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Enhancing central clearing in the EU: are the priorities being tackled? (EMIR review, margin procyclicality, mandatory accounts, new market trends…) ?

Day 2 Morning

Thursday 14 September

Room :



Nicoletta Giusto
Independent Member CCP Supervisory Committe - European Securities and Markets Authority (ESMA)
Public Authorities
Piero Cipollone
Deputy Governor - Banca d'Italia
Fiona Van Echelpoel
Deputy Director General, DG Market Infrastructure & Payments - European Central Bank (ECB)
Eva Wimmer
Director General - Federal Ministry of Finance, Germany
Industry Representatives
Patricia Bogard
Head of Public Affairs - Crédit Agricole CIB
Stéphane Giordano
Deputy Head of Public Affairs, Société Générale & Chairman, AMAFI - Société Générale
Julien Jardelot
Head of Government Relations & Regulatory Strategy, Europe - London Stock Exchange Group (LSEG)
Erik Tim Müller
Chief Executive Officer - Eurex Clearing AG


The objective of this session is to discuss key proposals of the EMIR 3 review aiming to strengthen EU clearing and identify further issues that may need to be addressed in the EU clearing space in future policy work.

The first round of discussion will focus on the active account requirements proposed and the measures put forward for strengthening the supervision of EU and third-country CCPs. The second round will assess remaining issues to be addressed regarding energy markets and margin requirements, as well as other trends and issues in the clearing space that may be relevant from a policy perspective (access to central bank liquidity, clearing of crypto assets…).

Points of discussion

  1. What are the main pending questions regarding the EMIR 3 proposals for strengthening the EU clearing ecosystem and reducing the over-reliance on offshore clearing and how may they be addressed? In particular what are the main questions remaining to be tackled concerning the active account requirement and does it need adjusting? Are there any outstanding issues with regard to the measures to improve CCP supervisory processes in the EU?
  2. Are there any pending questions regarding the EMIR 3 proposals for energy and commodity derivative clearing? Can margin procyclicality issues be tackled with the measures proposed? Which further trends in the EU clearing ecosystem may need considering in future policy work?