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Klaus Löber, the Chair of the CCP Supervisory Committee, has consistently highlighted the pivotal role of EMIR 3 in enhancing the European Union’s clearing systems. His recent speeches underscore how this regulation aligns with the broader objectives of the Savings and Investment Union (SIU), a strategy aimed at boosting economic growth and competitiveness by better connecting savings with investment needs across the EU.
At the EACH CEO Summit, Löber emphasized supervisory convergence. He noted that EMIR 3 deepens the commitment to achieve true supervisory convergence and ensure a level playing field within the EU. This involves embedding a supervisory culture that is adaptive, consistent, and geared towards a robust and self-sufficient European clearing ecosystem. The goal is to simplify processes, reduce administrative burdens on regulated entities like CCPs, and ensure clear, predictable, and efficient approval processes, while also addressing the EU’s overreliance on critical clearing services from outside the Union.
During the BME IV Post-Trade Conference, Löber focused on how EMIR 3 supports a more competitive and resilient EU financial market. He articulated that the new EMIR legislation is built around three core priorities:
* Improving the supervision of EU CCPs: Ensuring effective, state-of-the-art, and consistent prudential supervision of Central Counterparties, which are crucial for financial stability.
* Enhancing attractiveness, competitiveness, and resilience of the EU clearing landscape: This involves removing unnecessary barriers and streamlining processes to make EU clearing more appealing, while simultaneously strengthening its capacity to withstand market stress. EMIR 3 aims to significantly reduce the time to market for new products and initiatives by drastically shortening approval timelines.
* Tackling the risks stemming from the overreliance of the EU on third-country clearing services: This priority aims to rebalance the current dependency on external clearing providers, thereby bolstering the EU’s own clearing capacity and reducing systemic risks.
In essence, Löber’s message across these platforms is that EMIR 3 is a foundational step towards achieving the SIU’s goals. By strengthening EU clearing systems through enhanced supervision, increased competitiveness, and reduced external dependencies, EMIR 3 is designed to create a more robust, attractive, and resilient financial infrastructure that can effectively channel savings into productive investments across the European Union.

Video courtesy of ABN-AMRO

Video courtesy of ABN-AMRO