SCI CDS Seminar, 6th October 2011
Wendy Ng, OTC Derivatives Market Infrastructure team leader within the Bank Supervision Department of the Federal Reserve Bank of New York
Ms. Wendy Ng is the OTC Derivatives Market Infrastructure team leader within the Bank Supervision Department of the Federal Reserve Bank of New York (“FRBNY”). The team’s focus is to monitor the OTC derivatives market infrastructure, including front to back office operations of OTC trading activity within large investment and commercial banking organizations. Previously, she was a team leader for the Payments, Settlement and Fiduciary team, which supervised electronic funds transfer, settlement and fiduciary operations of major large commercial and foreign banking firms. Prior to becoming a team leader, Ms. Ng was a Payments specialist reviewing institutions’ electronic funds transfer processes to assess any weaknesses or deficiencies material to the Federal Reserve’s supervision of banks’ overall condition. She also has experience in rating foreign branches and agencies’ Risk Management, Operational Control, and Compliance programs, and Asset Quality with an emphasis on trading activities. She has been with the FRBNY for 18 years. Prior to joining the FRBNY, Ms. Ng was an Insurance Auditor with the New York State Insurance Department. She participated in the examination of major life insurance carriers to determine the adequacy of their reserves and to review their underwriting standards, principals and compliance with state law.
Electronic Trading Panel
Grant Biggar, President, Creditex
Grant Biggar is President of Creditex, a wholly-owned subsidiary of IntercontinentalExchange (NYSE: ICE). Creditex is a global market leader and innovator in the execution and processing of credit default swaps (CDS). Headquartered in New York City and serving traders at the world’s lead¬ing financial institutions through its hybrid voice and screen model, Creditex developed the first electronic trading platform for credit derivatives in the inter-dealer broker market and has received numerous awards for technology and outstanding service to the industry. Mr. Biggar was appointed President of Creditex in January 2010 and has over a decade of experience working within the CDS market. Mr. Biggar joined Creditex in 2000 as one of its first employees and was responsible for establishing the company’s oce in Asia before moving to London in 2002 and serving as head of Creditex’s European operations. He led the launch of e-trading in the European CDS market and built Creditex’s European business into one of the top CDS inter-dealer brokers. Prior to joining Creditex, Mr. Biggar ran CDS desks for ICAP in New York and Sydney. He began his financial career working as an analyst for the middle oce at Bankers Trust in London and New York. Mr. Biggar earned a Bachelor of Commerce from Auckland University, New Zealand and is a Qualified. Accountant and member of the New Zealand Institute of Chartered Accountants.
Jamie Cawley, Javelin Capital Markets
Mr. Cawley is CEO of Javelin Capital Markets, an electronic trading venue for credit default and interest rate swaps. Javelin executed one of the markets first fully Dodd Frank compliant trades in August 2010. Javelin will register as a SEF (or Swaps Execution Facility) once the rules are promulgated. Mr. Cawley is a founder of the Swaps & Derivatives Market Association. The SDMA is an association of several dealers and clearing brokers that advocate successful OTC derivative clearing, open access and transparency. Mr. Cawley has 20 years derivatives sales and trading experience. Most recently, Mr. Cawley ran a credit derivative interdealer broker called IDX Capital. Mr. Cawley also worked for many years in the credit markets for Salomon Brothers, Lehman Brothers and Bank of America. With regard to the Dodd Frank Act, Mr. Cawley has testified several times before the House and Senate Banking Committees with regard to the derivatives section of the Dodd Frank Act. At the invitation, of both the SEC and CFTC, Mr. Cawley has participated on several industry roundtables, pursuant to various aspects of the Dodd Frank Act. In addition, Mr. Cawley has authored several papers and comment letters submitted to the US Congress, the CFTC, the SEC and the Federal Reserve with regard to derivatives regulation and market structure.
Jeffrey Maron, GFI
Jeffrey Maron is Head of Client Technology at GFI, a leading provider of wholesale brokerage services across the over-the-counter and exchange listed cash and derivatives markets for fixed income, equities, FX/financials and commodities/energy. He is also Head of Administration for eCommerce and a member of the SEF Steering Committee which is spearheading GFI’s transformation to a Swap Execution Facility (SEF) under the new regulations. He has 20 years of financial services experience, including running trading desks for cash and derivative products (rates, currencies and commodities). Before joining GFI, Mr. Maron was Managing Director of Market Data at ICAP, and Chief Content Officer at Moneyline/Telerate. He earned a B.S. in Business/Economics from Skidmore College and attended Sophia University in Tokyo.
