The European Association of CCP Clearing Houses published an interview with Maud Timon, Team Leader and Rapporteur at the European Securities and Markets Authority, setting out her personal view that clearing will become both more concentrated and more strategically important over the next decade. In the interview, Timon said market fragmentation, pressure on credit, collateral and liquidity, and developments in digital finance could make the current central counterparty landscape harder to sustain, potentially reducing the number of CCPs. She added that some local or regional presence is likely to remain because clearing is closely linked to market structure, currency areas, legal frameworks and public policy. From a financial stability perspective, she expects CCPs' risk management, governance and ability to deal with technology-related stress to become even more central under increasingly demanding supervisory expectations. Separately, Timon described her own shift from technical delivery to strategic leadership and said career development also depends on visibility, networks and a forward-looking approach alongside technical expertise.
European Association of CCP Clearing Houses2026-05-27
European Association of CCP Clearing Houses publishes interview with ESMA's Maud Timon on clearing consolidation and strategic importance
The European Association of CCP Clearing Houses published an interview with Maud Timon of the European Securities and Markets Authority, who expects clearing to become more concentrated and strategically important, with market fragmentation, credit and collateral pressures, and digital finance developments potentially reducing the number of central counterparties. She anticipates that local or regional CCPs will remain due to links with market structure, currency areas, legal frameworks and public policy, and that supervisory expectations will further elevate CCPs’ risk management and technological resilience.