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Clearing 101

an FIA Law & Compliance Division event
27 April 2017 2:00pm to 5:00pm CDT

CME Group Chicago // 20 S. Wacker Drive: Conf. Rm - CHI-20S-ULL // Chicago, IL 60606


Ever wonder why there's all this kerfuffle about derivatives clearing? Do you understand the purpose and function of the clearing, the core concepts of how clearing works, and the seemingly confusing terms used to describe clearing and the relationships among market participants, clearing intermediates (the futures commission merchants) and centralized clearing houses? The FIA Law & Compliance Division presents Clearing 101, a half-day interactive program designed to demystify clearing by giving you a basic understanding of what clearing is about and how and why it is regulated.

Topics will include:

  • An explanation of core clearing concepts and terminology (multilateral netting, novation, the clearinghouse guarantee, initial margin/performance bond vs. variation payments, house vs. customer origin, etc.)
  • How derivatives clearing differs from bilateral credit default arrangements and from settlement of equity securities transactions
  • Different roles of clearing FCMs and clearing houses and a customer's relationship to each
  • Mechanics of the clearing and settlement cycle for a futures trade
  • Key differences between futures and swaps clearing
  • How FCMs and clearing houses hold customer funds
  • How a clearing house manages the default of a clearing member; and core principles governing clearing.
     

 

Registration Fees

$50 for FIA Members
$50 for Regulators
$75 for Non-Members

Panelists                                     

Sean Downey
CME Group
Executive Director, Global Clearing and Risk Policy

Mo Guilfoile
CME Group
Executive Director & Associate General Counsel
 

Heidi Rauh
Intercontinental Exchange
General Counsel & Chief Compliance Officer
    

Mary Beth Rooney
Citigroup Global Markets
Director, Futures/Derivatives Clearing Compliance

Don Sternard
Intercontinental Exchange
Chief Operating Officer
      

Katie Trkla
Foley & Lardner LLP
Partner

Melissa Zierk
R.J. O'Brien & Associates, LLC
Managing Director, General Counsel

 

Location 

CME Group Chicago

20 S. Wacker Drive - Conf Rm-CHI-20S-ULL

Chicago, IL 60606

 


Cancellations/Substitutions
Notice of cancellations must be received in writing before Tuesday, February 14, 2017.  Please email Member Services at memberservices@fia.org for cancellations and substitutions.  No refunds will be made after February 14, 2017, and all monies owed at the time of cancellation will be due immediately.  Substitutions may be made at any time without penalty.

Filming, Videotaping and Recording Policy
No portion of this event may be filmed, videotaped or otherwise recorded for posting or distribution without prior authorization from FIA.  Further, by registering for this program, you consent to FIA’s use, reproduction, editing, publishing and distribution of any photographs, videos and other recordings that FIA or its designated photographer may take of registrants and attendees during the program.

Special Requirements
We want everyone to have a safe and enjoyable experience at our programs.  Accordingly, where possible, we will try to accommodate the special needs of our delegates.  If you have any access restrictions or other concerns, please email Beth Thompson at bthompson@fia.org.  So that we may make our best effort to fulfill all requests, we kindly ask to be notified of any special needs two weeks in advance of the program.

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