The Global Association of Central Counterparties met in Athens from the 27th to the 31st of May 2024.
The Annual General Meeting on the 30th of May saw discussions between members including Working Committee updates, the evaluation of the 2024-2025 workplan, and the assessment of future goals within the organisation.
The result of the Executive Committee (“ExCo”) elections were announced. Slawomir Panasiuk from KDPW chose not to run following years of dedicated service, and the association extends its gratitude and best wishes for the future. Pablo Rodríguez Elorza from Comder joined the ExCo.
The remaining Executive Committee representatives were all re-elected.
Kevin McClear from ICE stepped down as Chair of CCP Global, after leading the association over two terms. The association is very grateful for his time as Chair and is pleased that he and ICE remain as ExCo member.
Lee Betsill from CME was elected as Chair of CCP Global. This will be his second time occupying this role, and the association is very happy to have his time and expertise as Chair again.
“It has been an pleasure to serve as Chair over the last four years. We have been able to grow and develop the association to what it is today, receiving some very encouraging feedback and attention from regulators and industry participants. I want to express my sincerest gratitude to all CCP Global members, the staff, and especially the rest of the Executive Committee for their overwhelming support during these past four years. I am glad to hand over the role to such a suitable and capable successor, as the ExCo will be in very good hands with Lee.” Said Kevin McClear.
“It is a great pleasure and honour to lead the Executive Committee again. I would like to thank Kevin for his long standing contribution to the association and the industry in general, as well as the rest of the Executive Committee for their support in the re-election. We have important work to undertake in future, and I look forward to our memberships’ engagements. The ongoing development of best practices by CCP Global is truly an asset to the market ecosystem.” Said Lee Betsill.
During this hybrid meeting, the members welcomed Cboe Clear Europe, previously an Observer Member, to become a Primary Member. This change expands the association's roster to a total of 39 Primary Members and 3 Observer Members. Cboe Clear Europe is one of the most connected CCPs in Europe and is approved to clear cash equities, depositary receipts, ETFs and equity derivatives (index futures and options, and single-stock options). The company enables Clearing Participants to manage their counterparty credit risk and also to maximise operational efficiencies through automated processing and the provision of netting opportunities. Headquartered in Amsterdam, Cboe Clear Europe is regulated by De Nederlandsche Bank and by Autoriteit Financiële Markten, and is owned by Cboe Global Markets.
As CCP Global aligned its AGM to IOSCO’s General Meeting, the association was delighted to meet with Hellenic Capital Market Commission (HCMC) Chair Vasiliki Lazarakou, Securities and Exchange Board of India (SEBI) Chair Madhabi Puri Buch, and International Organization of Securities Commissions (IOSCO) Chair Jean-Paul Servais, Acting Secretary-General Tajinder Singh, and Chief of Staff Kris Nathanail. The association warmly welcomed the opportunity to host a fireside chat with Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam. Klaus Lober, Chair of the CCP Supervisory Committee at the European Securities Markets Authority (ESMA) opened the AGM with his keynote speech. The participants discussed CCP Global’s latest initiatives and future projects, reinforcing the association's commitment to promoting efficient, resilient, and transparent global markets.
CCP Global also held a workshop amongst its members, including presentations from CCIL, JSE Clear, MGEX, SGX, and Takasbank.
“We're pleased to welcome Cboe Clear as a Primary Member of our association, as well as Lee Betsill as Chair of our Executive Committee. I would also like to thank Kevin McClear for his fantastic service to the industry and ecosystem through his steering of CCP Global. I also extend our gratitude to our regulatory and member dialogue, and that this could all take place in such an invigorating and historic setting. We look forward to our next gathering in Chicago!”. Said Teo Floor, CEO of The Global Association of Central Counterparties.