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Risk Committee

The Company has established, in line with the EMIR provisions, a Risk Committee.

The Risk committee is an advisory committee to the board. It shall give the Board of Directors its mandatory non-binding opinion on any arrangements that may impact the risk management of the Company acting as central counterparty.

In particular, the Committee shall advise with respect to the followings:

  • the features of the risk models adopted, including those concerning the interoperability agreements with other central counterparties, any material revisions or adjustments to such models, their methodologies and the liquidity risk management framework;
  • the internal policy framework for defining the types of extreme but plausible market conditions - and its reviews implemented in order to determine the minimum size of default fund, proceeding with the assessments set forth under articles 29.3 and 31 of the Regulation (EU) n. 153/2013
  • the policy for the management of default procedures;
  • the liquidity plan adopted by the Company, in accordance with article 32 of the Regulation (EU) n. 153/2013;
  • the criteria for accepting clearing members;
  • the criteria adopted for the clearing of new classes of instruments;
  • the outsourcing of functions;
  • the policy for the use of derivatives contracts, for the purpose of article 47 of EMIR.

The Committee may also make recommendations to the Board of Directors with respect to any matters that may impact the risk management.

The advisory and recommendation activity of the Committee does not include decisions concerning the daily operation of the Company.

Once a year, the Committee shall produce a report on the activities carried out and the evaluation of the Company’s risk management. Such report is annexed to the annual report on the organizational structure and risk management to be sent to the Authorities.

According to the Terms of reference, the Committee is composed by 6 members, of whom:

  • two are independent non executive directors of CC&G;
  • two are representatives of clearing members;
  • two are representatives of clients.

Composition of the Risk Committee

Vincenzo Pontolillo

Independent non executive director

Mario Quarti

Independent non executive director

Mauro Maccarinelli

representative of the clearing member Banca Intesa

Dale Thomas Braithwait

representative of the clearing member JP Morgan

Simone Freschi

representative of the client Monte dei Paschi di Siena

Amaud Cabec

representative of the client BNP Arbitrage

Terms of reference of the Risk Committee (file pdf - 177KB)