NO 228 – FEBRUARY 2012
Clearing at the crossroads

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WFE Focus January 2012
29th IOMA, THE WFE DERIVATIVES CONFERENCE
London / 15-17 April 2012
Draft program (as of 24 February 2012)

The IOMA conference is by invitation only. It brings together the leaders of the world’s futures and options markets and derivatives clearing houses. The event is reserved to the exchange and clearing house community at the highest corporate level. The conference is also open by invitation to guest speakers and capital markets professionals and the press. 

Monday, 16 April 2012                     

Board of Directors meeting
Reserved for the IOMA Board of Directors
Keynote address speaker 
Mark Hoban MP, Financial Secretary, Her Majesty’s Treasury        

IOMA / IOCA Annual Conference opening and survey presentation

Trends in the exchange-traded futures and options markets.

  • Jorge Alegria, Chief Executive Officer, Mexican Derivatives Exchange (MexDer), and IOMA Chairman
  • Andreas Preuss, Eurex CEO and Deutsche Boerse Deputy CEO, and IOMA Vice Chairman
  • Romain Devai, WFE Research & Projects Manager

“The Global Risk Transfer Market, 2012”. 
WFE has commissioned for IOMA an update of the 2010 TABB Group report on OTC and on-exchange derivatives developments. The mandate includes a more global perspective than two years ago. Are developed and developing derivatives marketplaces going down separate paths? Should OTC be brought into the exchange and clearinghouse space? Is this happening by itself? How expensive is adding security to the marketplace? Is the plus needed only repository services, and is this enough to reduce risk?” 
Garry Jones, Group EVP & Head of Global Derivatives, NYSE Liffe, NYSE Euronext

Mergers and acquisitions versus product and service alliances. 
Nationalistic overtones have entered the business conversation as cross-border bids have been stopped. What is the logic in exchanges being so special as to have mergers blocked, yet not so special that the authorities fragment the marketplace by imposing unfair competition? Whether this is the result of the financial crisis, and government’s desire to keep a grip on markets, or from competitive and commercial pressures, what business development opportunities remain for exchanges?

In Europe and elsewhere, parties with vested interest in the OTC markets were vocal in opposing mergers. If OTC markets and exchanges do not compete, were these objections pertinent? If they do compete, were these objections fair?

Speakers:

  • Ravi Narain, Managing Director and Chief Executive Officer, National Stock Exchange of India Limited
  • Phupinder Gill, President, CME Group

Speed and HFTs, market stability and the market liquidity problem
Trading conditions continue to change: the Volker Rule, bank capital requirements … where will we find trading customers? What do the authorities think about today’s regulated trading environment as they address the need to restore confidence in more liquid markets in a more stable environment?

Speakers:
Anthony Belchambers, Chief Executive, Futures and Options Association
Anne Wetherilt, Senior Manager, Trading, Payment and Settlement, Bank of England
David Bailey, Acting Head of Department, Markets Infrastructure and Policy, Financial Services Authority

Transaction taxes
An empirical study on impact they might have. How might this affect the quality of price discovery?

Tuesday, 17 April 2012

Morning session closed for WFE members only

SEFs and OTFs
Members and others are creating their own SEFs and OTFs. What does this mean for our industry’s business development? What might happen to price discovery / fragmentation? Is this likely to play out differently in developed and developing markets, and if so would that be due to regulation and / or other factors?

Moderator:  

Jorge Alegria, Chief Executive Officer, Mexican Derivatives Exchange (MexDer), and IOMA Chairman
This session will combine short presentations with around-the-room, off-the-record questions and answers.

Commodities and currency instruments

The raw materials and currency segments have been major drivers of futures business. The group needs a global update on these areas.

Speaker:

Christine Cochran, President, Commodity Markets Council, tbc

Clearinghouse competitive landscape

Questions about vertical and horizontal structures seem to be fading, but what in fact is the competitive landscape for clearers? How does this differ across the world?

Clearinghouse contagion risk

To what extent should the clearinghouse book be opened, in particular when operating CCP services? What if a clearinghouse fails – how would losses be allocated in such an extreme event?

Moderator:

Marcus Zickwolff, EACH Chairman and Executive Director, Eurex Group, Head of Trading and Clearing System Design Department.

Speaker:

Rory Cunningham, Director Strategy and Development, LCH.Clearnet, tbc

MF Global

What do we need to know about the resolution of this question?

  • Kim Taylor, President CME Clearing House Division, tbc
  • Thomas Book, Member of the Executive Board, Eurex Clearing, tbc

 

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