On March 8, EAPB, VÖB and the Representation of the State of Hessen to the EU organised a panel debatte on "Euro-Clearing after Brexit" at the premises of the Representation of the State of Hessen at Rue Montoyer 21, 1000 Brussels.
The clearing of derivatives in Euro is amid the areas that will be impacted most by Brexit. The largest amount of OTC derivatives trading is currently being executed in London. Continental European providers in France and Germany have, up to now, reached only minor market shares. The trading volume of centrally cleared derivatives exceeds levels of 300 trillion US Dollars worldwide. As a reaction, the EU Commission published in June 2017 its proposal, which foresees a relocation of derivative transactions in Euro in the future, if the clearing house is considered to be particularly systemically relevant.
Members of the European Parliament, representatives of the European Commission and different clearing houses and public banks discussed which measures may be most suited to ensure a functioning clearing business after Brexit and proposed possible new approaches for an efficient supervision.
The agenda included contributions from Dr. Danuta Hübner, MEP, Rapporteur on EMIR 2, Mr. Patrick Pearson, Head of Unit, Financial Markets Infastructure, DG FISMA, European Commission, Mr. Giampiero Carlà, Senior Officer of Markets Department, European Securities and Markets Authority (ESMA), Mr. Daniel Kapffer COO, DekaBank Deutsche Girozentrale, Mr. Daniel Maguire CEO, London Clearing House, Mr. Matthias Graulich CSO, Eurex Clearing.
Pictures of the event are available here https://flic.kr/s/aHsmeofidz
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