Emerging Markets Dialogue on OTC Derivatives Reform (12-13 September 2013, Johannesburg)

Venue: Conference Venue: Holiday Inn Sandton, 123 Rivonia Road, Sandton 2148, South Africa

  Thursday, 12 September
  Facilitators: Matt Cameron (Risk Magazine) and Marilyn Ramplin (Hedge Fund Academy)
08:00 - 08:30 Registration and coffee
08:30 - 09:00 Opening Keynote

Nhlanhla Musa Nene, Deputy Minister of Finance, South Africa
Horst Freitag, German Ambassador to South Africa
09:00 - 10:00 The Global OTC derivatives market and G20 reforms
  • OTC reform in the context of the broader G20 reform agenda
  • Key developments in Global OTC derivatives markets activities
  • Update on regulatory timelines
  • Implementing regulatory reform in light of new market realities

SPEAKER: Rupert Thorne, Deputy to Secretary Gneral, Financial Stability Board


10:00 - 11:00 The legal landscape and G20 reforms
  • Standardisation and automation
  • Netting agreements
  • ISDA master agreements and CSA – what’s new?

INTERVIEWEES: George Handjinicolaou (ISDA) and Christopher Arnold (Mayer Brown) and Paul Clifton (Decem)

11:00 - 11:30 Tea Break
11:30 - 12:30 Practicalities of trade reporting under new regulation
  • Progress on the global LEI initiative
  • Dealing with client data confidentiality
  • Connecting to TRs- global or local TRs
  • Reviewing the costs of data fragmentation
  • Cross country comparison of industry readiness for reporting

Panel (with Q&A): Michalis Sotiropoulos (DTCC), Anthony van Eden (STRATE), Anne Clayton (ABSA), Norman Muller (FSB-SA), Uzma Wahhab (BIS)

13:30 - 14:30 Macroeconomic Impact of OTC derivatives reforms
Stephen G. Cecchetti (Economic Adviser and the Head of the Monetary and Economic Department at the BIS)
13:30 - 14:30 Lunch Break
14:30 - 15:45 Reviewing OTC derivatives central clearing
  • Quantifying the costs of reforms for emerging markets
  • How are industries gearing up to meet clearing requirements
  • Risk management post Basel-III
  • Choosing from and connecting to multiple CCPs
  • Basel III capital models
  • Recognition of third country CCPs - preferences for global or local CCPs

Panel (with Q&A): Stephen Linnell (RMB), Leila Fourie (JSE), Phil
Atkinson (LCH Clearnet), Douglas Harris (Promontory)

15:45 - 16:15 Tea break  
16:15 - 17:30 Margining of non-centrally cleared derivatives and collateral management
  • BCBS/IOSCO proposals
  • Eligibility of collateral
  • Use of tri-partite collateral management (advantages/disadvantages)
  • ISDA’s best practice for the collateral process

Panel (with Q&A): Martin Joy (ASIC), George Handjinicolaou (ISDA), Gareth Buchner (RMB), Stefan Pankoke (BaFIN), Tomas Garbaravicius (ECB)

Closing the day Bert Chanetsa, Deputy Executive Officer, Financial Services Board, South Africa
Wolfgang Bűcker, GIZ
18:00 Cocktail

  Friday, 13 September  
  Facilitators: Matt Cameron (Risk Magazine) and Marilyn Ramplin (Hedge Fund Academy)
08:30 - 09:00
Registration and coffee  
09:00 - 10:30 International Harmonisation of OTC Regulatory Frameworks

INTERVIEWEES: Jack Katz (World Bank, former Secretary of SEC), Jeff Carmichael (Promontory), Mark Fajfar (CFTC)

10:30 - 11:00 Tea Break  
11:00 - 12:30 Buy side challenges and progress made in view of the reforms
  • What are the outstanding issues
  • Quantifying the costs to the buy-side of new reforms
  • What are the industry benchmarks for readiness to comply with requirements

Moderator: M. Cameron
Panel (with Q&A): Garth Greubel (ESKOM), Andrew Canter (FutureGrowth), Marilyn Ramplin (Hedge Fund Academy)

12:30 - 13:30 Lunch
13:30 - 15:00 G-20 OTC Derivatives Reforms – country case studies
  • Countries present case studies, personal experience, lessons learned
Discussion: Fabrizio Lopez-Gallo Dey (Bank of Mexico),
Bola Onadele (FDHL, Nigeria),
Natalie Labuschagne (National Treasury, South Africa)
15:00 - 15:30 Closing remarks

Daniel Mminele, Deputy Governor, South African Reserve Bank

15:30 Close