Conclusion Let me conclude. The introduction of mandatory central clearing has served us well in terms of enhancing counterparty risk management and market transparency. However, in today’s turbulent market environment, all stakeholders – CCPs, clearing participants and authorities alike – must adopt a more forward-looking mindset.
Short-term cost considerations – be it stimulating clearing activity in the EU, enhancing stress-testing and cooperative arrangements or stepping up margin requirements and disclosure – must be balanced against the longer-term benefits of a robust set-up in which CCPs remain a pillar of our financial system. Thank you for your attention. 1. G20 (2009), “Leaders’ Statement: The Pittsburgh Summit”. 2.