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Senior European Central Bank Executive Details Perspective on Risks Associated with CCPs
Senior European Central Bank Executive Details Perspective on Risks Associated with CCPs
by
Andrew Saks McLeod
As Europe's institutional OTC derivatives industry gears up to follow in the footsteps of the United States by implementing CCPs, ECB executive Benoit Coeure speaks out on his reservations regarding potential pitfalls.
Parameters by which institutional FX firms operate in different regions are becoming increasingly standardized, with the United States' government having spent last year ensuring companies operating on American soil had embraced the concept of processing OTC derivatives trades via central counterparties as part of the Dodd-Frank Act's remit in creating greater transparency regarding the method by which business is conducted.
Whilst American companies have already put this in place due to the full regulatory obligations having been finalized last year, with post-trade processing firms providing an entire infrastructure for this purpose, their European counterparts are embarking on a similar process, in accordance with the European Market Infrastructure Regulation (EMIR) which is beginning to be set into force by the European Parliament.
Today, Beniot Coeure, Member of the Executive Board of the European Central Bank, has divulged the full content of the airing of his views which took place during a policy panel last Thursday, organized by the Office of Financial Research and Financial Stability Oversight Council in Washington DC, by providing the information to the Bank for International Settlements, which subsequently published it in full.
CCPs Supplant Alternative Bilateral Arrangements
Mr. Coeure began by explaining that, "Central Counterparties (CCPs) play a key role in the financial markets by managing and structuring a complex web of counterparty risk. As such, risks in CCPs are of interest to CCPs themselves, their clearing members and the regulators who supervise them.
What I would like to do in my brief introductory remarks is therefore not only to focus on the risks in CCPs, but also and importantly on the risk of CCPs."
He then emphasized to the panel that, "The growing importance of CCPs certainly brings a number of important benefits that alternative bilateral arrangements could not do to the same extent. However, the rise of central clearing may also be accompanied by some unintended side effects that need to be addressed."
"With the forthcoming implementation of the central clearing requirement for standardized OTC derivatives contracts," continued Mr. Coeure, "The volume of transactions cleared by a CCP will rise significantly also in that market segment over the coming years."
Mr. Coeure then referred to a recent extrapolation of statistics on the matter, confirming that, "A recent quantitative impact study run by the Working Group on Margining Requirements of the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) estimated that the global volume of centrally cleared OTC derivatives could rise from a notional value of $142.7 trillion, or around 28% of OTC derivatives traded, to $268 trillion after migration to the clearing requirement, or 53% of OTC derivatives traded. All these figures quite forcefully demonstrate the increasing systemic importance of CCPs."
"A factor contributing to this concentration may be higher compliance burdens, where only the very largest of firms are capable of taking on cross-border activity. This concentration creates a higher degree of dependency on this small group of firms."
In criticism of the existence of just a handful of firms in this sector, Mr. Coeure stated that, "There are also concerns about client access to this limited number of firms offering client clearing services. For example, there is some evidence of clearing firms "cherry picking" clients, while other end-users are commercially unattractive customers and hence unable to access centrally cleared markets."
Mitigating Disruption
With regard to the potentially hazardous aspects of channeling order flow through CCPs, Mr. Coeure advised the panel that cautionary steps should be considered by market participants, citing regulatory reform as not only a contributing factor toward sustainability, but also a potential bugbear.
He explained in detail five matters to bear in mind relating to this matter, "First of all, and perhaps most obviously, the growing reliance and importance of CCPs calls for higher risk management standards, which has led to the revision of the CPSS-IOSCO Principles for financial market infrastructures, specifying a number of new and/or more demanding requirements for CCPs.
"Third, given the dramatic consequences that a CCP default would have for financial stability, it is vital that there are robust recovery and resolution regimes for CCPs. The CPSS-IOSCO and Financial Stability Board (FSB) have made good progress to that end," continued Mr. Coeure, leading him onto the fourth point, about which he explained that, "It is important to react swiftly to any structural developments that may cause systemic disruption. The FSB and the standard-setting bodies, in particular the CPSS, continuously monitor any such developments to that end."
"Finally," added Mr. Coeure,"I would not exclude that there could be a need for further adaptations and guidance on some selected regulatory requirements for CCPs if needed to ensure cross-border consistency in regulation. In addition to the recognition processes by individual jurisdictions, the ongoing monitoring by the CPSS-IOSCO of the implementation of the Principles for financial market infrastructures provides an opportunity to identify possible inconsistencies at a global level."
