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Download the presentations from the  Clearing and Reporting OTC Derivatives held in April 2014 in Hong Kong.


angelina-kwan-web

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Asia Risk - Hong Kong's OTC Trade Reporting Requirements
Angela Kwan, Founder and CEO, STRATFORD FINANCE

  • Addressing the current challenges for derivative transaction reporting
  • Sharing the observations and expectations for the next phase of rule/regulations
  • Translationg legal and regulatory developments into operationall processes and timelines
  • Enhancing compliance and operational readiness for mandatory OTC clearing and trade reporting requirements
 
scott-carnachan-web

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Regulation of OTC Derivatives Reporting and Licensing in Hong Kong
Scott Carnachan, Consultant, DEACONS

  • Progress made in amending the Securities and Futures Ordinance and its impact on the timeline for mandatory trade reporting 
  • Defining the ‘originate or execute' model and the ‘Hong Kong nexus'
  • Understanding requirements of the new trade reporting and repository regimes
  • Who will be impacted by these reporting proposals? Will there be a carve-out for end-users?
  • Overview of the requirements under the new SFC licensing regime

 liam-cahill-web

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Reviewing the reportable transaction requirements
Liam Cahill, Head of Operations Regulatory Control, APAC, HSBC

  • Defining the ‘Hong Kong nexus'
  • Update on the progress made under Phase I reporting of vanilla IRSs and NDFs
  • Discussion of the lessons learnt from Phase I reporting
  • Anticipating challenges for more complex instruments under Phases II and III

kishore-ramakrishnan-web

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Best practices for adpoting and implementing trade identifies

Kishore Ramakrishnan, Executive Director, Financial Services Advisory, ERNST & YOUNG

 

  • Prospects for a universal, standardized trade identifier and hierarchy to evolve within the industry
  • Understanding the alphabet soup of trade identifiers:CICI, LEI, UTI and USI
  • Anticipating data granularity requirements: firm-level, individual, and algo trade identifiers 
  • How essential are these trade identifiers to the linking and matching process?

dtcc-web 

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Derivative transaction reporting: Meeting the demands of new reporting obligations

Mark Naisbitt, Regional Product Director, DEPOSITORY TRUST AND CLEARING CORPORATION

 

  • What are the reporting requirements for swaps executed on a SEF?
  • Issues surrounding reconciliation of bilateral and cleared trades
  • Will the mandatory fields required in the U.S. also be compulsory in Asian jurisdictions?
  • Developing infrastructure to report derivative transactions across five asset classes 
  • Meeting data granularity requirements: Enhancing systems and processes to integrate detailed inputs, incorporate new fields, and deliver uniform outputs in accordance with regulatory standards

 francis-edwards-web 

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Extraterritorial reach of derivatives regulations

Francis Edwards, Partner, CLIFFORD CHANCE

 

  • Consequences for Asia-based CCPs not achieving or retaining ESMA equivalency
  • Effect of MIFID2 and Mifir on Asian market liquidity and transaction costs
  • Recovery and resolution planning: Understanding the EU Recovery and Resolution Directive and its possible impact on derivatives, netting and stays 
  • Update on the EU financial transaction tax: Prospect of overcoming its legal challenges and possible extraterritorial impact on repo and fixed income markets 
  • Implications of the Volcker Rule on global derivatives markets 
  • Dealing with uncertainty surrounding the industry lawsuit against the CFTC and its possible impact on cross border guidelines

 

 daryl-ho-web

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Development of the regulatory regime for the OTC derivatives market in Hong Kong

Daryl Ho, Head of Market Development, HONG KONG MONETARY AUTHORITY

 

  • Latest regulatory development of the OTC derivatives market in Hong Kong
  • Overview and key features of Hong Kong's proposed regulatory regime
  • Reform implementation: Challenges & implications

 

 derek-chua-web

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The Hong Kong Clearing Framework and OTC Clear Hong Kong Ltd

Derek Chua, Associate, LINKLATERS

 

  • Legal and Regulatory Framework for clearing OTC derivatives in Hong Kong
  • Insolvency protections for Recognised Clearing Houses and client clearers under the SFO
  • OTC Clear Hong Kong Ltd as Recognised Clearing House
  • Key features including corporate governance, membership and clearing criteria
  • Collateral, default funds and the default management process
  • Client clearing including segregation and porting under the SFO Amendment Bill 2013
  • Hong Kong and foreign CCPs and mutual recognition framework

 

 standard-chartered-web

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Client clearing in practice

Luke Brereton, Co-head of Client Execution, Clearing, Liquidity and Portfolio Services, STANDARD CHARTERED

 

  • How will the client clearing regime evolve in Hong Kong?
  • Selecting a client clearer: Who chooses whom? What are the key risk factors to consider?
  • Demystifying the client onboarding process
  • Size matters: High volume traders are the industry darling - Are smaller players getting left behind?

 

 allen-overy-web

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Documentation challenges to OTC bilateral and central clearing 

Ross Stewart, Counsel, ALLEN & OVERY

 

  • Addressing documentation requirements and the legal challenges they pose
  • Will a documentation standard emerge for trading agreements in Asia?
  • Which documents are necessary to support OTC derivatives trading in a new marketplace?
  • Understanding the maze of bilateral agreements, the ISDA Master Agreement/CSA, trade confirmations, and supplemental agreements 
  • Challenges to client clearing documentation

 

 odelle-burke-web

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Managing the costs and collateral requirements of central clearing

O'Delle Burke, Executive Director, Collateral Management, J.P. MORGAN

 

  • Assessing collateral eligibility
  • Initial and variation margin requirements 
  • Establishing a repo line to meet variation margin requirements 
  • How to monitor intraday liquidity and margining levels to post adequate collateral (variation margin) 
  • Collateral pricing and transformation 
  • Limits to re-hypothecation of assets under IOSCO rules

 

kishore-clearing-web 

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OTC derivatives - Clearing, collateral & margin 

Kishore Ramakrishnan, Executive Director, ERNST & YOUNG

 

  • Central Clearing and Collateral - Key functional and operational enablers
  • Collateral segregation models
  • Cleared vs uncleared margin cost implications
  • Assessing CCPs' margin models and the pass-through charge from clearing brokers
  • Custody risk: What levels of portability, asset segregation, and other safeguards are necessary to protect client clearers in the event of a clearing member default? 
  • What form of collateral will the main CCPs accept? What are the challenges for banks with a presence in multiple jurisdictions or working across clearing houses?
  • Scaling up volumes, liquidity, and margining benefits on CCPs

 

 

 

 

 

 

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