2.00 am 3.15 pm
Moderator:
Ms Joanna Perkins,
FMLC Secretary
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SESSION III
STANDARD MARKET DOCUMENTATION
TOPIC 1 -
Settlement issues arising from Lehman's collapse
Speakers: Mr Habib Motani [FMLC] and Ms Joanna Perkins [FMLC]
Habib and Joanna will address settlement issues arising from Lehman's collapse with particular reference to areas of legal uncertainty that have resulted from it.
Presentation: Settlement issues arising from the collapse of Lehman and proposed new OTC master agreement
[10 minutes]
TOPIC 2 - Documentation standards meet the stress scenario: practical lessons to be learnt
Speakers: Mr Ulrich Parche, Bayerische Hypo und Vereinsbank and Mr Frederik Winter, Linklaters [EFMLG] Presentation
Ulrich will speak about practical gaps in market standard documentation (i.e. when is automatic' automatic?), obstacles in enforcement and implementation, differences in terms and definitions, cross affiliate set-off and intra-group co-ordination, collateral and structured notes incl. related hedges. Frederik will present the EFMLG on-going initiatives in the field of market documentation. Presentation
[10 minutes]
TOPIC 3 - Legal documentation and central counterparties clearing for credit default swaps
Speakers: Ms Pam Hutson, Wachovia Bank [FMLG] Presentation
Mr Holger Hartenfels, Deutsche Bank [EFMLG] Presentation
Pam will speak about the U.S. President's Working Group on Financial Markets and efforts to improve transparency and integrity of the credit default swaps ("CDS") market. This will include review of the Memorandum of Understanding reached among U.S. regulators of November, 2008. She will discuss the "Big Bang" Protocol sponsored by ISDA and will talk about ICE Trust as a central counterparty and clearinghouse for CDS. The presentation wil
l close with an inquiry into the potential for central clearing for non-CDS derivative and FX transactions and the development of ways to mitigate the risks of clients of dealers in the case of a dealer insolvency.
Holger will speak about the EU developments in the same area.
[10 minutes]
Documents: McCreevy Speech,
17 October 2008
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List of issues based upon which the Commission's Working Group discussed the implementation of a European CCP -
Minutes of the last EC Working Group Meting, confiming the Commission's expectation "31 July 2009", 12.5.2009 -
The proposals for amending the European Banking Directive drafted by the Commission and forwarded to the European Parliament.
The Directive now provides that ' By 31 December 2009 the Commission shall review and report on measures to enhance transparency of OTC markets, including the credit-default swap (CDS) markets, such as by clearing through central counterparties (CCPs), and shall submit this report to the European Parliament and the Council together with any appropriate proposals' -
Comments rendered by the EBF, which reflect the European industry's position, 17.2.2009 -
The industry's committment organized by ISDA, 17.2.2009 -
Commission communication for the Spring European Council, 4.3.2009.
TOPIC 4 - Documentation- the Moving Target
Speakers: Mr Darek DeFreece, Wells Fargo and Mr Gary Sims, The Bank of
New York
Mellon [FMLG]
Presentation: New capital rules for US banks New bankruptcy regime for US government sponsored enterprises
Darek and Gary will speak about developments in market standard documentation in the United States including the introduction of new industry standards (protocols, adherence, etc.) and the imposition of stricter documentation requirements. Darek and Gary will also discuss the impact of the new U.S. capital rules and GSE insolvency statute on netting provisions.
[10 minutes]
TOPIC 5 - Banks internal processes for new products and new activities
Speakers: Mr Hubert de Vauplane, Crédit Agricole Group, Vice- Chair of the EFMLG will speak, in the context of the debate on appropriate degree of regulation, about the issue of the banks internal processes for new products and new activities.
Presentation: NAP a solution to the crisis
[10 minutes]
[Questions/Discussion: 20 minutes]
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