Agenda: Risk Derivatives Clearing 2015


Registration and refreshments


 RISK welcome address


REGULATORY OPENING ADDRESS: The progress in strengthening systemically important clearing and settlement systems in the US and globally

Johanna Schwab, Assistant Vice President, Payments Clearance and Settlement, THE FEDERAL RESERVE BANK OF NEW YORK, THE FEDERAL RESERVE BANK OF NEW YORK


PANEL DISCUSSION: Developing the robust clearing infrastructure and enhancing operational efficiencies

  • Understanding the client, FCM and CCP infrastructure building process and how it impacts the costs for each party
  • What actions can each counterparty take to reduce the cost of clearing?
  • Achieved and unachieved operational efficiencies in terms of connecting to clearing counterparties
  • Technology and data: Efficient data and technology solutions and how they supports reporting and clearing requirements
  • How to manage increased operational risks coming from the extended relationships between CCPs, SEFs, SDRs, FCMs and other clearing related partnerships?
  • Longevity of your partnerships: Which FCMs, SEFs and CCPs will stick around?

Moderator: Duncan Wood, Editor-in-chief, RISK
Josh Braverman
,  Senior Executive Director, Chief Investment Officer, Treasurer and Head of Derivatives & Hedging, AXA US
Boris Liberman, Vice President & Associate General Counsel at AQR CAPITAL MANAGEMENT
Joshua Satten, Former Senior Vice President, NORTHERN TRUST
Karel Engelen, Senior Director, Data, Reporting and FpML, ISDA


REGULATORY ADDRESS: Perspectives on the CCP supervision

Wenchi Hu,
Assistant Director, Acting Head of Office of Clearance and Settlement - Supervision, U.S. SECURITIES AND EXCHANGE COMMISSION


Morning break


REGULATORY ADDRESS: Key market risk and market structure issues

Petal Walker, Chief Counsel, Office of Commissioner Bowen, U.S. COMMODITY FUTURES TRADING COMMISSION


PANEL DISCUSSION: SEFs trading picture in 2015-2016

  • Execution efficiencies and compliance within regulation around SEFs
  • How are execution platforms harmonized across different jurisdictions?
  • Package trades and onboarding products for SEF trading
  • How can industry participants support the SEF trading infrastructure?

Moderator: Alex van Voorhees, Assistant General Counsel, BANK OF AMERICA MERRILL LYNCH
Michael Schwenk, General Counsel and Chief Compliance Officer. NWI MANAGEMENT  
Paul Hamill, Global Head of FICC, Execution Services, CITADEL
Michael O'Brien, Director of Global Trading, EATON VANCE




PANEL DISCUSSION: Collateral management and the margin regime for cleared and non-cleared trades

  • How industry participants expect to support collateral requirements? Is there enough collateral?
  • Collateral optimization: What are the options? Will the buy-side outsource collateral transformation services? 
  • How effective are corporate securities as collateral? 
  • Computing initial margin for non-centrally cleared derivatives: Which approach is most acceptable for market participants?
  • Variation margin for uncleared derivatives across the whole industry: What are the issues and proposed solutions?

Moderator: Sol Steinberg, Founder, OTC PARTNERS
Patricia Roeder
, ‎Director of Compliance, ING CAPITAL MARKETS
James Wallin, Senior Vice President, ALLIANCEBERNSTEIN
Christopher Perkins, Managing Director, Global Head of OTC Clearing, CITI
Athanassios Diplas, Principal, DIPLAS ADVISORS
Stephen Bruel, Vice President, BROWN BROTHERS HARRIMAN


PRESENTATION: Recent developments in the CCP recovery and resolution policy

  • Rightsizing CCP skin in the game
  • CCP end-of-waterfall loss sharing
  • Central bank backstopping

John Kiff, Senior Financial Sector Expert, IMF


Afternoon break


PANEL DISCUSSION: Difference between the US and the EU, and dynamics in harmonization between these two platforms

  • What are the key difficulties in managing reporting and derivatives related operations across different jurisdictions?
  • Assessing the compatibility of clearing regulations across the globe
  • Landscape in CCPs competitive space: European CCPs vs. the US CCPs
  • Assessing the potential impact of the liquidity misbalance created by the mandatory NDFs clearing in the US

Moderator: Waqaas Fahmawi, Director and Assistant General Counsel, BANK OF AMERICA MERRILL LYNCH
Lawranne Stewart, Special Counsel to the Chairman, U.S. COMMODITY FUTURES TRADING COMMISSION
Michael Schwenk, General Counsel and Chief Compliance Officer, NWI MANAGEME
Angie Karna, Managing Director, Legal, NOMURA 
Gregory Todd, ‎Director and Associate General Counsel, BANK OF AMERICA MERRILL LYNCH


CLOSING PANEL DISCUSSION: Has clearing made the world a better place? Thinking ahead and discussing the future of the derivatives business

  • Have regulators achieved what they wanted?
  • How safe are CCPs? Do they have enough ‘skin in the game'
  • What recovery and resolution measures do FCMs and CCPs have in place in the case of extreme market events?
  • Given the cost of clearing, how viable is the derivatives business?
  • What products are likely to be subject to a clearing mandate in a near future?
  • How could regulators potentially address the issue of the lack of clearers in the business?
  • Will we see large buy-side firms becoming direct clearing members?

Moderator: Duncan Wood, Editor-in-chief, RISK
Dale Spoljaric, Managing Director, NATIONAL FUTUTRES ASSOCIATION
Richard Miller, Vice President and Corporate Counsel, PRUDENTIAL FINANCIAL
John Kiff, Senior Financial Sector Expert, IMF
Peter Curley, Former Associate Director, Clearance and Settlement, Division of Trading And Markets, U.S. SECURITIES AND EXCHANGE COMMISSION


RISK closing remarks


Drinks reception


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