Speakers of the session
John BerriganEuropean Commission, Deputy Director-General, Directorate-General for Financial Stability, Financial Services and Capital Markets Union
David BaileyBank of England, Executive Director, Financial Market Infrastructure
Jochen MetzgerDeutsche Bundesbank, Director General, Payments and Settlement Systems
Verena RossEuropean Securities and Markets Authority, Executive Director
Laurence Caron-HabibBNP Paribas Securities Services, Head of Strategy, Market Intelligence and Public Affairs
Finbarr HutchesonIntercontinental Exchange, President, ICE Clear Europe
Erik Tim MüllerEurex Clearing AG, Chief Executive Officer
Roger NolanLCH Limited, Chief of Staff
Objectives of the sessionThis session will focus on the main elements that remain to be defined and implemented regarding the EU post-crisis policy agenda for CCPs i.e. the implementation of EMIR 2.2 and the completion of the EU CCP recovery and resolution (R&R) regime.
Regarding EMIR 2.2, the panel will discuss the main issues that need clarifying at Level 2 and also the temporary measures that have been granted to avoid cliff-edge risks from a no-deal Brexit.
Concerning CCP R&R, the panel will discuss the main issues that remain to be defined for completing the EU CCP R&R regime as well as the interactions of this regime with EMIR 2.2 and with the guidance provided at the international level.
Points of discussionImplementation of EMIR 2.2
- What are the main pending issues in the definition of Level 2 EMIR 2.2 requirements (e.g. tiering criteria, comparable compliance...) and the allocation of supervisory responsibilities for systemically important third-country CCPs? Once the review of EMIR is finalized (EMIR 2.2 and Refit) will the EU have delivered on the G20 objectives regarding OTC derivatives?
- Are the temporary measures put in place by the EU and UK authorities sufficient to avoid potential cliff-edge risks from a no-deal Brexit?
CCP recovery & resolution
- What are the key factors to ensure an effective CCP R&R and are they appropriately covered in the proposed EU regime? What are the main pending issues (e.g. default vs non-default losses, governance issues, capital requirements…)? What are the possible links and interactions between CCP R&R and EMIR / EMIR 2.2 and do they raise any issues?
- Is the work underway on CCP R&R at the international level moving in the right direction? Is the EU CCP R&R proposal consistent with this international guidance?