Global Association of Central Counterparties elects executive committee

Source: Global Association of Central Counterparties

The members of CCP12 - The Global Association of Central Counterparties - elected a new Executive Committee at the special general meeting in Hong Kong.

The world's major providers of central counterparty (CCP) clearing services - CCP12 - held their meeting on 18 September 2009 hosted by Hong Kong Exchanges and Clearing Limited.

The new chairperson will be with immediate effect Mr Marcus Zickwolff, Executive Director, Eurex Clearing AG. He takes over responsibilities from Anne T. Brown, Chief Risk Officer, Australian Securities Exchange Ltd. (ASX). Anne Brown had served as chairperson since April 2008, and she will continue to serve as a member of the CCP12 Executive Committtee. New elected Vice-Chairs are Luis Jorge Pelayo, Risk Manager, S.D. Indeval and CCV, and Siddhartha Roy, Chief Risk Officer, Clearing Corporation of India Ltd.

"I am very honoured to chair this group and I would also like to thank Anne for her outstanding work and dedication", said Marcus Zickwolff. "The financial crisis has revealed which important role clearing houses play as they contribute to minimising and managing global systemic risk. In particular, central clearing and trading on exchanges have proven to remain very resilient throughout these challenging and turbulent times."

Anne Brown stated: "We have to establish a common voice of CCPs on a global scale in order to be able to make ourselves heard and to make an impact on discussions currently led by policy makers and regulators worldwide. I will support Marcus' chairmanship as the discussions open a unique window of opportunity for us to strengthen the role of clearing houses and especially of CCPs."

The general meeting also elected the 12 members of the Executive Committee (details see below). Additionally, the association admitted two new members: ICE Clear Europe and Mercado de Valores de Buenos Aires S.A. (Merval).

CCP12 will serve as a global venue for all CCPs and is open to newly established or proposed CCPs for exchange business or OTC markets. The main focus of CCP12 for the next 12 months will be on the review conducted by CPSS-IOSCO on the application of the 2004 CPSS-IOSCO Recommendations for Central Counterparties to clearing arrangements for over-the-counter (OTC) derivatives. This work will provide guidance to CCPs on how they may satisfy the CPSS-IOSCO recommendations when they provide clearing services for OTC instruments, and identify other areas, if any, where the recommendations might be strengthened or expanded to better address risks associated with OTC derivatives.

CCP12 Executive Committee:

Marcus Zickwolff, Eurex Clearing (Germany)

Vice Chairs:
Luis Jorge Pelayo, S.D. Indeval and CCV (Mexico)
Siddhartha Roy, CCIL (India)

Anne Brown, ASX (Australia)
Rory Cunningham, LCH.Clearnet Group (UK)
Takeshi Hirano, JSCC/TSE (Japan)
Kevin King, HKEx (Hong Kong)
Dale Michaels, CME Group (USA)
Henrik Paulsson, NASDAQ OMX (Sweden)
Sundararaman Ramamurthy, NSCCL (India)
Andrew Simpson, DTCC/ EuroCCP (USA/ UK)
MikeWalinskas, OCC (USA)

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