Christina Segal-Knowles: The UK's approach to cross-border clearing

Speech by Ms Christina Segal-Knowles, Executive Director for Financial Markets Infrastructure of the Bank of England, at FIA, online, 8 November 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good morning/good afternoon.

Today I am going to speak about the UK's approach to tiering, recognising and supervising cross-border central counterparties (CCPs).

Before I jump into that, I thought I would share a quote that could provide context for why I believe getting this right is so important.

On September 25 2009 G-20 leaders met in Pittsburgh. It was one year after the collapse of Lehman Brothers and five months after Gordon Brown hosted the second ever G-20 meeting in London amid a rapidly escalating global financial crisis. Their statement is quite remarkable.