In a speech at CCP Global’s annual meeting in Amsterdam, De Nederlandsche Bank board member Olaf Sleijpen framed central clearing counterparties as critical to financial stability and called for continued global cooperation and more industry-led action to improve CCP robustness and transparency. He pointed to three priority workstreams. On margining, he cited the liquidity strains seen during the COVID-19 “dash for cash” and subsequent market episodes, and stressed that the shift toward more anti-cyclical initial margin approaches now needs to be completed through implementation in local regulation and CCP practices. On non-default losses, he highlighted cyber risk in particular and noted ongoing work at CPMI-IOSCO on how CCPs should address non-default losses through recovery and orderly wind-down planning and balance sheet capacity, with findings to be shared soon. On resolution, he referenced the Financial Stability Board report on instruments and resources in CCP resolution and said its recommendations now need implementation by national regulators and CCPs. Looking ahead, Sleijpen also flagged digitalisation, the growing role of non-bank financial intermediation and geo-economic fragmentation as near-term drivers of new risks and operational questions for clearing, and encouraged CCP Global to continue initiatives such as best-practice development, global drills, increased margin transparency and improvements to the quality and frequency of Public Quantitative Disclosure.
De Nederlandsche Bank 2025-06-19
De Nederlandsche Bank urges CCPs to strengthen margining, cyber loss planning and resolution readiness through global cooperation
Olaf Sleijpen of De Nederlandsche Bank stressed the importance of central clearing counterparties (CCPs) for financial stability at CCP Global’s meeting. He called for global cooperation and industry initiatives to enhance CCP robustness and transparency. Priorities include anti-cyclical initial margin approaches, addressing non-default losses, and implementing Financial Stability Board recommendations. Sleijpen also noted emerging risks like digitalisation and geo-economic fragmentation, urging best-practice development and transparency.