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Strengthening EU clearing: key issues and priorities

Strengthening EU clearing: key issues and priorities

Day 2 Morning

Thursday 08 September

Room :

CONGRESS HALL 1

Speakers

Public Authoritiess
Julian
Director General Payments and Settlement Systems - Deutsche Bundesbank
Klaus
Chair, CCP Supervisory Committee - European Securities and Markets Authority (ESMA)
Paulina
Director for General Affairs - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Simon
Director for Financial Markets Infrastructure - Bank of England
Industry Representativess
Christophe
Head of Global Markets Regulatory - BNP Paribas
Daniel
Group Head, Post Trade & Chief Executive Officer, LCH Group - London Stock Exchange Group (LSEG)
Erik Tim
Chief Executive Officer - Eurex Clearing
José Manuel
Head Clearing & Repo Operations - SIX

Objectives of the session

The objective of this session is to discuss the measures currently envisaged to review the central clearing framework in the EU in order to strengthen the EU clearing capacity, reduce the over-reliance of the EU on UK-based CCPs and mitigate potential financial stability risks in the EU stemming from central clearing.

The panel will first debate the proposals made to increase the attractiveness of the EU clearing ecosystem and reduce exposures to Tier 2 CCPs and secondly the possibility and need of developing the role of EU-level supervision for EU CCPs.

Points of discussion

  1. Proposals for strengthening EU clearing: What are the priorities for increasing the capacity of the EU clearing ecosystem and reducing exposures to Tier 2 CCPs and how feasible is it? What are the expected benefits and possible downsides? How to ensure an appropriate balance between the objective of enhancing the competitiveness of EU CCPs and appropriate risk reduction?
  2. Improving the supervision of EU CCPs: What are the strengths and shortcomings of the current supervisory approach to CCPs in the EU? Would a stronger role of EU-level supervision contribute to enhancing the EU clearing ecosystem and if so in which areas? What improvements of the EU supervisory framework may make clearing in the EU more attractive (e.g. in terms of streamlining)?