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Strengthening EU clearing: what issues and priorities?

Strengthening EU clearing: what issues and priorities?

Day 2 Morning

Thursday 27 April

Room :

ROOM 1

Speakers

Chair
Klaus Löber
Chair, Central Counterparties Supervisory Committee - European Securities and Markets Authority
Public Authorities
John Berrigan
Director General - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Giuseppe Grande
Deputy Head of Market and Payment Systems Oversight - Banca d'Italia
Claudine Hurman
Director Infrastructures, Innovation and Payments - Banque de France
Suyash Paliwal
Director, Office of International Affairs - U.S. Commodity Futures Trading Commission
Industry Representatives
Haroun Boucheta
Head of Public Affairs for Securities Services - BNP Paribas Securities Services
Erik Tim Müller
Chief Executive Officer - Eurex Clearing AG
Daniel Maguire
Group Head, Post Trade & Chief Executive Officer, LCH Group - London Stock Exchange Group

Objectives

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

  1. 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?
  2. 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?