Central Clearing OTC Derivatives in a New Regulatory Environment: Understanding use of CCP Clearing under Dodd-Frank Legislation
The Dodd-Frank Wall Street Reform & Consumer Protection Act sets out that standardized derivatives contracts, such as certain swaps, must be centrally cleared and cleared transactions must be traded on either an exchange trade via a swap execution facility (SEF).
The move towards clearing certain OTC derivatives through a central counterparty (CCP) facility has long been underway. Several clearing are up and running having seen the opportunity to provide services the regulators deemed would limit counterparty risk and provide more transparency.
With the mandated clearing, however the regulators will now have the authority to decide which derivatives are eligible for central clearing and enforce related requirements which will change the way both buy-side and sell-side firms manage aspects of their post-trade derivatives processing operation.
In a Webinar, a panel of industry experts will review how central clearing of derivatives will evolve in the new regulatory environment and how these changes will impact both buy-side and sell-side firms.
The Webinar panel will aim to address the following questions:
* What should regulators consider when decision which derivatives should be centrally cleared? (I.e. valuation procedures and liquidity requirements)
* What makes a trade unsuitable for clearing via a central counterparty (CCP) facility
* What are the other requirements set out by the new legislation, which affects central clearing of OTC derivatives and including: real-time and public reporting, rules around block trades
* How are the CCPs such as ICE, LCH.Clearnet, CME and Eurex improving services in light new regulation (i.e. expanding to new derivative types such as interest-rate swaptions)
* Dark pools and ‘negotiated dark pools’ – will they be classified as a SEF?
* Will single –dealer systems be classified as a SEF?
* What are the scenarios where a cleared swaps won’t be required to trade via an exchange via SEF?
* How will the CFTC and SEC like decide which OTC derivatives should be cleared; and traded via an exchange and SEF?
Date: 17 November 2010
16.00-17.15 BST (London/Dublin)
17.00-18.15 CET (Paris/Berlin)
11.00-12.15 EST (New York/Boston)
08.00-09.15 PST (San Francisco/Los Angeles)
Julia Schieffer, Founder & Editor-in-Chief, DerivSource
For questions regarding the programme or speakers, please contact Julia Schieffer on firstname.lastname@example.org.
Who should attend?
Executive, Senior and Middle Management at the following financial institutions:
Traditional investment management firms
Banks & Broker Dealers
Software Vendors & Service Providers
Sponsored by Calypso Technology
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