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Fifth Joint Deutsche Bundesbank - European Central Bank - Federal Reserve Bank of Chicago Conference on CCP Risk Management

Date: Thursday, 22 June 2023, 08:00-15:45 CEST
Venue: ECB Main Building, Sonnemannstraße 20, 60314 Frankfurt am Main (by invitation only)

Times are Central European Summer Time (UTC+2)

Summary proceedings
Agenda
08:00-09:00

Registration

09:00-09:05

Welcome remarks

09:05-09:35

Keynote fireside chat

Commissioner Kristin Johnson and Commissioner Summer Mersinger, Commodity Futures Trading Commission (CFTC)

Moderator: 

Alessandro Cocco, Vice President and Head of Financial Markets Group, Federal Reserve Bank of Chicago

09:35-10:50

Session 1: Central clearing in a new technology environment

  • Discussion on new technologies reshaping the post-trading space and CCP operations
  • Implications of new technologies for CCP risk management, in particular for operational risk
  • Incorporating sustainability considerations in relation to new technologies
  • Relevant regulatory developments regarding new technologies
  • Looking ahead: staying fit for the future in a changing technological environment

Moderator:

Fiona van Echelpoel, Deputy Director General, Market Infrastructure & Payments, European Central Bank

Panellists: 

Klaus Löber, Chair of the CCP Supervisory Committee, ESMA

Rob Cairns, Chief Information Officer, Post Trade, LSEG

Jennifer Peve, Global Head of Strategy & Innovation, DTCC

Alison Pugsley, Head of Post Trade Policy, Bank of England

Doanh Le Ngoc, Senior Director of CCP Risk and Bank Capital, FIA

10:50-11:15

Coffee break

11:15-11:30

Keynote speech

Fabio Panetta, Member of the Executive Board, European Central Bank

Central clearing in turbulent times: frontiers in regulation and oversight

11:30-12:45

Session 2: State of clearing in energy markets

  • Main challenges posed by the energy crisis - different perspectives
  • Implications of the energy crisis on the cleared market
  • Measures to stabilize or to improve effectiveness of energy markets
  • Risk management models and their performance under high volatility
  • Lessons learned and looking ahead: areas to monitor and improve

Moderator:

Dirk Schrade, Deputy Director General, Payment & Settlement Systems, Deutsche Bundesbank

Panellists: 

Irina Slinko, Chief Risk Officer, Nasdaq Clearing

Sebastijan Hrovatin, Deputy Head of Unit, Financial Market Infrastructure, European Commission

Thorsten Pötzsch, Chief Executive Director of Securities Supervision, BaFin

Gijs Stroink, Global Director Corporate Hedgers, ABN AMRO Clearing

Karl-Peter Horstmann, Head of Markets Regulation, RWE Supply and Trading

12:45-14:15

Lunch

14:15-15:30

Session 3: CCP Governance

  • New developments in governance rules across jurisdictions
  • CCPs within corporate groups: role, independence, conflict of interest and related governance issues
  • CCP risk committee: role, composition, incentives, and reporting line
  • Issues for risk committee membership: represent firm’s interests, responsible for stability of CCP, or responsible for stability of broader financial system?
Moderator:


Alessandro Cocco, Vice President and Head of Financial Markets Group, Federal Reserve Bank of Chicago

Panellists:

Sean Downey, Managing Director, Clearing Chief Compliance Officer, Enterprise Risk Officer & Head of Policy, CME

Richard Berner, Clinical Professor of Finance and Professor of Management Practice, Co-Director of The Stern Volatility and Risk Institute, NYU Stern

Dmitrij Senko, Member of the Executive Board and Chief Risk Officer, Eurex

Vicky Hsu, Director, Head of EMEA Counterparty Credit Risk, Blackrock

Viktor Vadasz, Executive Director of Resource Optimization, Morgan Stanley

Pui Hoon Loh, Director and Specialist Leader, Markets Policy & Infrastructure, Monetary Authority of Singapore (MAS)

15:30-15:45

Closing remarks

Julian Reischle, Director General, Payment & Settlement Systems, Deutsche Bundesbank

General information
Venue

ECB Main Building, Sonnemannstraße 20, 60314 Frankfurt am Main

Conference language

English

Organisers

Mikaela Åhlén, European Central Bank
Kalina-Maria Andonova, European Central Bank
Nahiomy Alvarez, Federal Reserve Bank of Chicago
Nomaan Chandiwalla, Federal Reserve Bank of Chicago
Alessandro Cocco, Federal Reserve Bank of Chicago
Almudena Culebras García, European Central Bank
Fiona van Echelpoel, European Central Bank
Oliver Hutengs, Deutsche Bundesbank
William Jones, European Central Bank
Susanne Kretschmann, European Central Bank
Simonetta Rosati, European Central Bank
Beatrice Rothenburger, Deutsche Bundesbank
Robert Steigerwald, Federal Reserve Bank of Chicago
Eszter Tanai, European Central Bank
Zhanna Unger, European Central Bank

Contacts

JointCCPConference@ecb.europa.eu