We expect mandatory CCP clearing to be introduced in the EU under EMIR from 2014 onwards. This means that the reforms are only slowly taking hold. Nevertheless, I am confident that the regulation will make itself felt in the foreseeable future and improve the structure of the derivatives markets.
However, we must be aware that these regulatory requirements will turn CCPs into “juggernauts” of the international financial system. For this reason, particular attention will have to be paid to the following points. First, every CCP must have robust risk management structures in place. Competition among CCPs is growing more and more intense.