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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 Recovery Plan adopted by the Company in accordance with the Regulation (EU) 2021/23 (CCP RRR);
  • 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 13 members, of whom:

  • two independents non-executive directors of Euronext Clearing;
  • three representatives of Clearing Members for Bond Section;
  • two representatives of Clearing Members for Equity and Derivatives Section;
  • five representatives of Trading Clients;
  • one representative of General Clearing Members without voting rights.

Composition of the Risk Committee

Alfredo Maria Magri Independent Director
Paolo Marullo Reedtz Independent Director
Cosimo Mennuni Representative of Bond Clearing Members: Intesa Sanpaolo
Rocco Fanciullo Representative of Bond Clearing Members: Unicredit
Luca Lotti Representative of Bond Clearing Members: Cassa Depositi e Prestiti
Daniel Johnson Representative of Equity and Derivatives Clearing Members: J.P. Morgan                                               
Aurelien Martini    Representative of Equity and Derivatives Clearing Members: Societe Generale
Loubna Serrar Representatives of Trading Clients: BNP Arbitrage
Rudolphe Hubert          Representatives of Trading Clients: Natixis
Corina Scott Representatives of Trading Clients: Morgan Stanley
Christopher Byrne Representatives of Trading Clients: Goldman Sachs             
Ed Van Der Star Representative of General Clearing Members ABN AMRO - Without voting rights         

Remuneration Committee

The Board has set up an internal Remuneration Committee with consultative and proposing functions, composed of at least three directors of the Company. The duties and the composition of the committee are set by a Board resolution at the time such committee is set up.

Members of the Remuneration Committee are the Deputy Chairman and two independent directors.

Composition of the Remuneration Committee

Name Role
Giorgio Modica Chairman
Alfredo Maria Magri Independent non executive director
Paolo Marullo Reedtz Independent non executive director



  • PDF

Euronext Clearing - Terms of reference of the Risk Committee

English Version

English 13/05/2021 /sites/default/files/2024-04/Euronext%20Clearing_Terms%20of%20reference%20of%20the%20Risk%20Committee.pdf Euronext Clearing - Terms of reference of the Risk Committee
  • PDF

CC&G TOR Remuneration Committe- April 2022.pdf

English Version

CC&G TOR Remuneration Committe- April 2022.pdf English
  • PDF

CC&G Remuneration Policy 2024

English Version

CC&G Remuneration Policy 2024 English