The European Association of CCP Clearing Houses, EACH for short, has elected a number of new board members.

CME Clearing Europe’s Simon Turek becomes chairman with Tim Grange, director of regulatory policy at ICE Clear Europe, joining as vice chair.

Both will serve two-year mandates along with Eurex Clearing’s Oliver Haderup and Corentine Poilvet-Clediere from LCH.Clearnet – also vice chairs.

CCP’s, or central counterparties, sit between a buyer and a seller in a trade as a way of preventing systemic risk.

However, given their increasing importance post financial crisis, there have been concerns that clearing houses themselves could be the root cause of another financial meltdown.

Later this month EU securities watchdog ESMA will announce on the results of its first stress tests on CCPs.

The tests will be conducted on CCPs across the EU and fall under the European Markets Infrastructure Regulation (EMIR).

EACH’s new board will be actively involved in the process and working with regulators.

Other new board members include BME Clearing’s Xavier Aguila, Nasdaq’s Erica Brown, Arnoud Siegmann from EuroCCP and Marcin Truchanowicz of KDPW_CCP.