EACH, the European Association of Central Counterparty Clearing Houses, has welcomed the European Commissions Communication Ensuring efficient, safe and sound derivatives markets: Future policy actions.
According to a statement from Chairman Rory Cunningham, EACH supports measures to improve the safety and efficiency of derivatives markets and encouragement of the use of standard products where these meet the needs of market users.
Its members have already delivered a number of OTC derivatives clearing services, such as Eurex Credit Clear and ICE Clear Europe, and further developments are planned.
EACH also agreed Principles for the dissemination of relevant information between its members concerning the declaration of default of a participant, and set up a specific information-sharing mechanism for this purpose.
The association also re-elected Rory Cunningham of LCH.Clearnet as Chairman for a further two-year term.
Marcus Zickwolff of Eurex Clearing, EACH Secretary, Urs Wieland of SIX x-clear, and Henrik Paulsson of NasdaqOMX were re-elected to the Executive Committee, and Bhagwant Singh of EuroCCP was elected as a new member of the Committee.
Rory Cunningham said, I am greatly honoured that EACH has decided to elect me as Chairman for a further two years. CCPs are, as never before, at the centre of Europes and the worlds focus as public authorities and the private sector work together to improve the stability of the financial system. EACH will play a full part in this work.
The EC Communication can be found here