During his conclusion, Mr. Coeure stated that he understands the efforts being made to facilitate an international standardization of regulatory parameters, he signed off by explaining to the panel that, " It strikes me however that further efforts are needed to be able to cope with CCP default, to address risks associated with changes in market structures, and to remove cross-border differences in regulation where needed.
Parameters by which institutional FX firms operate in different regions are becoming increasingly standardized, with the United States' government having spent last year ensuring companies operating on American soil had embraced the concept of processing OTC derivatives trades via central counterparties as part of the Dodd-Frank Act's remit in creating greater transparency regarding the method by which business is conducted.
Whilst American companies have already put this in place due to the full regulatory obligations having been finalized last year, with post-trade processing firms providing an entire infrastructure for this purpose, their European counterparts are embarking on a similar process, in accordance with the European Market Infrastructure Regulation (EMIR) which is beginning to be set into force by the European Parliament.
Today, Beniot Coeure, Member of the Executive Board of the European Central Bank, has divulged the full content of the airing of his views which took place during a policy panel last Thursday, organized by the Office of Financial Research and Financial Stability Oversight Council in Washington DC, by providing the information to the Bank for International Settlements, which subsequently published it in full.
CCPs Supplant Alternative Bilateral Arrangements
Mr. Coeure began by explaining that, "Central Counterparties (CCPs) play a key role in the financial markets by managing and structuring a complex web of counterparty risk. As such, risks in CCPs are of interest to CCPs themselves, their clearing members and the regulators who supervise them.
What I would like to do in my brief introductory remarks is therefore not only to focus on the risks in CCPs, but also and importantly on the risk of CCPs."
He then emphasized to the panel that, "The growing importance of CCPs certainly brings a number of important benefits that alternative bilateral arrangements could not do to the same extent. However, the rise of central clearing may also be accompanied by some unintended side effects that need to be addressed."
"With the forthcoming implementation of the central clearing requirement for standardized OTC derivatives contracts," continued Mr. Coeure, "The volume of transactions cleared by a CCP will rise significantly also in that market segment over the coming years."
Mr. Coeure then referred to a recent extrapolation of statistics on the matter, confirming that, "A recent quantitative impact study run by the Working Group on Margining Requirements of the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) estimated that the global volume of centrally cleared OTC derivatives could rise from a notional value of $142.7 trillion, or around 28% of OTC derivatives traded, to $268 trillion after migration to the clearing requirement, or 53% of OTC derivatives traded. All these figures quite forcefully demonstrate the increasing systemic importance of CCPs."
"A factor contributing to this concentration may be higher compliance burdens, where only the very largest of firms are capable of taking on cross-border activity. This concentration creates a higher degree of dependency on this small group of firms."
In criticism of the existence of just a handful of firms in this sector, Mr. Coeure stated that, "There are also concerns about client access to this limited number of firms offering client clearing services. For example, there is some evidence of clearing firms "cherry picking" clients, while other end-users are commercially unattractive customers and hence unable to access centrally cleared markets."
Mitigating Disruption
With regard to the potentially hazardous aspects of channeling order flow through CCPs, Mr. Coeure advised the panel that cautionary steps should be considered by market participants, citing regulatory reform as not only a contributing factor toward sustainability, but also a potential bugbear.
He explained in detail five matters to bear in mind relating to this matter, "First of all, and perhaps most obviously, the growing reliance and importance of CCPs calls for higher risk management standards, which has led to the revision of the CPSS-IOSCO Principles for financial market infrastructures, specifying a number of new and/or more demanding requirements for CCPs.
"Third, given the dramatic consequences that a CCP default would have for financial stability, it is vital that there are robust recovery and resolution regimes for CCPs. The CPSS-IOSCO and Financial Stability Board (FSB) have made good progress to that end," continued Mr. Coeure, leading him onto the fourth point, about which he explained that, "It is important to react swiftly to any structural developments that may cause systemic disruption. The FSB and the standard-setting bodies, in particular the CPSS, continuously monitor any such developments to that end."
"Finally," added Mr. Coeure,"I would not exclude that there could be a need for further adaptations and guidance on some selected regulatory requirements for CCPs if needed to ensure cross-border consistency in regulation. In addition to the recognition processes by individual jurisdictions, the ongoing monitoring by the CPSS-IOSCO of the implementation of the Principles for financial market infrastructures provides an opportunity to identify possible inconsistencies at a global level."
During his conclusion, Mr. Coeure stated that he understands the efforts being made to facilitate an international standardization of regulatory parameters, he signed off by explaining to the panel that, " It strikes me however that further efforts are needed to be able to cope with CCP default, to address risks associated with changes in market structures, and to remove cross-border differences in regulation where needed.
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#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
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▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