This session will first discuss the potential impact of the measures proposed in December 2022 by the European Commission to strengthen EU clearing (i.e. in terms of competitiveness of the EU clearing ecosystem and of reduction of the exposure of the EU to systemic risks from offshore clearing), potential adjustments that may be needed and the conditions of success of the implementation of these measures.
The panel will also assess the main issues posed by energy and commodity derivative clearing and those associated with margin procyclicality, how they are being tackled by the December 2022 proposals and whether further measures are needed. Finally, the panel will consider further opportunities and challenges that need taking into account in the clearing space such as digitalization.
Points of discussion
- Will the EMIR review proposals of December 2022 contribute to increasing the competitiveness of the EU clearing ecosystem? Will they reduce the exposure of the EU to systemic risks from offshore clearing? What are the conditions of success of these measures and are any adjustments needed to the proposals made?
- Will the main issues posed by energy and commodity derivative clearing be tackled by the December 2022 proposals? What impact can be expected from a possible energy price cap or market correction mechanism on CCP clearing? Are additional measures needed to address margin procyclicality? What are the main opportunities and challenges related to digitalization and the use of new technologies such as blockchain in the clearing space? Are there further trends and challenges that need considering in the EU clearing ecosystem?