Clearing and Settlement World 2016 (past event)
14 - 15 November, 2016
44 (0) 207 368 9731
DAY 2 – 15TH NOVEMBER
08:30 - 09:25 Registration and Welcome Coffee
09:25 - 09:30 Chairperson’s Opening Remarks
09:30 - 10:15 All Star Panel: A visionary outlook: What are the top industry trends that will completely transform your post-trade function in the next 10 years?
Vincent Dessard Senior Policy Advisor, Company Lawyer EFAMA
Speakers:
Daniel Sandmann Head of Compliance Policy, Communications and Regulatory Affairs Allianz
Polina Evstifeeva Market Advocacy, Global Transaction Banking Deutsche Bank
Murray Stolworthy Head of Equity and Fixed Income Cash Middle Office Jefferies
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The rise of an agency based clearing service: How will capital constraints change existing business models?
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The static future of collateral: How will bilateral margining regulation cause collateral to become a dead weight?
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The demise of the broker: Will execution become a commodity?
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Does Blockchain have a future in this revolutionary post-trade landscape?
Polina Evstifeeva
Market Advocacy, Global Transaction BankingDeutsche Bank
Murray Stolworthy
Head of Equity and Fixed Income Cash Middle OfficeJefferies
10:15 - 10:45 Inspirational Guest Speaker: The mind can help or hinder success – How can you train it to make the best investment choices to transform the future of your operations?
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How can behavioral finance hold out the prospect of a better understanding of financial market behaviour and scope for operations professionals to make better decisions?
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How are leading financial firms implementing the tenets of behavioural finance to improve their performance?
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How an understanding of the nature of our all too human flaws can help us make better decisions
Benjamin Kelly
Behavioral and Macro Economist, Formerly Vice PresidentBlackRock Investment Institute
10:45 - 11:15 Morning Networking Break - please sign up to Stream C at the Registration Desk if you wish to participate
CCP Exposure: Managing Risky Business
11:15 - 11:35 Presentation: Overhauling risk management toolkits: How to mitigate counterparty risk from backstage-
How to leverage behavioral analysis in order to improve the risk management process
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Overcoming the limitations of the Investment Process: How to incorporate back stage risk management to consolidate success
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Business case studies: How to introduce behavioral biases mitigation techniques to reinforce counterparty risk management.
Navigating Bilateral Complexity Take off moving towards real-time
11:15 - 11:35 Fire-Side Chat: Drilling down into the impact of collateral regulation: What does this mean for collateral fluidity?Andy Hill Senior Director ICMA
Moderator:
Lynn Strongin Dodds Managing Editor Best Excecution
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Optimising lending and financing activity: Will the current market structure need to expand to include a cleared SFT environment?
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A critical analysis of using repo’s to satisfy collateral demands: Will the cost of automating repos outweigh the potential benefits?
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Will the stringent legal requirements around the re-use and re-hypothecation market increase systemic risk?
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Does increasing regulation on securities financing signal the end of buy side access to the repo market?
Custody and Investor Protection
11:15 - 11:35 Workshop: Drilling down into the potential implications of segregation: How to streamline client segregation from the balance books through to custody-
How to cost-efficiently introduce asset segregation into operational infrastructure to comply with regulation
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What impacts will asset segregation have on market fragmentation and liquidity in the market?
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Guaranteeing client protection and best execution: How to ensure transparency in operations and on the books
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How can funds mitigate against the negated impact on the ability to leverage tri-party collateral management services and participate effectively in securities lending
CCP Exposure: Managing Risky Business
11:35 - 12:20 Oxford Style Debate: Recovery and resolution focus: Should the end user have open-ended liability for a default?Angus Canvin Senior Advisor, Regulatory Affairs The Investment Association
Rafael Plata Secretary General EACH
Stephane Janin Head of Global Regulatory Development AXA Investment Management
Henrik Damgaard Hansen Senior Analyst, Partnership & Research ATP
Moderator:
Vincent Dessard Senior Policy Advisor, Company Lawyer EFAMA
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How will the risk associated with CCP interoperability be governed and mitigated?
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Addressing contention around penalties for the end user: What additional cash management pressure will result from haircuts on collateral and is there an escape plan for the buy side?
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Analysing the capacity of CCPs to safely absorb larger clearing volumes: Did the regulators get resilience right?
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Identifying the red flags of systemic risk: What are thresholds of recovery and resolution, and at which point should market participants be prepared for impact?
Navigating Bilateral Complexity: Moving Towards Real-Time
11:35 - 12:20 Case Study Revolution: Mobilising collateral to meet increasing demands: How to set up your post-trade plumbing to ensure every margin call is met without failure-
Deconstructing the impact of a sustained fail rate on increased collateral movement: How can the buy and sell side limit the cost implications?
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Reducing operational risk and improving efficiency of collateral reconciliation: How can inventory be effectively managed on a real-time basis?
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How can electronic and standardised messaging systems be leveraged to reduce the volume of required remediation?
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How should participants work together to reduce industry-wide exposure and limit operations costs?
Custody and Investor Protection
11:35 - 12:20 Session continued12:20 - 13:30 Lunch break
13:30 - 14:15 The Big Debate: Blockchain crossing the post-trade world: Does this development have the potential to signal the end of clearing and settlement as we know it or is this just a fantasy?
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The threat of CCP disruption and disintermediation: Can distributed ledgers fully replace centralised clearing and settlement utilities?
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Are the arguments for Blockchain without contention? – it reduces post-trade costs, mitigates risk, promotes transparency and enables real-time efficiency
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Can Blockchain seamlessly fit into an existing ecosystem of technology without major consequences? – it reduces netting benefits, increases systemic risk in relation to instantaneous settlement and smart contracts, is ungovernable and targetable by hackers?
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Real-time settlement, cost reduction and the elimination of counterparty risk: Could the proposed benefits of a distributed ledger be achieved independently of this technology?
14:15 - 14:30 Fire-Side Chats: The post-trade application of a distributed ledger: How can this innovative technology be commercialised for the benefit of your middle and back office operations?
Hear 3 exclusive interviews with pre-selected leading innovators shaking up the market, who will drill down into their progress in providing tangible solution for the post-trade market.
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Drilling down into the practicalities of a distributed ledger: Where will it add the most value: -
- Real-time settlement?
- Transparency and flexibility in KYW documentation?
- Eliminating counterparty risk?
- More efficient reconciliation, confirmation and trade matching?
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Transforming Blockchain from a pipeline dream to a reality: How far away is the industry from a commercial application?
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Mapping the future of day to day post-trade operations: How will a compression of the trade lifecycle work in practice?
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Critical success factors going forward: What will be required from industry participants and regulators for a post-trade distributed ledger to become fit for use?
Interviewee 1: Gavin Wells, Head of Europe, Digital Asset Holdings
