Connecting the dots in Europe’s client clearing framework and segregation models


Thursday 22nd May 2014 - 3pm BST

Mandatory clearing of over-the-counter derivatives is no longer a new topic. Set in motion by politicians in 2009, it has been extensively discussed in recent years and is now a reality in the US. But, for many European market participants, the practice itself is virgin territory. In a forum sponsored by BNP Paribas and LCH.Clearnet and convened by Risk, a panel of experts sheds some light on the remaining issues for European clearing clients. 
 
 
Among the topics discussed:
  • Client clearing in Europe – the timeline. How far are we from live clearing? Will it be phased in by product and participant type?
  • Segregation of client assets – assessing functionalities of different segregation models. What are the costs for the end-user?
  • Indirect clearing – is it feasible? What happens if the industry is unable to support it?
  • Clearing costs – we now have final rules from Basel on capital charges for bank exposures to CCPs. Have they been set at a level that will incentivise clearing?
  • Interface with the non-cleared environment – will margin requirements in the bilateral world encourage wider clearing of OTC products?
  • Systemic risk – should existing non-cleared trades be pushed into central clearing? Will CCP default management processes work for less liquid products?
  • Implications of mandatory clearing on the pension funds business model – how long will pension funds be exempt from the clearing mandate?
Presenter
Moderator: Duncan Wood,
Editor,
RISK
Presenter
Gavin Dixon,
European Head of Derivatives Clearing Services,
BNP Paribas
View Panellist's Biography
Presenter
Malavika Solanki,
Head of Business Development, CDSClear,
LCH.Clearnet
View Panellist's Biography
Presenter
Pankaj Shah,
Head of Emir & Central Clearing Programme,
Legal & General Investment Management
View Panellist's Biography

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