Gregg Rapaport, Managing Director, DTCC
Gregg Rapaport is a managing director with The Depository Trust and Clearing Corporation (DTCC), with management responsibilities for DTCC’s Deriv/SERV LLC subsidiary involved with over-the-counter (OTC) derivatives, most specifically with DTCC’s global trade repositories. Rapaport has been actively involved in the OTC derivatives marketplace since 1989. Prior to joining DTCC, Rapaport was a consultant to a broad range of service providers in the industry. Previously, he served as director – North American Derivative Operations for Deutsche Bank. Before that, Rapaport served as the chief administrative officer of Mizuho Capital Markets, a market-maker of OTC derivatives. He also served as a senior director of Global Trading Operations at Continental Bank in Chicago. He started his career in 1983 at Ernst & Whinney, where he was a senior manager in their National Cash Management Consulting Group. Rapaport graduated from the Wharton School of Finance and Commerce at the University of Pennsylvania in 1983.
James Rucker, Credit and Risk Officer, Market Axess
James N.B. Rucker has been Credit and Risk Officer since March 2010. Prior to his current role, Mr. Rucker was Chief Financial Officer since June 2004. From our formation in April 2000 through June 2004, Mr. Rucker was Head of Finance and Operations. Before joining MarketAxess Mr. Rucker spent 20 years at Chase Manhattan Bank; from January 1995 to April 2000, he was Vice President and Head of International Fixed Income Operations at Chase, where he was responsible for the settlement of international securities, loan, option and structured trades. He also was a Director of the Emerging Markets Clearing Corporation from 1999 to 2000. Mr. Rucker received a B.S. in Economics and Politics from Bristol University, England in 1978.
Jon Williams, Managing Director, Head of U.S. Markets, Tradeweb
Jon Williams is Managing Director and Head of U.S. Markets at Tradeweb, and member of the Tradeweb Executive Committee. Mr. Williams joined Tradeweb in 2004 to oversee the TBA-MBS trading platform following the acquisition of Tradeweb by Thomson Financial. Mr. Williams has more than 20 years of experience in institutional finance. Prior to joining Tradeweb, he was at Bloomberg Markets where he was in the fixed income division and fulfilled a number of roles, including managing the development and marketing of Fixed Income analytics, and overseeing Order Management Systems within the Global Product Strategy Group. Previously, Jon was a Mortgage-Backed trader at Cowen & Company. Jon began his career in the financial sector at Thomson McKinnon in 1987. Jon holds a B.A. from Kenyon College.
Central Clearing & Open Access panel
Corry Bazley, Director of Sales and Marketing, ICE Trust
Corry Bazley is Director of Sales and Marketing for ICE Trust, the wholly-owned credit default swap (CDS) clearing house of Intercontinental Exchange. Ms. Bazley joined ICE in August 2008 and oversees sales and marketing for the ICE’s U.S. derivatives clearing operations. In her previous role at Creditex, which was acquired by ICE in 2008, Ms. Bazley held a senior sales and marketing role supporting CDS technology solutions for trade execution, affirmation and compression. She also played an instrumental role in the company’s U.S. dealer-to-dealer portfolio compression initiative. Prior to joining Creditex, Ms. Bazley marketed an interdealer broker trading platform at CreditTrade, which was acquired by Creditex in 2006. Prior to joining CreditTrade in 2005, Ms. Bazley held various roles delivering project based solutions to financial services firms. Ms. Bazley earned a Bachelor of Commerce degree from Queen’s University in Kingston, Ontario.
Samuel Ely, Capco
Samuel Ely represents Capco as a Managing Principal in the Capital Markets practice based in North America focused on leading derivatives CCP initiatives. He has spent over a decade working within derivatives for a variety of leading institutions covering both OTC, exchange traded derivatives and now CCP covering front through back with all participant types and product classes. He is an active thought leader and contributes to many industry forums and groups.
Karel Engelen, Director, Global Head Technology Solutions, ISDA
Karel Engelen is the Global Head of Technology Solutions at the International Swaps and Derivatives Association, Inc. He is responsible for the further development of the FpML standard and more generally the use of technology and technology related initiatives to improve the derivatives infrastructure. Mr. Engelen joined ISDA in February 2001 from Dexia Bank. He worked two years in Dexia Bank's New York branch as head of the Systems and Middle Office Department. Prior to this, he spent five years at Dexia's headquarters in Belgium in IT development on various projects for financial markets. Mr. Engelen received a Master’s Degree in Applied Economics, Quantitative Computer Science from the University of Leuven, Belgium and a joint Master’s Degree in Economics and Marketing, magna cum laude, from the University of Turin, Italy and the University of Leuven, Belgium.
Jennifer Peve, Director, OTC Product Management, CME Group
Jennifer Peve has served as Director, OTC Product Management of CME Group since February 2010. She is responsible for overseeing the development and implementation of the company’s credit default swap (CDS) initiative, including managing relationships with buy-side and sell-side firms. Peve joined the company in 2008 and has held business development positions of increasing responsibility since that time. Peve has 17 years of financial markets expertise, including a mix of consulting and practical experience in financial services, heavily concentrated in the OTC industry. She has extensive derivatives product knowledge across the entire product life cycle including OTC FX and FX Options, OTC Metals, Stock Lending, OTC Credit Default Swaps, OTC Total Return Swaps, F&O, Energy and Equities. She holds a bachelor’s degree in international business and finance from St. Mary’s College.
