Achieving an open and globally competitive European financial market

Recorded program

European financial institutions provide services to clients across the globe. To remain competitive in the international markets, they need to have access to third-country market infrastructures. One such area is the clearing market established in the UK. While the financial sector actively supports the European Commission’s plans to create robust European infrastructures and understands the Commission’s concerns regarding overreliance on third-country infrastructures, there is a strong case for ensuring continued access to UK CCPs for European financial institutions. The European Commission’s announcement from November 2021 that it would propose a further extension of the equivalence decision regarding UK CCPs is a first important step towards a more permanent solution.

The panel discussion intends to explore how to strike the right balance between ensuring access to important third-country market infrastructures for EU financial institutions while avoiding overreliance on UK CCPs. Panellists will, in particular, discuss how to put in place a longer-term approach and strategy for strengthening EU market infrastructures and the global competitiveness of the EU.

Programme

11:15         Welcome:

• Christian Ossig, Chief Executive, Association of German Banks

11:20        Introduction

• Klaus Löber, Chair, CCP Supervisory Committee, ESMA

11:30       Panel discussion

• Klaus Löber, Chair, CCP Supervisory Committee, ESMA
• Fabrizio Campelli, Member of the Management Board, Deutsche Bank
• Ido de Geus, Head of Fixed Income, PGGM

Moderated by: Margaret Heckel, Journalist und Author

12:00       Event ends