Clearing and Settlement World 2014 (past event)
26 - 27 November, 2014
Millenium, London, United Kingdom
London
Day 2
08:20 - 09:20 Breakfast and Registration
09:20 - 09:30 Chairperson Opening Remarks
09:30 - 10:30 OXFORD STYLE DEBATE - Can Regulation Ever Move us Towards EU Harmonisation?
Speakers:
Silas Findley Managing Director, Head of OTC Clearing for EMEA Citi
Simon Puleston-Jones CEO FIA Europe
Vincent Dessard Senior Policy Advisor European Fund and Asset Management Association (EFAMA)
Jiri Krol Deputy CEO, Head of Government and Regulatory Affairs The Alternative Investment Management Association (AIMA)
Silas Findley Managing Director, Head of OTC Clearing for EMEA Citi
Simon Puleston-Jones CEO FIA Europe
Vincent Dessard Senior Policy Advisor European Fund and Asset Management Association (EFAMA)
Jiri Krol Deputy CEO, Head of Government and Regulatory Affairs The Alternative Investment Management Association (AIMA)
• Will we ever reach a completely unified regional post-trade framework?
• Can we continue to legally unite the clearing and settlement world without completely overhauling the existing plumbing?
• Will regional harmonisation of national regulation increase legislative complexity and nullify benefits of integration?
• Is national political positioning the barrier to successful reconciliation?
European Fund and Asset Management Association (EFAMA)
The Alternative Investment Management Association (AIMA)
• Can we continue to legally unite the clearing and settlement world without completely overhauling the existing plumbing?
• Will regional harmonisation of national regulation increase legislative complexity and nullify benefits of integration?
• Is national political positioning the barrier to successful reconciliation?
Vincent Dessard
Senior Policy AdvisorEuropean Fund and Asset Management Association (EFAMA)
Jiri Krol
Deputy CEO, Head of Government and Regulatory AffairsThe Alternative Investment Management Association (AIMA)
10:30 - 11:15 Morning networking break
Overhauling Collateral Management Best Practice
11:15 - 12:00 OXFORD-STYLE DEBATE : Will Central Clearing and CCP Margining Act As a Sufficient Buffer to Absorb Potential Credit Losses?
Chair: Kevin Milne, Director, Due Diligence Reports Ltd, Former Director of Post Trade, London Stock Exchange
• Will a monopolistic CCP landscape increase systemic risk and asset liability?
• Will regulatory constraints effectively safeguard the industry from emerging vulnerabilities?
• Will central clearing offer cost- benefits to the industry?
• Will central clearing and CCP margining fully mitigate operational and legal risks?
Eurex Clearing AG
• Will a monopolistic CCP landscape increase systemic risk and asset liability?
• Will regulatory constraints effectively safeguard the industry from emerging vulnerabilities?
• Will central clearing offer cost- benefits to the industry?
• Will central clearing and CCP margining fully mitigate operational and legal risks?
Phil Simons
Executive Director - Global Head of Sales & Marketing Clients & MarketsEurex Clearing AG
Overhauling Collateral Management Best Practice
11:15 - 12:00 CASE STUDY REVOLUTION : How to improve industry-wide settlement efficiency to ensure compliance and avoid penalties
Chair: Andrew Simpson, Head of Post Trade, Euronext
- Mitigating operational risk and increasing settlement efficiency through standardizing Same Day Affirmation (SDA)
- How to overcome matching challenges of Bonds to achieve trade-date matching and same-day affirmation
- Capitalizing on the increasing emergence of utility groups to prevent settlement failures
- Strengthening communication and transparency between the back and middle office to reduce operational risk
- Deliberating and implementing compression strategies as a tool of improving settlement efficiency
Overhauling Collateral Management Best Practice
11:15 - 12:00 SYNERGY WORKSHOP : How to Manage Intra-day Liquidity to Improve Business Efficiency
Chair: Wim Snijders, Operations Compliance Officer, Credit Suisse
• Fostering greater communication and transparency between buy side and sell side institutions to manage intra-day exposure
• Recognising the industry-wide impacts of intra-day liquidity failure: how to implement optimal risk-mitigating measures
• Minimising upward costs to maintain business efficiency
• Overcoming collateral scarcity in intraday liquidity management to preserve volume of business
• Fostering greater communication and transparency between buy side and sell side institutions to manage intra-day exposure
• Recognising the industry-wide impacts of intra-day liquidity failure: how to implement optimal risk-mitigating measures
• Minimising upward costs to maintain business efficiency
• Overcoming collateral scarcity in intraday liquidity management to preserve volume of business
Stream A : Efficiency and Feasibility
12:00 - 12:20 PRESENTATION : Establish a robust reconciliation process through an analysis of EMIR and DFA impact
Chair: Kevin Milne, Director, Due Diligence Reports Ltd, Former Director of Post Trade, London Stock Exchange
Banco Santander
Jose Luis Martin
Head of Portfolio Reconciliation and Dispute Resolution - Collateral ManageBanco Santander
Stream B : Mobility and Liquidity
12:00 - 12:20 Stream B continuedStream C : Mobility and Liquidity
12:00 - 12:20 Stream C continuedStream A : Efficiency and Feasibility
12:20 - 13:05 IN CONVERSATION : Will Collateral Requirements Create a Reduction in Trading OTC Derivatives?
