Systemic Risk in Clearing & Settlement – The Eurosystem perspective

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Presentation transcript:

Systemic Risk in Clearing & Settlement – The Eurosystem perspective ] Chiara Zilioli Director General Directorate General Legal services European Central Bank Systemic Risk in Clearing & Settlement – The Eurosystem perspective 08 December 2016 IOSCO/PIFS - Harvard Law School

Location, Overview Part I: The Eurosystem’s interest the preservation of systemic stability – the triple role of the ECB and the Eurosystem in preventing systemic risk Part II: Focus on CCPs and risk mitigation CCP access to Eurosystem central bank liquidity Outline of the new European regime on the recovery and resolution of CCPs Recognition of third-country CCPs Enter presentation title by changing the footer. Name of the Author

The ECB and the Eurosystem as catalysts: the example of T2S Part I - Eurosystem and the preservation of systemic stability: an overview The ECB and the Eurosystem’s triple role in the preservation of systemic stability: The ECB and the Eurosystem as operators of systems: the example of TARGET2 The ECB and the Eurosystem as overseers of systems: Oversight policy framework The ECB and the Eurosystem as catalysts: the example of T2S Enter presentation title by changing the footer.

Outline of CCP access to central bank liquidity – Part II – CCP access to central bank liquidity Outline of CCP access to central bank liquidity – - Euro area CCP with a banking licence; - Euro area CCPs without a banking licence; - Non Euro-area CCPs Concluding remarks Enter presentation title by changing the footer.

Background: The rationale for a dedicated R&R regime for CCPs Part II (cont.) – New EU regime on the recovery and resolution of CCPs Background: The rationale for a dedicated R&R regime for CCPs Outline of the new regime and high-level observations – - Choice of legal act: why a Regulation? Set-up of the new regime: similarities and differences from BRRD; Scope of the proposal: exemptions for the benefit of the NCBs? Role for the national resolution authorities? Resolution colleges Cross-border recognition and enforcement of Resolution decisions Enter presentation title by changing the footer.

Background: EMIR’s third country recognition regime Part II (cont.) – Recognition regime for third country CCPs Background: EMIR’s third country recognition regime Outline of recognition process, and the role of the European Commission and the ESMA; EU-US equivalence: an outline and remaining risks UK-based CCPs and Brexit: move from EU member to third country recognition process Enter presentation title by changing the footer.

Thank you for your attention! Systemic Risk in Clearing & Settlement – The Eurosystem perspective Thank you for your attention! Enter presentation title by changing the footer.