An Effective Recovery and Resolution Regime for CCPs

Créé le

05.02.2015

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Mis à jour le

12.02.2015

Le bon comportement de la CCP à laquelle Lehman Brothers était principalement exposé a montré que les chambres de compensation sont robustes. Leur solidité a encore été renforcée par EMIR, mais cela n'empêche pas les régulateurs de prévoir des procédures de redressement et de résolution.

An Effective Recovery and Resolution Regime for CCPs

Marcus Zickwolff

President of the European Association of CCP Clearing Houses EACH

OTC derivatives played a role in the financial crisis that erupted in 2008. The European Commission criticised the opacity of the market and the lack of adequate risk management[1] .

As a result of the crisis, on 25 September 2009, the G20 Leaders agreed on a set of measures to improve the functioning of the OTC derivatives markets by increasing their transparency and risk management and protection against market abuse.

The measures agreed were:

Trading of all standardised OTC derivatives contracts on exchanges or electronic trading platforms; Clearing of all standardised OTC derivatives contracts ...