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.
• Frontier technology: benefits and risks, as well as regulatory and technological challenges, tokenization, DLT, and other innovations.

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

Panellists: 

• Ron Berndsen, Professor at Tilburg School of Economics and Management
• Jacqueline Chezar, Managing Director and Deputy General Counsel, DTCC
• Doanh Le Ngoc, Senior Director of CCP Risk and Bank Capital, FIA 
• Froukelien Wendt, Independent Member of the CCP Supervisory Committee, ESMA

Break

Keynote speech

Klaus Löber, Chair of the CCP Supervisory Committee, ESMA

Fireside chat

Acting Chairman Caroline D. Pham, Commodity Futures Trading Commission (CFTC)

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

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: 

• Susi de Verdelon, CEO, LCH Limited

• Francesco Mazzaferro, Head of the European Systemic Risk Board (ESRB) Secretariat

• Erik Müller, CEO, Eurex Clearing

• David Murphy, Visiting Professor in Practice at LSE Law School, London School of Economics and Political Science

• Suzanne Sprague, Chief Operating Officer and Global Head of Clearing, CME Group

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: 

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

Closing speech

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