[DigitalToday reporter Oh Sang-youp] Korea Exchange said on June 25 that Park Sang-wook (박상욱), head of its clearing and settlement division, has been elected to the executive committee of the Global Association of Central Counterparties, known as CCP Global.

Park was elected at CCP Global’s general meeting held on June 24 local time in Amsterdam, the Netherlands.

CCP Global is a global association of central counterparties that provide clearing and settlement services for capital markets. It was established in January 2001, and 45 clearing institutions from 33 countries currently participate as members.

CCP Global makes key decisions related to the association’s operations through its executive committee, its top decision-making body. CCP executives from major countries, including the United States, Britain, Europe and Japan, participate as executive committee members. Korea Exchange has participated as an executive committee member since 2022.

The exchange said CCP Global members highly evaluated Korea Exchange’s stable clearing and settlement operations and achievements in advancing infrastructure.

Key achievements cited include building a multi-market clearing and settlement system following the launch of alternative trading platform NextTrade, starting night trading in the derivatives market, and launching a clearing service for overnight index swaps based on the Korea Overnight Financing Rate, or KOFR.

A Korea Exchange official said, "We plan to continue participating in discussions on global clearing and settlement agendas through the CCP Global executive committee and to keep strengthening international consistency in our risk management system."