DerivCon 2018: SEFCON Transformed

Ten years removed from the Great Financial Crisis, OTC derivatives markets continue their evolutionary march forward. In the face of regulatory reform and market structure changes, OTC derivatives are demonstrating the critical role they play in our global financial ecosystem.  After years of trial by fire, regulators are tweaking rules and market participants are adjusting behaviors to unearth balance.             

 

8:00 am – 9:00 am – Registration & Networking

 

9:00 am – 9:30 am – Opening Remarks:  Scott Fitzpatrick, CEO, Tradition SEF

 

9:30 am – 10:00 am – Keynote: Christopher Giancarlo, CFTC Chairman

 

10:00 am – 10:45 am – US OTC Derivatives Trading: Fixing What Isn’t Broken

The most mature post-reform global derivatives trading market is the United States, and it already is looking at refining its successful mandatory trading and clearing framework. We review the experience so far, areas that are ripe for change, and those that must remain intact. Are we likely to get new MAT applications to widen the universe of SEF products? Is oversight sufficient to ensure fair and open access to data services and clearing? Would a lighter touch help US competitiveness versus other trading centres? We ask market participants what we need to see to ensure a smooth transition for this critical market.

Speakers:

  • Hon. Scott D. O’Malia, CEO, ISDA
  • William Shields, CCO, Cantor Fitzgerald & Co.  
  • Edward Dasso, Vice President, Market Regulation, National Futures Association
  • Richard Shilts, https://d.adroll.com/fb/tr/cohort_id/HB24VVXCLVCZ5JYSJKZ6OC/?id=312596408926734&ev=ViewContent&cd%5bcontent_type%5d=cohorthttps://d.adroll.com/fb/tr/cohort_id/HB24VVXCLVCZ5JYSJKZ6OC/?id=312596408926734&ev=ViewContent&cd%5bcontent_type%5d=cohortSenior Policy Advisor, Steptoe & Johnson LLP

Moderated by: Micah S. Green, Partner, Steptoe & Johnson LLP

 

10:45 am – 11:15 am –Networking Break

 

11:15 am – 11:35 am – Keynote: Brian D. Quintenz, Commissioner, U.S. Commodity Futures Trading Commission

 

11:35 am – 12:10 pm – SEFs vs. MTFs: Keeping Up With the Joneses

Europe finally has a defined clearing and trading framework, roughly similar to the US but with differences in the types of contracts covered and the execution landscape. The key questions now are how the two regimes will fit together for global market players, and whether this will lead to a significant shift in trading behaviour. The joker in the deck remains the political negotiations over equivalence between the two regimes – but will this be as important as everyone thinks? Venue trading will receive a boost, but does this necessarily mean a step change for end users, or will it be business as usual?

Speakers:

  • Amir Zaidi, Director of the Division of Market Oversight, CFTC
  • Sonali Das Theisen, Head of Market Structure and Data Strategy for Global Credit Markets and Global Securitized Markets, Citi
  • Joe Guarino, Head of Global Markets Sales for the Americas, Bloomberg L.P.
  • Alex McDonald, CEO, European Venues and Intermediaries Association

Moderator: Scott Fitzpatrick, CEO, Tradition SEF

 

 

12:10 noon – 1:10 pm – Luncheon

 

1:10 pm – 1:50 pm – The State of Clearing: Up and Down, Round and Round

There is a huge focus on central clearing counterparties. Volumes and product coverage have increased dramatically, helped by clearing mandates and the implementation of additional capital and margin requirements for non-cleared trades. With this change comes increased oversight. National and supra-national regulators are updating resolution and surveillance for these firms, and member business models are shifting. In addition, Brexit-related negotiations have put euro-denominated clearing (and the UK and US response) in the spotlight. These shifting sands are fraught with peril for the uninitiated, but there is a huge opportunity for those that can remain on steady ground.

Speakers:

  • James Bergin, Head of Futures and OTC Clearing Sales, Fixed Income, Currencies and Commodities Division, RBC Capital Markets
  • John W. Horkan, COO and Head of North America, LCH Group
  • Suzanne Sprague, Managing Director, Credit Risk, Banking & Solutions, CME

Moderated by: Larry Tabb, Founder & Research Chairman, TABB Group

 

 

 

1:50 pm – 2:30 pm – OTC Derivatives Technologies/Innovation

From order conceptualization to settlement, technological innovation is disrupting the status quo and creating efficiencies previously not available. Is a traditionally bespoke, high-touch market open to change? Which innovations are shaping the OTC derivatives landscape? What lies ahead? 

Speakers:

  • Colm Murtagh, Managing Director, Head of U.S. Institutional Rates, Tradeweb
  • Satya Pemmaraju, PhD, Founder & CEO, Droit Financial Technologies
  • Jeffrey Maron, Managing Director, IHS Markit

Moderated by: Christopher Koppenheffer, COO SEF, TPICAP

 

 

2:30 pm – 3:00 pm – Networking Break 

 

3:00 pm – 3:20 pm – TABB SEF Barometer Review with Larry TABB, Founder & Research Chairman, TABB Group

 

3:20 pm – 4 pm – The Buy-Side Perspective

Regulators are mandating change; SEFs and other service providers are busily promoting solutions. What is foremost on investors’ minds? Is change necessary? Are their needs being addressed? Is the service-providing community’s focus in the right place?

Speakers

  • Carl Schmidt, Founder, CEO and Head Trader, Hydrus Capital
  • Michael O’Brien, CFA, VP, Director of Global Trading, EatonVance
  • Jordan Hu, CEO & Founder, RiskVal
  • James Wallin, Senior Vice President- Fixed Income, AllianceBernstein

 Moderated by: Anthony Perrotta, CEO, TABB Group

 

4:00 pm – Closing Remarks: Anthony Perrotta, CEO, TABB Group