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Clearing 101

an FIA Law & Compliance Division event
6 December 2017 2:00pm to 5:00pm EST

Clearing 101

CME Group New York // 300 Vesey Street: NY-300-085-A-Multi-Purpose Room// New York, NY 10282

Ever wonder why there's all this fuss 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.

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.

Registration is closed. 


Peter Borstelmann
ICE Clear Credit
Head of Corporate Development

Mo Guilfoile
CME Group
Executive Director & Associate General Counsel

John McKinlay
CME Group
Director & Associate General Counsel

Heidi Rauh
ICE Clear U.S.
General Counsel & Chief Compliance Officer

Katie Trkla
Foley & Lardner LLP

Ray Tubridy
Macquarie Futures USA LLC
Managing Director, Commodities and Global Markets 

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


CME Group New York

300 Vesey Street: NY-300-085-A-Multi-Purpose Room

New York, NY 10282



Notice of cancellations must be received in writing before Wednesday, November 29, 2017.  Please contact Member Services for cancellations and substitutions.  No refunds will be made after November 29, 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 contact Beth Thompson.  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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