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The only conference to bring together treasury with front, middle and back office to achieve an

enterprise wide approach to collateral to fund business and balance sheet

4-6 June 2013

The Waldorf Hilton, London

Confirmed Sponsors

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2013 Advisory Board

Treasury

Front office

Middle & Back Office

Bill Rickard, Head of Regulatory

Development, Group Treasury, RBS, UK

Frank Van Gansbeke, Head of Group Liquidity Regulatory Affairs and Group Collateral, BNP

Paribas, Paris

Ido de Geus, Head of Treasury , PGGM Investments, Netherlands

Kurt Jarnagin, Global Head Flow Collateral

Trading, RBS, Germany

Dirk Daveluy, Chairperson of the EFET

Collateral Committee and Head of Clearing and Collateral Back

Office, RWE SUPPLY & TRADING, Germany

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Ewen Crawford, Global Head of Collateral

Management, NOMURA, UK

GIUSEPPE BALLOCCHI, Head of Financial Engineering and Risk Analytics, Pictet, Switzerland

Karen Newton, Managing Director, head of Global Collateral Management and Client Valuations Reporting, Credit Suisse, UK

Stuart Anderson, Director, Multi Asset Client Solutions, Blackrock, UK

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2013 Speakers

Regulators

1. Patrick Pearson, Head of Financial Markets Infrastructure, Internal Market & Services DG,

European Commission, Brussels

2. Tom Springbett, Manager of OTC Derivatives and Post Trade Policy, FINANCIAL SERVICES

AUTHORITY, UK

3. Stephen Bland, Strategic Advisor, Policy Issues, FSA, UK

4. Paul Bodart, Board Member T2S Project, European Central Bank, Germany

5. Anne Wetherilt, Senior Manager, Payments and Infrastructure Division, Bank of England,

UK

6. Jonathan Willder, GBS Collateral Management, Deutsche Bank, UK

7. Dirk Daveluy, Chairperson of the EFET Collateral Committee and Head of Clearing and

Collateral Back Office, RWE SUPPLY & TRADING, Germany

8. Simon Davis, Group Treasury Regulatory Development, RBS, UK

9. GIUSEPPE BALLOCCHI, Head of Financial Engineering and Risk Analytics, Pictet, Switzerland

10. Bill Hodgson, Owner, OTC space, UK

11. Gavin Platman ,Head of Investment Operations, Insight Investment, UK

12. Karen Newton, MD, Global Head of Collateral, Credit Suisse Private Bank & Credit Suisse

Investment Bank, UK

13. Andrea More, European Head of Cash and Collateral, Deutsche Bank, UK

14. Chris Coley, Treasury Ops - Collateral Optimisation, UBS Investment Bank, UK

15. Frank Van Gansbeke, Head of Group Liquidity Regulatory Affairs and Group Collateral, BNP

Paribas, Paris

16. Juan José Fortún, Head of Project Management, Global Asset Management, BBVA, Spain

17. Ido de Geus, Head of Treasury , PGGM Investments, Netherlands

18. David Little, Director of Strategy and Business Development, Calypso Technology, UK

19. Oliver Deutscher, Group Head, Senior Vice President, Group Treasury

Liquidity/Collateral /Repo, DZ Bank AG, Germany

20. David Murphy, Derivatives and Financial Stability Expert, UK

21. Federico Galizia, Deputy Director, Head of Risk Management and Operations, European

Investment Fund, Luxembourg

22. Sanja Hukovic, Head of Quantitative Risk Standards, UBS AG, UK

23. Matthias Graulich, Executive Director, Head of Clearing Initiatives, Eurex, Germany

24. Nicholas Steele, Director of Collateral Optimization Unit, Barclays, UK

25. Philippe Thonnard, Head of Control & Support Financial Markets, Belfius Bank, Belgium

26. Diego Valiante, Ph.D. ECMI Head of Research, CEPS Research Fellow, European Capital

Markets Institute (ECMI), Centre for European Policy Studies (CEPS), Brussels

27. Pj Di Giammarino, CEO, JWG, UK

28. Ian Cowan, Managing Director, Global Head of Trade Operations, BLACKROCK, UK

29. Virginie O’Shea, Analyst, Aite Group, UK

30. Christopher Blake, Senior Manager, Liquidity Risk, Group Asset & Liability Management,

HSBC Holdings, UK

31. Jane Lowe, Director – Markets, Investment Management Association, UK

32. Boris Cournede, Head of Fiscal Consolidation Unit, OECD Economics Department, France

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33. Peter Janata, Head of Treasury, DZ Bank,UK

34. Chris Skinner, Chairman, The Financial Services Club, UK

35. Gary Wright, CEO, B.I.S.S. Research, UK

36. Patrick McManus, Head of Collateral Management EMEA, Nomura, UK

37. Eddie Heaton, Managing Editor, ISS MAG, UK

38. Philip Stafford, Editor, FT, UK

39. Jon Light, Director, Credit Suisse, UK

40. Saheed Awan, Director and Global Head of Collateral Management and Securities Financing

Products, Euroclear, UK

41. Bilgehan Aydin, Global Head of Collateral Management & Valuations Ops, HSBC Bank, UK

42. Guus Warringa, Board Member, Chief Counsel, APG Asset Management, Netherlands 43. Alex McDonald, CEO, Wholesale Market Brokers Association, UK

44. David Clark, Chairman, Wholesale Market Brokers Association, UK

45. Cubillas Ding, Research Director Securities and Investments Group, Celent, UK

46. Malavika Solanki, Head of Business Development, CDSClear, LCH.Clearnet, UK

47. Richard Walker, Executive Director, SwapClear, LCH.CLEARNET, UK

48. Andrew Howat, Group Head of Collateral and Liquidity Management, LCH.Clearnet, UK

49. Axel Pierron, Senior Vice President, Celent, Paris

50. Matteo Bertotti, Head of Fixed Income Derivatives, MPS, Italy

4th of June 2013

Regulations Master Class- The devil is in the detail

Master regulations impacting your collateral and liquidity management processes in one day

At this interactive regulations master class delegates will have the opportunity to take part in 4 interactive sessions on key regulations impacting their collateral management processes

This format is designed to enable you to have more intimate meaningful discussions with other

industry experts on the regulations you identified as being most important to you

This way you can be sure you get the details you need on regulatory requirements and their implications on your business.

Each workshop will be led by leading industry speakers from regulators, central banks to

practitioners- to ensure you receive a full 360 view on the rules and have your unreciprocated questions answered.

