On 4 May 2020 the Financial Stability Board issued draft guidance on the resolution of central-counterparty clearing houses, seeking comments by 31 July. The Systemic Risk Council considers that the proposed guidance is not fit for purpose as it currently stands, since it does not provide a clear, internationally agreed solution to the problems of procyclicality and the currently inadequate incentives embedded in plans based on clearing houses’ existing rules.
Chair: Simon Johnson
SRC Co-Chair and former IMF Chief Economist
Chair: Erkki Liikanen
SRC Co-Chair and Chairman of the IFRS Foundation Board of Trustees
Senior Advisor: Sheila C. Bair
Founding Chair of Systemic Risk Council Former FDIC Chair
Senior Advisor: Jean-Claude Trichet
Former President of the European Central Bank
Members:
Paul P. Andrews
Managing Director, Research, Advocacy, and Standards, CFA Institute. Former Secretary General of the International Organization of Securities Commissions (IOSCO)
Brooksley Born
Former U.S. Commodity Futures Trading Commission Chair
Sharon Bowles
Former Member of European Parliament and Former Chair of the Parliament’s Economic and Monetary Affairs Committee
Bill Bradley
Former U.S. Senator (D-NJ)
Marina Brogi
Full Professor of Banking and Capital Markets at Sapienza University of Rome and a former member of the Securities and Markets Stakeholder Group at the European Securities and Markets Authority (ESMA).
Andreas Raymond Dombret
Former member of executive board Deutsche Bundesbank, founding member of the Supervisory Board of the European Central Bank;' board member Bank of International Settlements
William Donaldson
Former U.S. SEC Chair
José Manuel González Páramo
Spanish economist who served as a member of the Executive Board of the European Central Bank (ECB), Executive Board member of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), and Executive Board member of Bank of Spain
Jeremy Grantham
Co-founder & Chief Investment Strategist, Grantham Mayo Van Otterloo (GMO)
Richard Herring
The Wharton School, University of Pennsylvania
René Karsenti
Senior Advisor to the International Capital Market Association (ICMA)
Elke König
Former Chair of the Single Resolution Board (SRB)
Ira Millstein
Senior Partner, Weil Gotshal & Manges LLP
John S. Reed
Former Chairman and CEO of Citicorp and Citibank
Christina Romer
Professor of the Graduate School at the University of California, Berkeley
Executive Director:
Kurt N. Schacht, JD, CFA