Activity

CFTC Commissioner Kristin N. Johnson delivered a keynote address at the CCP Global Annual General Meeting on June 20, 2025, marking her third time speaking to the group. Her remarks focused on critical themes for central counterparties (CCPs): addressing cyber-risks, managing critical third-party relationships, and reinforcing CCP resilience.
Commissioner Johnson reflected on past market stresses, including those from geopolitical events and the global pandemic in early 2020. During these periods, markets experienced unprecedented volatility and high trading volumes, placing significant pressure on market infrastructures. CCPs responded by carefully assessing and increasing initial margin requirements, particularly for equity products, as a key risk mitigation strategy.
She highlighted that the financial system, including CCPs, demonstrated remarkable resilience during these challenges. This resilience was attributed to effective reforms adopted almost a decade prior, following the 2009 G20 Pittsburgh Summit and the Principles for Financial Market Infrastructure (PFMI), which were codified under regulations like the Dodd-Frank Wall Street Reform and Consumer Protection Act and the European Market Infrastructure Regulation. The Financial Stability Board (FSB) noted that “Banks and FMIs, particularly CCPs, held up well and were largely able to absorb rather than amplify the shock.”
The Commissioner noted the fitting historical significance of the meeting venue in Amsterdam, which has served as a gathering place for government and industry for centuries, originally a convent in 1411 and later the seat of Amsterdam’s government.

Video courtesy of The Money GPS

Video courtesy of The Money GPS