08.15 Registration and Breakfast

09.00 Chair Persons Opening Remarks Virginie O’Shea, Analyst, Aite Group, UK

Workshop 1 Emir and Dodd Frank

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09.15 Keynote Presentation Getting the clarity you need on the Emir and Dodd Frank requirements for cleared and non cleared

trades

Ensuring you fully understand what the Emir and Dodd Frank regulations are intending to do

o Increase transparency by pushing OTC derivatives to central clearing and via OTFs and SEFs with trade repositories for the monitoring of all trading activity

o Reduce counterparty risk by significantly increasing the amount of collateral held against all OTC derivative transactions whether centrally cleared or otherwise

A comparison of how the implementation and timetables of Emir and Dodd Frank are similar and different from one another

Understanding how Emir and Dodd Frank applies to financial and non financial institutions differently

Key dates and requirements to keep track of to ensure timely compliance

Outlining the requirements in Emir and Dodd Frank to post initial margin and variation margin

o How the variation margin move to a T+O basis rather the current T+1 model used in bilateral transactions will impact your structure

o The way in which the new initial margin requirements will substantially increase the amount of collateral required

o Listing the types of assets CCPs will accept as highly liquid, high grade collateral

Expected regulation covering non-cleared trades- exceptions being applied for non cleared trades

o Outlining the instruments that will not be accepted by CCPs due to the lack of liquidity and so will be exempt from clearing

o Trades where one of the counterparties is not a financial entity and is using swaps to hedge or mitigate

The way in which the continuing existence of the bilateral market alongside the centrally cleared derivatives creates a bifurcated market model increasing your overall costs as bilateral netting is reduced and operational complexity increases

Tom Springbett, Manager of OTC Derivatives and Post Trade Policy, FINANCIAL SERVICES AUTHORITY, UK

10.00 Interactive working group discussion Practicalities for overcoming the collateral management challenges resulting from the impact of

Dodd Frank & EMIR on major OTC derivatives market participants

What are the challenges and are there any benefits?

What do clients need to consider when evaluating their practical response?

More collateral will be needed for initial margin payments for both cleared and non-cleared transactions – what is the impact for clients?

In addition to charges imposed by Basel III for non-collateralization- what can market participants do to better manage their collateral to respond to this trend?

Evaluating options available to you for transforming collateral institutions meet the eligibility by the CCPs - high grade collateral will be in short supply as collateral eligibility standards will get tighter under the proposed regulations, and demand will significantly

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increase for the same high quality collateral called for by Basel III, Solvency II

T+0 margin movements will place further demands on collateral - will you need to keep more eligible collateral on hand to pre-fund all OTC derivatives trades with the new requirement to post initial margin? - Evaluating the third party solutions available to overcome this challenge

Operational consequences of the introduction of central clearing, coupled with the substantial remaining volume of bilateral trading will require that two market processes be put in place by virtually all market participants - how other organisations are managing the cleared and bilateral worlds

Collateral optimization will become a strategic priority as the cost of collateral Increases - can you gain a competitive advantage by efficiently managing margin across cleared and non-cleared derivatives?

Host: Virginie O’Shea, Analyst, Aite Group, UK Discussion Contributors : Tom Springbett, Manager of OTC Derivatives and Post Trade Policy, FINANCIAL SERVICES AUTHORITY, UK Malavika Solanki, Head of Business Development, CDSClear, LCH.Clearnet, UK Juan José Fortún, Head of Project Management, Global Asset Management, BBVA, Spain Federico Galizia, Deputy Director, Head of Risk Management and Operations, European Investment Fund, Luxembourg Karen Newton, MD, Global Head of Collateral, Credit Suisse Private Bank & Credit Suisse Investment Bank, UK GIUSEPPE BALLOCCHI, Head of Financial Engineering and Risk Analytics, Pictet, Switzerland Philippe Thonnard, Head of Control & Support Financial Markets, Belfius Bank, Belgium

11.00 Morning Break One to one meetings for end users of collateral services to have in-depth discussions with leading industry solution providers to effectively evaluate their offerings and ensure they make the right

purchasing decisions to meet their business needs

Workshop 2

Basel III

11.30 Interactive working group discussion

Evaluating potential responses to Basel III changes to decide which initiative would be the best for your bank

Operational responses- the incentives presented by Basel III to improve operating processes to meet requirements and increase efficiency and lower costs- sharing how other banks have started moving in this direction through

o Improving liquidity risk management o Fostering integration of risk and finance functions

Tactical responses- how banks have started relieving pressure on profitability by tactical responses such as adjusting lending rates, reflecting higher capital and liquidity costs through more risk sensitive pricing and performance measurement, and shifting to higher-value clients

Strategic responses- examples of strategic initiatives to help you respond to reduced profitability such taking a more active approach to balance sheet management

Avoiding common implementation challenges of Basel III covering functional, technical and organisational problems

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Host: Frank Van Gansbeke, Head of Group Liquidity Regulatory Affairs and Group Collateral, BNP Paribas, Paris Discussions contributors: 1 Federico Galizia, Deputy Director, Head of Risk Management and Operations, European Investment Fund, Luxembourg Dirk Daveluy, Chairperson of the EFET Collateral Committee and Head of Clearing and Collateral Back Office, RWE SUPPLY & TRADING, Germany Christopher Blake, Senior Manager, Liquidity Risk, Group Asset & Liability Management, HSBC Holdings, UK Peter Janata, Head of Treasury, DZ Bank,UK David Clark, Chairman, Wholesale Market Brokers Association, UK

12.30 Speed Networking Benchmark your firms collateral processes with your peers and network with leading solutions

providers to hear from them how other firms are tackling challenges around key regulations

13.00 Networking Lunch in the Exhibition Area Build your network by meeting and exchanging business cards with experts from the treasury,

front, middle and back office at leading financial institutions and solution providers to ensure you are able to seek the advice you may need post event

Workshop 3 Solvency II

14.00 Interactive working group discussion Understanding how Solvency II may impact your firm and ensuring you have the solution to

deliver against these requirements

Outlining the 3 pillars of solvency II to ensure you understand the requirements put forward for quantitative capital requirements, qualitative supervisory review, and supervisory reporting and public disclosure

Issues presented by these reforms for agent lenders in the gathering and mapping of data as spreadsheets and tactical solutions do not adapt so readily

The increasing pressure for agent lenders to ensure that the data supplied to insurance fund clients is correct and the tools available for you to enable this accuracy

Benefits of using tri-party agents to collateralize your daily positions and communicating them to the beneficial owner and regulator

How reduce costs of meeting Solvency II obligations by effectively implementing appropriate systems and working with third party providers

