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Clearing: which priorities beyond the implementation of EMIR3 to increase EU clearing competitiveness and mitigate risks?​​

Clearing: which priorities beyond the implementation of EMIR3 to increase EU clearing competitiveness and mitigate risks?​​

Day 2 Afternoon

Thursday 12 September

Room :

ROOM 1

Speakers

Chair
Klaus Löber
Chair, Central Counterparties Supervisory Committee - European Securities and Markets Authority (ESMA)
Public Authorities
Emmanuelle Assouan
General Director Financial Stability and Operations - Banque de France
Martin Merlin
Director, Banking, Insurance and Financial Crime - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Chiara Scotti
Deputy Governor - Banca d'Italia
Industry Representatives
Niels Brab
Corentine Poilvet-Clediere
Head of RepoClear and Collateral and Liquidity Management - London Stock Exchange Group (LSEG)
Vincent Remay
Advisor to the Chairman - Tradition

Objectives

The objective of this session is to discuss the priorities for the next European political cycle in the clearing space.

This session will be organised in two rounds. The first round will take stock of the expected impacts of the EMIR 3 measures adopted and discuss the conditions for a successful implementation of EMIR 3 (e.g. key aspects remaining to be clarified and specified in the level 2). In the second round, the panel will discuss the main priorities for the incoming Commission in the area of clearing beyond EMIR 3 (e.g. implications of the ongoing discussions on the future steps of the CMU, trends or changes in the EU clearing space that may need considering in future policy work, risks and financial stability issues remaining to be tackled…).

Points of discussion

  • Implementation of EMIR 3: Will the adopted EMIR 3 requirements help to significantly enhance the competitiveness of EU clearing and the mitigation of systemic risks? Are there key issues remaining to be clarified for preparing the implementation of EMIR 3? What are the conditions for a successful implementation of the EMIR 3 requirements?
  • Priorities for the incoming Commission beyond EMIR 3: What are the implications for clearing of the ongoing discussions on the future of CMU and the proposals made in the reports on the future steps of CMU (e.g. in terms of strengthening EU level supervision, further integrating post-trading infrastructure…)? Which further issues or trends in the EU clearing ecosystem may need considering in future policy work for the next political cycle? Should more be done to address risks and financial stability challenges in the clearing space?