CCPs: You’ll Never Walk Alone?

What are the live issues in central clearing and what is just noise? And why is it important to know the difference? In a world that is (in the technical sense) over-collateralised, the CCP stands out as the only bit of the market that reduces strain on the system. Even so, there are limits to what any CCP can do; and pretending that there aren’t is perhaps the most dangerous idea doing the rounds at the moment. Fortunately, wise heads are holding the line, for the moment.


Richard Metcalfe is a senior executive, specialising in financial services and regulation.

Mr Metcalfe is currently Head of Regulatory Affairs for the World Federation of Exchanges – the global trade association for CCPs and stock and derivatives exchanges. Before joining the WFE in 2018, he worked on a range of live regulatory issues at BNY Mellon in London, covering capital markets generally and their intersection with custody in particular. He has also worked at ISDA, the UK Investment Association and SWIFT, and has deep expertise on practical and policy matters internationally in each of central clearing, asset management and derivatives, among other things.

Leading a dedicated team of specialists, Mr Metcalfe drives WFE policy and outreach on a diverse range of topics, with particular emphasis on the unique role that ‘market infrastructure’ plays in the financial system: creating positive externalities and supporting stability while maintaining an impartial role relative to market participants. The WFE’s work aims to address legitimate regulatory concerns in a way that furthers social welfare.

Mr Metcalfe is based in the UK but has lived as well as travelled overseas and he studied Russian and Spanish at Oxford University. He initially worked as a journalist, covering the emergence and growth of derivatives and the measurement and management of all types of risk. He is a married, horse-riding ornithologist who has a side-line in cooking.

Monday, 02 August 2021

15:00 - 15:45 BST


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    Richard Metcalfe
    Head of Regulatory Affairs
    World Federation of Exchanges
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    Professor Michael Mainelli
    Executive Chairman
    Z/Yen Group