Programme

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DAY 1 | DAY 2

DAY ONE - 22 July 2014

08.30

Registration and coffee

09.00

How Asia is embracing OTC reform - current and future trends

  • OTC reform in Asia - the current and future developments
  • How banks in Asia have supplemented their Dodd Frank and EMIR compliance programs with localized projects that address needs of local regulatory requirements
  • The impact of new margin requirements on the operating model of banks in Asia
  • Assessing the consequences for Asia-based CCPs not achieving or retaining ESMA equivalency
  • Factoring in the potential impacts of and disruptions to cross border clearing

Paul Landless, Partner, CLIFFORD CHANCE
Lena Ng, Counsel, CLIFFORD CHANCE

10.00

Morning coffee break

10.20

Risk management in central clearing

  • Moving forward with the CFTC's substituted compliance determination and SGX's DCO designation
  • Custodial risk: What segregation and other safeguards exist for collateral posted for clearing?
  • Constructing selection criteria for SEFs and CCPs: What are the key risk factors to consider?
  • What are the margin methodologies and the default management procedures in CCPs?

Eli Cohen, Head of Legal (Regulation), SINGAPORE EXCHANGE
Alison King, Senior Vice President, Derivatives, SINGAPORE EXCHANGE

11.35

 

Client clearing in practice

  • Maximising capital and balance sheet efficiency in the new trading environment
  • Selecting a client clearer: Who chooses whom? What are the key risk factors to consider?Demystifying the client onboarding process
  • Demystifying the client onboarding process
  • Size matters: High volume traders are the industry darling – Are smaller players getting left behind?
  • Challenges to client clearing documentation: Which documents are necessary to support OTC derivatives trading in a new marketplace?

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

12.35

Lunch

13.35

Assessing costs in a new trading environment

  • Clearing cost factors
  • Collateral and margin requirements for cleared and un-cleared trades
  • Weighing the cost differential between centrally cleared and bilateral transactions
  • What form of collateral will the main CCPs and clearing members accept?
  • How much do clearing costs vary across clearing houses?
  • Examining bundling and cross-margining services to reduce the cost of trading
  • To what extent are transaction costs rising in a multi-SEF, multi-CCP environment?

Malcolm Baker, Senior Director for Interest Rates and FX products Asia Pacific, CME GROUP

14.35

Afternoon break

14.55

Reviewing the reportable transaction requirements

  • New operational requirements resulting from OTC derivatives trade reporting requirements
  • Costs and benefits of double-sided reporting requirement
  • 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

Rick Lakhiani, Director, Regulatory Reform Implementation, CITIGROUP
Rakesh Pandya, Senior Vice President, Middle Office, Regulatory Reporting, CITIGROUP

15.55

Derivative transaction reporting: Meeting the demands of new reporting obligations

  • Issues surrounding reconciliation of bilateral and cleared trades
  • 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 
  • Strategies to reduce regulatory reporting burden

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

16.55

End of day 1

 

DAY 1 | DAY 2

DAY TWO - 23 July 2014

08.30

Registration and coffee

09.00

Examining the regulatory impetus for collateral management

  • How will the move towards central clearing and the Basel III leverage ratio increase demands for stable, liquid repo markets?
  • How can regulatory change improve the cross border mobility of collateral, enhance liquidity in secondary markets and help unlock high quality collateral pools in the region?
  • Limits to rehypothecation of assets and their impact on securities financing and repo markets
  • Concern of repo market squeeze
  • How may financial infrastructures respond to these collateral challenges?

Davin Cheung, Regional Manager, Global Securities Financing, CLEARSTREAM BANKING S.A

09.45

OTC derivatives – Clearing and risk capital

  • Computation of CCP margin requirements and related costs
  • 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 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
  • How will restrictions on same-currency variation margins impact cross-currency repos and the standard credit support annex?

Kazuo Oshima, Senior Manager, Centre for Risk Management Strategy, DELOITTE TOUCHE TOHMATSU

10.45

Morning coffee break

11.05

Assessing funding costs and liquidity risks in a new trading environment

  • Clearing cost factors: What are the collateral and margin requirements for cleared and non-centrally cleared derivative contracts?
  • Weighing the cost differential between centrally cleared and bilateral transactions
  • What form of collateral will the main CCPs and clearing brokers accept?
  • Evaluating add-ons between clearing brokers and their impact on margin calls
  • Examining netting and cross-margining services to reduce the cost of trading
  • Assessing the tradeoff: Benefits of diversifying across CCPs vs. costs of collateral fragmentation

Karim Chabane, Director, APAC Head, Collateral Management, CITIBANK NA HONG KONG

12.05

Fulfilling collateral requirements through collateral transformation

  • Assessing collateral eligibility
  • Establishing a repo line to meet to meet initial and variation margin requirements
  • How to monitor intraday liquidity and margining levels to post adequate collateral to meet margin calls?
  • Collateral pricing and transformation
  • What is the eligibility of non-cash assets posted as collateral for central clearing?
  • Limits to re-hypothecation of assets under IOSCO rules

Chunhua Ou, Worldwide securities services sales for Asia Pacific, JP MORGAN

13.05

Lunch

14.05

 

Section I: Reducing capital costs for derivatives exposures

  • Banks balance sheets - the new paradigm
  • Impact of BCBS's finalised leverage ratio on derivatives exposures
  • Strategies to enhance operational efficiency and reduce risk through portfolio compression
  • How regulation is driving innovation with collateral management

Section II: Triparty repo and infrastructure

  • How the triparty infrastructure may enhance collateral management
  • How market reforms have impacted the repo market

 

Christian Lee, Partner, Clearing, Risk and Regulatory, CATALYST DEVELOPMENT

15.05

Afternoon break

15.25

Collateral optimisation under a new trading environment

  • Clearing and collateral
  • Tri-party collateral management: Benefits and risks
  • What have financial reforms done to safeguard collateral and repo markets and dampen their inherent procyclicality?
  • How can the tri-party repo system become more stable?
  • Strategies to source eligible collateral, manage inventory, and document collateral obligations
  • Assessing the FSB’s proposed regulatory framework for haircuts on securities financing: Weighing the costs and benefits to the industry

Joseph Tan, Director & Relationship Management, South Asia, EUROCLEAR BANK REPRESENTATIVE OFFICE, SINGAPORE

16.25

End of workshop

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