SCI 1st Annual OTC Derivatives Seminar, UK

The SCI European CDS and OTC Derivatives Seminar Negotiating the new regulatory framework 28th March 2011, Adelaide House, London Bridge, City of London

Introduction

Regulations from government and regulatory authorities are having a profound effect on costs, risk management, collateral management and the very future of the OTC credit markets. Conclusions are difficult to reach and therefore discussion and debate is critical for all sides. This conference, through panel debates and workshops, seeks to address these issues and to bring the various stakeholders together for a unique one-day seminar in the City of London

Sponsored by

Exhibitor

Agenda

Speaker Biographies

08.45 CDS & OTC Market Regulatory Overview
Presented by:
James Duncan and Jacob Ghanty, BLP

09:15 Electronic Trading & Trade Reporting
Investors and brokers have many on-going regulatory concerns over transparency and reporting, not least with MiFID now extending its reach to OTC debt markets. We discuss the latest regulatory directives and the industry�s response, and debate the advantages and implications of SEFs, trade reporting, transparency and the cost implications for the trading and end-user community.
Moderator:
Adam Jacobs, ISDA 
Panel
Roger Barton, Financial Reform Consultants
Scott Fitzpatrick, GFI Group
John Wilson, former Global Head of OTC Clearing, RBS Global Banking & Markets

10:30 Coffee & Networking

10:45 Central Clearing
Are there genuine advantages to having choice when it comes to central clearing, or will the costs outweigh the benefits for banks and their customers? How will regulators ensure that access to CCPs is fair and open to all? What benefits could a single European clearing house bring, and how would current clearing houses react given their competitive advantages and investment in the business to date?
Moderator:
Francois Cadario, LCH.Clearnet
Panel:
Jeffrey Kushner, BlueMountain Capital Partners
Michael Hampden-Turner, Citi
Jim Bennett, Sapient Global Markets

12:00 A CDS Transparency, Liquidity and Pricing Paradigm
An interactive workshop, highlighting the challenges associated with the true cost of funding. This workshop will demonstrate how market practitioners can measure the cost of funding for specific CDS, whereby market players are able to utilise CDS pricing, measuring the correlating levels of risk versus liquidity of a given CDS and/or its correlated spread, to truly assess the cost of trading, holding and/or funding a CDS. Key elements that will be covered are:
- Analysing the factors that impact on the cost of trading CDS
- Measuring how much of CDS spread is based on risk v the liquidity of the instrument
- Understanding what is a true liquidity premium
- How to develop a model that accurately determines the level of reserves you must retain to off-set CDS risk
Presented by:
Catherine Downhill & Mark Lindup, Risk & Performance Analytics, Fitch Solutions

13:15 Networking Lunch
Round tables hosted by sponsors and expert speakers to further explore discussions:
Trading, Regulation, Clearing, Risk Management

14.15 Risk Management
How counterparties should be managing the market and counterparty risks of their portfolios and hedges, and dealing with the less liquid and more complex CDS that might not be cleared centrally. What effect will the EU ban on naked short selling of CDS have? How can traders directly reduce market risk? How will non-centrally cleared CDS positions be defined? Plus, best practices for utilising collateral to mitigate counterparty risk, and how to most efficiently manage the collateral itself.
Moderator:
Terri Duhon, B&B Structured Finance
Panel:
Thomas Aubrey, Fitch Solutions
Benjamin Schiessle, LCH.Clearnet
Steve Schiff, ReMatch
Josh Danziger, Valere Capital

15.30 Ends

This event was first held in New York on July 1st 2010. Comments received from delegates who attended this event:
Overall definitely useful; some new information, some I knew, but always good to get another angle on things
Regulatory speaker was awesome - very good how she differentiated herself from the politicians
Very good from a competitive standpoint; glad I attended
Valuable event - enjoyed it - lots yet to be learned in the area
Helped clear a lot of things up and helped us prepare where we need to be for central clearing
Very educational on cds central clearing
Well organised - thanks
Helpful, good to re-iterate discussions and meet with colleagues to see what's going on
Good for regulatory coverage, and information on moving to central clearing was useful
Idea was fantastic - execution was good; networking was very good
Very informative and detailed 
Very good networking opportunities
Central clearing panel was excellently run
Always great events - love being able to pop out to SCI events in the city - agenda usually very current
Good clearing participants and buy side perspective was useful
The conference was focussed and the segments were substantive. I got what I wanted out of this event
Regulatory perspective was excellent, and most speakers spoke with authority
Clearing & Regulatory sessions were very useful - this is why I attended
Particularly valuable to meet with the banks clearing CDS trades
Good - wanted to attend as I needed an idea of what regulators were thinking


For the latest SCI CDS Clearing Report published on 21st December 2010 click here

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