Patrick Pearson, head of financial market infrastructure and derivatives of the European Commission, summed up the spring’s turbulence, as the PostTrade 360° Web Summit started Wednesday morning.
All in all, the new normal is a very different normal,” Patrick Pearson noted (in an introductory session unfortunately troubled by bandwidth challenges – as if to confirm the statement).
“We saw settlement fails increase three- to four-fold,” he said, explaining how the situation came to lead to credit challenges and other questions.
“But one of the key takeaways for us in the regulatory area is that the clearing infrastructure kept up.”
He noted the industry’s pointing out that the credit problems in the market could have been even worse if the incoming (and somewhat postponed) settlement discipline regime of the CSDR had already been in place.
Not the end of physical meetings
Patrick Pearson entered the digital stage from his home, after a short introductory note by conference moderator Göran Fors.
“We will be hearing how we have adopted to a new way of working,” Göran Fors foresaw.
“Going forward we will be seeing more and more of this, he said, with regard to the debuting digital conference format.
He did little to hide his missing of traditional same-room meetings, however:
“Physical meetings will remain hugely important,” said Göran Fors.
Our coverage of the PostTrade 360° Web Summit is gathered here.
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