Third Annual Joint Conference of the Deutsche Bundesbank, European Central Bank and Federal Reserve Bank of Chicago on CCP Risk Management
Wednesday, 3 March 2021, 14:00-18:45 CET
Webex event (by invitation only)
Times are Central European Time (UTC+1)
- Online registration
Fabio Panetta, Member of the Executive Board of the European Central Bank
Panel 1: Lessons being learned from the coronavirus (COVID-19) crisis
Margin policy: performance of risk models during the coronavirus (COVID-19) crisis from the perspective of central counterparties (CCPs), clearing members and clients.
Margin procyclicality: pros and cons of the pass-through of CCP intraday margin calls.
Liquidity risk management: access to liquidity in domestic and foreign currencies from funding markets, clearing members and clients; deposit of excess liquidity and cash collateral with clearing members and central banks under stressed market conditions.
Looking ahead: financial and operational risk implications of the unfolding coronavirus (COVID-19) crisis for CCPs, clearing members and clients.
Opening statement by the Chair
Sir Jon Cunliffe, Deputy Governor for Financial Stability at the Bank of England and Chair of the Bank for International Settlements Committee on Payments and Market Infrastructures
- Eileen Kiely, BlackRock – Managing Director
- Agnes Koh, Singapore Exchange – Chief Risk Officer
- Jackie Mesa, Futures Industry Association – Chief Operating Officer and Global Head of Policy
- Hester Serafini, Intercontinental Exchange Clear Europe – President
- William Thum, Vanguard – Principal and Senior Derivatives Counsel
- Coffee break
Panel 2: Climate change risk in financial markets
Supervisory approach to climate change risk.
Impact of climate change risk on financial and operational risk management, and implications for systemic risk.
Voluntary carbon markets and mandatory emissions trading systems; role of carbon accounting in scaling carbon markets.
Role of cash markets and derivatives in price discovery and risk sharing.
CCP approach to climate change in risk models, stress testing and disclosures.
- Rostin Behnam, Acting Chairman of the Commodity Futures Trading Commission
- Alessandro Cocco, Vice President and Head of the Financial Markets Unit at the Federal Reserve Bank of Chicago
- Robert Litterman, Chairman of the Risk Committee and founding partner of Kepos Capital
- Patrick Amis, European Central Bank – Director General of Specialised Institutions and LSIs
- Pauline Engelberts, ABN AMRO Clearing Bank N.V. – Global Chief Operations Officer
- Annette Nazareth, Taskforce on Scaling Voluntary Carbon Markets
- Irina Slinko, Nasdaq Clearing – Chief Risk Officer
- Coffee break
Panel 3: A changing clearing landscape
Ongoing structural changes: regulation, post-Brexit landscape, market fragmentation and technological developments.
Clearing interdependencies and their systemic risk.
Adequacy of supervisory and cooperative frameworks in accommodating ongoing structural changes and related financial stability risks: cross-border cooperation, coordination of supervisory stress testing and crisis management.
Interaction between prudential frameworks for banks and CCPs.
Klaus Löber, Chair of the CCP Supervisory Committee at the European Securities and Markets Authority
- John Berrigan, European Commission – Director General for Financial Stability, Financial Services and Capital Markets Union
- Sunil Cutinho, CME Clearing – President
- Daniel Maguire, LCH Group – Chief Executive Officer
- Erik Müller, Eurex Clearing AG – Chief Executive Officer
- Maggie Sklar, Federal Reserve Bank of Chicago – Senior Policy Advisor
- Dawn Stump, Commodity Futures Trading Commission – Commissioner
Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank
|Venue||Webex event (by invitation only)|