Bas Zebregs is head of the financial markets team within the legal department of APG Asset Management with a primary focus on derivatives, clearing, custody and settlement. Before joining APG in 2009 he worked at the legal department of Euroclear S.A. He teaches on clearing and settlement at the Grotius post-graduate financial law academy, is a fellow at the Financial Law Institute of the University of Nijmegen and the author of several publications on clearing and settlement related topics.

Victor de Serière is an attorney at law working with the Amsterdam offices of Allen & Overy, of which he was a partner until 2009, and a Professor of Securities Law (civil law aspects) at Radboud University of Nijmegen, the Netherlands. His practice and university lecturing focus on financial regulatory work. He has published books and numerous papers on financial legal issues, and he is the author of the leading handbook on Dutch securities law (Asser Effectenrecht).

Patrick Pearson has spent more than three decades in financial services regulation at the European Commission where he was responsible for EU banking regulation until 2010 and for derivatives clearing and post-trade regulation until 2021. He has represented the European Commission in the Basel Committee on Banking Supervision and CPMI-IOSCO, and co-chaired the G20 FSB Working Group on cross-border derivative issues. Patrick has been a frequent speaker representing the European Commission in public events and has lectured at a number of universities. He has a law degree from Leiden University and lives in The Netherlands where he also works for various charitable organisations.

Rezah Stegeman is a lawyer at the international law firm Simmons & Simmons (Amsterdam) where he has been a partner since 2013. He specialises in financial services regulation, derivatives and clearing, advising both buy-side and sell-side clients. Rezah is a returning guest lecturer at two universities (the Vrije Universiteit Amsterdam and the Radboud Universiteit Nijmegen), the Law Firm School for trainee lawyers and the 'Grotius post-graduate academy for financial regulatory law' for lawyers and in-house counsel. Furthermore, he established the Amsterdam Derivatives Academy in 2014, a four-monthly symposium which is the leading industry event for derivatives practitioners in the Netherlands.

• Part I: Introduction


• 1: Bas Zebregs, Victor De Serière, Patrick Pearson and Rezah Stegeman: After The Dust Has Settled: Clearing OTC Derivatives in Europe After A Decade Of Regulation


• 2: Tina Hasenpusch and Rezah Stegeman: OTC Derivatives Clearing Explained


• 3: Patrick Pearson: Development Of The Regulatory Regime For OTC Derivatives Clearing


• Part II: Structural Elements Of Clearing


• 4: Christina Sell: CCP Access Structures


• 5: Christian Chamorro-Courtland: Clearing Mechanics


• 6: Manmohan Singh: OTC Derivatives Clearing And Collateral Management


• 7: Rebecca Lewis and David Murphy: What Kind Of A Thing Is A Central Counterparty? The Role Of Clearing Houses As A Source Of Policy Controversy


• 8: Emma Dwyer and Emma Lancelott: OTC Derivatives Clearing Documentation


• 9: Marc Peters: Capital Requirements For Bank Exposures To CCPs


• Part III: Default Management


• 10: Bas Zebregs: Segregation And Portability Of Cleared OTC Derivatives In Europe


• 11: David Horner: Default Management


• 12: Victor De Serière: Recovery And Resolution Of CCPs


• Part IV: The Transaction Chain


• 13: Apostolos Thomadakis and Karel Lannoo: Clearing And Trading and Settlement


• 14: Corentine Poilvet and Julien Jardelot: Open Access For OTC Derivatives: Concept And Implications


• Part V: Cross Border Issues


• 15: Ulrich Karl: Cross Border Clearing


• 16: Dermot Turing: Brexit: Equivalence; Location Policy


• Part VI: The Future Of OTC Derivatives Clearing


• 17: Randy Priem: The Potential Impact Of The Distributed Ledger Technology On OTC Derivatives Markets


• 18: Evariest Callens and Klaus Löber: The Future Of Centrally Cleared OTC Derivatives Markets