities Services - BNP Paribas
Julien Jardelot
Head of Government Relations & Regulatory Strategy, Europe - London Stock Exchange Group (LSEG)
Michalis Sotiropoulos
Head of Government Relations, Europe - The Depository Trust & Clearing Corporation (DTCC)
Other stakeholder & expert
Giovanni Sabatini
Chair EU T+1 Industry Committee - EU T+1 Industry Committe

Objectives

This session will assess progress with the implementation of policy measures in the European post-trading space and examine the issues that remain to be addressed to ensure that the EU post-trading landscape effectively supports the objectives of the Savings and Investments Union (SIU). The discussion will first focus on clearing, reviewing initial indications from the implementation of EMIR 3 requirements, the outstanding issues for enhancing the attractiveness, resilience, and competitiveness of EU clearing, and the possible need for adjustments in CCP supervision. It will then turn to settlement, considering the preparations and operational hurdles for the move to T+1 by 2027 and whether changes to CSD supervisory arrangements are warranted to support greater consistency, efficiency, and integration in EU capital markets.

Points of discussion

  • Clearing: What are the first indications from the on-going implementation of the Active Account Requirement (AAR) and new approval processes
  • What issues still need to be addressed to increase the attractiveness of the EU clearing system and reduce unnecessary burdens, without compromising the mitigation of systemic risks?
  • Should the supervisory framework of EU CCPs evolve? Are further measures needed to enhance the resilience and competitiveness of the EU clearing ecosystem? 
  • Settlement: Is the EU on track for a successful transition to T+1 settlement by October 2027, and how are market stakeholders preparing?
  • What are the main operational, technical, and regulatory challenges that need to be addressed? Should the supervision of EU CSDs evolve in parallel with the move to T+1, and if so, what should be the main objectives?