2013 IOMA Conference

 

Program

Monday, 6 May 2013
08:00 – 09:30
General Meeting - Board of Directors meeting
Reserved for the IOMA Board of Directors
09:30 - 09:45  
IOMA / IOCA Annual Conference opening
 Bongsoo Kim, Chairman & CEO of Korea Exchange
Jorge Alegria, CEO, Mexican Derivatives Exchange (MexDer), and IOMA Chairman
Andreas Preuss, Eurex CEO, WFE Chairman, and IOMA Vice Chairman
09:45-10:00
Keynote address speaker
Je-Yoon Shin, Chairman, Korea Financial Services Commission
10:30 – 12:00   
Regulatory evolution: towards a new paradigm ?
As the transition for OTC derivatives to the new trading and clearing paradigm is still under way, significant volumes of energy swaps have been transformed into futures contracts in late 2012. One of the reasons for the transformation of energy swaps into futures contracts was the reluctance of certain customers to register as swap dealers under Dodd-Frank. This point relates to the broader issue of extraterritoriality and its corollary: regulatory arbitrage. The panel will discuss the transformation of certain OTC products into futures contracts, the convergence of global standards and the risk of regulatory arbitrage.
Moderator: Nick Ronalds, Managing Director – Head of Equities, Asia Securities Industry & Financial Markets Association
Andreas Preuss, Eurex CEO
Masamichi Kono, Vice Commissioner for International Affairs, Japan Financial Services Agency
Richard Heckinger, Vice President and Senior Policy Advisor, Federal Reserve Bank of Chicago
Ronald Gould, Managing Director, Promontory
Jeffrey H. Chen, Partner, Cadwalader Hong Kong
Paget Dare Bryan, Foreign Legal Consultant, Clifford Chance Hong Kong
   
13:30 – 14:00
Trends in the exchange-traded futures and options markets.
Romain Devai, Research & Projects Manager, WFE
14:00 – 15:00   
The Current Status, Vision, and Development Strategy of Asian Derivatives Market
As on-exchange volumes were down in 2012, is the outlook for growth better in Asia? What are the current status and development strategy of Asian Exchanges? As the US and the EU have started to adjust their regulatory framework what is the status in Asia? Can national initiatives address the needs of a globalized market?
Moderator: Professor Chang-Hyun Yun, President of Korea Institute of Finance
Won Dae Kim, Executive Director, Korea Exchange
Kotaro Yamazawa, Senior Executive Officer, Japan Exchange Group
Janice Kan, Senior Vice President, Singapore Exchange
Kevin K. H. Lee, Managing Director, Newedge Korea
   

  

Tuesday, 7 May 2013

  

09:30 – 10:30   
Commodities derivatives
This panel will address the misperceptions (including “speculation”) often associated with commodities derivatives and demonstrate why those markets have been so important over recent history.
Moderator: Bill Herder, Executive Director, FIA Asia
Chong Kim Seng, CEO, Bursa Malaysia Derivatives
Gary Anderson, CEO, Dubai Gold and Commodities Exchange
Chip Dempsey, Executive Director, Strategic Investments, Morgan Stanley
11:00 - 12:00    
New products
Designing new products has always been a very challenging task as few ones prove to be successful in the long run; it took time for instance for volatility indices to become popular. OTC markets, sometimes viewed as more innovative, are now shifting to a more transparent environment. Will this shift result in new products or transformation of existing ones like CDS? As Asian markets are growing very fast, will specific products be designed for the region?
This panel will take a look at the most promising products today and how the changes in OTC markets and Asia might favor the arrival of new products.
Moderator: André Cappon, President, CBM Group
Richard G. DuFour, Executive Vice President, CBOE
Steve C. Wang, President, TAIFEX
V. Shunmugam, Chief Economist, MCX Stock Exchange
Ramya Rajagopalan, Head – FIG, National Stock Exchange of India
12:00 – 13:00   
Collateral scarcity
In 2012, TABB Group estimated that clearing OTC trades implied a margin shortfall of $1.6 – $2.7 trillion. Will there be enough eligible instruments to be used as collateral? What innovative solutions are clearing houses developing to cope with this challenge? What are the business opportunities?
Moderator: Michael Walinskas, Executive Vice President and Chief Risk Officer, The Options Clearing Corporation
Marcus Zickwolff, EACH Chairman and Executive Director, Eurex Group, Head of Trading and Clearing System Design Department
Luis Jorge Pelayo, Vice President Risk Management Bolsa Mexicana de Valores Group and Chairman CCP 12
Luis A. Vicente, Risk Management Officer, BM&FBOVESPA
Dale Michaels, Managing Director, Credit & Market Risk Management, CME Group
   
14:30 -15:30
Why derivatives exchanges generate more value ?
The LME acquisition by HKEx for a £1.38 billion and the ICE bid to acquire NYSE Euronext for $8.2 billion has shown how valuable derivatives exchanges have become. In the first case, the transaction price has set a new record for the industry in terms of valuation. In the second case, the symbol of a 12 years old company taking over a group including the historical NYSE was striking.
The participants will discuss the valuation of these recent deals, the expected synergies, future consolidation, and the advantage of the derivatives exchanges business model.
Moderator: Nandini Sukumar, Bloomberg News
Caroline Silver, Managing Director, Moelis
Richard H. Repetto, Principal, Sandler O'Neill + Partners, L.P.
Gary Katz, President and Chief Executive Officer, ISE
Chip Dempsey, Executive Director, Strategic Investments, Morgan Stanley
15:30 – 15:45   
Closing address
Jorge Alegria, CEO, Mexican Derivatives Exchange (MexDer), and IOMA Chairman