The Role of the Clearing Broker panel
Elaine Duff, Executive Director, Global Head of Credit Derivatives Clearing Product Development
Elaine Duff leads the global product development team for Credit Derivatives Clearing and Intermediation at J.P. Morgan. Elaine joined J.P. Morgan as a graduate in August 2002. Since 2006, Elaine has worked in Credit and Interest Rate Derivatives Clearing and Intermediation in both product development and relationship management roles. She moved to her current role in 2010. Prior to 2006, Elaine managed a middle office team supporting the electronic execution of Fixed Income securities and OTC Derivatives. Elaine earned a B.S. degree in Economics and Human & Organizational Development from Vanderbilt University.
Ronald Filler, Former Managing Director, Lehman Brothers and Director, NY Law School
Ronald H. Filler is an expert in the area of financial services law. He joins the Law School as Professor of Law and Director of the School’s newest academic center, the Center on Financial Services Law. He will teach Derivatives Market Regulation, Special Topics in Corporate Law: Financial Services Seminar and Workshop, and Special Topics in Corporate Law: Regulation of Brokers/Dealers and Futures Commissions Merchants. Professor Filler was previously the Managing Director in the Capital Markets Prime Services Division at Lehman Brothers. He has spoken at hundreds of industry conferences and seminars during his more than 30 years in the futures and derivatives legal fields and has taught several different courses as an adjunct professor of law at four U.S. law schools, including New York Law School, the University of Illinois, Chicago-Kent College of Law, and Brooklyn Law School. He founded the Commodities Law Institute at Chicago-Kent College of Law in 1978, and this institute became the futures industry’s leading academic law program through 1995.Professor Filler has served on numerous industry boards and advisory committees during his career and, most recently, as a member of NYSE LIFFE US, the National Futures Association, CFTC Global Markets Advisory Committee, the CME Clearing House Risk Operating Committee, The Clearing Corporation Board of Directors, the FIA Board of Directors, and the FIA Law and Compliance Division Executive Committee.
James Parascandola, Senior Vice President , Fixed Income, MF Global Holdings Ltd
James Parascandola is a SVP heading the build of the credit derivative trading platform at MF Global Holdings Ltd., a leading intermediary offering customized solutions in global cash, derivatives and related markets. He joined the company in 2009.James Parascandola began his career working at Lehman Brothers in fixed income emerging markets. It was there that James created the Country Risk model which served as the firm’s EMG market and credit risk platform during the Russian and Brazilian crisis of the late 90s. From Lehman, Mr. Parascandola transitioned to a trading role for Banca Commerciale Italiana in New York where between 1999 and 2002, he helped build a $62bln credit derivative and structured credit book which ranked 3rd in size in North America (According to the US Office of Currency Comptroller). In 2002, Mr. Parascandola joined Barclays Capital and helped to develop the credit derivative marking making capabilities for the firm. Within 2 years, Barclay’s was ranked within the top 5 investment grade market making desks in North America by Risk Magazine. During his tenure at Barclays, Mr. Parascandola contributed to the creation of the then iBOXX, currently CDX family of credit indices while heading investment grade index trading and market making in single name CDS. Prior to his current role at MF Global, Mr. Parascandola was Head of Structured Credit Solutions, North America at DerivativeFitch. Mr. Parascandola was an Honors Scholar at James Madison University.
George Pratt, Director of Operations, Claren Road
George has been active in the industry discussion and project development & management for moving from an OTC to a Cleared Environment for the CDS Product over the past two years. Prior to joining Claren Road in 2008, George worked at Fortis Bank from 2006 until 2008, where he was Managing Director and Head of U.S. Business Management for Merchant Banking, Global Markets. His responsibilities included oversight of all administrative aspects of a diversified trading operation that covered funding, equities, fixed income, FX, and commodities. In this role, he was involved on a daily basis in coordinating the front, middle and back office functions, risk management, project management and served as the Supervising Series 24 for the Broker Dealer. Prior to joining Fortis, George worked at the Gelber Group, LLC as the Head of the New York Trading location from 2002 until 2006. From 1981 through 2006, George was successful as a Rates Trader and Manager specializing in US Treasuries, Federal Agencies, financial futures and options on interest rates. George has served his community in a finance and audit role from 1998 through 2009 as an appointed and elected official on the Rye City School Board and as Deputy Mayor of the City. George graduated from Hobart College with a BA in Political Science in 1977.
