Your browser does not support JavaScript!
EU clearing competitiveness and resilience

EU clearing competitiveness and resilience

Day 2 Afternoon

Thursday 10 April

Room :

ROOM 1

Speakers

Chair
Klaus Löber
Chair, Central Counterparties Supervisory Committee - European Securities and Markets Authority (ESMA)
Public Authorities
Frédéric Hervo
Deputy General Secretary - Autorité de Contrôle Prudentiel et de Résolution (ACPR)
Giuseppe Grande
Deputy Head of Market and Payment Systems Oversight - Banca d'Italia
Industry Representatives
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)
Niels Brab
Chief of Staff/Head of Group Corporate and Regulatory Strategy - Deutsche Börse Group
Vincent Remay
Advisor to the Chairman - Tradition

Objectives

The objective of this session is to discuss the next steps of the EMIR 3 implementation and the priorities for the new European political cycle in the clearing space.This session will be organised in two rounds. The first round will discuss key aspects remaining to be clarified and specified in the EMIR 3 level 2 standards (e.g. regarding active account requirements, supervisory procedures…) and the conditions for the successful implementation of EMIR 3 requirements. In the second round, the panel will discuss further issues that are currently being assessed in the clearing space beyond the implementation of EMIR 3, following notably the recently published SIU Strategy and the Draghi and Letta reports (e.g. supervisory coordination for EU CCPs, possible additional measures to foster market integration and mitigate systemic risks,  implications of T+1 settlement for central clearing…).

Points of discussion

  • Implementation of EMIR 3: What are the key issues remaining to be clarified or specified for the implementation of EMIR 3? What are the conditions for ensuring that the EMIR 3 requirements can increase the attractiveness of the EU clearing ecosystem and reduce unnecessary burden, without compromising the proper mitigation of systemic risks?
  • Priorities for the new political cycle beyond EMIR 3: What are the implications for clearing and the EU supervisory framework of the proposals made for the next steps of the SIU and the Draghi and Letta reports? What are the expected impacts of the shift to T+1 settlement in the clearing space? Are further measures needed to tackle financial stability risks and foster integration in the clearing space?