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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?