Ashwini Panse, Chief Risk Officer, North American Clearing Houses at ICE, outlines the important steps being taken to bolster the critical role of CCPs in maintaining the transparency and stability of the global financial system.

Robert Steigerwald, Senior Policy Advisor at the Federal Reserve Bank of Chicago, examines the salient issues in default management, recovery, and resolution in CCPs.

The pandemic crisis highlighted both the importance of CCPs for financial stability and the need to future-proof them with an international policy framework, says Dr. Eva Hupkes, Head of Regulatory and Supervisory Policies at the Financial Stability Board.

CCPs in the EU remained resilient during the pandemic crisis. ESMA will now analyse what lessons can be learned from the crisis in 2020 and how its APC measures may be developed to further enhance CCPs’ resilience in handling potential future stress events, says Froukelien Wendt, member of the CCP Supervisory Committee at the European Securities and Markets Authority.

Are the arguments for more skin in the game valid? John McPartland, Director of Research at Hidden Road Partners LP thinks not.

As derivatives markets look toward a post-pandemic era, Dawn DeBerry Stump, Commissioner of the Commodity Futures Trading Commission, discusses the importance of education and collaboration in emerging stronger from the crisis.

Closer collaboration among CCP practitioners and academic finance and economic faculty is a good thing. Suitably anonymised data upon which detailed analysis can be performed will enable a better understanding of the role of CCPs in modern financial markets, writes John P. Davidson, Chief Executive Officer of the Options Clearing Corporation (OCC)

The growing dialogue between academia, policymakers, and the post-trade industry can only work to the benefit of all sides, particularly as complex questions around issues such as market liquidity and procyclicality gain traction, writes WFE’s Head of Research, Pedro Gurrola.

John McPartland has been a central banker, settlement banker, senior executive of two FCMs and deputy manager of a major CCP during a 45-year career in the industry