IOMA 2018: CONFERENCE PROGRAMME

11 - 13 April 2018, Chicago, USA

Business dress will be appropriate at all times unless otherwise advised
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  • DAY 1 - Wednesday 11 April

    12:00 – 16:00 MEETING OF THE POST TRADE WORKING GROUP
    WFE Members Only
    Venue : Hosted by CME
    20 South Wacker Drive, Lobby Room A

    16:00 – 18:30 REGISTRATION
    All Participants
    Venue : Plateau Level, W Hotel

    18:30 – 20:30 WELCOME RECEPTION
    Venue : Great Room 2, W Hotel

  • DAY 2 - Thursday 12 April

    07:30 – 08:30 BREAKFAST
    All Participants
    Venue : Great Room 2, W Hotel

    07:30 – 08:15 REGISTRATION
    All Participants
    Venue : Plateau Level, W Hotel

    08:30 – 09:00 IOMA: WFE’s 35th CLEARING & DERIVATIVES CONFERENCE OPENING
    Venue : Great Room 1, W Hotel

    Craig Donohue, Executive Chairman & Chief Executive Officer, OCC
    Wu Qing, Non-Executive Chairman of Shanghai Stock Exchange, Vice Mayor of Shanghai, Chairman of The WFE
    Nandini Sukumar, Chief Executive Officer, The WFE

    SESSION 1
    09:00 – 09:30 Publication of the WFE-Oliver Wyman Paper
    Market Infrastructures and Market Integrity: A Post-Crisis Journey and a Vision for the Future


    Nandini Sukumar, Chief Executive Officer, The WFE
    Dr. Daniela Peterhoff, Partner, Global Head of Market Infrastructure, Oliver Wyman
    Siobhan Cleary, Head of Research & Public Policy, The WFE
    Richard Fenner, Manager, Regulatory Affairs, The WFE
    Aarti Nihalani, Partner, Oliver Wyman

    SESSION 2
    09:30 – 10:30 The Role of Exchanges & Post Trade Infrastructures in Preserving Market Integrity – A Decade on from the Financial Crisis

    As we reflect on where we are - a decade since the worst financial crisis since the Great Depression - what’s changed for market infrastructures, the traditional guardians of market integrity? As market infrastructures look to the next decade with its own perils and opportunities, what should they be doing to ensure that markets remain fair, orderly and transparent, that risk continues to be seamlessly transferred and mitigated and that stakeholders are both protected and empowered?

    Moderator : Dr. Daniela Peterhoff, Partner, Global Head of Market Infrastructure, Oliver Wyman

    Panellists :
    John Davidson President & COO, OCC
    Bryan Durkin President, CME Group
    Sandy Frucher, Vice Chairman, Nasdaq
    Larry E. Thompson, Vice Chairman, DTCC

    10:30 – 11:00 BREAK
    Venue : Great Room 2, W Hotel

    SESSION 3
    11:00 – 12:00 The B Word – Brexit & the Implications for the World

    With just over a year to go before the UK leaves the EU, there is still a high level of uncertainty about what the nature of the future relationship will be. In the meanwhile, financial services firms are having to make decisions about how best to continue to service their clients in the face of the potential dislocation of markets. Accepting Brexit as a reality, is there an optimal outcome? How are firms adjusting to this new reality? Does Brexit present opportunities?

    Moderator : Jim Kharouf, Editor, John Lothian News, John J. Lothian & Company, Inc.

    Panellists :
    Stephen Fisher, Managing Director, BlackRock
    Erik Müller, Chief Executive Officer, Eurex Clearing AG
    Judith Hardt, Managing Director, Swiss Finance Council

    12:00 – 13:15 LUNCH
    Venue : Great Room 2, W Hotel

    SESSION 4
    13:15 – 14:00 Eric Chern, Chief Executive Officer of Chicago Trading Company, in a Fireside Chat with Edward Tilly, Chairman & Chief Executive Officer, Cboe Global Markets


    SESSION 5
    14:00 – 15:00 Regulatory Dissonance & Coherence – Will We Ever be One?

    The politics may not be favourable but the case for regulatory coherence is well established and stronger than ever. What can give this movement new impetus? What lessons are there from history? Can industry standards play more of a role, as they do in other industries, such as shipping? Will Brexit improve or damage the likelihood of greater coherence globally?

    Moderator : Dr. Urs Rüegsegger, Chairman, SIX Swiss Exchange, Vice Chairman of The WFE

    Panellists :
    Suzanne Sprague Managing Director, Credit Risk, Banking & Solutions, CME Group
    Piyush Chourasia, Chief Risk Officer & Head of Strategy, Indian Clearing Corporation Ltd.
    Eric Pan, Director of the Office of International Affairs, US Commodity Futures Trading Commission

    15:00 – 15:30 BREAK
    Venue : Great Room 2, W Hotel

    SESSION 6
    15:30 – 16:30 The M Word – EMIR, MiFID II & the Implications for the World

    Markets may still act local but, these days, they and their regulators must, as the saying goes, think global. Few things exemplify this better than the mainstays of EU financial markets legislation: EMIR, MiFID II, together with its sister regulation MiFIR. All are wide-ranging, both in terms of geographical reach and topics covered, with implications for everything from investment research to algos to CCP governance. How will the world respond? How do market structures navigate?

