Over-the-Counter Derivatives Regulatory Reform in Canada
Beyond Speculation: Clarifying the New Rules
November 15 and 16, 2011
TORONTO, ONTARIO
Conference Program Agenda - Day Two
Wednesday, November 16, 2011
| 8:00 - 9:00 |
Continental Breakfast |
8:00 - 9:00 |
9:00 - 9:10
Opening Remarks from the Chair
Derek West, Director, Centre of Excellence, Autorité des marchés financiers
9:10 - 10:10
Capital and Collateral: Analysis and Recommendations
Michael Brady, Senior Legal Counsel, Capital Markets Regulation, British Columbia Securities
Commission
Jamie Anderson, Managing Director, Legal, The Canadian Depository for Securities Limited
- Impacts of Basel III reform
- Looking at benchmarking for firms not prudentially regulated
- Analysis to look at future modifications to align where appropriate capital and margin
requirements across the multiple regulatory frameworks to ensure consistency
Jamie Anderson is responsible for ensuring that CDS's legal, risk, and policy decisions are processed in accordance with corporate governance and regulatory obligations. He leads various strategic projects for the organization and chairs CDS's Legal Drafting Group. He is also a member of CDS's human resources, event review, and risk advisory committees. Prior to joining CDS, Jamie has acted as counsel as well as having designed various compliance, governance, risk management and control programmes for several Canadian banks, life insurers, and asset managers.
| 10:10 - 10:30 |
Networking Break |
10:10 - 10:30 |
10:30 - 11:30
Exchange and Platform Trading: Insights on Regulation
Debra MacIntyre, Senior Legal Counsel, Market Regulation, Alberta Securities Commission
Samuel Ely, Managing Principal, Capital Markets, CAPCO
Jayson R. Horner, Co-Founder, President & CEO, CanDeal
- Regulating the increased use of electronic trading venues
- Does Canada need regulations or should the migration from paper-based trading to electronic occur naturally?
- Assessing various scenarios
 Samuel Ely represents Capco as a managing principal in the capital markets practice based in New York focused on leading the CCP initiatives. He has spent over a decade working in derivatives for a variety of major investment banks covering both OTC, exchange traded derivatives and now CCP, front through back covering all participant types and product classes.
 Jayson R. Horner was a co-founder of CanDeal and has been the President and CEO since inception. He has over 30 years' experience in the financial services industry. He has worked in the institutional fixed income business for Merrill Lynch Canada, Richardson Greenshields and TD Securities.
11:30 - 12:30
What the New Transparency Means for Surveillance and Market Conduct
Kevin Fine, Director, Derivatives Branch, Ontario Securities Commission
Neal Weston, Vice-President, National Bank Financial
- What will be required to adequately monitor and enforce all financial market activities
- Considerations for access to confidential OTC derivative trade data either through the collection
of such data in a trade repository or via data sharing arrangements with other national and
international regulatory bodies
- Recognizing legislative harmonization across jurisdictions
- Protections with regard to market manipulation and fraud, misrepresentation, disruptive trading
practices and insider trading
- Assessing various options of enforcement tools
 Kevin Fine participates in a variety of national and international committees currently working on introduction of regulation of over the counter derivatives markets. These committees include: the CSA OTC Derivatives Group, the Head of Agencies OTCDWG, the IOSCO Commodities Working Group, the IOSCO Task Force on Derivatives and the OTC Derivatives Regulators Forum.
| 12:30 - 1:30 |
Luncheon Break |
12:30 - 1:30 |
1:30 - 2:45
Lifecycle of an OTC Derivatives Transaction
Jamie Anderson, Managing Director, Legal, The Canadian Depository for Securities Limited
Mike White, Global Product Head, Government Securities, CanDeal
- Post-trade processing, challenges and trends
- Reducing processing costs
- Driving a new reconciliation methodology
- Integration and control in a post-trade environment
- Price discovery
- Execution methodology, RFQ vs Orderbook
- Straight-through processing
- Post-trade reporting: regulators, repositories, central clearing party
 Mike White has more than 25 years' experience in the financial services industry. He has held positions in trading, sales and brokering in the institutional fixed income business for BMO, Kidder Peabody and ICAP/BrokerTec.
| 2:45 - 3:00 |
Networking Break |
2:45 - 3:00 |
3:00 - 4:15
Central Counterparty Clearing
Derek West, Director, Centre of Excellence, Autorité des marchés financiers
Glenn Goucher, President and Chief Clearing Officer, Canadian Derivatives Clearing Corporation (CDCC), TMX Group
- Where will Canada's markets clear their trades?
- What derivatives will be clearable?
- Who will be exempted?
- Impacts on various market participants
 Derek West directed the drafting of Quebec's new regulatory framework for derivatives markets, and is responsible for its implementation and ongoing development. He is also the Chairman of the Canadian Securities Administrators' Derivatives Committee whose mandate is to develop a common regulatory approach for Canada's derivatives markets. He participates in IOSCO Task Forces on Unregulated Products and Markets, on OTC Derivatives, and on Commodities, as well as the Canadian Heads of Agencies Derivatives Working Group focusing on over the counter derivatives regulation. As well, he is a member of the OTC Derivatives Regulators' Forum and participates in the Derivatives Working Group of Finance Montréal -- la grappe financière de Montréal. He is an independent member of the senior disciplinary committees of the Chicago Mercantile Exchange and the Chicago Board of Trade. Derek joined the AMF from the National Futures Association in Chicago where he was Director of Strategic Planning and Development at the self-regulatory organisation for the U.S. futures industry.
 Glenn Goucher joined the Montreal Exchange in November 2001, was Senior Vice-President, Financial Markets and is now acting as President and Chief Clearing Officer. CDCC is the issuer, clearinghouse, and guarantor of equity, index and interest rate financial derivative contracts traded on the Montreal Exchange and has been selected to provide clearing services to the Canadian Fixed Income Market. The clearinghouse also offers an OTC clearing service, Converge. Prior to this, Glen has held senior positions at the Montreal Climate Exchange, Candeal, a major Canadian investment dealer, and a major Canadian Pension Fund
4:15 - 5:00
Future for Clearing of OTC Derivatives
Samuel Ely, Managing Principal, Capital Markets, CAPCO
- Impact of current derivatives transformation 10 years from now
- Opportunities from transition
- Emerging business models
- Short-term costs, long-term gains
- Operational considerations
- Critical mass and primary business drivers
- Considerations for regulators
Samuel Ely represents Capco as a managing principal in the capital markets practice based in New York focused on leading the CCP initiatives. He has spent over a decade working in derivatives for a variety of major investment banks covering both OTC, exchange traded derivatives and now CCP, front through back covering all participant types and product classes.
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