2009 IOMA IOCA Annual Conference

 

IOMA / IOCA
Annual Conference
19-22 April 2009
Frankfurt
 

 

Monday 20 April - Day One

 

 

08:30 – 09:30
IOMA Board of Directors Meeting
 
Reserved for the IOMA board of Directors
Next plans for IOMA / IOCA.
09:30 – 10:00
IOMA / IOCA Annual Conference opening
 
  • Welcome remarks– Andreas Preuss, Deputy CEO Deutsche Börse AG, and CEO of Eurex
  • Welcome remarks and program outline – Hugh Freedberg, Chairman of NYSE Liffe, and Chairman of IOMA
  • Financial report – Richard DuFour, Executive Vice President, CBOE, and IOMA Treasurer
  • World Federation of Exchanges update - William Brodsky, Chairman and Chief Executive, CBOE, and current WFE Chairman
10:00 – 11:15
The exchange industry after Lehman

 

Mid-September 2008 marked a break in capital markets structure and functioning. 
What happened at Lehman that can guide exchanges’ planning? How has the legal environment changed for key capital markets actors, including exchanges?
Lehman and Bear Stearns are gone, investment banks have evolved into bank holding companies, their proprietary account business possibilities are greatly diminished, and massive amounts of capital have been destroyed … Who are our clients these days, what do they need, and how do we get more of them?
 
  • Jorge Alegria, Chief Executive Officer, MexDer – moderator and discussant
  • Ronald Filler, Professor of Law at New York Law School, and former Managing Director in the Capital Markets Prime Services Division at Lehman Brothers
  • Thomas Emde, Capital Markets Partner, Freshfields Bruckhaus Deringer
  • Ravi Narain, Managing Director and Chief Executive Officer, National Stock Exchange of India
11:30 – 12:30
Clearing house briefing: architecture of the future

 

Risk management adjustments – clearinghouses have been working under strenuous conditions. How have they been evaluating risks in a constantly changing environment, and in particular what has changed post-Lehman? What are the latest trends in risk-based margining? How do clearing houses evaluate offsets in related products? What regulatory reforms are expected this year? What are the main challenges in clearing credit derivatives?
 
  • Michael Walinskas, Senior Vice President, Risk Management and Membership, The Options Clearing Corporation, and Chairman of IOCA, moderator and presenter
  • Marcus Zickwolff, Director Eurex Operations and Member of CCP 12 Executive Committee
  • Michael March, Director, Business Development, LCH.Clearnet
14:00 – 15:15
OTC trading on exchange, and exchange clearing for OTC

 

There is considerable focus on credit default swaps and how they will be cleared. These are growth opportunities. What is the status? What are the prospects for clearing other OTC products? Are IOMA / IOCA members seeing shifts between OTC and on-exchange trading which would also contribute to growth while adding stability and efficiency to markets?
 
  • Tim Doar, Managing Director, Risk Management, CME Group, moderator and presenter
  • Meyer S. Frucher, Vice Chairman, NASDAQ OMX
  • Thomas Book, Member of the Eurex Executive Board
  • Garry Jones, Executive Director of Business Development & Strategy, NYSE Euronext Liffe
  • Fabrizio Planta, DG Internal Market - Financial Markets Infrastructure, European Commission
15:45-16:30
2008 IOMA Survey Results                                                       
 
  • In-Soo Kim, Executive Director, Derivatives Market Division, KRX
  • Didier Davydoff, President, IEM Finance
16:30-17:15
Relocating economic metrics in 2009
 
IOMA should take the measure of transformed economies with a macroeconomic overview of the effects of deleveraging and wealth destruction. One aspect is that our most basic measures of value, our currencies, have been subjected to massive stresses since IOMA met one year ago. Different governmental responses to the post-August 2007 financial crisis have underscored divergent philosophies of how to maintain fiat money as a store of value as well as a source of growth.
 
  • Thomas Krantz, WFE Secretary General, as moderator
  • Wolfgang Muenchau, co-founder and director, Eurointelligence Advisers, and associate editor of the Financial Times