| 1. |
Introduction – 10h00 - 10h10 |
Mr Antonio Sáinz de Vicuña, Chair of the EFMLG and moderator of the Symposium
Mr Hubert de Vauplane, Vice-Chair of the EFMLG (Crédit Agricole Group) |
| 2. |
Lessons to be drawn from the turmoil – 10h10 - 14h00 |
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First discussion panel: market associations representatives :
The following EFMLG rapporteurs will present a series of five topics related to market standard documentation (about 10 minutes each) p roviding, where appropriate, for a comparative analysis of the relevant definitions/clauses in the various master agreements. Each presentation by the EFMLG rapporteurs will be followed by a panel discussion and each industry association represented in the panel is invited to express its views (20 minutes). This panel discussion will be followed for each of these topics by a dialogue with the other participants to the Symposium (10 minutes). |
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Panelists:
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Mr Mark Austen (SIFMA), Mr Sébastien de Brouwer and Ms Sophie Karidès (FBE), Mr Peter Werner and Ms Kirsty Davenport (ISDA), Mr Michael Raffan (Freshfields), Mr Kevin McNulty ( ISLA), Mr Habib Motani (Clifford Chance) |
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Topic 1: |
Events of Default – 10h10 - 10h50 |
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Should the definitions of ‘Bankruptcy' and ‘Act of Insolvency' or related definitions in market standard documentation be harmonised or aligned? Is there a need to account for recent legislation on financial market stability and recovery (e.g., new bankruptcy procedures for banks) ? |
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Rapporteur: |
Mr Ulrich Parche (UniCredit, EFMLG) - Presentation (pdf, 149 kb) |
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Topic 2: |
Termination Notices – 10h50 - 11h30 |
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Should the provisions for rendering termination notices be harmonised? What are the means of notifications that are acceptable (e-mail, facsimile, letter)? Should there be rules on the point in time a notification must be received for being effective? How to deal with notices that the addressee refuses to accept? |
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Rapporteur: |
Ms Helen Moran (Allied Irish Banks, EFMLG) - Presentation (pdf, 130 kb) |
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Topic 3: |
Automatic Early Termination – 11h30 - 12h10 |
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What should be the principle? If automatic early termination (AET) applies, what are the events of default that should trigger AET? Is there are need for further harmonisation? |
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Rapporteur: |
Mr Mario Bona (Intesa Sanpaolo, EFMLG) - Presentation (pdf, 132 kb) |
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Topic 4: |
Calculation of Close-out Amounts – 12h10 - 12h50 |
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Should the provisions dealing with the determination of fair values for derivatives, securities or commodities be harmonised? Are the rules on concerting market values into the termination currency robust enough? Should there be cascades for the determination of market values for securities? How much discretion should be granted to the non-defaulting party? |
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Rapporteur: |
Ms Natalia Butragueño (Banco Santander, EFMLG) - Presentation (131 kb) |
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Topic 5: |
Collateral and Margin Disputes – 14h00 - 14h40 |
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Are the provisions on dispute resolutions recommendable and should they be harmonised? What are the main principles? |
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Rapporteur: |
Ms Susan O'Malley (HSBC, EFMLG) - Presentation - (pdf, 133 kb) |
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| 3. |
The users' perspective – 14h40 - 15h10 |
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Second discussion panel:
Mr Edouard Cia (European Repo Council and European Repo Committee , UniCredit), Mr Hubert de Vauplane (Crédit Agricole Group), Mr Xavier Gallet ( Veolia Environment), Mr Klaus Löber (ECB)
The panelists will discuss the aspects related to market standard documentation from an users's perspective (20 minutes) with questions from the audience (10 minutes). |
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| 4. |
Dialogue with the participants to the Symposium – 15h10 - 15h40 |
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P articipants to the Symposium will be invited to provide their own views on the lessons to be drawn from the market turmoil (30 minutes). |
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| 5. |
Summary of the findings and next steps – 15h40 - 15h50 |
Mr Holger Hartenfels, Chair of the EFMLG Task Force |
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| 6. |
Closing remarks – 15h50 - 16h00 |
Mr Antonio Sáinz de Vicuña, Chair of the EFMLG |
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