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Securities and derivatives clearing: remaining challenges

Day 2 Morning

Thursday 15 April

Track :

CMU 2.0


Klaus Löber
Chair, CCP Supervisory Committee - European Securities and Markets Authority (ESMA)
Public Authorities
Nathalie Aufauvre
Director General Financial Stability and Operations - Banque de France
Jochen Metzger
Director General, Payments and Settlement Systems - Deutsche Bundesbank
Industry Representatives
Haroun Boucheta
Head of Public Affairs - BNP Paribas Securities Services
Daniel Maguire
Chief Executive Officer, LCH Group and Group Head, Post Trade - London Stock Exchange Group (LSEG)


This session will first discuss the role of central clearing in the development and integration of European capital markets and in supporting the post-Covid recovery and whether further changes are needed in the EU capital market framework for supporting this role.

The panel will also assess the approach that has been put in place for handling the supervision of non-EU CCPs and whether any further measures are needed, taking into account the experience with UK-based CCPs since the end of the Brexit transition and the way EU-UK relations are expected to develop in the clearing space. 

Points of discussion

  1. Clearing in the CMU and the post-Covid recovery: Which role can central clearing play in developing the CMU and in supporting the post-Covid recovery? How may this role be further enhanced? Following the March-April Covid events, does it seem necessary to review certain EMIR rules or measures? What remains to be tackled concerning the EU CCP R&R regime?
  2. Supervision of non-EU CCPs and post-Brexit evolutions: What is the situation after the first weeks of the end of the Brexit transition period concerning UK-based CCPs and have they revealed specific issues or questions? Does EMIR 2.2 provide an appropriate framework for handling the risks posed by third-country CCPs for the EU? How are EU clearing and the interaction with the UK expected to evolve in the medium and long term?