The Future of Clearing & Settlement
Post-trade in Europe: realising interoperability; embracing the competitive market
11th May 2010, Le Méridien Piccadilly, London
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Conference Agenda
Tuesday 11 May 2010, Le Méridien Piccadilly, London
Day One
Chairman’s opening remarks
Session One: Insights into the changing competitive nature of the market
The state of play: examining the health of the sector in a pre-T2S market

Andreas Wolf
Chief Executive Officer, Clearstream Banking FrankfurtThe future of the market: looking forward to a truly interoperable trading landscape

Jan Booij
Chief Executive Officer, EMCFPanel Discussion: A new market dynamic: Changing levels of competition and future consolidation
- How successfully has competition been introduced?
- Do the benefits of competition exceed the cost of multiple infrastructures?
- What will differentiate CCPs and CSDs in the competitive market? Risk structures, service levels, membership criteria, asset classes?
- To what extent will price competition and falling volumes drive consolidation in clearing and settlement?
- Will Europe ever see consolidation on the scale of the US? How far will the market contract and what will the timescales be?
- Is consolidation desirable for the buy side?
- Is this really the end of the vertical silo, or will strong links between venues, CCPs and CSDs remain?

Andreas Wolf
Chief Executive Officer, Clearstream Banking Frankfurt
Jan Booij
Chief Executive Officer, EMCF
John Tanner
Post-Trade, London Stock Exchange
Bernie Kennedy
Head of Post Trade Services, Turquoise
Alan Cameron
Head of Clearing, Settlement and Custody Client Solutions, BNP Paribas Securities Services
Alan Cameron
Head of Clearing, Settlement and Custody Client Solutions, BNP Paribas Securities Services
Biography
Alan joined BNP Paribas in 2008 and his current role is to lead our clearing, settlement and custody business on a global basis. He is a member of the BNP Paribas Securities Services Management Comex. Alan has over 25 years experience in Financial Services, in various senior management positions, primarily within the securities services environment.
Prior to joining BNP Paribas Alan worked for Citi's Global Transaction Banking division, undertaking a number of different management roles in sales, relationship management and product management.
He is a graduate of the University of Edinburgh and an Associate of the Chartered Institute of Bankers in Scotland.
Refreshments
Session Two: Interoperability – assessing the progress
Towards an interoperable future? The implications for the market and barriers to success

Rory Cunningham
Chairman, EACHCase Study - Clearing in the Nordic market: The journey so far
Speaker to be confirmed
Questions
Session Three: The future of pricing in post-trade services
Pricing in the new competitive market: how will tariffs evolve?

Diana Chan
Chief Executive Officer, EuroCCP
Diana Chan
Chief Executive Officer, EuroCCP
Biography
Diana Chan is Chief Executive Officer of EuroCCP. She most recently served with Citi as Managing Director for Market Strategy, and global head of Market Policy for Securities and Fund Services. She has worked for 15 years in the securities services industry in Europe.
Diana represents EuroCCP in the major clearing and settlement policy groups, including the European Commission’s CESAME, the European Central Bank’s TARGET2 Securities Advisory Group and COGESI (Contact Group for Euro Securities Infrastructures).
Diana is a graduate of the University of Hong Kong and the Harvard Business School.
Questions
Session Four: Working Groups
In this session, an industry expert will spend five minutes outlining thoughts on a key topic before delegates split into smaller groups and discuss potential plans of action in order to solve these issues. The results of these discussions will then be published and distributed to the industry after the event to provide a basis for wider discussion.
What to the users want? Agreeing on the steps towards tariff transparency and meaningful user choice

