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Default in a Day

31 January 2017 9:00am to 6:00pm CST
Federal Reserve Bank of Chicago // Chicago, IL

January 31, 2017 // Federal Reserve Bank of Chicago // Chicago, IL

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, discuss how the default process is changing and if contagion spreads, the recovery and default of a CCP. 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;
  • The auction and customer claim process
  • Changes in customer protection rules;
  • Customer porting and LSOC; and
  • Implementing global recovery and resolution standards.


Default in a Day is now sold out. Please contact FIA's Member Services team to be added to the wait list. 



  • Industry professionals who need to enhance their knowledge of the safeguards in place in the listed derivatives markets and explain them to customers.
  • Exchange and clearinghouse professionals who want to better understand the roles of various participants in a default.
  • Senior operations and risk management professionals who want to understand how the default process is changing.
  • Traders who want a deeper understanding of the auction process.
  • Customers who want a better understanding of what happens to their accounts in a default.



Federal Reserve Bank of Chicago
Third Floor Conference Center
230 S LaSalle St
Chicago, IL 60604
*The Chicago Fed does not have a parking facility or discounted parking at local parking garages


When you arrive at the Chicago Fed please have a government issued photo ID ready to show to the registration staff.  You and your belongings are subject to the Federal Reserve Bank of Chicago’s screening process.  This procedure is very similar to the screening process at international airports.  Please look for the conference registration desk to your right as you enter the Bank.   Bank staff will explain the screening process and direct you to the 3rd floor conference center.  All sessions take place in the Auditorium on the 3rd floor. 

Dress for the conference is business.



FIA Member$195.00

Default in a Day is now sold out. Please contact FIA's Member Services team to be added to the wait list. 


Visit our Sponsorship Opportunities page or contact Toni Vitale Chan for more information on how to sponsor this event:
Toni Vitale Chan | Vice President, Business Development | T: +1.312.636.2919 | E:



Default 101

9:00 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.


Gary DeWaal, Special Counsel, Katten Muchin Rosenman 


Ed Gogol, Managing Director, Clearing Solution, CME Group 
Steven Kastenholz, Managing Director, Treasurer, SG Americas Securities
Jeff Ollada, Managing Director, Futures Division, Mizuho Americas 


10:15 a.m.

We Were There

10:30 a.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!

Bob Cox, Vice President & Senior Policy Advisor, Financial Markets, Federal Reserve Bank of Chicago 

Tim Doar
Thomas Hammond, Vice President, Global Clearing Initiatives, Intercontinental Exchange

Networking Lunch

11:45 a.m.

Managing a Default

12:45 p.m.

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 FCMs, together with as much collateral value as the bankruptcy trustee will allow.  And third, customer protections in place since MF Global, including the LSOC regime applicable to customer positions in swaps, and regulatory changes driving new approaches to default management here and abroad.

The Auction Process

12:45 p.m.

Susan O'Flynn, Managing Director, Global Head of CCP Strategy, Governance and Optimization, Morgan Stanley

Lee Betsill, Managing Director, Chief Risk Officer, CME Group
Biswarup Chatterjee, Global Head of Electronic Trading & New Business Development, Credit Markets, Citigroup Global Markets 
Don Wilson, Chief Executive Officer, DRW


1:35 p.m.

Customer Porting & LSOC

1:45 p.m.

Jackie Mesa, Senior Vice President, Global Policy, FIA 


Ruth Arnould, Director & Assistant General Counsel, Bank of America Merrill Lynch
Patrick Sheehan, Vice President, Futures Services, Goldman Sachs 
Don Sternard, Chief Operating Officer, ICE Clear Credit 


2:35 p.m.

Customer Claim Process

2:45 p.m.

Maureen Downs, President, Rosenthal Collins Group


Dan Driscoll, Executive Vice President & Chief Operating Officer, National Futures Association
James Kobak, General Counsel, Hughes Hubbard & Reed 
Tim Mundt, Global Head of Operations, INTL FCStone 
Jamal Oulhadj, Chief Operating Officer, R.J. O'Brien & Associates

CCP Recovery & Resolution

4:00 p.m.

Now that the global standards for Recovery and Resolution of CCPs are almost set, national policymakers, regulators and CCPs are starting to implement those global standards.  Panelists will discuss some of the more controversial aspects of recovery and resolution regimes and areas where more work may need to be done.

John Dabbs, Global Head of Prime Derivatives, Credit Suisse Securities


Sunil Cutinho, President, CME Clearing
Greg Fell, Global Head of Financial Market Infrastructure, Citigroup Global Markets
Joanne Medero, Managing Director, BlackRock
Dennis McLaughlin, Group Chief Risk Officer, LCH.Clearnet
Eric Nield, General Counsel, ICE Clear Credit
Marnie Rosenberg, Executive Director, Global Head of Clearinghouse Risk, J.P. Morgan Securities 
Robert Steigerwald, Senior Policy Advisor, Financial Markets Group, Federal Reserve Bank of Chicago

Networking Reception

5:15 p.m.





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