CCPs must step up cyber risk efforts, says EU legislator
Policymakers want more focus on non-default loss resources; Eurex Clearing’s Mueller flags investment risk
As rules for tackling member defaults at derivatives-clearing houses near completion, policymakers are urging central counterparties (CCPs) to step up their efforts to combat cyber risk and other potential sources of catastrophic loss, a conference has heard.
“While I certainly wouldn’t discount default risks, I think some serious investment needs to be done in developing better, more advanced methodologies for non-default risks, and cyber risk in particular,” said Jakob von Weizsacker, a
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