8:30 AM

Registration and Continental Breakfast

9:30 AM

Welcoming Remarks

Scott O’Malia, Chief Executive Officer, ISDA

9:45 AM

Chairman’s Remarks

Eric Litvack, ISDA Chairman, Managing Director, Head of Regulatory Strategy,
Société Générale Global Banking and Investor Solutions

10:00 AM

Keynote Address

Patrick Pearson, Head of Unit, Financial Markets Infrastructure, DG FISMA, European Commission

10:25 AM

Market Infrastructure

Five years after EMIR was adopted, it is being adapted. Some of these changes represent re-calibrations rather than starting again from scratch (hence the ‘Refit’ moniker). Even here, however, these re-calibrations are significant, addressing clearing access, changes to counterparty scope and providing more powers for regulators to suspend the clearing obligations amid market stress. In other areas, the amendments don’t go far enough – reporting being a case in point. The most politically contentious of all potential changes to the EMIR regime, however, relates to the supervision (and possibly, location) of clearing houses. It could also be the most impactful in terms of risk and costs to end users. This panel will evaluate the proposed EMIR Refit and EMIR 2.0, drawing conclusions as to where and why industry should be optimistic or pessimistic.

Moderator: Roger Cogan, Head, European Public Policy, ISDA
Tom Clark, Executive Counsel, Government Affairs and Policy, General Electric Capital
Matteo Farina, EMEA, Head of Prime Services Risk, Goldman Sachs International
Patrick Pearson, Head of Unit, Financial Markets Infrastructure, DG FISMA, European Commission
Carole Uzan, Deputy Head – Market Regulation Division, AMF

11:15 AM

Morning Break

11:40 AM

Keynote Address

Dr. Kay Swinburne, Vice Chair of the Economics and Monetary Affairs Committee, European Parliament 

12:00 PM

Cross-Border Harmonization

The trend towards, and the benefits of, global financial markets were once a given. But today? Perhaps not so much. The lack of consistent standards and processes for determining and demonstrating comparability, coupled with significant differences amongst EU and US policymakers in certain of the rulesets, continue to concern market participants. And then, of course, there’s Brexit. Can and will solutions be reached to harmonize regulations across jurisdictions and in so doing prevent market fragmentation and reduced market liquidity

Moderator: Steven Kennedy, Global Head of Public Policy, ISDA
Keith Bailey, ISDA Board Member, Managing Director, Market Structure, Barclays
Emma Dwyer, Partner, Allen & Overy LLP
Dr. Kay Swinburne, Vice Chair of the Economics and Monetary Affairs Committee, European Parliament

Tracey Wingate, ‎Senior Special Counsel, International Affairs, CFTC

12:45 PM

Luncheon

2:00 PM

European Implementation of Basel 3

The Basel Committee has still not finalized the final Basel III reform package due to disagreements over its overall impact. In the US, the Treasury report to President Trump recommends re-assessing the timing and calibration of key elements of the capital reforms. Meanwhile Europe is moving ahead with implementation but with proposals that diverge significantly from Basel. Against this backdrop of uncertainty our panel of practitioners will explain:

  • Current status of the Basel reform package: which areas are still to be finalised and which final frameworks are expected to be re-opened?
  • European implementation of the Basel reforms: What do the CRR II/CRD V proposals cover, how do they diverge from Basel and what is the process and expected timeline for completion?
  • What is going on in the rest of the world: Status of US rulemakings, significance of the US Treasury report, status in other key jurisdiction
  • Impacts and Issues: The Importance of achieving the G20 objective of global consistency, achieving the right balance between financial stability and economic growth and properly assessing the overall coherence and calibration of the whole framework before final implementation.

Moderator: Mark Gheerbrant, Head of Risk and Capital, ISDA
Jonathan Berryman, Senior Vice President, Risk Strategy, FIS
Damian Harland, Managing Director, Head of Treasury Regulatory Strategy, Barclays
Sonja Koerner, Risk/ Financial Services Partner, Ernst & Young  
Sandrine Lapinsonniere, Director, European Public Policy, ISDA

Katherine Wolicki, Head of Regulatory Strategy and Liaison, HSBC

2:50 PM

Afternoon Break

3:20 PM

MiFID II

The Markets in Financial Instruments Directive/Regulation has already changed European derivatives trading, and will have ripples beyond Europe’s borders. With three months to go until MiFIR II/MiFIR comes in to force, however, It is unclear how a large number of rules should be read by derivative market participants. This panel takes stock of what we know so far, outlines where more clarity is needed, considers what impact we might expect to see going forward and discusses how the transparency requirements are expected to work in practice and develop over time.

Moderator: James Roberts, Director, European Public Policy, ISDA
Chris Bates, Partner, Clifford Chance LLP
Jamie Brigstock, Director, G10 Rates Trading & Sales Business Manager, Citigroup
Stephen Hanks, Manager of MiFID II Co-Ordination, FCA
Olga Petrenko, Senior Officer, Market Department, ESMA

4:10 PM

Transitioning IBORs to Risk Free Rates

This session will focus in on one of the most significant market transformations to have been attempted in recent years: the global effort to transition from IBORs to risk free rates. The panelists will set out their ideas of what the market will look like following a successful transition, the obstacles that need to be overcome and how such a transition might be achieved. Panelists will focus on the work of the Working Group on Sterling Risk Free Rates but will also cover transitions expected in other currencies, including US dollar and Japanese yen, as well as coordination among the different working groups and how transitions to risk free rates fits into overall interest rate benchmark reform.

Moderator: Rick Sandilands, Senior Counsel, Europe, ISDA
Michael Graham, Managing Director, Securities Division, Goldman Sachs
Frances Hinden, Vice President, Treasury Operations, Shell International Ltd
David Horner, Head of Risk for Rates & FX clearing businesses, LCH
Ed Ocampo, Senior Advisor - Markets, Bank of England  
Edwin Schooling Latter, Head of Markets Policy, FCA

5:00 PM

Conference Concludes

- REGISTRATION FEE* -
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