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Default in a Day

New York
14 July 2016 10:30am to 4:45pm EDT
Convene Old Slip // Exchange Hub Room // New York, NY

July 14, 2016 // Exchange Hub Room // New York, NY

As the industry and regulations evolve, the handling of a default of a clearing member is changing. Default in a Day will start with the basics of managing a default, move to examining recent defaults and finally discuss how the default process is changing. Topics include:

  • The role of the CCPs, clearing members, regulators, and trustees;
  • Real-life examples of what worked and didn’t work during a default;
  • Lessons learned from the Brexit
  • Changes in customer protection rules;
  • The unique characteristics of a cleared swaps default; and
  • What end users need to know.

The first 50 registrants will have the opportunity to bring a colleague for free. FIA would like to encourage the next generation of listed derivatives professionals to help them understand the mechanics of a default. Registered attendees will be given the opportunity to invite a colleague to attend for free. More details are below. 

 

LOCATION

Convene Old Slip – Exchange Hub Room
32 Old Slip (between Water St & FDR)
New York, NY 10005
Map

 

REGISTRATION FEES

FIA Member$400.00
Non-Member$600.00
Government$200.00
Pre-event registration is now closed. On-site registrations will be accepted.

All registrations include: Networking lunch and closing reception

 

SPONSORSHIP

Events sponsorships are available - check out opportunities.  

For information on how to sponsor this event contact:
Toni Vitale Chan | Vice President, Business Development | T: +1.312.636.2919 | E: tvitalechan@fia.org

 

AGENDA

10:00 a.m.

Registration opens 


Default 101

10:30 a.m.

This session will walk delegates through the step-by-step process of managing a potential FCM default—comparing and contrasting futures and swaps. It will cover the roles of the clearing member, clearinghouse, regulators and trustees. It also will cover protections that are in place including margin, guarantee fund and waterfall.

Chair:

Ron Filler, Professor of Law and Director of Financial Services Law Institute, New York Law School           

Speakers:

Sunil Cutinho, President, CME Clearing, CME Group
Tim Gits, Senior Vice President, Business Development, Eurex Clearing
Stephen Morris, Executive Director, Legal & Compliance, Morgan Stanley
Diana Shapiro, Director, Citi

 


Networking Lunch

12:00 noon


We Were There

1:00 p.m.

Griffin Trading, Refco, Sentinel, Lehman, MF Global…each default the industry has experienced is different. Industry veterans will discuss more recent defaults and how the system worked as expected … and where it did not. Particular focus will be given to information flow and the challenges of managing defaults that extend cross border. Panelists will give insight into problems encountered and the solutions that you won’t learn from the rulebooks!

Chair:

Gary DeWaal, Special Counsel, Katten Muchin Rosenman

Speakers:

Kim Taylor, President, Global Operations, Technology & Risk, CME Group
Thomas Hammond, President & Chief Operating Officer, ICE Clear U.S.

 


Break

1:45 p.m.


Managing a Default

2:00 p.m.

This session will cover the default of a clearing firm from the perspective of the firms where trades are ported and the liquidation experts. The panel will also discuss what end users should know before, during and after a default. Topics include porting vs. liquidation, funding, and bankruptcy issues.

In addition the panel will discuss lessons learned from the Brexit. While no clearing member or customer defaulted, the recent market volatility during the Brexit news created stress situations similar to what happens during a default. Panelists will discuss how CCPs, clearing members and regulators communicated and responded. 

Chair:

John Dabbs, Global Head of Prime Derivative Services, Credit Suisse

Speakers:

Ed Gogol, Managing Director, Clearing Solutions, CME Group
Kim Johns, Vice President & Associate General Counsel, Goldman Sachs
James Kobak, General Counsel, Hughes Hubbard & Reed LLP 
Bud Novin, Senior Vice President, Product Development, LCH.Clearnet
Jamal Oulhadj, Chief Operating Officer, R.J. O'Brien & Associates
Ananda Radhakrishnan, Partner, Norton Rose Fulbright US


Break

3:15 p.m.


What’s Changed?

3:30 p.m.

Post-MF Global new customer protections were put in place. Swaps are now being cleared. New capital requirements are impacting the way firms view porting. This panel will discuss what regulatory changes will drive new approaches to default management both in the U.S. and abroad.

Chair:

Robert Klein, Managing Director & Counsel, Citigroup Global Markets

Speakers:

Maria Chiodi, Managing Director & Counsel, Legal & Compliance, Credit Suisse Securities
Marcus Denne, Director, Bank of America Merrill Lynch
Eileen Flaherty, Director of the Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission
Bud Novin, Senior Vice President, Product Development, LCH.Clearnet


Networking Reception

4:45 p.m.


 

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