May 2010
In Global Financial Strategy, May 2010 - Issue II, EuroCCP's CEO Diana Chan says two key provisions are needed to deliver the benefits of interoperability between central counterparties.
www.gfsnews.com/

March 2010
At FT.com's FT Trading Room, EuroCCP CEO Diana Chan discusses competition and the costs of trading in Europe, and how interoperability among CCPs can deliver choice and reduced costs to trading firms.

January 2010
As Europe's securities regulators, equities central counterparties (CCPs) and trading firms work together to design a framework for interoperability between CCPs that is safe, scalable and sustainable, EuroCCP presents a discussion of several options for reducing the liquidity and credit risks in multi-CCP links. In this paper, EuroCCP offers for discussion and consideration four key recommendations. Video: Diana Chan, CEO EuroCCP, on interoperability among CCPs.

January 2010
This presentation, delivered at a briefing in London, reviews the proposals contained in EuroCCP's discussion paper, Recommendations for Reducing Risks Among Interoperating CCPs. The presentation includes graphics illustrating key concepts described in the paper, suggests provisions that could be incorporated in an interoperability convention, and summarises the main issues to be discussed further among market participants.

October 2009
Competition in clearing has been established as a public policy in Europe through the EU Code of Conduct and Guidelines that articulate a high-level framework for interoperability. Interoperability is perceived to be complex and risky, but the nature of its risks is not well understood. This overview serves to demystify interoperability and suggests how it could be made safe.

September 2009
This presentation was delivered in Stockholm just prior to the advent of mandatory clearing on the Stockholm, Copenhagen and Helsinki exchanges. It examines the Nordic region’s adoption of competitive clearing in the context of Europe’s policy evolution on competition and central counterparty interoperability.

August 2009
This paper, first published in November 2008, introduces readers to the risks assumed by a central counterparty and to the usual tools for managing the risks. The paper also explains EuroCCP's approach to risk management, which employs multiple complementary processes to safeguard the integrity of the system.

May 2009
EuroCCP CEO Diana Chan delivered this presentation to the Dutch Advisory Committee Securities Industry. DACSI requested this overview of risk in central counterparty clearing – covering where these risks arise and how they can be managed, what affects a CCP's robustness, and how users, as choosers, can influence the future of clearing in Europe.

April 2009
This presentation, delivered at TradeTech 2009, explains how CCPs manage risks and invites market participants to take an active role in shaping the future of clearing in Europe.

November 2008
This presentation was delivered at a conference organized by Global Investment Technology to a primarily US audience. It provides an overview of the regulatory changes introduced by MiFID, how exchanges have reacted to increased competition, and the structural challenges for clearing and settlement in Europe.

July 2008
This paper presents a comparative analysis of clearing costs for equity trades in Europe. The study calculates and compares the direct costs to market participants of clearing transactions at eight CCPs in Europe, based on fee information publicly available as of 25 June 2008. The study concludes that users would save approximately €350 million annually in direct charges by switching to EuroCCP.

Note: Some CCPs have publicly disagreed with the unit prices attributed to them in the study; however they have not responded to EuroCCP requests to provide alternative unit-price information.