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Clearing: expected impact of EMIR 3 and issues ahead

Day 2 Morning

Thursday 22 February

Room :



Klaus Löber
Chair, Central Counterparties Supervisory Committee - European Securities and Markets Authority (ESMA)
Public Authorities
Armel Castets
Acting Deputy Director of Corporate Financing and Financial Markets - Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France
Giuseppe Grande
Deputy Head of Market and Payment Systems Oversight - Banca d'Italia
Danuta Hübner
MEP - Committee on Economic and Monetary Affairs, European Parliament
Francesco Mazzaferro
Director General of Secretariat - European Systemic Risk Board (ESRB)
Industry Representatives
Stéphane Giordano
Deputy Head of Public Affairs, Société Générale & Chairman, AMAFI - Société Générale
Isabelle Girolami
Chief Executive Officer, LCH Limited - London Stock Exchange Group (LSEG)
Erik Tim Müller
Chief Executive Officer - Eurex Clearing AG


The objective of this session is to discuss the main impacts expected from the adopted EMIR 3 proposals, the conditions for a successful implementation of these measures  and the priorities for the next European political cycle in the clearing space.

Points of discussion

  1. EMIR 3 agreement on measures to reduce over-reliance on third-country CCPs of substantial systemic importance: What impacts can be expected from the EMIR3 agreement, notably on active accounts? How will the role of the supervisory authorities evolve? What are the main conditions for a successful implementation of the measures adopted?
  2. Procyclicality issues and APC measures at EU and international level: Are the EU measures sufficient? Do they raise any questions and what are the issues to consider for their implementation? What can be expected from the work underway at the international level?
  3. Further issues in the clearing space: Which further issues or trends in the EU clearing ecosystem may need considering in future policy work for the next political cycle related e.g. to digitalisation, operational resilience, NBFI vulnerabilities…?