The U.S. Regulatory Landscape
The session will cover certain key provisions of the Dodd-Frank Act and resulting CFTC/SEC rulemakings explaining the impact on the derivatives market and market participants, with a particular emphasis on derivative end-users.
Jonathan Ching, Vice President & Counsel, The D. E. Shaw Group
Steven Lofchie, Partner, Head of the Financial Service Department, Cadwalader, Wickersham & Taft
Ellen P. Pesch, Partner, Sidley Austin LLP
Outline of Legal Structure of the Clearing Houses and Key Issues Facing Customer Clearing:
Portability and Segregation of Collateral
This session will provide an introduction to the clearing of OTC derivatives transactions. The speakers will look at how the clearing documentation accounts for the different interests of the various parties in the clearing relationship (clearing house, clearing member, executing broker and customer). This session will also focus on issues raised in the Buy-side Access to CDS Clearing Report that was prepared for various OTC supervisors dated June 30, 2009. In particular, the session will cover the concepts of segregation and portability of CDS positions and associated initial margin, how they are put into practice and issues relating to enforceability of these provisions.
Silas Findley, Director and Legal Counsel, Citigroup Global Markets Inc.
Tracey Jordal, Senior Vice President, Attorney, PIMCO
European Regulatory Landscape and Key Areas of Divergence from the U.S.
Areas of coverage includes European requirements under European Markets and Infrastructure Regulation (EMIR), Markets in Financial Instruments Directive (MIFID) and other European legislative initiatives as well as a comparison with key Dodd-Frank requirements.
Deborah North, Partner, Allen & Overy LLP
