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?
Moderator: Duncan Wood,
Gavin Dixon,
European Head of Derivatives Clearing Services,
BNP Paribas
View Panellist's Biography
Malavika Solanki,
Head of Business Development, CDSClear,
Speaker biography
Pankaj Shah,
Head of Emir & Central Clearing Programme,
Legal & General Investment Management
View Panellist's Biography

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