Celent Securities & Investments Event--Organised Trading Facilities (OTFs): Planning for a New Market Structure in Europe

London
Wednesday, September 12, 2012
Celent Securities & Investments Event--Organised Trading Facilities (OTFs): Planning for a New Market Structure in Europe
Wednesday, September 12, 2012 12:00 PM - 3:00 PM (GMT)

Oliver Wyman
55 Baker Street
3rd Floor
London
United Kingdom

Overview

Trade execution on swap execution facilities (SEFs) and organised trading facilities (OTFs) will be the result of massive reorganisation of the global derivatives market structure based on the Dodd-Frank Act in the US and EMIR in Europe. EMIR is a formidable framework which maintains that all standardised OTC derivatives should be cleared centrally through CCPs by the end of 2012. Like Dodd-Frank, EMIR is broad in scope and contains additional proposals to address collateral, the confirmation process, and valuation and reporting to trade repositories. The EU has empowered the European Securities and Markets Authority (ESMA) to write most of the rules and create standards. While the end of 2012 is the goal, the European reality is another matter and the status of the new regulation is far from definitive.

Across the pond in the US, and although still theoretical, swap execution facilities (SEFs) are almost a reality. While the rules schedule is highly complex, sometime around early 2013, the clearing mandate will be in effect and US SEFs will be the required location for electronic execution of centrally cleared, standardised swap.

While less definitive, European OTFs are intended to be similar in scope to US SEFs and bring similar transparency to the European markets. According to European legislation, all sufficiently liquid and clearing eligible OTC derivatives are to be traded on a regulated market, an MTF, or a specific sub-regime of OTF. Unlike an RM or MTF, an OTF is a new type of facility that will bring together buying and selling interests or orders of financial instruments. ESMA is to determine when an instrument is sufficiently liquid to be traded exclusively on OTF.

Agenda

Join Celent as we examine the subject from multiple angles including what European market participants can learn from the evolution of the SEF markets. Engage with selected peers and learn how they are tackling the myriad issues such as planning against multiple regulatory scenarios, defining the scope of OTFs, designing their plans for the future, and considering technology to enable new business models. Topics to be covered include: regulation, standardisation and innovation in trading protocols, clearing and reporting, among others.

This exclusive, invitation-only event is part of a series of targeted roundtables to be offered by Celent's Securities & Investments Practice that will focus on important topics of the day. Capitalising on Celent’s positions as observer and thought leader, these private, closed-door sessions will provide a neutral and confidential environment to allow participants to engage openly. These sessions will be limited to senior industry representatives from select organisations and will not be open to the media. Participants can expect key take-aways from the event. We will explore those shared interests and develop crucial next steps on how the industry can move forward to address these interests.

Registration

For more information or to register for the event, please contact Andy Renzella at arenzella@celent.com or at +1.617.262.3124.
 

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