Sixth Joint Conference on CCP Risk Management 2025

Registration and breakfast

Welcome remarks

Opening speech

Julian Reischle, Director General, Payment & Settlement Systems, Deutsche Bundesbank

Session 1: Current topics in securities clearing

• Clearing Mandates in Securities Clearing: Experiences from the US Treasury clearing mandate and related discussions in other jurisdictions.
• Shortening the Securities Settlement Cycle: Global efforts to enhance efficiency and reduce risks from a clearing perspective.
• Tokenization and DLT: benefits and risks, as well as regulatory and technological challenges.

Moderator: Cindy Hull, Vice President and Head of Financial Markets Group, Federal Reserve Bank of Chicago

Panellists: 

• Jacqueline Chezar, Managing Director and Deputy General Counsel, DTCC
• Froukelien Wendt, Independent Member of the CCP Supervisory Committee, ESMA

Further speakers to be announced

Break

Keynote speech

Klaus Löber, Chair of the CCP Supervisory Committee, ESMA

Fireside chat

To be announced

Lunch

Session 2: Evolving market structure in clearing

• Evolving Market Structure: consolidation, vertical vs. horizontal integration and interoperability.
• One, Few, or Many CCPs: Clearing efficiencies vs. market fragmentation, concentration risk, competition.
• Clearing Services Across Borders: Strategic and regulatory considerations for efficient and integrated cross-border services.

Moderator: Fiona van Echelpoel, Deputy Director General Market Infrastructure and Payments, European Central Bank

Panellists: 

• Erik Müller, CEO, Eurex Clearing 
• Suzanne Sprague, Senior Managing Director & Global Head of Clearing and Post-Trade Services, CME

Further speakers to be announced

Break

Session 3: CCP Recovery and Resolution planning

• A Decade of Progress: Achievements and current priorities in CCP recovery and resolution planning.
• International Approaches: Past experiences and key developments in Europe and the US.
• Practical Considerations: Choice of tools, testing plans, and transitioning from recovery to resolution.

Moderator: Dirk Schrade, Deputy Director General Payments and Settlement Systems, Deutsche Bundesbank

Panellists: 

• Nicoletta Giusto, Independent Member of the CCP Supervisory Committee, ESMA
• Jenny G. Traille, Senior Deputy Director, Division Complex Institution Supervision and Resolution, FDIC
• Ruth Smith, Executive Director, Resolution, Bank of England
• Sarah Crowley, ISDA 

Further speakers to be announced

Closing speech

Piero Cipollone, Member of the Executive Board, European Central Bank