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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 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. Join us immediately after the event for a reception at Rivers Restaurant.

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.Upon registering for Clearing 101, you’ll have the opportunity to anonymously ask a question to the speakers. The speakers will either incorporate the answers into the presentation or answer your question at the end of the session.



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

    Mo Guilfoile
    CME Group
    Executive Director & Associate General Counsel

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

    Don Sternard
    Intercontinental Exchange
    Chief Operating Officer

    Katie Trkla
    Foley & Lardner LLP

    Michelle Weiler
    Intercontinental Exchange
    General Counsel & Chief Compliance Officer

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


    CME Group Chicago

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

    Chicago, IL 60606

    Reception Location: Rivers Restaurant | 30 S. Wacker Drive | Chicago, IL 60606

    Registration for this event is now closed. Also note, due to security requirements at the CME Group, on-site registration and substitutions are not available.

    Notice of cancellations must be received in writing before Tuesday, February 14, 2017.  Please email Member Services at 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  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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