FIA Forum: Treasury Clearing 2024

1:00 p.m. - 5:00 p.m.     
Registration Open

1:45  p.m. – 2:00 p.m.    
Opening Remarks 

Speaker: 
Heather Orrico, Managing Director, Co-Head of Global Macro Americas, BNP Paribas 
Walt Lukken, President and CEO, FIA 

2:00  p.m. – 2:20 p.m.
Keynote Address:  Michelle Neal, Head of the Markets Group, Federal Reserve Bank of New York

The address will focus on the benefits of expanding central clearing and some considerations to take into account when implementing the SEC’s central clearing rule.  In particular, the remarks will discuss how clearing reduces counterparty risk, reduces settlement flows and fails, and establishes consistent and robust risk management practices for clearing.  Regarding implementing the mandate, the remarks will cover topics such as client clearing access models, margin practices, and the possibility of multiple central counterparty entrants to the U.S. Treasury market. 
 

2:20 p.m. – 3:05 p.m.    
New Models for Treasury and Repo Clearing 
This panel will feature presentations from clearinghouse executives on their offerings for Treasury and repo clearing, followed by a question-and-answer session to compare and contrast key features such as account structures and margin offsets.

Moderator: 

• Allison Lurton, Chief Legal Officer & General Counsel, FIA 

Speakers: 

• Paul Hamill, Senior Advisor, ICE
• Laura Klimpel, Managing Director, Head of DTCC’s Fixed Income and Financing Solutions, DTCC
• Suzanne Sprague, Senior Managing Director, Global Head of Clearing & Post-Trade Services, CME Group 

3:05 p.m. – 3:30 p.m.    
Networking Break 

3:30 p.m. – 4:20 p.m.    
Capacity and Structural Needs for Clearing Success
As new clearing models come into focus, market participants are exploring the potential for agency clearing in the Treasury market. Many questions remain about the pros and cons of the agency model relative to sponsored and direct models, how much capacity banks have for clearing, how limits can be managed across multiple venues, and whether porting and position transfer functionality will be available by the deadlines. Our expert panel will discuss what efforts are underway and what issues remain unsolved. 

Moderator: 

• Murray Pozmanter, Owner, Harborview Market Advisory LLC 

Speakers: 

• Christopher Korpi, Head of Bond Securities Financing Americas, BNP Paribas 
• Kevin Peers, Head of Fixed Income, ABN AMRO Clearing USA LLC
• John Schwartz, Managing Director, North America Fixed Income Financing, JP Morgan
• Jason Swankoski, Global Head of Strategy and Product - Derivative Clearing, Morgan Stanley 
• Nathaniel Wuerffel, Head of Market Structure, BNY Mellon

4:20 p.m. – 5:10 p.m.    
Treasury Clearing: The Customer Perspective
Asset managers, hedge funds and principal trading firms will all be affected by the clearing mandate, but each type of market participant will have different needs and operational challenges as they comply with the mandate. A variety of buyside participants will explore what obstacles and opportunities they see ahead.  

Moderator: 

• Tyler Wellensiek, MD, Head of Fixed Income Market Structure, Barclays 

Speakers: 

• Matthew Lillvis, Deputy General Counsel, Millennium Management LLC 
• Adam Nunes, Head of Risk and Compliance, Hudson River Trading
• Jonah Platt, Managing Director, US Head of Government & Regulatory Policy, Citadel 
• Predrag Rogic, Managing Legal Counsel, T. Rowe Price 

5:10 p.m. – 5:15 p.m.
Closing Remarks

Speaker: 
Walt Lukken, President and CEO, FIA 

5:15 p.m. – 6:45 p.m.    
Networking Reception

6:45 p.m.    
Forum Concludes