Quadrilateral meeting of the
FMLC / FMLG / FLB / EFMLG

Wednesday, 24 and Thursday, 25 June 2015
Conference Room C3.08/09

European Central Bank,
Sonnemannstraße 20, 60314 Frankfurt am Main

Programme

Wednesday, 24 June 2015

Opening: Petra Senkovic, EFMLG Chairperson; Deputy Director General , ECB Legal Services 

Cluster I: Market practices
Chair: Michael Nelson (FMLG)

1. Global FXC preamble and Tokyo FXC best practices
Pesenter: Takuto Ninomiya (FLB)
Discussant: Maria Douvas-Orme (FMLG)

Presentations:
Global FXC preamble and Tokyo FXC best practices - Takuto Ninomiya (FLB)
Global Preamble - Codes of best market practice - Maria Douvas (FMLG)

2. Update on UK Fair and Effective Market Review
Presenter:  Susan O'Malley (EFMLG)
Presentation: UK Fair and Effective Markets Review - Susan OMalley

Cluster II:  Market developments
Chair: Jeff Lillien (FMLG)

1. Capital Markets Union
Presenter:  Kate Gibbons (FMLC)
Presentation: Capital Markets Union - Kate Gibbons

2. Recent Legal and Liquidity Issues Arising from Actions by the Swiss National Bank
Presenter: Terence Filewych (FMLG)

3. Legal issues and developments regarding SEFS
Presenter:  Greg Todd (FMLG)
Presentation: SEF Legal Issues and Developments - Gregory A. Todd
Documents:
CFTC NAL 14-137 - Package Transactions
CFTC NAL 14-15
CFTC Staff Letter 14-118
CFTC Staff Letter 15-24
CFTC Staff Letter 15-25
FX Prime Brokerage - Model SEF Rules (Draft 5-27-2014)

Cluster III:  Trading and clearing
Chair: Barney Reynolds (FMLC)

1.   Trading 
1.a Special considerations for trading with non-dealer participants
Presenter: Martha Burke (FMLG)
Presentation: Trading - Special Considerations in Dealing with Non-Dealer Counterparties - Martha Burke

1.b  Amendments to enforcement orders regarding OTC derivatives and trade execution in Japan
Presenter: Daisuke Tanimoto (FLB)
Presentation: Amendments to enforcement orders regarding OTC derivatives - Daisuke Tanimoto

2.   Clearing
Presenter:  Barney Reynolds (FMLC) and Richard Hay (FMLC)
Discussant: Luke Farber (FMLG)
Presentation: Clearing and the coordination of the international financial regulation - Richard Hay

Thursday, 25 June 2015

Opening: Ulrich Bindseil, Director General Market Operations, European Central Bank
Presentation: The ECB's recent non-conventional measures

Cluster IV:  FX rate reform and benchmark reform
Chair: Joanna Perkins (FMLC)

1.  Benchmark reform – enforcement actions and reforms
Presenters: Joanna Perkins (FMLC)
Discussants:  Jeff Lillien (FMLG), Bryan Woodard (FMLG), Susan O'Malley (EFMLG)
Presentation: Benchmark reform - enforcement actions and reforms - Joanna Perkins
Documents:
Adequacy of loss-absorbing capacity of global systemically important banks in resolution
ISDA 2014 Resolution stay protocol

2.  Benchmark reform – NDF rate sources and fallbacks
Presenter: Lisa Shemie (FMLG)
Discussants: Jeff Lillien (FMLG) and Joanna Perkins (FMLC)
Presentation: Benchmark reform - NDF rate sources and fallbacks - Lisa Shemie

Cluster V:    International issues – Sovereign debt and financial holdings reforms
Chair: Lord Robert Walker (FMLC)

1.  Sovereign Debt: Legal Issues relating to collective action
Presenter:  Lord Robert Walker (FMLC)
Discussants:  Otto Heinz (EFMLG) and Joanna Perkins (FMLC)
Documents/presentations:
Sovereign Debt - Lord Robert Walker; Current Questions on Sovereign Debt
Sovereign debt - Collective actions - Otto Heinz
Sovereign Debt - Otto Heinz & Joanna Perkins

2.  Reform of financial holding companies in Japan
Presenter: Kunihiko Morishita (FLB)
Presentation: Reforms of Financial Holding Companies in Japan - Kunihiko Morishita (FLB)

Cluster VI:  Resolution
Chair: Joyce  Hansen (FMLG)

1.  Documentation Update – ISDA 2014 Resolution Stay Protocol – other issues
Presenter:   Asmaa Cheick (EFMLG)
Discussant:  Hector Velez (FMLG)
Presentation: Documentation Update – ISDA 2014 Resolution Stay Protocol – other issues - Asmaa Cheick

2.   Bank resolution and Total Loss Absorbing Capacity
Presenters: Daisuke Tanimoto (FMLC) and Habib Motani (FMLC)
Presentation: Bank Resolutions and Total Loss Absorbing Capacity - Daisuke Tanimoto and Habib Motani

3.  Resolution of CCPs
Presenter: Francis Dickinson (EFMLG)
Presentation: Resolution of CCPs - FDCCPRes - Francis Dickinson

Wrap-up and closing remarks: Holger Hartenfels, EFMLG Vice Chairman and Petra Senkovic, EFMLG Chairperson Deputy Director General Legal Services
Dinner key note speech: Sharon Y. Bowen [link]

Dimitrios Tsibanoulis - Article on The Greek PSI and the Litigation surrounding it

Back to the list of meetings