8:15 AM

Registration and Continental Breakfast

9:15 AM

Welcoming Remarks
Scott O’Malia, Chief Executive Officer, ISDA

9:30 AM

Keynote Address

10:00 AM

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

10:15 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.

11:05 AM

Morning Break

11:35 AM

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?

12:25 PM

Luncheon

1:40 PM

Keynote Address

2:00 PM

European Implementation of Basel 3 – What Next?

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 regulators, practitioners and end users will consider:

  • Should Europe front-run progress at Basel level and what are the potential consequences?
  • Will the final Basel agreement work for the European financial system and what are the areas of greatest concern?
  • A capital regime that works for prudential regulators and the wider economy, yet remains globally harmonized – how to achieve it?
  • The Basel implementation beyond the EU and US

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. Even where guidance has been provided this has often raised more questions. 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.

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.

5:00 PM

Conference Concludes

- REGISTRATION FEE* -
$ 450 (member) / $ 550 (non-member)
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