SCI’s 3rd Annual OTC Derivatives Seminar
New York 19th October 2012

Introduction
With regulations about to take effect how are market participants getting to grips with the many varied requirements put their way? Discussion and debate is critical for all sides to fully understand the implications for electronic trading and SEFs, centrally clearing, collateral management, reporting, risk management and client segregation. This conference, through panel debates and workshops, seeks to address these issues and to bring the various stakeholders together for the third in our annual series of OTC Derivatives Conferences in New York. Join us to discuss a wide variety of issues affecting your business.

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Sponsors:

08.30 Opening Remarks
Kenneth A. Kopelman, Partner, Bingham McCutchen Bio

08.35 Keynote Speech
Hilmar Schaumann, Chief Risk Officer, Fortress Investment Group Bio

09.10 Impact of regulations on liquidity and trading in a fragmented swaps market
Daily market depth and liquidity in what is going to be a fragmented electronic swaps market - an unintended result of regulatory reform - is a critical issue for investors. Where is the liquidity going to be and what measures to aggregate liquidity are dealers prepared to offer clients to help central order books? What is the true cost of the derivatives trading lifecycle for investors? How will investors choose between SEFs, FCMs and clearers and what will it take to capture liquidity and market share?
Moderator:
Kenneth A. Kopelman, Bingham McCutchen Bio
Panel:
Talha Chaudhry, ex-MF Global Bio
Chris Crowley, ICE Bio
Chris Ferreri, ICAP Bio
Suellen Galish, Javelin Capital Markets Bio

10.10 Break

10:30 Client Segregation & LSOC
Is LSOC sufficient for the OTC markets and would it have prevented client losses connected to the collapse of MF Global and Peregrine Financial? What other models are workable, such as the CME’s plan to act as custodian? The reputation in the futures industry has been one of few such losses but recent bankruptcies have changed that; were participants just lucky and if so what measures will the sell-side be prepared to adopt to protect client funds?
Moderator:
Miki Navazio Bio
Panel:
Corry Bazley, ICE Clear Credit Bio
Bob Burke, Bank of America Merrill Lynch Bio
Mariam Rafi, Citi Bio
Sasha Rozenberg, CME Bio
James Wallin, Alliance Bernstein Bio

11.30 Break

11.45 Central Clearing & The Broker
The proposal for direct investor access to CCPs has prompted concerns over anonymity, fungibility and fair competition, and regulations are still open to interpretation. Will the costs outweigh the benefits for smaller brokers and their customers? Dodd-Frank attempts to outlaw discounted execution for clearing businesses; how will intermediaries build a workable business model? Will access to CCPs be fair and open to all? The clearing roadmap remains unclear and many investors anticipate further changes and delays in regulations; is anyone in a hurry to clear?
Moderator:
Anna Pinedo, Morrison & Foerster Bio
Panel includes:
Sam Ely, Gamma Derivatives Bio 
John Guthrie, BNY Mellon Bio
Dave Olsen, JP Morgan Bio
Paul Rowady, Tabb Group

12.45 Lunch

13.30 Collateral Management & Risk Management of non CCP-cleared trades.
New forms of collateral are being accepted by clearing houses but the requirement for high quality collateral is still onerous. How can you determine the most efficient management of both collateral and its velocity? How should counterparties be managing the collateral and counterparty risks of their portfolios and hedges, and dealing with the less liquid and more complex trades that won’t be cleared centrally? How will such non-centrally cleared positions be defined?
Workshop: Interactive presentation with Q&A
Hosts: (tba)

14.30 Trade Reporting
Regulations demand that all OTC derivatives and any novations are reported to trade repositories within a strict timeframe. What do market participants need to consider whilst implementing this requirement? Is anyone ready to comply?
Workshop: Interactive presentation with Q&A
Host: Mark Bramante, DTCC Bio

15.45 - 16.15 Coffee & Close

The Economist
Open deck
Shifting more derivatives trades into the open creates opportunities