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SEFCON V

November 12th 2014


Contact: Cindy Loveday, Email: cloveday@profit-loss.com, Phone: +44 (0)20 7382 0335

Event Preview




7:30-8:20       Registration and Continental Breakfast

8:30-9:00      Welcoming Remarks

                        Chris Ferreri, WMBAA Chairman

9:00-10:00    Session 1: What Have We Learned in the First Year of SEF Trading? - Sponsored by Tullett Prebon

One year on from the launch of SEFs and there are more than 20 of these trading venues temporarily registered with the CFTC. This panel will discuss the early trends regarding how trading is taking place, where it seems to be pooling and how the broader set of market participants may or may not be engaging with SEFs.
How are firms determining which SEFs to connect to? How has the introduction of MAT rules impacted liquidity on certain products? Is there currently enough liquidity for RFQ trading on SEFs? How important are the terms of access in a SEFs rulebook and integration capabilities for the buy side? Have we seen the level of participation expected from the buy side in the past year?

Moderator: Kevin McPartland, Head of Market Structure and Technology, Greenwich Associates

Speakers:
Shawn Bernardo, CEO, tpSEF
Jodi Burns, Head of Regulation and Post Trade Networks – Financial, Thomson Reuters
Marisol Collazo, Managing Director and CEO, DTCC Data Repository
Rana Chammaa,
Executive Director, FRC Execution Sales, UBS
Nathan Jenner, Chief Operating Officer, Bloomberg Electronic Trading
Oscar Rodriguez, Senior Vice President- Clearing Solutions & SEF RM, LCH.Clearnet

10.00-10:30   Coffee Break

10:30-11:30   Session 2: Cross Border Panel Discussion:  The Three “C”s of Coordination, Cooperation and Coalition - Sponsored by ICAP


Following the introduction of SEFs, some market participants are warning that the global swaps markets will become fragmented along geopolitical lines unless there is a greater degree of harmonisation from international swaps regulators.
What are the main barriers preventing regulatory harmonisation? Is progress being made? How real is the threat of regionalisation and what would be its impact on the market? Do we understand what is meant by “substituted compliance” now? How is SEF trading viewed in Europe and Asia? How do firms position themselves to be compliant with the cross border rules?

Moderator:  Scott O’Malia, CEO, ISDA; Former CFTC Commissioner

Speakers:
John Shay, Partner - Transaction and Technology Services, Virtu Financial
Clark Ogilvie, Chief of Staff, CFTC
Edwin Schooling Latter, Head of Markets Infrastructure and Policy,
  Financial Conduct Authority
Dexter Senft, Global Co-Head of Fixed Income Electronic Markets, Morgan Stanley
Stuart Wexler, General Counsel and COO, ICAP Americas


11:30-12:15 Keynote Address:  Hon. Timothy Massad, Chairman CFTC

12:15-1:15  Lunch - featuring presentation with Anthony J. Perrotta, Jr,
Principal, Head of Fixed Income Research, TABB Group
:
"A Review of the SEF Industry Barometer:  Summer 2014"


1:15-2:15   Session 3: SEFs Under Dodd-Frank: Are they solving the problem? - Sponsored by BGC
Partners

Dodd-Frank, and the rules developed to meet the statutory requirements were passed on a very tight political timeframe. Similarly, regulators have been pressed to deliver changes in the market within a relatively short period of time.
Have these strict timeframes helped or hindered the introduction of SEFs to the market? How have the regulators delivered on the mandate given to them and do the final SEF rules provide a solution to the problems that Dodd-Frank was trying to address in the OTC markets? How much of the rule making was left open to interpretation and are there still grey areas in the rules? How have requirements for audit trails impacted SEF execution?

Moderator:
Jeffrey Hogan, Managing Director, Business Development, BGC Partners

Speakers
:
James Cawley, CEO, BGC Derivative Markets, LP
Matthew Kulkin, Senior Associate, Squire Patton Boggs
Alex McDonald, CEO, The Wholesale Markets Brokers Association
Vincent McGonagle, Director of the Division of Market Oversight, Commodity Futures
  Trading Commission


2:15-3:15  Session 4: SEF Tech - Sponsored by GFI Group

Technology is increasingly important to the swaps market as regulators push more OTC bilateral trading towards SEFs. This panel will look at the technological solutions being implemented in response to the challenges facing SEFs and their users.
Is technology a differentiator for SEFs? Is it facilitating greater access to these new trading venues or proving to be a barrier to entry? How easy is it for firms to integrate their front-end systems for SEF trading? Has the introduction of SEFs increased the complexity of information flow for a swaps trade? Has the credit hub made a significant difference to market participants? Have CLOBs begun to draw liquidity? Have SEF aggregators succeeded? How will asset managers have to alter their trading strategies in the face of liquidity fragmentation?

Moderator: Henry Ann, Head of Rates, GFI Swaps Exchange

Speakers:

Chris Amen, Managing Director, Head of U.S. Institutional Rates Markets, Tradeweb
Isaac Chang, Global Head of Fixed Income, KCG
J
ohn Dabbs, Managing Director, Credit Suisse

Maged Hassan, Global Head of Fixed Income Electronic Trading Technology,
  Morgan Stanley

Ric Okun, Managing Director, PIMCO


3:15-3:45    Coffee break

3:45-4:45   Session 5: SEF Viability:  Regulation versus Innovation
- Sponsored by Tradition

Since its inception, SEF trading has been impacted by a number of conflicting rules and confusing interpretations. From what it means to be a “US person” to questions around impartiality of access, it has often been unclear how firms are expected to operate in a SEF world.
How has this uncertainty impacted the market? Is the CFTC staff interpreting 37.9 too prescriptively? What effects has that had on liquidity? What technological innovations are being put forward to help source liquidity and reduce costs? What impact has the guidance on packaged transactions had? Does the IB model increase liquidity as it increases the participant base? Is the cost of running a SEF/SEF compliant operation preventing further innovation in the market? What trading or access models from other markets can be adopted for swaps trading?

Moderator:
Will Rhode, Global Head of Capital Markets Research, The Boston Consulting Group

Speakers:

Yanfeng Chen, Head of Interest Rate Swap Trading, Citadel Securities
Scott Fitzpatrick, CEO, Tradition SEF
Joe Sarcona, Head of Credit and Rates e-Distribution, Morgan Stanley
Supurna VedBrat
, MD, e-Trading and Market Structure, BlackRock

4:45-5:00  Closing Remarks

5:00-6:00 Networking Reception
in The Galleries, Grand Hyatt, Lobby Level



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