Mariam Rafi, Americas Head of OTC Clearing, Citigroup
Mariam Rafi is the Americas Head of OTC Clearing at Citigroup, with responsibility for providing a complete suite of derivatives clearing services to Citi’s client base. Prior to this role Ms. Rafi was a Director in the Systemic Risk Management group at Deutsche Bank, which was responsible for market structure development in derivatives. She also held roles structuring and trading credit derivatives at DB. Ms. Rafi graduated summa cum laude, with a BSc. in Economics from the Wharton School at the University of Pennsylvania. She also has an MBA from the Wharton School.
Risk Management Panel
Kapil Khetan, Adjunct Professor at New York University
Kapil Khetan CFA, FRM is an Adjunct Professor at New York University (SCPS) and teaches a course on ‘Quantitative Methods for Decision Makers’. He is a also on the Capital Market Policy Committee for the CFA Institute. Previously he ran the Analytics and Operations for CDS products at Markit and was the COO for Emerging Markets Trading at Morgan Stanley.
Kenneth A. Kopelman, Partner, Bingham
Ken Kopelman provides cross-product legal advice and solutions to banks, broker-dealers, hedge funds and other financial institutions. His practice covers a range of financial products and services. Ken focuses his practice on derivatives and the application of derivatives in trading, structured products and capital markets. He has practiced in the derivatives area for more than 20 years, covering equity derivatives, credit derivatives and commodity derivatives. Ken advises on multiple aspects of derivatives, including documentation matters, closeouts, insolvency issues, regulatory issues, product structuring and new product development. He advises clients on the impact of the Dodd-Frank Act on derivatives and other financial products and services. Ken’s practice also focuses on broker-dealer, securities and futures regulation. He works with and understands trading businesses and the regulatory and legal framework in which they operate. Ken advises clients in responding to trading questions, handling difficult regulatory and counterparty issues, establishing compliance programs, reviewing internal processes, and developing new products. He has advised on legal and regulatory matters for a full range of product areas, including prime brokerage, futures, mortgages, distressed debt and energy. Ken’s transactional practice includes the financing of various assets through lending arrangements, repos, derivatives and other structured solutions. He also represents financial institutions in the strategic acquisitions of and investments in financial assets and companies. Prior to joining Bingham, Ken was a senior managing director and the head of the Fixed Income and Derivatives Legal Groups at Bear Stearns, where he managed legal and regulatory aspects of trading, markets and derivatives businesses.
Hilmar Schaumann, Fortress Investment Group
Hilmar is the Chief Risk Officer of Fortress Investment Group LLC at the enterprise level and is also the Chief Risk Officer of the Liquid Markets business unit. Mr. Schaumann is also a member of the firm’s Management Committee. Prior to joining Fortress in December 2010, Mr. Schaumann was the Founder and Chief Investment Officer at Deister Capital. Before founding Deister Capital in 2007, Mr. Schaumann was a managing director of Integrated Finance, an investment management and advisory firm. From 2002 to 2005, Mr. Schaumann was the Chief Investment Officer and a member of the Management Committee of Primus Financial Products, a New York based credit derivatives asset manager. Prior to Primus Financial Products, Mr. Schaumann was a Director at Swiss Re Financial Products in New York, where he established the firm's long-short credit proprietary trading from 1996 to 2002. Mr. Schaumann started his career at Deutsche Bank in 1990, where he worked in the Frankfurt and London offices and traded global fixed income products on a proprietary basis. Mr. Schaumann has worked with ISDA, DTCC and the Joint Forum on documentation and regulatory aspects of the credit derivatives market. Mr. Schaumann received an M.S. in Mathematics from the University of Hannover, Germany, and graduated from the Program for Management Development at Harvard Business School.
Jeffrey Stern, Stroock & Stroock & Lavan LLP
Jeffrey Stern has extensive experience in structured finance and derivatives and has completed financings, securitizations, structured insurance transactions and derivatives transactions involving an exceptionally wide range of asset types. For over a decade, Mr. Stern has played a leading role in developing and refining new and emerging forms of domestic and cross-border asset-based financings, credit derivative structures and alternate risk transfer transactions, representing investment and commercial banks, insurance companies, asset managers and private funds, among others. He has broad expertise in derivatives documentation, structured insurance financings (including Regulation, XXX reserve fundings and other regulatory capital driven trades) and cash and synthetic CDOs and CLOs. He also has long been active in Latin America, with a focus on cross-border financings and derivatives transactions in Mexico and Brazil. In addition to “exotic” ABS classes, Mr. Stern also has significant experience with commercial paper conduits, trade receivable securitizations and other forms of asset-based lending. Prior to joining Stroock in 2003, Mr. Stern was a partner with the law firm of Thacher Proffitt & Wood, where he practiced in its structured finance, global finance and Latin American groups. After completing law school, he served for one year as a law clerk for the Hon. Edward R. Korman in the Eastern