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CCP12 - The Global Association of Central Counterparties – held its Virtual 2020 Special General Meeting (SGM).
In the second virtual Meeting of the General Assembly in 2020, CCP12 Members acknowledged the progress report and the updated work plan for the upcoming year. The four Working Committees of CCP12 presented its recent publications, including the CCP12 Primer on Credit Stress Testing, the enhanced CCP12 Public Quantitative Disclosure documents, and discussed upcoming releases and future projects. In the second half of the meeting, CCP12 welcomed policy experts from the official sector for a discussion on market developments.
Furthermore, CCP12 members accepted IZBA ROZLICZENIOWA GIEŁD TOWAROWYCH S.A. (IRGiT), a Polish Clearing House for Commodities, as a Primary Member of CCP12 effective 1st January, 2021. CCP12 will have then 36 Primary Members and 2 Observer Members. Muqassa participated in the General Meeting as a Primary Member, having joined in CCP12 in September 2020.
“2020 has been a very active year to date and all of the CCP12 members have contributed to safer, more robust and resilient financial markets. The association has acted as a link between the global membership and ensured an international exchange and distribution of information and best practices.” said Mr. Kevin McClear, Chairman of CCP12.
“2020 has been a turbulent and tragic year, and our community is hopeful that global health and wellbeing challenges are tackled decisively. As far as the central clearing ecosystem is concerned, the dramatic market conditions and operational constraints were a real stress test. These shocks have once again proved the powerful value of CCP risk management, as well as the adaptability and resilience of individual CCPs. The CCP12 community can be proud of their achievements, and I look forward to continuing our collective work and exchanges to maintain and safeguard these high standards.” said Mr. Teo Floor, CEO of CCP12.
