Third Annual Joint Conference of the Deutsche Bundesbank, European Central Bank and Federal Reserve Bank of Chicago on CCP Risk Management



Online registration


Opening remarks

Fabio Panetta, Member of the Executive Board of the European Central Bank


Panel 1: Lessons being learned from the coronavirus (COVID-19) crisis

Margin policy: performance of risk models during the coronavirus (COVID-19) crisis from the perspective of central counterparties (CCPs), clearing members and clients. 

Margin procyclicality: pros and cons of the pass-through of CCP intraday margin calls.
Liquidity risk management: access to liquidity in domestic and foreign currencies from funding markets, clearing members and clients; deposit of excess liquidity and cash collateral with clearing members and central banks under stressed market conditions.

Looking ahead: financial and operational risk implications of the unfolding coronavirus (COVID-19) crisis for CCPs, clearing members and clients.

Opening statement by the Chair

Sir Jon Cunliffe, Deputy Governor for Financial Stability at the Bank of England and Chair of the Bank for International Settlements Committee on Payments and Market Infrastructures

Panel debate 

  • Eileen Kiely, BlackRock – Managing Director
  • Agnes Koh, Singapore Exchange – Chief Risk Officer
  • Corinna Schempp, Futures Industry Association – Head of European Policy and Regulation
  • Hester Serafini, Intercontinental Exchange Clear Europe – President
  • William Thum, Vanguard – Principal and Senior Derivatives Counsel


Coffee break


Panel 2: Climate change risk in financial markets

Supervisory approach to climate change risk.

Impact of climate change risk on financial and operational risk management, and implications for systemic risk.

Voluntary carbon markets and mandatory emissions trading systems; role of carbon accounting in scaling carbon markets.

Role of cash markets and derivatives in price discovery and risk sharing.
CCP approach to climate change in risk models, stress testing and disclosures.

Fireside chat 

  • Rostin Behnam, Acting Chairman of the Commodity Futures Trading Commission
  • Alessandro Cocco, Vice President and Head of the Financial Markets Unit at the Federal Reserve Bank of Chicago
  • Robert Litterman, Chairman of the Risk Committee and founding partner of Kepos Capital

Panel debate 

  • Patrick Amis, European Central Bank – Director General of Specialised Institutions and LSIs
  • Pauline Engelberts, ABN AMRO Clearing Bank N.V. – Global Chief Operations Officer
  • Annette Nazareth, Taskforce on Scaling Voluntary Carbon Markets
  • Irina Slinko, Nasdaq Clearing – Chief Risk Officer


Coffee break


Panel 3: A changing clearing landscape

Ongoing structural changes: regulation, post-Brexit landscape, market fragmentation and technological developments.

Clearing interdependencies and their systemic risk.

Adequacy of supervisory and cooperative frameworks in accommodating ongoing structural changes and related financial stability risks: cross-border cooperation, coordination of supervisory stress testing and crisis management.

Interaction between prudential frameworks for banks and CCPs.

Opening statement by the Chair

Klaus Löber, Chair of the CCP Supervisory Committee at the European Securities and Markets Authority

Panel debate 

  • John Berrigan, European Commission – Director General for Financial Stability, Financial Services and Capital Markets Union
  • Sunil Cutinho, CME Clearing – President
  • Daniel Maguire, LCH Group – Chief Executive Officer
  • Erik Müller, Eurex Clearing AG – Chief Executive Officer
  • Dawn Stump, Commodity Futures Trading Commission
  • Maggie Sklar, Federal Reserve Bank of Chicago – Senior Policy Advisor 


Closing remarks

Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank

General information


Webex event (by invitation only)

Conference language



  • Alessandro Cocco, Federal Reserve Bank of Chicago
  • Paola Donati, European Central Bank
  • Ayan Hassan, Deutsche Bundesbank
  • Susanne Kretschmann, Deutsche Bundesbank
  • Ketan Patel, Federal Reserve Bank of Chicago
  • Elvira Scheben, Deutsche Bundesbank
  • Maggie Sklar, Federal Reserve Bank of Chicago
  • Other ECB name