1 Host Discussions contributors: 1 Federico Galizia, Deputy Director, Head of Risk Management and Operations, European Investment Fund, Luxembourg Eddie Heaton, Managing Editor, ISS MAG, UK

Workshop 4 UCITS IV

14.45 Interactive working group discussion

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How to ready your fund for the UCITS IV collateral constraints

The requirements for collateral to be valued by taking into consideration appropriate and prudent discount rates and the impact this will have on your fund

The need for any reinvestment of collateral received from stock lending/repurchase transactions to be taken into consideration in the issuer-concentration calculations and how you can ensure these calculations are correct

How to obtain appropriate collateral where relevant- i.e. on securities lending transactions- and perform proper collateral management to realise collateral in a timely manner in case of a counterparty default

Managing counterparty risk and issuer concentration risk- taking into account the collateral you receive to reduce counterparty risk exposure

Ways to ensure the collateral you hold is sufficiently liquid and quickly saleable Host: Discussion Contributors: 1 Juan José Fortún, Head of Project Management, Global Asset Management, BBVA, Spain

Eddie Heaton, Managing Editor, ISS MAG, UK

15.30 Afternoon Break Build your network by meeting and exchanging business cards with experts from the treasury,

front, middle and back office at leading financial institutions and solution providers to ensure you are able to seek the advice you may need post event

Workshop 5 AIFMD

16.00 Interactive working group discussion Clarifying the treatment of collateral under AIFMD level 2 measures to ensure you are clear about

how to best plan your collateral needs

Which criteria should custodians use to determine whether an asset belonging an alternative investment management fund is subject to a collateral scheme

Concerns facing custodians around the strict liability for any losses even from circumstances beyond their control- how this will make it extremely costly for custodians to provide their services and the negative impact this could have on you

Providing you with the clarity you need on the treatment of collateral and the status of assets subject to collateral arrangements

The impact of the uncertainty around the scope of the custodian liability regime on your firm

How much will the AIFMD changes cost custodians and alternative investment management funds

Host: Virginie O’Shea, Analyst, Aite Group, UK Discussion Contributors: 2 Eddie Heaton, Managing Editor, ISS MAG, UK Jon Light, Director, , Credit Suisse, UK

16.45 Chair Persons Closing Remarks Virginie O’Shea, Analyst, Aite Group, UK

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5th of June 2013

Day One Conference Agenda

08.15 Registration and Breakfast Closed door buy side leaders networking breakfast

09.00 Chair Persons Opening Remarks Pj Di Giammarino, CEO, JWG, UK

PJ Di Giammarino: Former COO IT at Barclays Capital, PJ is the founder and CEO of JWG – a think-tank recognised by regulators, financial institutions and technology firms as the independent analysts

to help determine how the right regulations can be implemented in the right way. He works with executives in top financial institutions, and with their regulators and suppliers, to bring practical insights into the implementation global regulatory reform. Prior to starting his own company in

2006, he spent 14 years providing IT strategy and implementation services with McKinsey, Booz Allen & Hamilton and AT Kearney. He is a frequent author and public speaker on topics including EU

regulation and financial services infrastructure. He has served as a Wholesale Banking Technology Innovation Award judge for the Financial Times’ The Banker magazine and the Financial News

Awards for IT excellence.

09.15 Regulatory Keynote Panel Unravelling the regulatory maze to understand the collective impact of multiple complex

regulations which are increasing demand for high quality assets

Achieving full visibility on the new rules impacting your collateral operations: Crucial updates on how key regulations are interacting to create demand for high-end collateral from various sources simultaneously:

o Dodd Frank/EMIR: With compelling parts of the OTC derivatives being cleared through central counterparties, pinpointing which types of assets will qualify to meet the large amounts of liquid assets demanded for initial margin

o With the Basel III- Liquidity Cover Ratio (LCR) requiring banks to hold enough liquid assets to see through a month period of stress to make them more stable, and CRR and CRD IV requiring high capital, getting insight into how regulators expect banks to react to meet Dodd Frank/EMIR and Basel III at the same time

o As Solvency II encourages insurance companies to back their annuity portfolios with government bonds rather than corporate bonds through the European capital adequacy regime, assessing how will this shift will alter the way in which insurance companies view quality collateral

o How will increasing collateral requirements and limits on the use of repo and reverse repo transactions under the UCITS IV Directive impact hedge funds and custodians?

o Clarifying in which cases collateralised assets fall under the depositories safekeeping duties under AIFMD level 2 measures, and when they do whether they should be held in custody

o Despite aiming to ensure a more efficient harmonised post trade framework does the CSD regulation create more problems by increasing the need to move collateral-as central banks will only accept cash from CSD’s?

Understanding the consequences of the collective force of regulations: How regulators are coordinating across Europe and globally to address the overlaps, gaps and conflicts in these rules to avoid unintended consequences

o Providing the industry with the clarity required by regulators on the unresolved issue of extraterritoriality to ensure you know when you are bound by the global

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reach of Dodd Frank o Outlining the differences in regulatory approaches across Europe, US and Asia and

identifying where opportunities of regulatory arbitrage still exist and what regulators are doing to eliminate them

Knowing what specifically needs to be in place by when: Upcoming regulatory requirements and key dates to be mindful of to ensure your projects are on track for compliance

Moderator: David Murphy, Derivatives and Financial Stability Expert, UK Diego Valiante, Ph.D. ECMI Head of Research, CEPS Research Fellow, European Capital Markets Institute (ECMI), Centre for European Policy Studies (CEPS), Brussels Stephen Bland, Strategic Advisor, Policy Issues, FSA, UK Boris Cournede, Head of Fiscal Consolidation Unit, OECD Economics Department, France

10.00 Interactive Q & A Session Ask the regulators your pressing questions to get the clarity you need on the new rules impacting

your collateral processes Chair: Pj Di Giammarino, CEO, JWG, UK

10.15 Market Structure Panel Assessing the consequences of regulatory reforms and intensifying competition amongst market

infrastructure on collateral solutions available to the industry

The likely outcome of competition amongst global custodians and CSDs as a number of global custodians plan to establish a CSD to centrally collect collateral- will this shift be beneficial to the end-user of these services in terms of more choice and reduced costs or just add another layer of complexity to the market?

If global custodians decide to price the risks associated with complying with AIFMD, will we see fees increase along the value chain driving costs to the end investor?

