23 June 2011
Event: FPL EMEA Quarterly meeting
Clearing and CCPs
Through speeches, presentations, studies and other outreach, EuroCCP contributes to market participants' understanding of the clearing industry and how central counterparties (CCPs) mitigate risks, for individual firms and for the financial system overall. The presentations and papers provided here, a selection of materials produced by EuroCCP, offer an overview of the important issues related to clearing in Europe and how market participants can help shape the future.
Webcast: FPL EMEA Quarterly Meeting
Changing Landscapes in Equities Clearing
4 May 2011
Presentation by Trevor Spanner at FYI event in Copenhagen
Event: FYI
CCP Risk Management: The "Default Waterfall"
25 March 2011
Presentation by Diana Chan at the Incisive training event - Clearing and Settling OTC derivatives.
Event: Clearing and settling OTC derivatives
Global Financial Market Structure: Market Dynamics and Trends
September 2010
Presentation by Andrew Simpson, at the ALFI 19th Annual Global Investment Funds Forum
Competitive Clearing: Why Multiple CCPs?
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.
Risk Management in Central Counterparty Clearing
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.
How Much Should You Pay for Clearing?
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.
European Trading and Settlement Landscape: A CEO's Perspective
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.
The Clearing Industry in Europe: Cost Comparison
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.
