Clearing & Uncleared Margins

Day 1 | February 22

9:00 - Non-Cleared Margin Rules: Regulatory and Legal Framework

  • What are they?
  • US V EU comparison
  • Legal framework (number of CSAs, ISDA protocol, etc.)
  • How approach differs by client type
  • How the rules change the game
  • A clearing approach to non-cleared

John Lund, Consultant, Derivatives Clearing & Collateral Management, JXL Consulting

10:30 - Coffee Break

11:00 - Calculating your margins & operational impact

  • Operational set-up
  • What new workflows do you need?
  • Risk mitigation
  • What has changed with the new rules?
  • Calculating Initial Margin (IM)
  • Calculating Variation Margin (VM)
  • Different methodologies
  • Efficiency

Damon Batten, Consultant, Bovill

12:30 - Lunch

13:30 - EMIR Compliance

  • Current status of EU & US clearing mandates
  • The process of implementing
  • What can categories 3 & 4 learn from 1 &2?
  • What do categories 1 & 2 do now?
  • Elective clearing
  • Post-implementation

Anne-Laure Condat, Technical Specialist, Trading & Post Trade Team, Financial Conduct Authority

15:00 - Coffee Break

15:30 - CCPs: Everything you need to know

  • How CCPs operate
  • How to manage CCP and client risk
  • Counterparty credit and liquidity risk
  • Different models/account types
  • Risk within different margin models
  • Indirect clearing
  • The future: monopoly CCP vs. multi-CCPs, evolving CCP product offerings

Lucy Hammond, Director, FMI Risk, Financial Institutions Group, HSBC

17:00 - End of Day 1

Day 2  | February 23

09:00 - The costs of Clearing and the Clearing Broker relationship

  • Review of operational costs & capital requirements
  • Portfolio Modelling (Initial Margin & Collateral)
  • MVA: Funding costs of initial margin
  • How to be efficient with your clearing strategy
  • Clearing Member & CCP fee models 
  • Negotiating your clearing broker relationship

Mark Bortnik, Executive Director, European Head of Listed and OTC Clearing Sales, Morgan Stanley

10:30 - Coffee Break

11:00 - Collateral Management

  • Sourcing collateral to meet demand
  • Collateral optimisation & transformation
  • Managing collateral during transition period
  • Predicting your requirements
  • Constraints in new environment
  • Industry utilities

Matteo Rolle, Senior Director, Head of In Business Risk, Capital, and Collateral, Lloyds Banking Group

12:30 - Lunch

13:30 - From Compliance to Optimisation

  • Building a plan: moving from tactical single solutions to a strategic encompassing solution 
  • Short term vs. long term
  • Default management & BAU porting
  • Collateral management challenges (optimisation, transformation, liquidity)
  • Managing the transition from uncleared to cleared 
  • How to get clearing to work for you
  • Clearing 100%

John Lund, Consultant, Derivatives Clearing & Collateral Management, JXL Consulting

15:00 - Coffee Break

15:30 - The Future of Clearing & Uncleared Margins

  • What's next?
  • NDFs & Forex options
  • Thoughts on clearing fintech
  • A multi-CCP future? 
  • Futurising your exposure 
  • Preparing for Brexit eventualities

Arvind Kannan, Principal Advisor, Banking Advisory Team, KPMG

16:30 - Closing Q&A Panel: The Future of Clearing & Uncleared Margins

Arvind Kannan, Principal Advisor, Banking Advisory Team, KPMG
John Lund, Consultant, Derivatives Clearing & Collateral Management, JXL Consulting
Mark Bortnik, Executive Director, European Head of Listed and OTC Clearing Sales, Morgan Stanley
David Brown, Technical Manager, Derivatives 

17:00 - End of Training Course

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