WEBINAR: Global OTC Market Reform: Where Next After the US?

Synopsis

When it comes to over-the-counter derivatives, the central question of their move to an electronic basis is no longer one of if they will, but when. The US has begun its own regime with the introduction of swap execution facilities (SEFs), but that was hardly without issues. Eyes are beginning to turn to Europe, with its organized trading facility (OTF) analogue, and further afield to Asia-Pacific, where the field is vastly more complex. Given G20 mandates and the need for harmonization in trade practice, it seems inevitable that most standardized derivatives contracts will be traded electronically in the future, but how can the wider world learn lessons from the painful birth of SEFs, and how will technology evolve to cope with the new environment?

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• Added Value: How will collateral and risk management continue to be affected by the global proliferation of electronic trading in derivatives, and what are the technology approaches towards efficiently managing these challenges?
• Lessons Learned: What does the roll out of SEFs in the US potentially teach us about the eventual introduction of OTFs into Europe? Can markets there avoid the frustrations of both the buy and the sell sides that have been experienced in the US?
• Looking East: While the US and the EU, through the Dodd-Frank Act and EMIR/Mifid respectively, have their templates for electronic derivatives trading established, can Asia-Pacific realistically create a regional template, given the idiosyncratic nature of regulations in each component nation?
• Global Operations: For firms that trade markets across the world, how will the particulars of each regulatory jurisdiction affect how they approach connectivity, clearing, reporting, compliance and other areas of derivatives-market activity in terms of technology infrastructure, communications and software?
• Half-Formed: Given the varying levels of infrastructural capability in emerging markets, is a fully electronic future a possibility, or will hybrid systems of voice and electronic trading remain for some time to come? Moreover, will regulatory harmonization or substituted compliance between regions even be possible to facilitate this?

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