This conference, through panel discussions and workshops, addressed the issues of trade reporting, central clearing, risk management and collateral management as directives from a variety of Governmental and regulatory authorities effect the future of the CDS and OTC derivatives markets. This event attracted 165 delegate registrations with 102 actually attending.

CDS London bios

The SCI European CDS and OTC Derivatives Seminar Negotiating the new regulatory framework 28th March 2011, Adelaide House, London Bridge, City of London Back to conference page Speaker Biographies 08.45 CDS & OTC Market Regulatory Overview
Thomas Aubrey Thomas is managing director at Fitch Solutions, responsible for the global P&L of all Fitch Solutions subscription products. Thomas joined Fitch in 2007 and has extensive experience in managing information businesses in the financial services sector. Prior to Fitch, Thomas spent 4 years at Thomson Financial, where he was director of the investment management segment responsible for the Datastream and IBES franchises globally. Prior to this, Thomas spent four years at FT Interactive Data in a number of roles, including Strategy & Markets Group director with the focus of growing the nascent fixed-income valuations business across Europe. Before that, he spent five years as an international management consultant in Europe, North America, and Asia. Thomas is a prominent commentator on trends in the risk management arena as well as the broader financial market sector and has published numerous papers and reports. Recent work on liquidity risk, as well as other studies on the measurement of non-financial risks in conjunction with the World Economic Forum, have been widely cited in the press. In 2007, he coauthored Prediction Markets: The End of the Regulatory State with Frank Vibert. He holds degrees from the London School of Economics and the University of Cambridge.
Jim Bennett With more than 25 years of experience helping firms evolve and grow, Jim�s current charter is to deliver business solutions and services that address clients� needs and help them navigate today�s complex regulatory climate and adapt to changes in the marketplace. In his role, Jim draws upon a rich background in global capital markets with a high degree of specialty within derivatives and complex structures. Most recently, he worked on the capital markets build-out in Saudi Arabia. Earlier in his career, Jim served as COO for Countrywide Capital Markets with primary focus on its rates business, alternative investment company and the expansion of its international offices. Jim spent the first 20 years of his career in various management and executive roles at Bank of America, helping drive rates, clearing, credit, derivatives, and structured finances business lines at the global level. Jim is also a Certified Public Accountant
James Duncan James is a partner in BLP�s Banking & Capital Markets� team. He specialises in derivatives and structured products and has worked with leading corporates and banks and other clients on a range of both OTC derivative and securitised products covering a variety of asset classes. James joined BLP in 2010 from the derivatives & structured products practice at Linklaters.
Jacob Ghanty Jacob is a Partner in Berwin Leighton Paisner�s Financial Services Regulatory practice. His specialism is non-contentious advisory financial services. Jacob has worked on several significant regulatory developments over the last decade including the implementation of MiFID, the Insurance Mediation Directive and the Payment Services Directive. Jacob has particular expertise in relation to the retail financial services market including advising product providers and intermediaries on their regulatory obligations and on product design and distribution. Jacob�s clients encompass a wide range of FSA authorised firms including retail banks, life and non-life insurers, intermediaries (including networks), authorised and unregulated fund mangers, multilateral trading facility operators, pension houses and payment institutions. He has acted for clients such as Credit Suisse, Allianz, Barclays and HSBC and a number of other financial institutions. Jacob has done secondments with a large fund manager and a major UK life insurer. He sits on the Editorial Board of In Compliance.
09.15 Electronic Trading and Trade Reporting
Adam Jacobs Adam joined the International Swaps and Derivatives Association (ISDA) as Assistant Director of European Public Policy in 2010. Prior to joining ISDA, Adam worked at the UK Financial Services Authority in both supervisory and policy roles. He has also worked at the European Commission in DG Market. Adam holds an MA in German and French from the University of Cambridge and an MSc in European Public Policy from the University of London
Scott Fitzpatrick, Scott graduated from Napier University in Edinburgh, Scotland with a degree in Business and Computer Studies. The early part of Scott�s career was spent working in California during the Dot Com initiatives assisting banks in moving from legacy technology platforms to distributed computing. In 2001 Scott joined GFI Group in New York to run the GFI FENICS FXO global pricing and risk management business where he stayed until June 2008. Scott then moved to London to manage European Client Relations for the firm. As part of this role, Scott is also directly responsible for monitoring developments within the current Regulatory process as it pertains to GFI�s European business, to our clients and also in terms of the wider impact on GFI�s global business, in particular the US Dodd-Frank Act. In addition to his role at GFI, Scott is a Director and Council Member of the Wholesale Market Brokers Association (WMBA).
