Working Committees

Home / Working Committees

Overview

At the heart of CCP global lies a robust network of four Working Committees, each serving as a critical forum for global engagement, innovation, and decision-making amongst CCPs. These committees unite global CCPs to address the most pressing operational, PQD & transparency, policy, and risk-related challenges facing the financial ecosystem today. Each committee operates with a global lens, incorporating diverse perspectives and insights CCPs across many regions. This ensures that our discussions and solutions are not only comprehensive but also adaptable to varying regional and market-specific contexts. Our committees are not just discussion groups, they focus on actionable insights, collaborative problem-solving, and forward-looking strategies. They are instrumental in shaping the future of financial markets and ensuring the stability, efficiency, and integrity of the global financial system which they serve.

Our Committees at a Glance

Operations Working Committee (OWC)

Addressing operational and technical issues raised by industry forums and regulators. This committee focuses on streamlining processes, fintech, cybersecurity, enhancing efficiency, and fostering innovation across institutions while exploring how operational impacts could affect global financial markets. The OWC is responsible for managing the CCP Global Cyber Resilience Exercise (CRE).

logo
H
Ryan Hanley

OWC Co-Chair

Ryan Hanley

Member

CME Group

Position

Senior Director, Post-Trade Services & Risk

Bio

Ryan Hanley has served as Senior Director, Post-Trade Services & Risk for CME Group since 2018. He joined the company in 2010 and has since held various leadership roles. Mr. Hanley currently leads Operational Risk Management, Default Management Operations, and Operational Resilience for CME Clearing. Mr. Hanley has served as Co-Chair on the CCP Global Operations Working Committee since August 2022.

N
Rishi Nagar

OWC Chair

Rishi Nagar

CCP Global

Position

Data Lead, PQD Transparency

Bio

Rishi Nagar is the Data Lead and PQD Transparency lead for CCP Global where he is responsible for managing the Operations Working Committee and Public Quantitative Disclosure Working Committee. He has provided expertise to the association since 2019. Mr. Nagar has been a management consultant with a career working for various clients across EMEA and APAC. His background spans the sectors of aerospace & defence, financial services, and corporate strategy.

N
Andy Ni

OWC Co-Chair

Andy Ni

Member

Shanghai Clearinghouse (SHCH)

Position

Head of International Cooperation Department

Bio

Andy NI is the Head of International Cooperation Department at Shanghai Clearing House. Prior to this role, he held various risk management positions including the head of risk. He led the establishment of the CCP risk management framework in the China's interbank financial market. He previously held a variety of positions with Canada Mortgage and Housing Corporation’s Securitization Department and the Provincial Government of British Columbia.

Y
Shohei Yamagata

OWC Co-Chair

Shohei Yamagata

Member

Japan Securities Clearing Corporation (JSCC)

Position

Chief Manager, Listed Products Clearing Service

Bio

Shohei Yamagata is a seasoned financial professional with 15 years of experience in financial market infrastructures, including JPX, KRX and JSCC, where he currently leads risk management, collateral management and clearing services for cash equities as well as financial and commodity futures & options. Prior to this, Shohei was a manager in global business development at JPX, collaborating with exchanges and regulatory authorities in Asia and the Middle East to enhance their financial markets, including post-trade services.

Our Committees at a Glance

Public Quantitative Disclosure Working Committee (PQDWC)

The PQDWC Working Committee addresses the development and on-going needs of CCPs seeking to meet the requirements of the CPMI-IOSCO PQD Framework. The PQDWC tackles key issues in data quality, transparency, standardization, and analytics, ensuring that consistent PQD data is published to improve risk management and analysis of CCPs. CCP Global has been entrusted by CPMI-IOSCO to maintain the CCP Global PQD template and publishes the PQD Quarterly Trends Report & Newsflash.

logo
N
Rishi Nagar

PQDWC Chair

Rishi Nagar

CCP Global

Position

Data Lead, PQD Transparency

Bio

Rishi Nagar is the Data Lead and PQD Transparency lead for CCP Global where he is responsible for managing the Operations Working Committee and Public Quantitative Disclosure Working Committee. He has provided expertise to the association since 2019. Mr. Nagar has been a management consultant with a career working for various clients across EMEA and APAC. His background spans the sectors of aerospace & defence, financial services, and corporate strategy.

N
Andy Ni

PQDWC Co-Chair

Andy Ni

Member

Shanghai Clearinghouse (SHCH)

Position

Head of International Cooperation Department

Bio

Andy NI is the Head of International Cooperation Department at Shanghai Clearing House. Prior to this role, he held various risk management positions including the head of risk. He led the establishment of the CCP risk management framework in the China's interbank financial market. He previously held a variety of positions with Canada Mortgage and Housing Corporation’s Securitization Department and the Provincial Government of British Columbia.

