On February 26, Fabio Panetta, Executive Board Member at the European Central Bank (ECB), gave a speech on cross-border co-operation within the central counterparty (CCP) community. The speech was given at the Second Joint Bundesbank/ECB/Federal Reserve Bank of Chicago Conference on CCP Risk Management.
In his speech, Mr. Panetta noted that the introduction of mandatory central clearing for over-the-counter (OTC) derivatives has led to a huge growth in central clearing in those markets. He also noted the introduction of the new supervisory framework for CCPs in the revised European Market Infrastructure Regulation (EMIR 2.2). (For more information please see the November 15 edition of Corporate & Financial Weekly Digest).
Mr. Panetta concluded his speech, “We can make significant progress if we take advantage of synergies of expertise and adopt a systemic approach, rather than focusing on defending individual interests.”
The speech is available here.