The past, present, and future of central clearing

BIS-ECB-HEC-VU Online Workshop

24 November 2020,15:30-18:00 Central European Time (CET)

Following the Great Financial Crisis of 2007-09, a key component of the global regulatory reform agenda was the requirement to mandate central clearing for standardised derivatives. These reforms have now been largely implemented. As a result, the structure of the derivatives market has changed dramatically. As researchers seek to fully understand the impact of these reforms, they have focused considerable attention on the topic of central clearing over the last decade, making significant contributions on both the theoretical and the empirical fronts. This workshop seeks to highlight this recent research. It will review the existing literature, discuss current views on central clearing and debate the future issues to be addressed.

The workshop is held under the Chatham House Rule.

Preliminary programme

Opening remarks  Wenqian Huang (BIS)
Keynote speaker  Darrell Duffie (Stanford University)
Past - Release of a literature survey on the Economics of Central Clearing

Presented by

Themes discussed by

Guillaume Vuillemey (HEC Paris)

Paul Glasserman (Columbia University)
Haoxiang Zhu (Massachusetts Institute of Technology)
Present - Policy discussions of ongoing issues

Moderated by

Covering




Panellists

Martin Scheicher (ECB)

  • The impact of the March turmoil on CCPs and clearing members
  • CCP liquidity management and access to central bank account
  • CCP interconnectedness and systemic risks.

Isabel von Koppen-Mertes (Deputy Director General of SSM, ECB)
Samuel Schulhofer-Wohl (Director of Financial Policy, Chicago Fed)
Barry King (Head of FMI Regulation, Bank of England)
Takeshi Shirakami (Deputy Head of Secretariat, CPMI)
Teo Floor (CEO, CCP12)
Future - Online debate about key issues that need attention going forward 

Moderated by

Albert J Menkveld (VU Amsterdam)