John Wilson John Wilson was the Global Head of OTC Clearing and an MD at RBS Global Banking & Markets, where he spearheaded the development of the OTC Clearing service across operations, collateral, funding, risk and IT. He also spent significant time advising clients on the implications of the upcoming regulatory and market changes on their businesses. John played a significant role in the development of many of the international OTC CCPs (Rates, Credit, FX) and represented the industry in numerous discussions with regulators and politicians in the EU in relation to the EMIR proposals. He is a former member of ISDA's Credit Steering Committee, ISDA Client Clearing Working Group and Fed Transparency Working Group. A Chartered Accountant with over 18 years in capital markets, John�s previous roles included Board Director of Treasury & Business Strategy at MF Global, a partner in a financial services focussed VC firm and a co-owner of a mid-tier capital markets consultancy servicing buy & sell side firms, fund administrators, custodians and Exchanges.
Roger Barton Roger Barton established Financial Reform Consultants in 2011, specializing in the practical implications - positive and negative - of financial regulatory reform. Previously, Barton was a MD at Tradeweb, where he served as head of Tradeweb�s European and Asian business, and latterly Tradeweb�s expert on the European regulatory landscape and pending financial reform of OTC Derivatives trading. Until 2005, Barton headed European e-commerce (Fixed Income & Equities) at Goldman Sachs, during which time he worked with a range of e-commerce platform providers. Earlier on in his time at Goldman Sachs, which began in 1994, Barton also acted as Co-Chief Operating Officer for the firm's futures business before moving to BrokerTec, to initiate the development of futures trading and clearing facilities. Before joining Goldman Sachs, Barton was extensively involved in the setting up and subsequent development of LIFFE.
10.45 Central Clearing
Fran�ois Cadario Fran�ois is Head of Business Management at LCH.Clearnet SA, the LCH.Clearnet Group�s French operating CCP. He graduated from the Business School ESCP Europe. Fran�ois started his career at Andersen consulting, former Accenture, where he worked as Director of mission in Capital Markets and then joined the CDC group where he held various positions in the following Departments: Finance, Banking and Financial activities, Depositary, Strategy. Fran�ois joined LCH.Clearnet SA in 2008.
Jeffrey Kushner Jeffrey is the CEO of BlueMountain Europe, overseeing the Firm�s European office. Mr. Kushner is an original partner of BlueMountain and has served in a number of roles at the Firm, including creating and leading the Trade Execution function covering all traded products. Prior to joining the Firm in 2003, he worked in a variety of trading roles within Structured Credit/Credit Derivatives Trading at ING Financial, LLC. Mr. Kushner began his career at Merrill Lynch where he held several trading roles. Mr. Kushner is a member of the board of the Loan Syndicate and Trading Association (LSTA) and was recently honored with the Outstanding Achievement Award from Credit Investment News for his leadership in creating the LCDS contract. Mr. Kushner holds an M.B.A. from Columbia University and a B.A. in History from S.U.N.Y. Albany.
Michael Hampden-Turner Michael is a director in Citi's Credit Strategy Group in London, focusing on European cash CDOs, CLOs and synthetic credit products. He advises clients interested in the technical aspects of structured credit, CDS markets etc or those that want a view on credit or portfolio management. For the seven years prior to joining Citi in 2006 he worked in a similar role in structured credit strategy and quantitative research at the Royal Bank of Scotland. Before this he worked in interest rate derivatives research at WestLB, and equities research Smith New Court Merrill Lynch. Michael studied economics and history at Trinity College, Cambridge in the UK and at Harvard in the US.
