1. 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

2. 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
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Name of the Author

3. 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
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4. 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
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5. 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
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6. 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
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7. Thank you for your attention!
Systemic Risk in Clearing & Settlement – The Eurosystem perspective
Thank you for your attention!
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