13.30 – 14.00 Registration and welcome coffee
14.00 – 15.50 Session 1: Tools, timing and scope of resolution authority powers
Possible discussion points
- How can we ensure that CCPs have sufficient financial resources in the case of a potential recovery or resolution process?
- Are the tools for recovery and resolution proposed by the European Commission the right ones?
- How will resolution be different from recovery?
- What should be used as triggers for early intervention, for entry into recovery or for resolution?
- What level of flexibility should be allowed in the development of recovery and resolution plans in order to take into account the circumstances of the default and the specificities of the CCP?
- What should be the additional resolution resources compared to recovery?
- How can we make sure that there will be sufficient resources available after the end of waterfall arrangements? Should a portion of recovery resources be reserved for resolution?
- Are the powers given to the resolution authorities according to the Commission’s proposal appropriate and well balanced?
- According the Commission’s proposal the resolution authority is permitted to exercise its powers before the CCP’s recovery plan has been triggered and exhausted. What will be the impact of this on the likely success of resolution. What will be the impact on existing market incentive structures?
Speakers include:
Jakob von Weizsäcker Member of the European Parliament
Stella Kaltsouni Policy Officer, Unit E4 – Resolution and crisis management, DG FISMA, European Commission
Teo Floor Advisor, Systemic Risk Policy, Eurex Clearing AG, Deutsche Brse Group
Sean Downey Executive Director, Global Clearing & Risk Policy, CME Group
Lars Afrell Senior Vice President, Swedish Securities Dealers Association
Moderator: Dr Thomas F. Huertas Partner, FS Risk and Chair, EY Global Regulatory Network, EY
15.50 – 16.10 Coffee break
16.10 – 18.00 Session 2: Global coordination, operational and legal issues
Possible discussion points
- How compatible is the Commission’s proposals with the work of the FSB and IOSCO?
- What impact will CCP recovery and resolution have on banks and asset managers?
- How can we ensure a level playing field among global CCPs?
- How will the termination right given to the resolution authority impact market confidence in cleared markets?
- How should resolution authorities handle conflict of law standards and legal framework in other jurisdictions. What impact will this have on the cross-border clearing business?
Speakers include:
Danuta Maria Hübner Member of the European Parliament
Marc Peters Seconded Official, Unit E4 – Resolution and crisis management, DG FISMA, European Commission
Ann Shuman Managing Director and General Counsel, DTCC
Corinna Schempp Head of European Policy, FIA
Moderator: Dr Thomas F. Huertas Partner, FS Risk and Chair, EY Global Regulatory Network, EY
