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CENTRAL COUNTERPARTY INTEROPERABILITY

 

14TH NOVEMBER 2018, LONDON, UK

29TH NOVEMBER 2018, FRANKFURT, GERMANY

 

Absolutely indispensible training and an absolute must for all professionals operating in the Central Counterparty and over-the-counter derivatives industry today.
 

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THE TRAINING COURSE

 

This new and highly unique Central Counterparty (CCP) interoperability training course seeks to provide attendees with comprehensive training in the latest cutting-edge areas pertaining to CCP interoperability arrangements. The training course seeks to draw from a broad range of sources in order to ensure that attendees are expertly guided through all the latest legal, financial, operational, and technological issues governing CCP interoperability arrangements throughout the European Union (EU).

The training course will not only cover existing legal frameworks under the European Market Infrastructure Regulation (EMIR), but also best practices governing interoperability arrangements. It will identify the range of advantages and operational risks relating to interoperability, and will also benchmark financial instruments markets in order to review the feasibility of implementing interoperability arrangements in those markets. The harmonisation and standardisation of interoperability arrangements has been proposed by industry participants as a way forward for implementing effective interoperability arrangements.

The course will propose what a European Convention on CCP Interoperability might look like in practice, and how Distributed Ledger Technology (DLT) Platforms could facilitate more efficient and effective interoperability arrangements in the future.

 

PROGRAMME

 

SESSION 1: Interoperability Arrangements

·       Interoperability Arrangements under EMIR (Risk Management, Provision of Margin Among CCPs, Approval of Interoperability Arrangements), and Interoperability Models (Participant Link, Peer-to-Peer Link).

·       Committee on Payment and Settlement Systems (CPSS) and International Organization of Securities Commissions (IOSCO) Principles for financial market infrastructures (April 2012) Guidance on Financial Market Infrastructure (FMI) links.

·       European Code of Conduct for Clearing and Settlement (7th November 2006).

 

SESSION 2: Interoperability Risks and Risk Management

·       Inter-CCP Exposures, Inter-CCP Collateralization, Operational Risks, Financial Risks, Legal Risks (Settlement Finality, Novation, Multilateral Netting).

·       Identifying Link-Related Risks, Interoperability Links and Oversight (Bank of England Interoperability Guidelines and Recommendations (November 2014), ESMA Interoperability Arrangements Guidelines and Recommendations (2013).

·       ESMA Possible Systemic Risk and Cost Implications of Interoperability Arrangements (1st March 2016), Risk Event Scenarios, Contagion Risks, Network Effects.

 

SESSION 3: CCP Operational Case Studies

·       Case Study 1 – Interoperability (LCH.Clearnet LTd and Six x-clear), (Chi-X Europe, European Multilateral Clearing Facility N.V., LCH.Clearnet Ltd, Six x-clear).

·       Case Study 2 – Cross-Margining Arrangements.

·       Case Study 3 – Mutual Offset Arrangements.

 

SESSION 4: The Future of CCP Interoperability

·       Benchmarking Interoperability Financial Instrument Markets (Transferable Securities, Money-Market Instruments, Other Financial Instruments), and Addressing the Challenges of OTC Derivatives CCP Interoperability Arrangements.

·       A Review of the Viability and Content of the European Convention on CCP Interoperability.

·       Distributed Ledger Technology Platforms and CCP Interoperability.

 

 
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Key Benefits

· The only kind of cutting-edge training course covering CCP interoperability that exists around the world today.

· Very extensive training in key CCP Interoperability frameworks that are in place across the EU.

· Highly interactive training sessions with a client review session scheduled at the end of each day.

· In-depth coverage of key areas across a multitude of different CCP interoperability areas.

· Highly comprehensive training manual and materials containing additional materials which can be used for future reference purposes.

· Invaluable insights covering legal, operational, technological, and strategic perspectives of key interoperability frameworks.

 
 
Presented by Rodrigo Zepeda the Co-Founder of Storm-7 Consulting and the author of “The ISDA Master Agreement 2012: A Missed Opportunity?” and “Optimizing Risk Allocation for CCPs under the European Market Infrastructure Regulation”
 

TRAINING COURSE EXPERT TRAINER

 

Rodrigo Zepeda is Co-Founder and Managing Director of Storm-7 Consulting. He is an expert consultant who specialises in derivatives and banking and financial services law, regulation, and compliance. He is an expert in a very broad range of regulatory compliance frameworks such as FATCA, the OECD CRS, MiFID II, MAD 2 MAR, PSD2, CRD IV, Solvency II, OTC Derivatives, CCP Clearing, PRIIPs, BRRD, AML4, and the GDPR. He holds a LLB degree, a LLM Masters degree in International and Comparative Business Law, and has passed the New York Bar Examination. He was an Associate (ACSI) of the Chartered Institute for Securities & Investment from 2004 to 2014 and is now a Chartered Member (MCSI). He has created and delivered numerous conferences and training courses around the world such as 'FATCA for Latin American Firms' (Santo Domingo, Dominican Republic, Panama City, Panama), 'MiFID II: Regulatory, Risk, and Compliance (London, United Kingdom (UK)), 'Market Abuse: Operational Compliance' (London, UK), and AEOI (FATCA & CRS) Compliance and Technology (Manama, Bahrain). He has also delivered numerous in-house training Courses around the world to major international financial institutions such as The Abu Dhabi Investment Authority (MiFID II: Operational Compliance, Abu Dhabi, the United Arab Emirates), the United Nations Principles of Responsible Investment (MiFID II: Final Review, London, UK), CAF, the Development Bank of Latin America (Swaps and Over-the-counter Derivatives, Lima, Peru), and Rothschild Investment Management (UK) Limited (AEOI (FATCA & CRS) Operational Compliance, London). He is a Reviewer for the Journal of Financial Regulation and Compliance and has also published widely in leading industry journals such as the Capco Institute's Journal of Financial Transformation, the Journal of International Banking Law and Regulation, as well as e-books on derivatives law. Noted publications include "Optimizing Risk Allocation for CCPs under the European Market Infrastructure Regulation"; "The ISDA Master Agreement 2012: A Missed Opportunity"; "The ISDA Master Agreement: The Derivatives Risk Management Tool of the 21st Century?"; "To EU, or not to EU: that is the AIFMD question"; and "The Industrialization Blueprint: Re-Engineering the Future of Banking and Financial Services?".

 
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Disclaimer

ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc., and Storm-7 Consulting Limited is neither sponsored by nor affiliated with the International Swaps and Derivatives Association, Inc. (ISDA), and the public is hereby informed that Storm-7 Consulting Limited holds no commercial, private, or other relationship with ISDA.