SCI 2nd Annual CDS Conference New York



SCI’s 2nd Annual CDS Seminar
New York 6th October 2011

“Getting Ready To Go Live”



With Dodd-Frank regulations about to take effect how are market participants getting to grips with the many varied requirements of the Act? Discussion and debate is critical for all sides to fully understand the implications for electronic trading and SEFs; centrally cleared vs bilateral trades; risk management; and documentation. This conference, through panel debates and workshops, seeks to address these issues and to bring the various stakeholders together for the second in our annual series of CDS Conferences in New York. Join us to discuss a wide variety of issues affecting your business and help shape the future of the CDS markets.

Click here for conference presentations



Supported by:



08.25 Introduction
Kenneth Kopelman, Bingham

08.30 Regulatory Overview, followed by Q&A
Wendy Ng,
Assistant Vice President to the Financial Infrastructure Department, specializing in OTC Derivatives, New York Federal Reserve

09.10 Electronic Trading
As the go-live date for mandatory electronic trading and trade reporting nears, this panel discusses the latest update to regulatory directives and the industry’s concerns. Also to be debated will be the market’s choice amongst the available SEFs, and the cost implications for the trading and end-user community.
Jeff Maron, GFI
Grant Biggar, Creditex
Jamie Cawley, Javelin Capital Markets
Gregg Rapaport, DTCC
Jim Rucker, MarketAxess
Jon Williams, Tradeweb

10:15 Central Clearing & Open Access
The proposal for direct investor access to CCPs is being fiercely debated. Concerns over anonymity, fungibility and fair competition are front of mind and regulations are possibly open to interpretation. Will the costs outweigh the benefits for smaller brokers, and their customers? How will regulators and market participants ensure that access to CCPs is fair and open to all? Here we address various stakeholders’ concerns.
Karel Engelen, ISDA
Panel includes:  
Corry Bazley, ICE Clear Credit
Samuel Ely, Capco
Jennifer Peve, CME  

11.20 Break

11.45 The Role of the Clearing Broker
What capital and operational requirements are in currently play? What exactly does the Dodd-Frank Act require for fair competition and how will the market make the transition? Will capital requirements prove to be a barrier to open competition? What lessons can be learned from the more liquid and long established futures markets? Plus, will clearing brokers be forced to charge non-financial corporates margin; how are corporates interpreting different regulatory bodies' margin requirements for swaps trades?
George Pratt, Claren Road
Panel includes:
Ronald Filler, Professor of Law, NYU & ex-Lehman Bros
Elaine Duff, JP Morgan
James Parascandola, MF Global
Mariam Rafi, Citi

12.50 Risk Management
How should counterparties 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? How will non-centrally cleared CDS positions be defined? How can traders directly reduce market risk? Plus, best practices for utilising collateral to mitigate counterparty risk, and how to most efficiently manage the collateral itself.
Jeffrey Stern, Stroock & Stroock & Lavan
Panel includes:
Kenneth Kopelman, Bingham
Kapil Khetan, NYU
Hilmar Schaumann, Fortress Investment Group

14.00 Networking Lunch

14.45 Close

A selection of delegates who attended the 1st Annual CDS Seminar July 1st 2010

Name                                                Company  
Keith Chen AIG
Vincent Matsui EIM Management (USA) Inc.
Michael Nobes Royal Bank of Canada
Takayoshi Wiesner Mizuho Corporate Bank
Sophia Corona Creditex
Eli Shaashua Red Granite Capital Partners
Sarah Lippitt Catlin
Paul Shedden Catlin Insurance Company
John Joshi Capitalfusion Partners
Thomas Gagne Desjardins Group
Tom Cullum Banquo Credit Managment LLP
Rick Weber P. Schoenfeld Asset Management LP
Yana Gafouri Trade Wise Capital
Gene Yeboah The Yeboah Household
Greg Bilse Deutsche Bank
Robert McLaughlin Katten Muchin Rosenman LLP
Matthew Vodola Brigade Capital Management
Dylan Pelletier-Ross Brigade Capital
Labib Mahfouz Tricadia Capital Management
Ken Walker Tigers Court Consulting
Muqu Karim Saba Capital Management
George Pratt Claren Road
Steven Glasser Societe Generale
Pranav Desai Paulson & Co.
Louis Liguori James Caird Asset Mgmt
Matthew Hatton D. E. Shaw & Co., L.P.
Joseph Valente Balyasny Asset Management
Jonathan Ching D. E. Shaw & Co., L.P.
Rachel Capistrano Bank of Tokyo Mitsubishi UFJ, Ltd
Peter Greenberg Linden Advisors
Greg Bilse Deutsche Bank
Bhagirath Vora Wellington Management LLP
Jason Libby Tannery Brook Partners
Eric Stuhlemmer Athilon
Evelyn Cho Christofferson, Robb & Company
Wais Baryalai Christofferson Robb & Co.
Waqas Chaudhry Christofferson Robb & Company
David Yearwood Putnam Investments
Martin Nance Quadrant Structured Investment Advisers
Monel Amin Citi
Elizabeth Kim Citi
Jeffrey Hinkle EJF Capital
Rebecca Manning EJF Capital LLC
Lillian MacEachern NYFRB
Michael Pasternak PASTAGRINI LLC
Peter Kambeseles Standard & Poor's
Antonio Davila GBM Grupo Bursatil Mexicano
James Lau
Jessica McAnneny BlackRock
Sahil Arora Mizuho Corporate Bank
James Bailey S&P Indices
John Ladigoski Credit Suisse Alternative Capital, Inc.
Sulei Ahmad-Suleiman Scotiabank
Christian Glover Wilson Craigmore Capital
Mike Dickson Loomis Sayles
Myron Glucksman Myron Glucksman Consulting
Mari Mari Federal Reserve Bank of New York
Kabir Daya Citi Capital Advisors
John Durkin GE Capital Corp
Madeleine Sorell York Capital
John Richardson Ionic Capital Management LLC
Bryan Knoepp Duff & Phelps LLC
Sophia Xiao Fore Research & Management, LP

A selection of comments received from delegates who attended the 1st Annual CDS Seminar on July 1st 2010:
 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.

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