NO 241 – MARCH 2013
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WFE Focus March 2013
30TH IOMA, WFE ANNUAL DERIVATIVES CONFERENCE


6-8 May 2013, Busan

Draft program

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:

http://ioma.krx.co.kr/

Monday, 6 May 2013

08:00-09:00

General Assembly - Board of Directors meeting

Reserved for the IOMA Board of Directors

09:00-09:15

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

09:15-09:45     

Keynote address speaker

Scott O’Malia, Commissioner, CFTC, tbc

Panel 1

10:00-11:00     

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

11:00-11:30     

Coffee

Panel 2

11:30-12:30     

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

12:30-14:00     

Luncheon

Panel 3

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? 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

15:00-15:30     

Coffee

Panel 4

15:30-16:30     

Real-time clearing

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

LCH.Clearnet, tbc

16:30-17:00     

2012 IOMA survey presentation

Trends in the exchange-traded futures and options markets.

Romain Devai, Research & Projects Manager, WFE

 

Tuesday, 7 May 2013

Panel 5

09:00-10:00     

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.

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

LME, tbc

Panel 6

10:00-11:00     

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, 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

ICE, tbc

11:00-11:30     

Coffee

Panel 7

11:30-12:30     

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

12:00-13:30     

Luncheon

Panel 8

13:30-14:30     

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 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

HKEx, tbc

Panel 9

14:30-15:30     

Collateral scarcity

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

15:30-15:45     

Coffee

Panel 10

15:45-16:45     

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?

Moderator:

Ravi Narain, Managing Director & CEO, NSE

Stanislav Govorov, Head of International Development, MICEX-RTS, tbc

CME, tbc

HKEx, 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:

08:30-09:00     

Welcome and opening remarks

Opening remarks by KRX and CCP12 Chair

09:00-10:15     

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

 

10:15-10:30     

Coffee

10:30-11:45     

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

 

11:45-12:00

Coffee

12:00-13:15

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)

 

13:15-14:30

Luncheon

The afternoon sessions are closed to CCP12 members.