Good morning. First of all, let me start by thanking the team at Eurex for inviting me to speak here today.
This conference comes at a very timely point, just over five years on from the G20 summit in Pittsburgh thatplaced such a significant focus on central clearing. In the EU we also have a new Commission settling in and so it seems an appropriate juncture at which to reflect on the progress of the last five years and thechallenges that lie ahead.
I think we can all agree that the G20 mandate to centralise the clearing of standardised OTC derivatives has increased the systemic importance of CCPs; I will even borrow a phrase I have heard one of my fellowspeakers use previously to note that CCPs are emerging as “super-systemic” institutions, with increasing importance across multiple jurisdictions.
The Bank of England’s perspective on CCP risk management, recovery and resolution arrangements
Speech given at the Deutsche Boerse Group and Eurex Exchange of Ideas conference, London
