8:15 AM Registration and Continental Breakfast
9:00 AM Welcoming Remarks
9:05 AM
A Fireside Chat with ISDA Chairman Stephen O’Connor and ISDA CEO Scott O’Malia
ISDA’s new CEO, Scott O’Malia, joined the Association after two decades in government. During this session, he shares with ISDA Chairman Stephen O’Connor his views on the pace and substance of regulatory reform and ISDA’s role in that process.
10:00 AM
SEF Trading: The Results So Far
What trends are we seeing with regards to trading on swap execution facilities (SEFs)? What impact is the SEF requirement having on trading activity and decision-making by firms? What does ISDA’s market research on SEF volumes say about potential market fragmentation? These and related questions will be discussed from research and market practitioner perspectives.
Moderator: Steven Kennedy, Global Head of Strategy, Research and Communications, ISDA
Peter Best, Chief Operating Officer, ICAP SEF (US) LLC and ICAP Global Derivatives Limited
Audrey Costabile Blater, PhD, Director of Research, ISDA
Nathan Jenner, Chief Operating Officer, Fixed Income Currency & Commodity E-trading, Bloomberg LP
Michael O’Brien, CFA Director of Global Trading, Eaton Vance
Krishan Singh, Head of ICE Swap Trade, Intercontinental Exchange
11:00 AM
Morning Break
11:30 AM
Trade Execution and Transparency – ESMA Work to Deliver G20 Commitments
Market participants, including ISDA, recently filed detailed responses to ESMA’s consultation papers on MiFID/R. A key part of ESMA’s focus in this regard has been consideration of detailed rules reflecting European implementation of G20 commitments on trade execution and trade transparency of derivatives. The panel will provide an overview of regulatory and industry priorities in this regard, focusing on the balance between market liquidity and transparency, as well as the prospects for convergence of European, US and Asian regulatory approaches in this context, with the US having already delivered its own implementation of these global commitments.
Moderator: Eric Litvack, ISDA Board Member, Managing Director, Head of Regulatory Strategy,
Société Générale, Global Banking and Investor Solutions
Roger Cogan, Head, European Public Policy, ISDA
Christiana Norman, Managing Director and Head of EMEA Regulatory Reform,
Bank of America Merrill Lynch
Keith Noyes, Regional Director, Asia Pacific, ISDA
12:30 PM
Luncheon
1:30 PM
Implementing Margin Rules for Non-Cleared Swaps
Margin requirements for non-cleared derivatives are less than 18 months away. ISDA is working on a number of fronts to help the industry prepare for this new requirement. This includes developing and implementing a quantitative methodology for a Standard Initial Margin Model (SIMM) as well as solutions to the legal, collateral, operational and policy aspects related to the new margin requirements. This panel will review and discuss the industry’s efforts related to the margin requirements across multiple functions.
Moderator: Mary P. Johannes, Senior Director and Head of U.S. Public Policy, ISDA
Katherine Darras, General Counsel, Americas, ISDA
Athanassios Diplas, Senior Advisor to the ISDA Board and Principal, Diplas Advisors LLC
Oliver Frankel, Managing Director, Goldman, Sachs & Co.
Tomo Kodama, Managing Director, Bank of America Merrill Lynch
Jonathan Willder, Director – Clearing and Collateral Operations, Deutsche Bank AG
2:30 PM
Capital Panel: Fundamental Review of the Trading Book (FRTB)
The FRTB, which ISDA has been leading industry responses on for over 3 years, will fundamentally change the way banks have to calculate regulatory capital requirements for market risk. The main constituents of the FRTB are changes to risk metrics, both for standardized and internal model approaches, the banking book/trading book boundary and desk level model approval that will significantly add to system requirements and operational complexity that and therefore banks need to start planning for now. This panel of leading practitioners will discuss the major changes, key issues for banks raised in the various industry responses and potential impact on market pricing and liquidity that could affect all market participants.
Moderator: Mark Gheerbrant, Head of Risk and Capital, ISDA
Gary Dunn, Managing Director, Morgan Stanley
Ulrich Karl, Director, CCP, Financial Institutions Group, HSBC Bank PLC
Lars Popken, Global Head of Market Risk Methodology, Deutsche Bank
3:30 PM
Afternoon Break
4:00 PM
Key Legal Developments in Today’s Derivatives Markets
This session will cover key legal and documentation developments in the areas of stay on close-outs in resolution and will highlight the soon to be implemented 2014 Credit Derivatives Definitions.
Moderator: David Geen, General Counsel, ISDA
David Benton, Partner, Allen & Overy LLP
Seth Grosshandler, Partner, Cleary Gottlieb Steen & Hamilton LLP
Shamir Malviya, Director & Associate General Counsel, Bank of America Merrill Lynch
5:00 PM
Conference Concludes
Agenda is subject to change