Robert Barnes
Managing Director, Equities, UBS Investment Bank
Robert Barnes
Managing Director, Equities, UBS Investment Bank
Biography
BA Harvard, PhD Cambridge. Joined the proprietary trading team at Swiss Bank Corporation in 1994, gained experience 'downstairs' on the LIFFE derivatives floor as a yellow jacket and 'upstairs' trading special situations via brokers across most western markets. Currently Managing Director, Equities responsible for Market Structures at UBS Investment Bank, Chairman of the Securities Trading Committee of the London Investment Banking Association, a member of user advisory groups for a number of Stock Exchanges and pro-competitive initiatives, the FSA's Capital Markets Sector Senior Practitioner Committee, Euroclear's UK Market Advisory Committee, a Fellow of the Securities & Investment Institute sitting on its Membership Committee, the UBS high level representative by invitation to the European Commission's CESAME and now CESAME2 Group, and a member of the FTSE Country Classification Committee.
Working group discussions at tables
Delivering a unified convention: what needs to be put in place to create consistent interoperability standards?

Diana Chan
Chief Executive Officer, EuroCCP
Diana Chan
Chief Executive Officer, EuroCCP
Biography
Diana Chan is Chief Executive Officer of EuroCCP. She most recently served with Citi as Managing Director for Market Strategy, and global head of Market Policy for Securities and Fund Services. She has worked for 15 years in the securities services industry in Europe.
Diana represents EuroCCP in the major clearing and settlement policy groups, including the European Commission’s CESAME, the European Central Bank’s TARGET2 Securities Advisory Group and COGESI (Contact Group for Euro Securities Infrastructures).
Diana is a graduate of the University of Hong Kong and the Harvard Business School.
Working group discussions at tables
Lunch
Session Five: OTC derivatives – managing the move into a new market
Moving OTC derivatives to centralised clearing: forecasting the pattern of activity

Godfried De Vidts
Director of European Affairs, ICAPPanel Discussion: Managing risk in the derivatives market: the hurdles and complexities of clearing derivatives
- Analysing the benefits of centralised clearing of derivatives: efficiency, confidence, liquidity and multilateral netting
- Interoperability in OTC derivatives clearing: are we recreating the problems that existed in equities?
- Identifying the challenges in pricing for risk with clearing derivatives
- Dealing with defaults: overcoming the obstacles posed by reduced liquidity and unreliable prices
- Examining the range of complexity in contracts: when is centralised clearing cost effective?
- How likely is it that all OTC derivatives will be traded on exchanges and cleared through CCPs by the end of 2012?
Further panellists to be invited

Andrew Lamb
Chief Executive Officer, CME Clearing Europe
Henrik Paulsson
Head of European Derivatives and Derivatives Clearing, NASDAQ OMX
Joe Reilly
Director, SwapClear, LCH.Clearnet
Godfried De Vidts
Director of European Affairs, ICAPRefreshments
Session Six: Harmonising settlement across Europe
To what extent is Link Up Markets achieving its initial aims?

Tomas Kindler
Managing Director, Link Up Markets
Tomas Kindler
Managing Director, Link Up Markets
Biography
Tomas Kindler is Managing Director of Link Up Markets, a Madrid based company founded by seven Central Securities Depositories in April 2008 to improve efficiency and reduce costs of post-trade processing of cross-border securities transactions in Europe. Tomas Kindler joined Link Up Markets from Clearstream, the settlement and custody division at Deutsche Börse Group, where he was inter alia responsible for Clearstream's strategic projects and represented Clearstream in a number of industry discussions on topics such as TARGET2 Securities and the European Code of Conduct for Clearing and Settlement. He has a degree in Industrial Engineering and Management from the Technical University of Hamburg/Germany, and holds an MBA from Duke University, North Carolina.
For further information please contact: media@linkupmarkets.com
An update on the progress of T2S: investigating the timescales and industry buy-in