12.00 The Cost of Funding
Catherine Downhill Catherine is Senior Director at Fitch Solutions and is responsible for the development, management and support of the Risk and Performance Analytics and Pricing suite of products across EMEA and Asia. Catherine joined Fitch Solutions in 2007 as Director for the Pricing and Valuations business and has 10 years experience in the financial information business. Prior to Fitch Solutions, Catherine spent 7 years at Interactive Data Corporation where she had a number of roles including Business Manager for the fixed income and derivatives business where she was responsible for providing strategic direction and was the business lead in new product development initiatives. Previously Catherine worked at Amerada Hess Corporation as a Risk Analyst on the gas trading desk. Catherine has a first class honors degree in Business Studies where she specialised in Financial Management and was awarded the CFA designation in September 2007.
Mark Lindup Mark is a director in Fitch�s Pricing Services (FPS) team. Within FPS he focuses on contributor relationships and Credit Default Swap related product development. He also regularly writes content for Fitch Solutions Bi-weekly Liquidity Commentaries. Mark started his working career in software development, working on automated control systems and then financial data platforms. Mark has designed and implemented a number of innovative systems including the first Credit Default Swap consensus pricing service in 1999. After starting this service Mark moved away from software development and focused on operations and product development.Mark has an honours degree in Mathematics and Statistic and 25 years experience in building products from design stage all the way through to operating products.
14.15 Risk Management
Terri Duhon Terri is a market professional with 16 years of experience in financial markets. She graduated from MIT in Maths in 1994 and immediately joined JPMorgan as an interest rate derivatives trader in NY. In 1998, she moved to Credit Derivatives and Structured Products at JPMorgan and was instrumental in developing the credit derivative market as well as building the BISTRO business: a cutting edge securitization technique pioneered by JPMorgan. In 1999 she originated and priced one of the first CDOs of ABS/MBS and pioneered the first synthetic ABS/MBS documentation. Later she moved to London and helped to build the European Structured Finance Business with a focus on managed synthetic transactions and single tranche trades which lead to an explosion in structured credit derivative business globally. In that role she was also the global risk manager for the SPV counterparty credit risk book for all derivatives at JPMorgan in securitizations. In 2002, she joined ABN AMRO for 2 years to help build a global structured credit business which pioneered the CDS index products as well as credit CPPI structures. Terri left in May 2004 to found B&B Structured Finance Ltd. In the last four years, she has led expert witness teams for securitization litigation in both NY and London, assisted fund managers preparing marketing materials and rating agency due diligence for new securitization deals as well as managed over 700 days of training globally for financial institutions in derivatives and structured products.
Benjamin Schiessl� Benjamin is Head of CDS Risk Management at LCH.Clearnet SA, the LCH.Clearnet Group�s French operating CCP. Benjamin graduated from Ecole Polytechnique and ENSAE, the Paris Graduate School of Economics, Statistics and Finance and also holds a DEA in Probability and Finance. Benjamin started his career at Soci�t� G�n�rale Asset Management and ABN Amro.In 2003, Benjamin joined JP Morgan in London, where he held various positions as Quantitative Analyst and as a Trader, focusing mainly on credit derivatives.
Josh Danziger, Josh is one of the founding Principals of Valere Capital Partners, a specialist consultancy focusing on fixed income derivatives and complex credit. Before that, Josh was Head of Structured Products at Royal Bank of Canada, responsible for structured rates, inflation, credit derivatives and principal finance. He holds a PhD from Cambridge University; his thesis concerned the computer modelling of the chemical interactions between proteins and drugs at a molecular level.
Steve Schiff   Steve is a founding partner and CEO of ReMATCH Ltd, the credit default swap portfolio rebalancing and market risk mitigation service. Steve started his career as a programmer, arbitrage trader and market-maker in the FX and Interest Rate Derivatives group for Chase Manhattan and JPMorgan. His experience on risk management comes from having traded through the European Monetary System and South East Asian currency crises during the 1990�s, during which times he provided liquidity to clients and built out the risk management infrastructure for the group. He began adapting this expertise to the credit derivatives market in 2005 and joined ICAP to launch ReMATCH in 2009. He holds an MBA from the Stern School at New York University.
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