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Mandatory clearing of OTC derivatives in Europe

Bas Zebregs, Senior Legal Counsel, Asset Management, APG All Pensions Group


Abstract
In this article the author first examines the current bilateral OTC derivatives market. He then turns to how, under the EMIR Regulation, clearing works in general and the clearing of OTC-derivatives in particular. Finally, he discusses the supervision of CCPs and goes into the situation of when a clearing member goes bankrupt.

Keywords
EMIR, OTC-derivatives, CCP, mandatory clearing, swaps, Dodd-Frank


Bas Zebregs studied private law and international law at the Free University in Amsterdam. Subsequently he worked for ING and internet broker Alex as legal counsel mainly dealing with securities law and regulatory law before joining the legal department of Euroclear S.A. in 2003. At Euroclear his primary focus was on the harmonisation of settlement systems within the Euroclear Group, as well as finding settlement solutions for (foreign) securities requesting for admission. Since 2008 he has been working as legal counsel for APG Asset Management in Amsterdam where his focus is on custody, clearing and settlement issues. APG is a wholly owned subsidiary of Stichting Pensioenfonds ABP and manages approximately €280 billion of pension fund assets.


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