As fragmentation at market level and within banks is leading to collateral being left idle, the role of T2S in creating substantial collateral efficiencies by enabling financial institutions to pool securities in a single system

The challenges T2S leaves CSDs facing around leveraging the pool of assets under custody allowing customers to mobilise their assets efficiently across collateral pooling locations

With the combined costs of Dodd Frank, EMIR, and Basel III hitting banks bottom line and forcing them to turn away the collateral transformation revenue stream, which type of institution is best placed to serve the markets need for this imperative service?

Moderator: Pj Di Giammarino, CEO, JWG, UK Paul Bodart, Board Member T2S project, European Central Bank, Germany Oliver Deutscher, Group Head, Senior Vice President, Group Treasury Liquidity/Collateral /Repo, DZ Bank AG, Germany Jane Lowe, Director – Markets, Investment Management Association, UK

11.00 Morning Networking Break One to one meetings for end users of collateral services to have in-depth discussions with leading industry solution providers to effectively evaluate their offerings and ensure they make the right

purchasing decisions to meet their business needs

11.30 Industry Presentation

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Evaluating whether there is enough collateral to meet regulatory demands

Giving you the facts and figures you need: Putting actual numbers on the amount of safe assets in the financial system versus the demand for collateral to get a view of whether there is enough out there

Understanding the market dynamics that are creating a collateral crunch

Quantifying the anticipated collateral shortfall in the financial system as a result of regulation

Understanding the impact of the restrictions on rehypothecation of collateral on the growth of the financial system

Outlining practical conclusions and recommendations for you to be mindful of to best prepare your collateral operations

Frank Van Gansbeke, Head of Group Liquidity Regulatory Affairs and Group Collateral, BNP Paribas, Paris

12.00 Industry Presentation Keeping collateral safe

Development since publication EMIR

Various forms of segregation

Tendencies Guus Warringa, Board Member, Chief Counsel, APG Asset Management, Netherlands

12.30 Panel Discussion Evaluating the different segregation models available to you- and their dependencies to enable

portability

Comparing omnibus segregation- net and gross- as well as individual segregation to decide which is best for your risk appetite

Factors to consider when assessing different segregation models o The level of protection you will get- is there a residual risk that my assets are directly

or indirectly at risk? o Knowing what is protected-assets or value of assets o Understanding whether portability is possible – pre or post default o Being mindful of the constraints or dependencies for portability-as portability is only

offered when a client is fully segregated o Conflicts arising between client protection and credit protection- how to best

manage this o Outlining the additional costs the buy side should expect for using the different

segregation models o Assessing whether all clearing brokers are offering all segregation models equally o What are the costs to be considered from clearing broker point of view with regards

to different segregation models

Looking into the future - which segregation model would you like to see in an ideal world versus what the expected reality is

Moderator: Pj Di Giammarino, CEO, JWG, UK Dirk Daveluy, Chairperson of the EFET Collateral Committee and Head of Clearing and Collateral Back Office, RWE SUPPLY & TRADING, Germany Bill Hodgson, Owner, OTC space, UK Guus Warringa, Board Member, Chief Counsel, APG Asset Management, Netherlands

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Richard Walker, Executive Director, SwapClear, LCH.CLEARNET, UK

13.00 Networking Lunch in the Exhibition Area Build your network by meeting and exchanging business cards with experts from the treasury,

front, middle and back office at leading financial institutions and solution providers to ensure you are able to seek the advice you may need post event

14.00 Industry Presentation The business case for implementing a state of the art architecture to support collateral

optimisation

Analysing the growing uptake in collateral optimisation by buy side firms now in addition to sell side firms

The key benefits for you: The way in which a collateral management platform with optimisation capabilities can enable you to efficiently manage collateral on an enterprise level

Check list to be mindful of to make it happen: o The need for data integration to ensure a single source and keep track of collateral

demands versus availability o The role of technology to identify, prioritize and deliver the lowest cost, mutually

acceptable collateral that may have previously been in separate silos geographically o The practicality of a phased approach of optimisation within silos versus a big bang

approach for the most beneficial results Jonathan Willder, GBS Collateral Management, Deutsche Bank, UK

Stream One Chair: Pj Di Giammarino, CEO, JWG, UK

Stream Two Gary Wright, CEO, B.I.S.S. Research, UK

14.30 Panel Discussion

Understanding the growing dependency between the front, middle and back office to

better manage collateral and liquidity

Balancing the different priorities of the front, middle and back office to realise where the conflicts may arise and how to best overcome them:

o Ways you can influence the front office shift their culture and collateral processes to think beyond the bottom line of their siloed function?

o Ways in which the middle and back office can collaborate with the rest of the business to look beyond processing volumes and consider individual clients needs and costs

The likely impact of not coordinating effectively across business lines on client satisfaction, commercial viability, and the liquidity risk profile of a firm

14.30 Panel Discussion Benchmarking your operational readiness for Basel III capital and liquidity standards against other firms to ensure you don’t get left behind

Ensuring you fully understand how Basel III capital and liquidity standards will collectively change your business through raising the level of high quality capital in the banking system, increasing liquidity buffers and reducing unstable funding structures

Shining light on areas of Basel III currently not fully understood including its interaction with other elements of Basel III often not considered (e.g. LCR/NSFR and leverage ratio)

Comparing how banks are using the transition period to move the new standards in a manner consistent with sound economic recovery to track if your ahead of behind the curve

Pinpointing the anticipated unintended consequences of these reforms to the

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Where should the collateral management team sit within an organisation in light of the growing dependency of the front office on the collateral team, and the need for an enterprise level view?

Moderator: Pj Di Giammarino, CEO, JWG, UK GIUSEPPE BALLOCCHI, Head of Financial Engineering and Risk Analytics, Pictet, Switzerland David Little, Director of Strategy and Business Development, Calypso Technology, UK Dirk Daveluy, Chairperson of the EFET Collateral Committee and Head of Clearing and Collateral Back Office, RWE SUPPLY & TRADING, Germany Bilgehan Aydin, Global Head of Collateral Management & Valuations Ops, HSBC Bank, UK

banking sector and broader system to understand the potential impact on your firm

Moderator: Gary Wright, CEO, B.I.S.S. Research, UK Simon Davis, Group Treasury Regulatory

Development, RBS, UK Christopher Blake, Senior Manager, Liquidity Risk, Group Asset & Liability Management, HSBC Holdings, UK

15.00 Interactive Q& A Quiz our experts speakers to get the insights

you need on your topic choice

15.00 Interactive Q&A Quiz our experts speakers to get the insights

you need on your topic choice

15.15 Afternoon Break Build your network by meeting and exchanging business cards with experts from the treasury,

front, middle and back office at leading financial institutions and solution providers to ensure you are able to seek the advice you may need post event

15.45 Interactive Roundtables In this session delegates will have the opportunity to take part in 3 interactive roundtables taking place simultaneously, lasting 30 minutes each. This format is designed to enable you to have more intimate meaningful discussions with other industry experts on issues you identified as being most important to you. This way you can be sure you reach practical solutions to your biggest collateral challenges by voicing your opinion and having your unreciprocated questions answered. Each roundtable will be hosted by a leading industry figure, and will be facilitated by nominated expert speakers- from regulators, central banks to practitioners- to ensure you receive a full 360 view on the current industry concerns.

