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Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the Fifth Joint Deutsche Bundesbank, European Central Bank and Federal Reserve Bank of Chicago Conference on CCP Risk Management
Frankfurt am Main, 22 June 2023
The agreement by the G20 in 2009 to make central clearing mandatory was a significant milestone on the path to enhancing counterparty credit risk management.[1]
In the years that followed, a series of regulatory and supervisory measures were introduced to ensure that the concentration of risks in central counterparties (CCPs) would be addressed through adequate risk management practices.
In the current context of elevated economic and financial uncertainty, CCPs must adapt their risk management strategies. Public authorities, meanwhile, must consider how they can best adjust the regulatory and oversight framework for CCPs.
In my remarks today, I will highlight three areas that require progress to preserve the pivotal role of CCPs in safeguarding…