6-8 May 2013, Busan
All sessions will be open to press and guests except Wednesday afternoon
The Chatham House Rule can be invoked at a speaker’s request
More information on:
Monday, 6 May 2013
General Assembly - Board of Directors meeting
Reserved for the IOMA Board of Directors
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 and Deutsche Börse Deputy CEO, WFE Chairman, and IOMA Vice Chairman
Keynote address speaker
Scott O’Malia, Commissioner, CFTC, tbc
Standardization: the way forward?
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. The panel will discuss the practical modalities of the transformation, the pros and cons and whether the same mechanisms could be applied to other asset classes.
Andreas Preuss, Eurex CEO and Deutsche Boerse Deputy CEO
Magnus Böcker, CEO, SGX
Steve C. Wang, President, TAIFEX
Jeffrey C. Sprecher, Chairman and Chief Executive Officer, ICE, tbc
Toby Lawson, Head of Futures & Options & Cash Equities execution, Asia Pacific, Newedge, tbc
Extraterritoriality and regulatory arbitrage: real threat or illusion ?
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 convergence of global standards and the risk of regulatory arbitrage.
Moderator: Nick Ronalds, Managing Director – Head of Equities, Asia Securities Industry & Financial Markets Association
Paget Dare Bryan, Foreign Legal Consultant, Clifford Chance Hong Kong
Philip Tye, Chairman, Hong Kong National Group of The Alternative Investment Management Association Limited (AIMA)
Masamichi Kono, Chairman of the IOSCO Board, Japan Financial Services Agency, tbc
Jeff Chen, attorney, Caladwater, tbc
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? As the US and the EU have started to adjust their regulatory framework to the new environment, 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 of Derivatives Market Division, KRX
Kotaro Yamazawa, Senior Executive Officer, Japan Exchange Group
Additional speakers to be announced
What is the rationale for real-time clearing (reduce counterparty risk, better collateral management)? Will real-time clearing enhance risk-management and capital efficiency? What are the investments needed to implement it?
Moderator: Michael Walinskas, Executive Vice President and Chief Risk Officer, The Options Clearing Corporation
Erica Brown, Head of Clearing Solutions, NASDAQ OMX, tbc
Dale Michaels, Managing Director, Credit & Risk Management, CME Group
2012 IOMA survey presentation
Trends in the exchange-traded futures and options markets.
Romain Devai, Research & Projects Manager, WFE
Tuesday, 7 May 2013
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.
Bill Herder, Executive Director, FIA Asia
Chong Kim Seng, CEO, Bursa Malaysia Derivatives
Shreekant Javalgekar, MD & CEO of the Multi Commodity Exchange of India MCX
Tim Bennett, CEO, NZX, tbc
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, CBOE, Executive Vice President
Ian Cohen, Managing Director, COO Equities Asia, Chief Strategy Officer Global Equities, HSBC, tbc
Damien Jenkins, Vice President, Asia Listed Derivatives & OTC Clearing Sales, Credit-Suisse, tbc
Will the new legal framework lead to the emergence of new players?
Will the dealer model be replaced by an agency brokerage model for swaps? What new platforms will emerge (SEFs, OTFs, RFQ platforms)? What are the business opportunities for new entrants?
Moderator: Jorge Alegria, Chief Executive Officer, Mexican Derivatives Exchange (MexDer)
David Sagnier, CEO, RFQ-Hub
Clifford M. Lewis, Executive Vice President, State Street Global Markets, tbc
Paul Davies, Head of ETD Clearing, Goldman Sachs, tbc
Neal Brady, CEO, Eris exchange, tbc
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 USD 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
Richard H. Repetto, Principal, Sandler O’Neill + Partners, L.P.
Gary Katz, President and Chief Executive Officer , ISE
Joe Osnoss, Managing Director, SilverLake, tbc
In 2012, TABB Group estimated that clearing OTC trades implied a margin shortfall of USD 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: Jeremy Grant, Financial Times
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 CCP12
Lucy Pamboukdjian, International Business Officer, BM&BOVESPA
Kim Taylor, President, CME clearing, tbc
The growth currency derivatives
Currency derivatives volumes have been growing up significantly. What are the drivers of that growth? How those derivatives can compete with OTC derivatives? What are the next currency pairs that will dominate volumes?
Ravi Narain, Managing Director & CEO, NSE
Stanislav Govorov, Head of International Development, MICEX-RTS, tbc
End of WFE/IOMA Conference 2013
CCP12 ANNUAL GENERAL MEETING
Wednesday, 8 May 2013
CCP12 continues at the Paradise Hotel, and the morning session will be open to IOMA delegates. They will address the following questions:
Welcome and opening remarks
Opening remarks by KRX and CCP12 Chair
Impact of international regulations (FMI Principles, Dodd-Frank, EMIR, etc.)
- Transition Measures in Basel III Capital Requirements
- The effect of increased capital requirements and margin period of risk (MPOR)
- The future of clearing and settlement according to the regulatory tightening after the financial crisis
Internationalization of clearing and settlement system
- Interoperability and links between CCPs
- Strategic partnership between FMIs in the world
- Single vs. multiple CCPs within a Nation
OTC clearing and risk management
- Margin Requirements for non-Centrally Cleared derivatives
- Liquidity Risk Management
- Other Clearing and Settlement related issues (eg. settlement cycle reduction)
The afternoon sessions are closed to CCP12 members.