Helmut Wacket
Head of Section, Target 2 Securities Team, European Central Bank
Helmut Wacket
Head of Section, Target 2 Securities Team, European Central Bank
Biography
Helmut Wacket has a degree in Business Administration and has a broad background in central banking. From 1983 – 1999 he worked in different functions for the Deutsche Bundesbank, inter alia in the payment systems department, European department, economics department and as Assistant Representative in the Representative Office of the Deutsche Bundesbank in New York.
Having joined the ECB in 1999 he has worked on payment system oversight issues and is now Head of the External Stakeholder Management Section in the T2S Division. He is the Secretary of the T2S Advisory Group. In previous assignments at the ECB, he worked in the Back Office Division and the Market Operations Analysis Division of the Directorate General Market Operations. He represented the ECB in the CPSS Working Group on Retail Payment Systems and the CPSS Task Force on Payment System Principles and Practices, drafting the “Core Principles” report. He also was a member of the CPSS Sub-Group on FX settlement risk, the forum to perform the co-operative central bank oversight of CLS.
How Euroclear's harmonised Single Platform will eliminate the high costs of cross-border transaction

Edwin De Pauw
Director, Product Management, EuroclearPanel Discussion: Insights into the future of settlement: how is harmonisation progressing?
- Are end users experiencing the level of settlement choice envisaged by the regulator?
- Will harmonisation provide sufficient savings for users without consolidation and economies of scale?
- How will the role of Link Up Markets develop in a post-T2S world?
- Ensuring buy-in from market participants: have the buy- and sell-side had adequate input into initiatives?
- Reducing cost of settlement for traders: should there be direct access to T2S?
- How have the risks of moving towards interoperability been addressed?
- What further steps are needed to facilitate importing by CSDs and exporting by issuers?
- How will T2S alter the relationship and contractual obligations between CSDs and their customers?
Further panellists to be invited

Tomas Kindler
Managing Director, Link Up Markets
Tomas Kindler
Managing Director, Link Up Markets
Biography
Tomas Kindler is Managing Director of Link Up Markets, a Madrid based company founded by seven Central Securities Depositories in April 2008 to improve efficiency and reduce costs of post-trade processing of cross-border securities transactions in Europe. Tomas Kindler joined Link Up Markets from Clearstream, the settlement and custody division at Deutsche Börse Group, where he was inter alia responsible for Clearstream's strategic projects and represented Clearstream in a number of industry discussions on topics such as TARGET2 Securities and the European Code of Conduct for Clearing and Settlement. He has a degree in Industrial Engineering and Management from the Technical University of Hamburg/Germany, and holds an MBA from Duke University, North Carolina.
For further information please contact: media@linkupmarkets.com

Helmut Wacket
Head of Section, Target 2 Securities Team, European Central Bank
Helmut Wacket
Head of Section, Target 2 Securities Team, European Central Bank
Biography
Helmut Wacket has a degree in Business Administration and has a broad background in central banking. From 1983 – 1999 he worked in different functions for the Deutsche Bundesbank, inter alia in the payment systems department, European department, economics department and as Assistant Representative in the Representative Office of the Deutsche Bundesbank in New York.
Having joined the ECB in 1999 he has worked on payment system oversight issues and is now Head of the External Stakeholder Management Section in the T2S Division. He is the Secretary of the T2S Advisory Group. In previous assignments at the ECB, he worked in the Back Office Division and the Market Operations Analysis Division of the Directorate General Market Operations. He represented the ECB in the CPSS Working Group on Retail Payment Systems and the CPSS Task Force on Payment System Principles and Practices, drafting the “Core Principles” report. He also was a member of the CPSS Sub-Group on FX settlement risk, the forum to perform the co-operative central bank oversight of CLS.

Henry Raschen
Chairman, T2S UK National User Group
Edwin De Pauw
Director, Product Management, EuroclearClosing Address: Update from the regulator - The European Commission’s priorities for the future: where will regulation drive change?

Patrick Pearson
Head of Unit, Financial Infrastructure, European Commission
Patrick Pearson
Head of Unit, Financial Infrastructure, European Commission
Biography
Questions
Chairman’s concluding remarks and close of conference
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