15.45 Interactive Roundtables In this session delegates will have the opportunity to take part in 3 interactive roundtables taking place simultaneously, lasting 30 minutes each. This format is designed to enable you to have more intimate meaningful discussions with other industry experts on issues you identified as being most important to you. This way you can be sure you reach practical solutions to your biggest collateral challenges by voicing your opinion and having your unreciprocated questions answered. Each roundtable will be hosted by a leading industry figure, and will be facilitated by nominated expert speakers- from regulators, central banks to practitioners- to ensure you receive a full 360 view on the current industry concerns.

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Roundtable will rotate at these times: 15.45- 16.15 16.20-16.40 16.45- 17.15

Roundtable will rotate at these times: 15.45- 16.15 16.20-16.40 16.45- 17.15

Roundtable 1 Collateral transformation: Weighing up ways you can increase your connectivity between

liquidity markets through repo and stock lending services

The popularity of collateral upgrade since the financial crisis- understanding how the wider markets need are evolving to make sense of the changes you are seeing in your business

How to evaluate which bank or broker dealer is best to exchange your lower quality available securities for a higher grade required by a counterparty or clearing house

Assessing whether banks and brokers are as willing to offer this service now due to the risk of a hit on their balance sheet if the securities prove to be illiquid in the event of a counterparty’s default

Cost considerations for the use of collateral transformation services to ensure your make an informed choice

1 Host: Cubillas Ding, Research Director Securities and Investments Group, Celent, UK Discussion Contributors: David Murphy, Derivatives and Financial Stability Expert, UK Ido de Geus, Head of Treasury , PGGM Investments, Netherlands GIUSEPPE BALLOCCHI, Head of Financial Engineering and Risk Analytics, Pictet, Switzerland

Roundtable 1 Evaluating liquidity management solutions to enable financial institutions to comply with

Basel III liquidity requirements

The increasing emphasis on firm-wide risk management and capital planning and what this trend means for different types of buy side and sell side institutions

Factors to consider in a treasury system: o Intra day, short-term and long-

term liquidity management capabilities

o Extensive cash management functionality

Assessing which providers are offering a comprehensive, cross asset bank treasury system that can help you manage all internal and external funding activities and provide real-time assessment of liquidity risks within the balance sheet

1 Host: Discussion Contributors: 2 Oliver Deutscher, Group Head, Senior Vice President, Group Treasury Liquidity/Collateral /Repo, DZ Bank AG, Germany

Roundtable 2 How a robust collateral system can help

you handle the complexity of managing cleared and non cleared contracts

Why the current generation approaches

Roundtable 2 Addressing your primary concerns around

preparing for the Basel III liquidity Coverage Ratio (LCR) Requirements

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of collateral optimisation at the business unit level, and hard wired optimisation algorithms for the cheapest to deliver will no longer suffice in the collateral world

Challenges arising from managing your collateral on an excel spread sheet or using a disparate system from the front office

Why you need portfolio reconciliation and dispute resolution abilities in a collateral system to improve your collateral processing

Overcoming challenges around managing intra day margin calls through real-time capabilities

Benefits you can reap by distinguishing which transactions and contracts require which type of collateral and matching that with eligible collateral automatically

1 Host: Discussion Contributors: Philippe Thonnard, Head of Control & Support Financial Markets, Belfius Bank, Belgium Bill Hodgson, Owner, OTC space, UK

With banks having until 2015 to meet the LCR standard, revealing the details of how to go about preparing your firm

Addressing your primary concerns around:

o The relatively narrow definition of level 1 liquid assets: How this could result in an over concentration in such assets and, in a market wide crisis, resulting in all banks attempting to monetise the same assets at the same time leading to liquidity problems

o The continuing uncertainty of the definition of level 2 assets- which authorities should the industry turn to for a list of eligible assets

o The potential economic impact on those asset classes not recognised as either- will this drive the finding of such assets outside the banking sector?

1 Host: Discussion Contributors 1. Christopher Blake, Senior Manager, Liquidity Risk, Group Asset & Liability Management, HSBC Holdings, UK Peter Janata, Head of Treasury, DZ Bank,UK

Roundtable 3 Benefits of partnering with a bank to help you consolidate bilateral and cleared trades across

geographies and business lines to reap the efficiencies of margining

How to meet all collateral obligations across multiple instruments and regions from a single pool of assets comprising cash and collateral

The way in you can use consolidated margining capabilities across all transactions through effective collateral optimisation and reduce collateral funding costs as a result

Criteria for selecting a bank to partner with to consolidate bilateral and cleared

Roundtable 3 Looking ahead towards the Net Stable Funding

Ratio (NSFR) and other liquidity metrics in Basel III to ensure your firm is on track to prepare for

the new standards

Basel states that the "LCR on its own is insufficient to measure all dimension of a bank's liquidity profile”:

o What metrics should banks use internally?

o What metrics should regulators be looking at?

2018 is the official implementation date for the NSFR but the market won't wait- what quantitative metrics and what qualitative commentary should banks

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trades

Pitfalls to avoid when merging bilateral and cleared trades

Knowing when it makes sense to keep bilateral and cleared trades separate

1 Host: Discussion Contributors:3 Alex McDonald, CEO, Wholesale Market Brokers Association, UK Guus Warringa, Board Member, Chief Counsel, APG Asset Management, Netherlands Patrick McManus, Head of Collateral Management EMEA, Nomura, UK

publish to enable its liquidity management to be judged by investors, analysts and depositors?

