CCP12 - The Global Association of Central Counterparties – held its Virtual 2021 Annual General Meeting (AGM).
In the 2021 virtual Meeting of the General Assembly, CCP12 Members approved the 2020 audit report and the updates CCP12 Bylaws, acknowledged the progress report and the work plan for the upcoming years and approved the budget plan for 2022. The four Working Committees of CCP12 presented their work, and recent publications, including the CCP12 Policy Perspective on the implementation timeline for the Basel III Standards, the updated PQD FAQ Guide, and joint work with EACH, FIA, and ISDA on CCPs’ default management auctions on category 1 topics.
In a second session next week, CCP12 welcomes experts from the public sector for an informal discussion on market developments, best practices, and policy issues.
Furthermore, CCP12 members discussed the membership application of Dubai Clear LLC, a new established CCP for Equities in Dubai. The General Assembly accepted Dubai Clear as a Primary Member of CCP12, bringing the total membership to 38.
“CCP12 had a very successful start into 2021 and we are excited about tackling the ambitious work plan as laid out to the membership to achieve the main goal of the association: to contribute to safer, more robust and resilient financial markets. We are delighted to welcome Dubai Clear as a Primary Member of CCP12 and look forward to a great cooperation.” said Mr. Kevin McClear, Chairman of CCP12.
“Receiving this membership from the CCP12 is an important milestone in our strategic direction to be recognized in this esteemed global association. We look forward to working closely with our peers in the association to share our experiences, gain insights to best practices adopted to grow our CCP services across the region and reinforce safety and confidence in clearing and settlement for our marketplace.” said Mrs. Maryam Fekri, CEO of Dubai Central Clearing and Depository Holding LLC and Senior Advisor to Dubai Clear.
“It was a delight to bring all our members together for another AGM, and discuss the outlook for central clearing, and our workplan. The uncertainties across the globe and markets imply great value for the transparency and risk management enabled by CCPs, but also necessitates thoughtful discussions and collaboration across our global community and its stakeholders. I look forward to the next year of cooperation across our growing membership.” said Mr. Teo Floor, CEO of CCP12.
