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CCPs: completing the post-crisis agenda

Day 1 Afternoon

Wednesday 11 September

Room :

Fennia I - Roundtable


John Berrigan
Deputy Director-General, DG FISMA European Commission
Public Authorities
David Bailey
Executive Director, Financial Market Infrastructure, Bank of England
Jochen Metzger
Director General, Payments and Settlement Systems, Deutsche Bundesbank
Verena Ross
Executive Director, ESMA
Industry Representatives
Laurence Caron-Habib
Head of Strategy, Market Intelligence and Public Affairs, BNP Paribas Securities Services
Finbarr Hutcheson
President, ICE Clear Europe
Erik Tim Müller
Chief Executive Officer, Eurex Clearing AG
Roger Nolan
Chief of Staff, LCH Limited

Objectives of the session

This session will focus on the main elements that remain to be defined and implemented regarding the EU post-crisis policy agenda for CCPs i.e. the implementation of EMIR 2.2 and the completion of the EU CCP recovery and resolution (R&R) regime.

Regarding EMIR 2.2, the panel will discuss the main issues that need clarifying at Level 2 and also the temporary measures that have been granted to avoid cliff-edge risks from a no-deal Brexit.

Concerning CCP R&R, the panel will discuss the main issues that remain to be defined for completing the EU CCP R&R regime as well as the interactions of this regime with EMIR 2.2 and with the guidance provided at the international level.

Points of discussion

Implementation of EMIR 2.2

  • What are the main pending issues in the definition of Level 2 EMIR 2.2 requirements (e.g. tiering criteria, comparable compliance…) and the allocation of supervisory responsibilities for systemically important third-country CCPs? Once the review of EMIR is finalized (EMIR 2.2 and Refit) will the EU have delivered on the G20 objectives regarding OTC derivatives?
  • Are the temporary measures put in place by the EU and UK authorities sufficient to avoid potential cliff-edge risks from a no-deal Brexit?

CCP recovery & resolution

  • What are the key factors to ensure an effective CCP R&R and are they appropriately covered in the proposed EU regime? What are the main pending issues (e.g. default vs non-default losses, governance issues, capital requirements…)? What are the possible links and interactions between CCP R&R and EMIR / EMIR 2.2 and do they raise any issues?
  • Is the work underway on CCP R&R at the international level moving in the right direction? Is the EU CCP R&R proposal consistent with this international guidance?