1 Host:

Discussion Contributors:: 2 Simon Davis, Group Treasury Regulatory

Development, RBS, UK

Roundtable 4 Weighing up the pros and cons of outsourcing your collateral management process to a third

party provider

What to consider when weighing up whether collateral management functions should be conducted in house or outsourced to third parties

o If you trade enough to manage building or licensing a platform

o If you have the ability to manage reporting audits

o If you have available efficient systems to deliver and substitute collateral

Benefits of outsourcing your collateral management to a third party provider- letting someone else take on the operational risk so you can focus on your core competencies

Challenges of outsourcing your collateral management to a third party provider- in which circumstances may the loss of control be problematic

Host:

Discussion Contributors: 1 Ian Cowan, Managing Director, Global Head of Trade Operations, BLACKROCK, UK Juan José Fortún, Head of Project Management, Global Asset Management, BBVA, Spain

Roundtable 4 Basel III CRD IV- Getting ready for the increased

tier one capital ratios

Whether the updates on Basel III CRD IV good or bad news – implications for the sell side and how it will filter to the buy side

With the implementation of Basel III CRD IV due in 2019, comparing how different banks have started adopting the new rules that raise the tier one capital ratios

Geographical variations in how Basel III CRD IV is implemented – what are the differences across EU, US, Asia- and how are global and regional banks reacting?

How you can diversify your funding activity to reduce the negative impact of Basel III CRD IV

1 Host: Discussion Contributors: 2 Boris Cournede, Head of Fiscal Consolidation Unit, OECD Economics Department, France

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17.15 Chair Persons Closing Remarks

Pj Di Giammarino, CEO, JWG, UK

17.15 Chair Persons Closing Remarks Gary Wright, CEO, B.I.S.S. Research, UK

17.30 Networking Drinks Reception Build your network by meeting and exchanging business cards with experts from the treasury,

front, middle and back office at leading financial institutions and solution providers to ensure you are able to seek the advice you may need post event

6th of June 2013

Day Two Conference Agenda

08.15 Registration and Breakfast

Closed door sell side leaders networking breakfast

09.00 Chair Persons Opening Remarks Virginie O’Shea, Analyst, Aite Group, UK

Virginie O’Shea is an analyst with Aite Group covering data collateral managementement and post-trade technology. She brings more than nine years of experience in tracking financial technology developments in the capital markets sector, with a particular focus on regulatory developments and standards.

Ms. O’Shea has spoken at industry conferences including Sibos, TradeTech, FISD events, and ISIPS, and is the chair of the Clearing and Settlement Working Group’s standards subgroup.

Most recently, Ms. O’Shea was managing editor of A-Team Group’s flagship publication, A-Team Insight, where she covered financial technology from the front to back office, including trading technology, market data, low latency, risk management, regulatory impacts on IT, and reference data. During her time at A-Team, she was heavily involved in planning A-Team Group’s risk and data management events and creating multimedia offerings, including podcasts, webinars, and video interviews. Prior to her appointment at A-Team, Ms. O’Shea was group editor of Investor Services Journal and Alternatives magazine, focused on the asset servicing and buy-side communities. Before that, she was editor of STP Magazine and online service stpzone.com, where she focused on financial technology in the capital markets.

09.15 Panel Discussion Evaluating the role of central banks and clearing houses as collateral takers- how can they help

you through offering collateral efficiencies without compromising on risk management measures

Assessing whether a collateral crunch is the next thing to go wrong in the capital markets, and if it occurs what the potential damage can be for the financial system and your firm

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How can CCPs and the central banks as collateral takers release some strains from you by accepting wider types of assets as collateral and not compromise on risk management measures

Greater use of CCPs to reduce the demand of the scope for more centralised system for netting derivative contracts- eliminating trades between parties that cancel each other out

Issue of the CCP sector not being as centralised as regulators would hope, reducing the scope for netting

Evaluating whether CCPs are strong enough to sustain the risk of two of its largest counterparts defaulting, and is this situation was to occur what the potential impact would be to the financial system and your firm- measure you can take to protect your firm against this risk

As the supply of safe assets could prove volatile, understanding how the change in perception about risk about a government debt can alter the arithmetic significantly

By lowering their collateral standards central banks can avert short-term disasters – but is this defeating the purpose by storing their risk to the balance sheet sheets and the broader economy?

Moderator: Philip Stafford, Editor, FT, UK Paul Bodart, Board Member T2S project, European Central Bank, Germany GIUSEPPE BALLOCCHI, Head of Financial Engineering and Risk Analytics, Pictet, Switzerland Anne Wetherilt, Senior manager, Payments and Infrastructure division, Bank of England, UK Andrew Howat, Group Head of Collateral and Liquidity Management, LCH.Clearnet, UK

10.15 Industry Presentation Assessing the tri party collateral management offerings available to you and understanding how

they will allow for smarter collateral management industry wide

In light of the search by collateral givers and takers- central banks and CCPs- across the globe for an efficient and effective way to better manage collateral, evaluating whether a CSD is best placed to centrally connect collateral for the system and how this will impact your processes

How the scarcity of quality collateral and the increasing global nature of clearing for an expanding range of transactions and international reach of financial institutions is pushing for cross-regional access to collateral- how you should adapt your processes to be mindful of this trend

The growing importance of collateral to be mobilised and optimised across locations and time zones to satisfy collateral requirements- who is best placed to offer this solution?

Demonstrating what tri party collateral management can do for your collateral needs o Automatically move collateral to the collateral taker o Value substitute collateral securities used during the lifecycle of the transaction and

return securities to the original place o Transform assets into a form eligible to post at the clearing house

Saheed Awan, Director and Global Head of Collateral Management and Securities Financing Products, Euroclear, UK

10.45 Morning Break One to one meetings for end users of collateral services to have in-depth discussions with leading industry solution providers to effectively evaluate their offerings and ensure they make the right

purchasing decisions to meet their business needs

11.15 Regulatory Keynote Address Progress made on the practical implementation of EMIR and its implications on collateral

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Shedding light on the overlapping and contradicting areas in EMIR and other regulations

Progress made in extraterritoriality: Do we have more clarity on when a European counterpart trading with a US counterpart gets caught up by Dodd Franks global reach

Assessing regulatory arbitrage opportunities: As US, Europe, and Asia regulators progress at a different pace, at which point do we expect capital flows and trading behaviour to alter- is this already happening?

How are regulators managing the conflict created by EMIR and CRD IV? Will capital rules incentivise clearing and providing clearing services, and how the cost of liquidity interplays with the cost of capital

Patrick Pearson, Head of Financial Markets Infrastructure, Internal Market & Services DG, European Commission, Brussels

11.45 Regulatory Keynote Panel Discussion Shining light on regulation impacting the securities lending industry and what this means for your

secured funding Assessing the impact of the increased regulatory attention on shadow banking regulation on your

securities lending activities o Understanding how your firm will be affected the rules on consolidation of off-

balance sheet exposures and appropriate capital regulation relating to bank exposures to non bank institutions

Untangling the complex web of secured funding markets: Understanding how the repo, prime broker finance, securities lending and cash collateral reinvestment link and interconnect commercial banks, broker dealers, asset managers, money market funds and hedge funds- and what this means for the risks your exposed to

Shedding clarity on the speculation around whether securities lending activities will fall under the model of central clearing, and if it does assessing the impact it will have on the broader systems and your firm

Adding to the regulatory soup -Basel III and the European Securities Short Selling proposals: What do these regulations mean for the securities lending market dynamics and your lending needs?