    Moderator : Dr. Alicia Greenwood, Director, Post Trade Services, JSE Ltd. & Vice Chair of The WFE’s Post-Trade Working Group

    Panellists :
    Petal Walker, Special Counsel, WilmerHale
    Sergei Mayorov, Director, Group Strategy, Moscow Exchange
    Stephen Brodsky, Senior Advisor, Cedar Street Asset Management
    Jeff Penney, Senior Advisor, McKinsey & Company

    18:30 – 22:30 GALA DINNER
    Venue : Adler Planetarium
    * Buses will be leaving the hotel at 6:30pm. Please note that you will need your conference badge to be able to board the shuttle bus. If you miss the bus, taxis are readily available outside the hotel.

  • DAY 3 - Friday 13 April

    07:30 – 08:30 BREAKFAST
    All Participants
    Venue : Great Room 2, W Hotel

    SESSION 7
    08:30 – 09:15 Craig S. Phillips, Counselor to the Secretary, US Department of the Treasury and Craig Donohue, Chairman & Chief Executive Officer of OCC in a Fireside Chat with Nandini Sukumar, Chief Executive Officer of The WFE


    SESSION 8
    09:15 – 09:35 Keynote Speech:

    Prof. Rama Cont, Chair of Mathematical Finance, Imperial College London

    Central Clearing: New Horizons and Challenges

    SESSION 9
    09:35 – 10:30 Incentives to Clear: Have We Got It Right?

    What is the biggest benefit of central clearing? Is it multilateral netting, making it most attractive to clearing members rather than end-users? Does the enhanced security it offers outweigh the costs for long-term investment institutions on the buyside? How does the discipline of cleared business interact with non-cleared business? And are there limits to how much business a clearing house could or should take on?

    Moderator : Jorge Alegría, IOMA Chairman (2011-2014)

    Panellists :
    John Fennell, Executive Vice President & Chief Risk Officer, OCC
    Juan Blackwell, Senior Principal, Head of Credit and Counterparty Risk Management, Ontario Teachers’ Pension Plan
    Sunil Cutinho, President, CME Clearing
    André D'Almeida Monteiro, Head of Risk, B3 - Brasil Bolsa Balcão
    Marta Chaffee, Senior Associate Director, Board of Governors of the Federal Reserve System

    SESSION 10
    10:30 – 11:30 The Interconnectedness of CCPs & Banks: Understanding the Spider's Web

    CCPs represent a complex balance of costs, benefits and interests, as between clearing members, their customers, the CCP itself and the tax-paying public. In a world of mandated clearing and constrained liquidity, what is the best way to model risks and charge for them? How does the viability of a CCP interact with the viability of clearing members, taking into account the capital regime for clearing and the recovery and resolution of banks?  And can risk move safely and efficiently between clearing houses?

    Moderator : Ryan Ingram, SVP, Group Regulatory Analytics, Risk Policy & FMI Strategy, Hong Kong Exchanges and Clearing

    Panellists :
    Ananda Radhakrishnan, Vice President, Center for Bank Derivatives Policy, American Bankers Association
    Eileen Kiely, Director, BlackRock
    Paul Wong, Member of Secretariat, Committee on Payments & Market Infrastructures, BIS
    Michael McClain, Managing Director & General Manager, Equity Clearing Services, DTCC

    11:30 – 11:45 BREAK
    Venue : Great Room 2, W Hotel

    SESSION 11
    11:45 – 12:00 Keynote Speech:

    Klaus Martin Löber, Head of Oversight Division, European Central Bank

    SESSION 12
    12:00 – 13:00 Crypto Currencies: Buy or Sell?

    Crypto currencies come in many different flavours. Are some of them successfully evolving from more than a means of payment beyond a speculative play? What is the role of coloured coins and what can asset immobilisation add? What role can derivatives play? And how big is the threat from quantum computing?

    Moderator : Siobhan Cleary, Head of Research & Public Policy, The WFE

    Panellists :
    Klaus Martin Löber, Head of Oversight Division, European Central Bank
    Richard Heckinger, Associate Editor, Journal of Financial Market Infrastructure
    Maggie Sklar, Senior Counsel, Office of Chairman J. Christopher Giancarlo, CFTC

    13:00 – 14:15 LUNCH
    Venue : Great Room 2, W Hotel

    SESSION 13
    14:15 – 16:15 The FinTech Filter: WFE Members Discuss Their FinTech Investments & How They Approach Them


    Moderator : Brendan Bradley, Co-Founder, Seismic Foundry and John Rothstein, Chief Operating Officer, Optiver US LLC

    14:15 – 15:15 Ankur Kamalia, Managing Director, Head of Group Venture Portfolio Management & DB1 Ventures, Deutsche Börse AG
    With
    Adam Wilson, Chief Executive Officer, Trifacta
    Rob McGowan, Head of Sales N.A., RegTek Solutions

    15:15 – 16:15 John Deters, Chief Strategy Officer & Head of Multi-Asset Solutions, Cboe Global Markets
    With
    Jeff Chang, Co-Founder & Managing Director, Cboe Vest Group
    Akhil Lodha, Co-Founder & CEO, StratiFi

    16:15 – 16:30 CONCLUDING REMARKS & IOMA 2019

    Nandini Sukumar, Chief Executive Officer, The WFE
    Sandy Frucher, Vice Chairman, Nasdaq, Chairman of IOMA

    17:10 – 18:30 FAREWELL RECEPTION
    Venue : Foyer, Plateau level, W Hotel


    END OF IOMA CONFERENCE 2018

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