Chair: Kevin Milne, Director, Due Diligence Reports Ltd, Former Director of Post Trade, London Stock Exchange
• Evaluating the cost of holding collateral positions in a bifurcated market model to improve and adjust trading strategies
• Elucidating the cost of bilateral OTC derivatives trading to calculate market movements
• Towards capital efficiency: Assessing how cost increases will transform the shape of derivatives trading
• Outsourcing collateral management: Evaluating the price and feasibility of methods to optimize collateral efficiency
• Evaluating the cost of holding collateral positions in a bifurcated market model to improve and adjust trading strategies
• Elucidating the cost of bilateral OTC derivatives trading to calculate market movements
• Towards capital efficiency: Assessing how cost increases will transform the shape of derivatives trading
• Outsourcing collateral management: Evaluating the price and feasibility of methods to optimize collateral efficiency
Stream B : Mobility and Liquidity
12:20 - 13:05 CASE STUDY REVOLUTION : How to Capitalise on T2S to Enhance Collateral Optimisation
Chair: Andrew Simpson, Head of Post Trade, Euronext
• Pooling cash and collateral: how to improve collateral asset mobility
• Enhancing cooperation with custodians, CSDs, iCSDs to overcome problems of trapped and segregated pools of collateral
• Deliberating methods of using the clearing and settlement plumbing to increase collateral velocity
• Strategising methods of T2S connectivity to optimise collateral management
• Pooling cash and collateral: how to improve collateral asset mobility
• Enhancing cooperation with custodians, CSDs, iCSDs to overcome problems of trapped and segregated pools of collateral
• Deliberating methods of using the clearing and settlement plumbing to increase collateral velocity
• Strategising methods of T2S connectivity to optimise collateral management
Stream C : Mobility and Liquidity
12:20 - 13:05 Stream C continued13:05 - 14:00 Networking Lunch
14:00 - 14:45 CASE STUDY REVOLUTION : Moving Towards Collateral Management Best Practice to Navigate the Operational Complexity of a Bifurcated Market Model
• Brainstorming best practice approaches to address collateral scarcity to meet collateral requirements
• Implementing and developing sophisticated collateral optimising tools to ensure sufficient collateral use
• Improving eligible collateral inventory management tracking
• Evaluating the impact of possible increased automation on collateral management to design an optimal system
Eurex Clearing AG
Credit Suisse
• Implementing and developing sophisticated collateral optimising tools to ensure sufficient collateral use
• Improving eligible collateral inventory management tracking
• Evaluating the impact of possible increased automation on collateral management to design an optimal system
Phil Simons
Executive Director - Global Head of Sales & Marketing Clients & MarketsEurex Clearing AG
Karen Newton
Global Head of Collateral ManagementCredit Suisse
14:45 - 15:25 Afternoon Networking Break
15:25 - 16:10 In Conversation : How can we adjust operational infrastructure to make the European market more attractive
Chair: Kevin Milne, Director, Due Diligence Reports Ltd, Former Director of Post Trade, London Stock Exchange
• Strengthening communication within institutions to avoid replicating and repeating workflows
• Standardising working relationships between industry participants to further streamline the clearing and settlement process
• Where is Europe headed? Strategising the possible emanation of one regional clearing and settlement model
• Identifying gaps or pitfalls in regulation where inefficiency is emerging and restricting a more productive clearing and settlement system
European Fund and Asset Management Association (EFAMA)
• Strengthening communication within institutions to avoid replicating and repeating workflows
• Standardising working relationships between industry participants to further streamline the clearing and settlement process
• Where is Europe headed? Strategising the possible emanation of one regional clearing and settlement model
• Identifying gaps or pitfalls in regulation where inefficiency is emerging and restricting a more productive clearing and settlement system
Vincent Dessard
Senior Policy AdvisorEuropean Fund and Asset Management Association (EFAMA)