Evaluating whether the increased interest in collateral management and the introduction of the collateral upgrade/downgrade trades has benefited the securities finance world: Is it another motivation to increase the demand for and supply of securities lending activity?

Moderator: Virginie O’Shea, Analyst, Aite Group, UK Patrick Pearson, Head of Financial Markets Infrastructure, Internal Market & Services DG, European Commission, Brussels Frank Van Gansbeke, Head of Group Liquidity Regulatory Affairs and Group Collateral, BNP Paribas, Paris Oliver Deutscher, Group Head, Senior Vice President, Group Treasury Liquidity/Collateral /Repo, DZ Bank AG, Germany

12.45 Speed Networking Benchmark your firms collateral processes with your peers and network with leading solutions

providers to hear from them how other firms are tackling challenges around achieving an enterprise view

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13.00 Networking Lunch in the Exhibition Area Build your network by meeting and exchanging business cards with experts from the treasury,

front, middle and back office at leading financial institutions and solution providers to ensure you are able to seek the advice you may need post event

14.00 Presentation: An end-user case study on setting up central clearing and its implications on your collateral

management processes

How client clearing impacts collateral management processes

Criteria for selecting a clearing member

What aspects to look out for in the negotiation process

Evaluating whether the central clearing

infrastructure is really ready for end users

When should you let your clearing member perform collateral transformation services for you

Ido de Geus, Head of Treasury , PGGM Investments, Netherlands

Stream One Virginie O’Shea, Analyst, Aite Group, UK

Stream Two Chris Skinner, Chairman, The Financial Services

Club, UK

14.30 Panel Discussion

Ways you can best manage the differing complexities of collateral management for

cleared and non cleared trades

Not only CCP cleared transaction have to be collateralized, but also bilateral transactions are subject to collateralization: How these requirements are challenging different types of financial institutions collateral management processes by adding an additional layer of complexity

Evaluating the service offerings provided by third party providers in regards to integrated collateral management across listed, OTC cleared and bilateral derivatives transactions

Comparing what different types of buy side firms look for when searching for a collateral management service to help them achieve their goals

Being aware of what clearing brokers and custodians are offering to the buy side to help them with their challenges and how do their offerings differ from one another

Moderator: Jonathan Willder, GBS Collateral Management, Deutsche Bank, UK

14.30 Panel Discussion

How to build a liquidity risk management framework that is better integrated with

governance of other risks

Understanding key liquidity risk drivers and identifying the correlation between them

The need for forward looking tools that do not rely on accounting ratios based on historical data- which service provider is ahead of the game is this space?

How to avoid divergences in internal and regulatory assumptions when setting risk measures

Tools to enable you to making expert judgements on estimates of market liquidity and behaviour of market participants

The importance of having roles and responsibilities clearly defined between treasury, risk and finance functions- do the different divisions in your firm all know how they can contribute?

Overcoming issues around policies and procedures not adequately documented to comply with regulatory requirements

Moderator: Chris Skinner, Chairman, The

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Juan José Fortún, Head of Project Management, Global Asset Management, BBVA, Spain Karen Newton, MD, Global Head of Collateral, Credit Suisse Private Bank & Credit Suisse Investment Bank, UK Philippe Thonnard, Head of Control & Support Financial Markets, Belfius Bank, Belgium

Financial Services Club, UK Sanja Hukovic, Head of Quantitative Risk Standards, UBS AG, UK Christopher Blake, Senior Manager, Liquidity Risk, Group Asset & Liability Management, HSBC Holdings, UK Patrick McManus, Equities Middle Office, Nomura, UK

15.00 Interactive Q& A Quiz our experts speakers to get the insights

you need on your topic choice

15.00 Interactive Q&A Quiz our experts speakers to get the insights

you need on your topic choice

15.15 Afternoon Break Build your network by meeting and exchanging business cards with experts from the treasury,

front, middle and back office at leading financial institutions and solution providers to ensure you are able to seek the advice you may need post event

15.45 Interactive Roundtables In this session delegates will have the opportunity to take part in 3 interactive roundtables taking place simultaneously, lasting 30 minutes each. This format is designed to enable you to have more intimate meaningful discussions with other industry experts on issues you identified as being most important to you. This way you can be sure you reach practical solutions to your biggest collateral challenges by voicing your opinion and having your unreciprocated questions answered. Each roundtable will be hosted by a leading industry figure, and will be facilitated by nominated expert speakers- from regulators, central banks to practitioners- to ensure you receive a full 360 view on the current industry concerns. Roundtable will rotate at these times: 15.45- 16.15 16.20-16.40 16.45- 17.15

15.45 Interactive Roundtables In this session delegates will have the opportunity to take part in 3 interactive roundtables taking place simultaneously, lasting 30 minutes each. This format is designed to enable you to have more intimate meaningful discussions with other industry experts on issues you identified as being most important to you. This way you can be sure you reach practical solutions to your biggest collateral challenges by voicing your opinion and having your unreciprocated questions answered. Each roundtable will be hosted by a leading industry figure, and will be facilitated by nominated expert speakers- from regulators, central banks to practitioners- to ensure you receive a full 360 view on the current industry concerns. Roundtable will rotate at these times: 15.45- 16.15 16.20-16.40 16.45- 17.15

Roundtable 1 Insight into how other buy side firms are

confronting challenges of meeting initial margin requirements

Roundtable 1 Developing a funds transfer pricing framework

that ensures funding and liquidity costs are and benefits are transparently allocated to

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Assessing whether different types of buy-side firms have appropriate securities which they can use to collateralize their exposure

If you do not have the appropriate securities knowing which security types you would need to allow you to use available collateral

Alternatively what are the requirements for a cost efficient and safe collateral transformation service – bilateral or CCP cleared?

