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Public Policy Symposium on OTC Derivatives Clearing

high frequency trading

This conference on the central clearing of over-the-counter (OTC) derivatives will address policy issues related to the design, operation, and regulation of central counterparties (CCPs). Participants drawn from CCP operators, derivatives dealers, investors, regulators and academia will focus attention on a range of key public policy issues.

 

After coffee and opening remarks, each of four panels will be tasked with a subset of issues related to ownership and control of CCPs; participation in central clearing; capital structure of CCPs; and market structure. Open discussion, including questions from the floor, will be strongly encouraged by moderators. The luncheon keynote speaker will be Kenneth C. Griffin, Founder and Chief Executive Officer of Citadel. Please note: This event is by invitation only.

09/03/10
7:45 AM
Continental Breakfast
8:45 AM
Opening Remarks

Charles L. Evans,  President and Chief Executive Officer,  Federal Reserve Bank of Chicago

9:00 AM
Panel 1

Panel 1 will address issues related to the ownership and control of CCPs. Of particular concern are the positive and negative incentive effects associated with the ownership or control of CCPs by major dealers.

Moderator

Robert McDonald,  Erwin P. Nemmers Professor of Finance,  Kellogg Graduate School of Management, Northwestern University

Panelists

Athanassios Diplas,  Managing Director, Global Credit Trading, Global Head of Systemic Risk Management,  Deutsche Bank

Marcus Katz,  Senior Vice President,  Newedge USA, LLC

Brian S. Yelvington,  Director Fixed Income Research – Strategy,  Knight Libertas LLC/Knight Capital Group, Inc. and Swaps and Derivatives Market Association (SDMA)

Godfried de Vidts,  Director of European Affairs, ICAP plc,  and Chairman, European Repo Council

10:00 AM
Break
10:30 AM
Panel 2

Panel 2 will focus on who should participate in clearing.  The issues to be addressed include CCP membership criteria and the costs and benefits of requiring hedge funds, commercial end users, and other market participants to centrally clear their derivatives positions. The appropriate scope of exemptions from clearing requirements for commercial hedging positions is likely to be raised. 

Moderator

Anil K Kashyap,  Edward Eagle Brown Professor of Economics and Finance,  University of Chicago Booth School of Business

Panelists

Andrew Feldstein,  Chief Executive Officer,  Blue Mountain Capital Management, LLC

Ananda Radhakrishnan,  Director, Division of Clearing and Intermediary Oversight,  U.S. Commodity Futures Trading Commission

Catherine Moore,  Senior Special Counsel, Division of Trading and Markets,  U.S. Securities and Exchange Commission

Thomas C. Deas, Jr.,  Vice President and Treasurer, FCM Corporation,  and President, National Association of Corporate Treasurers

11:30 AM
Lunch

Keynote Speaker

Kenneth C. Griffin,  Founder and Chief Executive Officer,  Citadel

1:15 PM
Panel 3

Panel 3 will address the amounts and types of derivatives to be cleared, appropriate levels of CCP capital, guarantee funds, and collateral, as well as the regulatory capital and collateral requirements for cleared versus un-cleared derivatives.

Moderator

Craig Pirrong,  Professor of Finance, Director, Global Energy Management Institute,  Bauer College of Business, University of Houston

Panelists

Theo Lubke,  Senior Vice President, Risk Management, Bank Supervision,  Federal Reserve Bank of New York

James J. Hill,  Managing Director and Credit Derivative Officer,  Morgan Stanley

Oliver Frankel,  Managing Director, Securities Division,  Goldman Sachs & Co.

Manmohan Singh,  Senior Economist,  International Monetary Fund

2:15 PM
Break
2:30 PM
Panel 4

Panel 4 will address the industrial organization of the market for central clearing and cross-CCP risk-management issues. The panel may focus on the potential for interoperability and on the positive and negative effects of competition among CCPs.  Concerns may be raised over the concentration of risk in “too few” CCPs versus potential lost netting opportunities or coordination problems arising from “too many” CCPs.

Moderator

Darrell Duffie,  Dean Witter Distinguished Professor of Finance,  Graduate School of Business, Stanford University

Panelists

Paul Mitrokostas,  Managing Director, Chief Operating Officer—Credit Trading,  Barclays Capital

Christopher S. Edmonds,  President,  ICE Trust U.S.

Simon Grensted,  Managing Director, Business Development,  LCH.Clearnet Limited

Kimberly S. Taylor,  Managing Director and President,  CME Clearinghouse Division, CME Group

3:30 PM
Wrap-Up
3:45 PM
Reception
 

 

 

Last Updated: 09/02/2010

Event Information
Date
09/03/10 - 09/03/10
Location
Federal Reserve Bank of Chicago
Third Floor Conference Center
230 S LaSalle St
Chicago, IL 60604