T
Robert Taylor

PQDWC Co-Chair

Robert Taylor

Member

CME Group

Position

Senior Director, Clearing Policy & Market Structure

Bio

Robert Taylor is responsible for navigating clearing market structure changes and leading successful regulatory approval efforts for major CME Clearing initiatives; including the CME-FICC Enhanced Cross-Margining program, approved and launched in January 2024, and the creation of the CME Public Quantitative Disclosures first published in 2015.  Mr. Taylor has enjoyed a 20-year history in capital markets, working initially across fixed income and securitization markets at Societe Generale Corporate & Investment Bank, and currently in derivatives markets at CME Group.

Our Committees at a Glance

Policy Development Committee (PWC)

The PWC addresses policy topics raised by the industry and regulators. It also serves as a platform for information exchange on new and ongoing policy issues. Navigating the complexities of international financial regulation, this committee engages in policy advocacy, compliance strategies, and cross-jurisdictional collaboration to align regulatory frameworks with market needs.

logo
H
Emily Hendrix

PWC Co-Chair

Emily Hendrix

Member

CME Group

Position

Senior Director, Risk Policy, Recovery & Resolution

Bio

Ms. Emily Hendrix represents CME Group’s clearing house risk management policy efforts, supporting initiatives that cover global regulatory developments. Ms. Hendrix also leads the clearing house’s recovery and wind-down planning and second line function for model risk management. Ms. Hendrix is currently based in Chicago. Over the course of her career with CME Group, she has also been based in Washington, D.C. and London.

K
Thanos Kagiaras

PWC Co-Chair

Thanos Kagiaras

Member

London Stock Exchange Group (LSEG)

Position

Senior Manager, Government Relations & Regulatory Strategy – Post Trade, LSEG

Bio

Thanos is a financial services professional with 15 years of experience in the regulatory, technology and operations field in the banking industry. At the Regulatory Strategy and Government Relations division at LSEG, Thanos is closely monitoring post-trade related regulatory developments covering all clearing, settlement, and risk management related files.

O
Tetsuo Otashiro

PWC Co-Chair

Tetsuo Otashiro

Member

Japan Securities Clearing Corporation (JSCC)

Position

Director, Global Policy and Regulation, OTC Derivative Clearing Service

Bio

Tetsuo Otashiro has been a key leader in regulatory and policy matters at Japan Securities Clearing Corporation (JSCC) for over a decade. His efforts have secured JSCC’s licensing as a central counterparty in multiple jurisdictions, including the US, EU, UK, Switzerland, Canada, Hong Kong, and Australia, across various clearing services such as cash equities, exchange derivatives, OTC swaps, and government bond repos. He has also driven business development for OTC interest rate swap clearing services. In 2023, he was appointed as a member of the Global Market Advisory Committee of the U.S. CFTC.

Z
Karolina Ziolkowska

PWC Chair

Karolina Ziolkowska

CCP Global

Position

Policy Advisor

Our Committees at a Glance

Risk Working Committee (RWC)

The RWC addresses quantitative, risk-based proposals from regulators. Ensuring the financial system remains robust in the face of evolving threats, this committee focuses on risk management, supervisory stress testing, and the development of strategies to enhance systemic resilience amongst CCPs. This RWC is responsible for managing the global CCP International Default Simulation exercise (CIDS).

logo
A
Nathan Appel

RWC Chair

Nathan Appel

CCP Global

Position

Risk Policy Advisor

Bio

Nathan has spent the last decade working in the world of clearing; after 9 years at Eurex in Frankfurt, he recently joined CCP Global in Amsterdam at the end of 2024 as the association’s Risk Policy Advisor. In his previous role, Nathan co-managed the Clearing Strategy & Initiatives unit of ECAG, and also served as the co-chair of the CCPG Public Quantitative Disclosure (PQD) Working Committee.

H
Richard Hanna

RWC Co-Chair

Richard Hanna

Member

Australian Securities Exchange Ltd (ASX)

Position

General Manager – Clearing Risk Quantification & Oversight

O
Adam Olszewski

RWC Co-Chair

Adam Olszewski

Member

Eurex

Position

Global Head of Models and Analytics

Bio

Adam Olszewski is the Global Head of Models and Analytics at Eurex, Deutsche Börse Group. This group comprises teams of a quants and risk managers who develop and maintain financial models related to pricing, margining, stress testing and other risk analytics. Prior to joining Eurex, Adam has held senior roles at CME Group and Commerzbank.

T
Elaine Tang

RWC Co-Chair

Elaine Tang

Member

Singapore Exchange (SGX)

Position

Risk Management

Bio

Ms. Elaine Tang has over two decades of experience in risk management within the derivatives market at the Singapore Exchange (SGX). She currently leads the securities clearing and settlement team, having previously managed SGX’s default management efforts and supervised risk monitoring in the securities market. She has also played a pivotal role in fortifying SGX’s governance structure by establishing the Risk Advisory Committee. Her strong domain knowledge has also seen her serve as co-chair of the PQD working group, working closely with CCP Global towards the implementation of the CPMI-IOSCO quantitative disclosure.