file-o file-word file-excel file-powerpoint file-image file-archive file-audio file-movie file-code file-openoffice file-css menu googleplus facebook instagram twitter feed youtube vimeo2 lanyrd flickr picassa deviantart github wordpress blogger tumblr yahoo soundcloud skype linkedin lastfm delicious stumbleupon stackoverflow pinterest foursquare cross arrow-left arrow-down arrow-up arrow-right arrow-left2 arrow-down2 arrow-up2 arrow-right2 arrow-left3 arrow-down3 arrow-up3 arrow-right3 search

CCP Risk, Clearing & Default Seminar: Brussels

27 April 2017 8:45am to 2:30pm CEST
Freshfields Bruckhaus Deringer, Bastion Tower, Place du Champ de Mars /Marsveldplein 5, 1050 Brussels

Date: 

Thursday 27 April 2017

Location: 

Freshfields Bruckhaus Deringer, Bastion Tower, Place du Champ de Mars /Marsveldplein 5, 1050 Brussels

Schedule:

Registration and refreshments: 8:45 - 9:10

Programme: 9:10 - 14:30
*Please note the event now starts earlier than originally stated*

In the context of the EU proposal on CCP Recovery and Resolution, FIA is pleased to announce a half-day seminar on CCP risk and clearing which will provide an overview of the basics of clearing, client or clearing member default, how a default is managed and what happens once a CCP has run into trouble.

This educational Brussels-based event, which will take a transatlantic view, is primarily aimed at EU policy-makers and government relations specialists and features experts from clearing members and CCPs, regulators and law firms. Together they will discuss the regulatory and operational developments across major jurisdictions since the onset of the financial crisis and how to ensure that the system keeps functioning when a CCP runs into trouble without taxpayers picking up the bill.
 

Programme topics will include:

  • Keynote speech by Danuta Hübner, MEP
  • Basics of clearing
  • Client clearing framework and managing counterparty credit risk
  • Managing a default (porting, auction and allocation of trades)
  • CCP in financial distress

Confirmed speakers include Maja Augustyn (BNP Paribas), Teo Floor (Eurex Clearing), Elisabeth Overland (Freshfields), Patrick Pearson (European Commission), Carole Uzan (French Authorité des Marchés Financiers), Anuja Verma (Citi), Philip Whitehurst (LCH). Others to be confirmed shortly.

Please find a more detailed programme below.
 

Registration

This is a free event, however, space is limited and will be allocated on a first-come-first-served basis. Please register using the link below to reserve your place, and forward on this invitation to anyone who may be interested in attending. 

*All registrations include refreshments on arrival and lunch. 

Please contact Bernadette Connolly +44(0)20 7090 1334 with any queries.

Programme


8:45-9:10 – Registration and Coffee
9:10-9:15 – Introductory remarks by Simon Puleston Jones, Head of Europe, FIA
9:15-9:30 – Keynote speech by Danuta Hübner, MEP

9:30-10:00 – Basics of Clearing

Clearing houses function to reduce counterparty risk in trading and clearing derivatives by using a number of tools. This session will outline how a clearinghouse functions and the different tools it uses, including margin, default funds, waterfall and other processes for maintaining a stable system.

Speaker: Cyrus Pocha, Senior Associate, Freshfields Bruckhaus Deringer LLP


10:00-11:00 – Client clearing framework and managing counterparty credit risk

This session will walk delegates through arrangements that underpin client clearing, including the provisions of managing a potential client or clearing member default. It will also make a link between the legal agreements on one hand and risk management for the purposes of capital requirements that clearing members and some of their clients are subject to. The concept of indirect clearing will also be explained.

Moderator: Mitja Siraj, Vice President of Legal, Europe, FIA

Speakers:
Mark Bines, Senior Counsel, Deutsche Bank 
Teo Floor, Vice President, CCP Risk Management, Eurex Clearing
Matthijs Geneste, Global Coordinator, Regulatory Affairs, ABN AMRO Clearing Bank N.V.
Jeremy Walter, Partner, Clifford Chance London


11:00-11:15 – Coffee Break

11:15-12:15 – Managing a default (porting, auction, allocation of trades)

This session will cover default management in depth. First, the auction process, by which house positions of the defaulted firm, as well as customer positions which cannot be ported, are liquidated. Second, the porting process, by which positions of non-defaulting customers are moved to new clearing members, together with as much collateral value as possible. And third, customer protections in place under EMIR - omnibus vs individual client segregation.

Moderator: Simon Puleston Jones, Head of Europe, FIA 

Speakers:
Marc Benzler, Partner, Clifford Chance Frankfurt
Anuja Verma, Director, FMIs/Payment Systems Risk Management, Citi
Philip Whitehurst, Global Head of Business Development and Strategy, LCH


12:15-13:15 – Break/Lunch

13:15-14:30 – Roundtable discussion on CCP in financial distress

Now that the principles for financial market infrastructure have been substantially implemented globally, policymakers’ attention is turning to implementing standards for Recovery and Resolution of CCPs. Panellists will discuss some of the more controversial aspects of recovery and resolution regimes being discussed at international, EU and national levels.

Moderator: Jackie Mesa, Senior Vice President, Global Policy, FIA

Speakers:
Maja Augustyn
, Senior Advisor - Public Affairs, Strategy and Corporate Development, BNP Paribas Securities Services
Andrew Chang, Director, Risk & Quantitative Analysis - Counterparty & Concentration Risk, Blackrock
Teo Floor, Vice President, CCP Risk Management, Eurex Clearing
Patrick Pearson, Head of Unit for Resolution and Crisis Management, DG FISMA, European Commission
Carole Uzan, Deputy Head of the Markets Regulation Division, Regulation Policy & International Affairs Division, AMF


14:30-14:40 – Closing remarks by Simon Puleston Jones, Head of Europe, FIA 

Close

Close

Menu

Menu

Back to FIA