How far the eligible collateral pool available influences the buy-side choice regarding their decision to select a CCP

Host:

Discussion Contributors: 3

Juan José Fortún, Head of Project Management, Global Asset Management, BBVA, Spain

respective businesses units and products

Overcoming common pitfalls around funds transfer pricing approaches not being implemented or embedded in performance management and the assessment of new products and business decisions

Ways you can increase your firms profitability across key product lines by using innovative funds transfer pricing

How you can best price liquidity risk within existing risk appetites

Using funds transfer pricing to recharge your liquidity buffer cost requirements

1 Host: Discussion Contributors:1 Oliver Deutscher, Group Head, Senior Vice President, Group Treasury Liquidity/Collateral /Repo, DZ Bank AG, Germany

Roundtable 2 A unique view: CCP selection and the options for indirect clearing

With clearing deadlines approaching how you can decide how many CCPs you should connect to and which ones are most compliant with your interest

With a host of new services on the market assessing the options available to you and the factors you should consider in your selection

Analysis of clearing costs versus alternatives to clearing- when size matters

Potential benefits of indirect clearing for the provider and the client

How in direct clearing would work in practice

What would happen if a direct or indirect member was to default? Assessing the option of guaranteed portability

1 Host:

Roundtable 2 Getting your stress testing framework right

from the get go

Capabilities for capturing all cash flows sufficiently in management decisions for stress testing

Overcoming difficulties in extracting cash flow information of on- and off-balance sheet positions

Understanding market risk, credit risk and other risks

Dealing with difficulties around understanding the combined effects of risk events on market and credit activities

How to go further than model based stress testing and apply more judgement on defining and applying scenarios

The obstacles you must overcome to in your operating model to reach a robust stress testing framework:

o Evolving risk methodology

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Discussion Contributors:2 Matteo Bertotti, Head of Fixed Income Derivatives, MPS, Italy

o The provision of key information from the front office or other parts of the organization

o Lack of processes for collecting data from new sources

o Integration of liquidity management into the process

1 Host: Discussion Contributors:3 Sanja Hukovic, Head of Quantitative Risk Standards, UBS AG, UK

Roundtable 3 Lessons learned by financial institutions in restructuring their business to break down silios and reap the efficiencies of collateral

optimisation

Challenges you should expect to face when breaking down the walls of multiple systems and operating units to better allocate collateral

Addressing how data is stored and collateral is managed by the business lines for derivatives, repurchase agreements and securities lending

Understanding the similarities between how collateral is handled in futures and swaps compared with other asset classes to ensure your business processes take account of these traits

Why integrating your futures and swaps collateral management platforms before incorporating securities finance and securities lending applications into the mix makes sense

Overcoming challenges in developing the technology and expertise to align collateral eligibility with inventory and communicating collateral positions with multiple players

Gavin Platman ,Head of Investment Operations, Insight Investment, UK Paul Bodart, Board Member T2S project, European Central Bank, Germany

Roundtable 3 Upgrading your infrastructure to obtain the required data with accuracy and frequency

Benchmarking if you are behind or ahead of the automation efficiency curve

With data being at the heart of treasury tasks, which IT systems can enable you to collect more data and analyse it deeply to enable to better manage your cash functions

Getting a laser like focus on your analytic capabilities to improve case management, securities processing, supply chain and liquidity management

How to take data storage to the next level: Exploiting innovations in storage such as deduplication and virtualization

Systems to enable better management of data and reporting to ensure data is available at required level of granularity and internal and external reporting frameworks are streamlined to avoid inefficiencies

1 Host: Discussion Contributors: 2 Nicholas Steele, Director of Collateral Optimization Unit, Barclays, UK Chris Coley, Treasury Ops - Collateral Optimisation, UBS Investment Bank, UK

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Roundtable 4 Evaluating the options available to you to cope

with the need to be cash rich to meet daily variation margin calls

Fully understanding how the exchange of variation margin on a daily basis creates an issue for many buy-side firms- in particular asset managers and pension funds- as they have low cash reserves to meet the calls

Evaluating the potential options available to you to overcome the need to be cash rich:

o Keeping higher cash reserves o Using collateral transformation

into cash (bilateral vs. CCP cleared)

o Changing the approach where no daily cash flows would be exchanged, but the party with losses would collateralize such losses with securities

What CCPs are offering to the market to help with the cash shortage

How clearing brokers are assisting their clients with collateral transformation

Host: Matthias Graulich, Executive Director, Head of Clearing Initiatives, Eurex, Germany Discussion Contributors: 1 Ido de Geus, Head of Treasury , PGGM Investments, Netherlands GIUSEPPE BALLOCCHI, Head of Financial Engineering and Risk Analytics, Pictet, Switzerland Patrick McManus, Equities Middle Office, Nomura, UK

Roundtable 4 Outlining how you can achieve best practice for

your balance sheet management processes

Outlining the best practice approaches for interest rate risk management, liquidity risk management, and capital management

The way in which the financial crisis is putting pressure on firms to take a more holistic view of their balance sheets

How you should change your processes to look at lines of business rather than legal entities as what may be acceptable for each line of business on its own may turn out to be an unacceptable level of risk or product concentration for the organisation as a whole

Challenges created by national supervisors keen to contain the risks to their own financial systems which in turn imposes restrictions on cross-border financing and capital flows within international banks- how can the industry overcome this predicament?

Ways you can better manage your balance sheet in this era of governance and oversight to avoid exposure to financial, regulatory and reputational risks

1 Host: Discussion Contributors:3 Alex McDonald, CEO, Wholesale Market Brokers Association, UK

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17.15 Chair Persons Closing Remarks Virginie O’Shea, Analyst, Aite Group, UK

17.15 Chair Persons Closing Remarks Chris Skinner, Chairman, The Financial Services Club, UK

Roundtable 2

Understanding the way clearing houses manages risks and can assist with the collateral squeeze

Getting the visibility you need from your clearing house on how they views risks

Trade offs presented to clearing houses when balancing risk management with accepting a

variety of assets for initial and/or variation margin and/or offering cross margining

capabilities

With collateral accepted by being a key element in counterparty credit risk mitigation, how

can they assist financial institutions with the collateral squeeze with out creating systemic

risk

Revealing the collateral policy used by clearing houses to identify which collateral should be

used for a default fund contribution

Understanding the calculations CCPs use to monitor collateral concentrations at member

level and methodologies used to estimate the haircuts applied to the collateral accepted

Evaluating when it makes sense for your firm to set up their own repo desk versus partnering with

a third party provider

When it makes send to partner with a third party provider versus setting up your own repo

desk

The resources you will need to set up a repo desk- considerations for systems and human

expertise

Understanding the new risks introduced by setting up a repo desk

Addressing liquidity, settlement, and operational risks

Evaluating the tri party repo market options available to the industry and the benefits and

challenges of this set up