European Association of CCP Clearing Houses

Transcription

1 European Association of CCP Clearing Houses

2 Contents 1. Who We Are 2. What We do 3. Executive Committee 4. Policy and Risk Committee 5. Securities and Operations Working Group 6. EACH Membership 7. Recent Publications

3 1. Who We Are Founded in 1992 A Belgian not-for-profit organization (AISBL) Representation of CCP Clearing Houses in Europe Membership is open for CCPs based in Europe and incorporated as CCPs in their home countries EACH membership comprises 22 CCPs incorporated in 16 European Countries

4 1. Who We Are EACH Members demonstrates diversity in terms of: Geography Service offering Corporate Structure Wide spectrum of CCP clearing, ranging across multiple asset classes: Agriculture Metals Energy Fixed Income Listed Derivatives OTC Derivatives Cash equities Repos Money Market Instruments FX etc.

5 2. What We Do EACH works with public authorities and representatives from the financial industry on a broad range of issues. EACH offers the consolidated opinion of our membership in regulatory discussions and consultations, and helps member CCPs to agree appropriate standards and guidelines. In 2001 EACH developed risk management standards for CCP clearing houses that formed the base of subsequent recommendations and standards issued by regulatory authorities worldwide. It also provides a forum for the exchange of views between CCP representatives, fostering circulation of ideas and acting as a catalyser for the diffusion of best practices in clearing and in risk management.

6 2. What We Do Addressing a number of issues regarding OTC derivative clearing, Working with the European Securities and Markets Authority (ESMA), European Banking Authority (EBA) and national supervisory authorities on the European Market Infrastructure Regulation (EMIR) and other regulatory proposals e.g. the proposed Capital Requirements Directive (CRDIV) on CCP exposures. Contributing to the development of the Principles on Financial Market Infrastructures recently issued by CPSS-IOSCO and to the new Basel III framework of capital requirements for banks.

7 3. Executive Committee The work of the Association is directed by an Executive Committee, which consists of the Chairman, the Treasurer and four other Executive Committee Members. The current Executive Committee members were elected at the EACH General Meeting in Barcelona in February 2012 for a period of two years.

8 3. Executive Committee Marcus Zickwolff Eurex Clearing AG EACH Chairman Ann Flodström SIX x-clear EACH Treasurer Perrine Herrenschmidt LCH.Clearnet Ltd Bhagwant Singh EuroCCP Marco Polito CC&G Ignacio Solloa MEFF

9 4. Policy and Risk Committee In July 2007 EACH established a Policy and Risk Committee to ensure ongoing communication between its members on risk management issues and to discuss and analyse risk techniques and developments. The Committee is the principal forum for the development of collective views on regulatory proposals and common positions on core aspects of CCP risk management.

10 5. Securities and Operations Working Group The Securities Operations Working Group is dealing with all operational matters arising around T2S, defining EACH position with regard to T2S issues, dealing with all securities operational issues arising from harmonisation initiatives, especially related to Giovannini barriers and ensuring active EACH participation in T2S Working Group Meetings: Advisory Group by EACH nominee Change Request Group (CRG) by EACH nominee CSD Steering Group (CSG) by EACH nominee Harmonisation Steering Group (HSG) by EACH nominee Corporate Action Sub-Group (CASG) by EACH nominee Sub Group Message Standardization (SGMS) by EACH nominee User Testing Migration Subgroup (UT & MIG) by EACH nominee National user Groups by respective local CCP Subgroups/working groups by nominated CCP

11 4. Working Group on EMIR Trade Reporting for CCPs The Working Group on EMIR Trade Reporting: Analyses the EMIR Trade Reporting requirements for CCPs (ETD and OTC cleared). Exchanges experiences on EMIR Trade Reporting implementation process. Reaches consensus on what and how CCPs must report to comply with EMIR in order to ensure consistent interpretation across the CCP community (both field interpretation and workflows). Liaises with Clearing Members and market participants via industry bodies, e.g. FOA and ISDA (as appropriate) to ensure consistency of approach. Forges constructive dialogue with ESMA and National Competent Authorities on EMIR Trade Reporting requirements for CCPs. Defines EACH position in response to any additional guidance drafted by ESMA / National Competent Authority on EMIR Trade Reporting (Q&As, reporting scenarios etc).

12 5. The EACH Membership ATHEXClear S.A., Greece CC&G (Cassa di Compensazione e Garanzia S.p.A.), Italy CCP Austria, Austria CME Clearing Europe, United Kingdom CSD and CH of Serbia, Serbia ECC (European Commodity Clearing AG), Germany EMCF (European Multilateral Clearing Facility), The Netherlands EurexClearing AG, Germany EuroCCP (European Central Counterparty Ltd), United Kingdom ICE Clear Europe, United Kingdom IRGiT S.A. (Warsaw Commodity Clearing House), Poland KDPW_CCP S.A., Poland KELER CCP Ltd., Hungary LCH.ClearnetLtd, United Kingdom LCH.Clearnet SA, France MEFF, Spain NASDAQOMX, Sweden National Clearing Centre (NCC), Russia NOS Clearing ASA, Norway OMIClear, Portugal Oslo Clearing ASA, Norway SIX x-clear AG, Switzerland

13 6. Recent Publications EACH Press Release - European electricity and gas sector welcomes adoption of anti-vatfraud package by ECOFIN Council EACH Press Release - EACH urges regulators to exempt CCPs bail-in provisions of BRR framework proposal CCP's perspective on Disclosure Press release to support anti VAT fraud package by Irish Council Presidency / European Commission EACH Press Release - Collateral Initiatives Coordination Forum (CICF) calls for urgent focus on collateral fluidity Response to the BCPS-ISSCO Consultative document entitled "Margin Requirements for Non-Centrally-Cleared Derivatives" Response to the CPSS-IOSCO Consultative entitled "Recovery and Resolution of Financial Market Infrastructures" EACH comments on ESMA draft Technical Standards Consultation Paper EACH comments on EBA draft Technical Standards Consultation Paper EACH comment on the proposal for a directive on bank recovery and resolution EACH comments on Green Paper on Shadow Banking EACH Paper on Best Practices for CCP Stress Testing

14 Thank you For further information, visit