Korea Exchange's Park Sang-wook elected to CCP Global executive committee

Park Sang-wook, head of the clearing and settlement division at Korea Exchange, has been elected to the executive committee of CCP Global, the international association of central counterparty clearing houses.

Korea Exchange said Park was elected as one of 17 executive committee members at CCP Global's general assembly held in Amsterdam, the Netherlands, on June 24 (local time).

CCP Global is an association comprising 45 central counterparties (CCPs) from 33 countries that carry out clearing and settlement operations in capital markets.

The organization was founded in London in 2001 by 12 major CCPs to advance expertise in clearing, settlement and risk management through information sharing and to help establish an efficient global regulatory framework. Korea Exchange joined as a member at the third general assembly that same year.

The executive committee is composed of representatives from 17 member organizations and serves as CCP Global's primary decision-making body. <style ref="s1">Members come from the United States, Australia, Germany, Japan, Singapore and other countries in addition to South Korea.</style>

The committee operates four working subcommittees covering policy, risk, operations and quantitative disclosure, and holds video conferences as needed to discuss key agenda items.

"Members of CCP Global highly valued Korea Exchange's contribution to financial market stability, including its robust clearing and settlement operations and infrastructure advancement," a Korea Exchange official said.

Specific achievements that drew attention included the establishment of a multi-market clearing and settlement framework following the launch of Nextrade, South Korea's first alternative trading system; the introduction of after-hours trading in the derivatives market; and the launch of clearing services for over-the-counter derivatives — specifically overnight index swaps — based on the Korea Overnight Financing Repo rate (KOFR).

Korea Exchange said it plans to continue actively participating in discussions on global CCP-related issues through the CCP Global executive committee, with a focus on strengthening the international consistency of its risk management framework.