Economics serving society

Workshop « Central clearing and market infrastructures: new challenges » | June 5-6

The Paris School of Economics and the ANR FIRR are pleased to invite you to the last Workshop on “Central clearing and market infrastructures: new challenges”.

  • Date: 5-6 June 2023,
  • Location: Paris School of Economics
    48 boulevard Jourdan 75014 Paris, room R2-21 (2nd floor)
  • Organizers: Gabrielle Demange (PSE-EHESS), Thibaut Piquard (Banque de France) and Guillaume Vuillemet (HEC Paris)

Deep transformations in financial markets, notably over-the-counter (OTC) markets and financial market infrastructures (such as central clearing counterparties) took place over the last 15 years. These changes were the result of both ambitious regulatory reforms and market-driven changes prompted by the occurrence of the Great financial crisis of 2007-2008. This conference has two main goals. First, one ambition is to assess the changes that have occurred over the past few years. Second, the conference will discuss new risks that have emerged, and that may still threaten financial stability going forward. To this end, the conference gathers both a number of academics as well as practitioners, specifically regulators and market participants from the central clearing industry.

Registration link (compulsory)


Day 1 - June 5

- 10:30 - 10:55 - Welcome coffee
- 10:55 - 11:00 - Introduction
- 11:00 - 12:20 - Session 1
Norman Schürhoff, All-to-all liquidity in corporate bonds, University of Lausanne
Agostino Capponi, The collateral rule: evidence from the credit default swap market, Columbia University
- 12:20 - 13:45 - Lunch
- 13:45 - 15:45 - Session 2
Hugues Dastarac, Imperfert competition and the financialization of commodities future markets (Banque de France)
Laurence Daures, Client heterogeneity and bilateral oligopoly in credit derivative markets (ESSEC)
Thibaut Piquard, Credit default swaps and credit risk reallocation (Banque de France)
- 15:45 - 16:15 - Coffee break
- 16:15 - 17:45 - Practitioners’ and policy panel 1 - Energy, metals, non-banks: what new risks for CCPs?
Moderator: Guillaume Vuillemey (HEC)
Teo Floor (The global association of central counterparties - CCP12)
Klaus Löber (ESMA CCP Supervisory Commitee)
Olivier Nin (LSEG)
- 19:30 - Conference dinner (for presenters and coauthors only)

Day 2 - June 6

- 8:30 - 9:00 - Welcome coffee
- 9:00 - 11:00 - Session 4
Evangelo Benos, Collateral cycles (University of Nottingham)
Tobias Dieler, (In)efficient repo markets(Bristol University)
Wenqian Huang, DeFi lending and repo market design (BIS)
- 11:00 - 11:30 - Coffee break
- 11:30 - 13:00 - Practitioners’ and policy panel 2 - Geopolitics and competition: a new landscapte for CPPs
Moderator: Jean-Edouard Colliard (HEC)
Rafael Plata (EACH - European association of CCPs)
Mohamed Selmi (LSEG)
Emmanuelle Assouan (Banque de France)
- 13:00 - 14:00 - Lunch
- 14:00 - 16:00 - Session 6
Dmitry Chebotarev, The paradox of conservative haircuts (Indiana University)
Iñaki Aldasoro, Systemic risk in markets with multiple central counterparties
Rama Cont, Skin in the game: risk analysis of central counterparties (Oxford University)