April 12 – 14
Keynote Industry Address
The Evolving Regulatory Framework for OTC Derivatives: Progress to Date and the Path Ahead
From defining who is a dealer to delineating what is a trading platform, the pace and scope of regulatory reform affecting the derivatives industry remains intense. A panel of experts will review the substance and direction of that reform with a focus on the United States and Europe.
Transparency, Liquidity and the Drive to Build Safe, Efficient Markets
Regulatory transparency. Pre-trade and post-trade public transparency. The issue of transparency in the OTC derivatives market has multiple facets. A panel of experts will review the status of industry initiatives to provide greater transparency while seeking to maintain critical liquidity of markets.
OTC Derivative Clearing: Implementation and Challenges
The role of central clearing in OTC derivatives is already substantial and will continue to grow under the emerging regulatory landscape. Leading market participants will provide an update on developments in OTC clearing over the past year and challenges that remain as the markets continue to change. They will focus on legislative and regulatory developments (EMIR and Dodd-Frank), and industry efforts toward implementation, with an emphasis on end-users.
Global Derivatives Business Issues
While many challenges face the derivatives industry, opportunities remain. A group of senior business people will review both the challenges for the business and the opportunities that exist in different products and markets.
Wall Street, Fleet Street and the Ivory Tower
From the financial crisis, to recent financial market volatility and the sovereign debt crisis, OTC derivatives continue to be in the spotlight. Experts from finance, academia and the media will take a look back at the recent financial crisis, explore the effectiveness of today’s proposed solutions in addressing the key issues raised during the crisis and discuss the work that continues to lie ahead.
Basel III: Implications and Incentives
New capital rules in Basel III and related initiatives stand to profoundly affect the derivatives business. The Basel III CVA charges will dramatically change the capital required to support bilateral OTC derivatives while clearing requirements under Dodd Frank and European Markets and Infrastructure Regulation (EMIR), amongst others, will increase the use of central counterparties. A group of risk managers will consider the implications of the proposals and their likely effect on the OTC derivatives market
Operations and Collateral Management
•Update on industry operations commitments to policymakers,
both past and future
•Developments in collateral management including:
– ISDA Best Practices for the OTC Collateral Process
– Portfolio Reconciliation
– Collateral electronic messaging
– Dispute Resolution
Documentation and Legal
•Equity Initiatives including 2011 ISDA Equity Derivatives Definitions and
Equity Determinations Committee
•Update on collateral documentation initiatives, including standard
Control Agreement provisions and CSA Amendments to provide
for segregation of Independent Amounts
•Legal Issues in Emissions Trading: Expiration of Kyoto Protocol and
recent shutdown of trade registries in EU Member states
•ISDA netting and collateral opinions – project to expand scope
Global Public Policy Developments
From Asia to Latin America, from Russia and Eastern Europe to markets in other regions, regulation of derivatives is evolving, presenting opportunities in some cases while creating hurdles in others. A panel of experts from jurisdictions with active regulatory agendas will report on key developments. Among the topics to be discussed will be restrictions on market access, limits on products and alternative resolution regimes including issues affecting netting.
