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YOUR FACULTYHEAR FROM EXPERIENCED LEADERS
INCLUDING THESE EXPERTS AND MORE
REGISTER TODAY! CALL 1.800.474.4829 • Fax 1.800.474.4829 • www.infonex.ca
Examine Interpretations of New Regulationsand Their Practical Application
April 29 – 30, 2014 • Toronto, Ontario
3rd Annual Event
Over-the-CounterDerivatives Reform
Overview of over-the-counter derivative reforms and the implications for Canada
Latest updates on the Final Volcker Rule and how Canadian banks are complying
Learn about the latest regulatory developments regarding swap execution facilities (SEFs)
Investigate possible aggregation models and issues around access and usage of trade repository data by authorities
Hear from regulators on most frequently raised comments and questions on new OTC derivatives reporting requirements
Understand the current clearing regulatory landscape to evaluate the impact of increasing clearing and trading costs on market place liquidity
Examine emerging risks in the future business environment to ensure your orga-nization is compliance-ready
Explore real implications of Canadian OTC derivatives rules on end-users and unregistered participants
Clear the confusion with new cross-border issues in the global market including margin, segregation, risk management and regulatory conflicts
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ASSOCIATION PARTNERS:
MEDIA PARTNER:
Your Complete Guide for Keeping Up with the Complex Demands of OTC Derivatives Regulatory Reform
Kevin FineDirector, Derivatives BranchONTARIO SECURITIES COMMISSION
Derek West, Senior Director, Derivatives Oversight, AUTORITÉ DES MARCHÉS FINANCIERS DU QUÉBEC
John W. McPartlandSenior Policy AdvisorFEDERAL RESERVE BANK OF CHICAGO
Rena ShadowitzSenior Counsel and DirectorBANK OF MONTREAL
Marco Petta, Managing Director, Market InfrastructureRBC CAPITAL MARKETS
Francesca GuoloPartnerRBC CAPITAL MARKETS
Jason KroftPartnerSTIKEMAN ELLIOTT LLP
Aaron Unterman, Legal Counsel, Derivatives BranchONTARIO SECURITIES COMMISSION
Warren Gorlick, Associate DirectorU.S. COMMODITY FUTURES TRADING COMMISSION
PLATINUM SPONSOR:
PRESENTED BY:
1:00 – 1:50Commodity Futures Trading Commissions (CFTC) Derivatives Reform UpdateWarren Gorlick, U.S. Commodity Futures Trading CommissionsJoel Telpner, Partner, Jones Day LLPJason Kroft, Partner, Stikeman Elliott LLP • CFTC oversight over swaps• CFTC now in the implementation phase of OTC reform update• Clearing issues• Exchange trading and pre-trade transparency• Reporting and post-trade transparencyWarren Gorlick's CFTC work has focused on the implementation and coordination of OTC derivatives requirements in major market jurisdictions. In that capacity, Mr. Gorlick represents the CFTC on a number of international OTC working groups, includ-ing the Financial Stability Board OTC Derivatives Working Group and the International Organization of Securities Commissions (IOSCO) Task Force on OTC Derivatives. Mr. Gorlick also represents the Commission on various inter-agency dialogues with foreign governments, including annual NAFTA meetings held with Canada and Mexico, and the OTC Derivatives Regulators' Forum.
1:50 – 2:40In-depth Analysis on the Current Clearing Regulatory LandscapeAaron Palmer, Partner, Blake, Cassels & Graydon LLPTracy Ross, RBC Capital Markets• What's currently being cleared voluntarily• Evaluating the impact of increasing clearing and trading costs on market
place liquidity• How market participants—who are the driving force of the derivatives
landscape—are dealing with more being cleared• Overcoming the trade reporting requirements challenges across all asset
classes to ensure regulatory complianceAaron Palmer's practice focuses on derivatives, securities law, structured financial transactions and financial services. Aaron has worked on a broad range of financings and securities transactions, public and private offerings, and securities regulatory. He also has extensive experience with the development of innovative investment products and with derivatives-based transactions involving equity derivatives, credit derivatives and energy derivatives.
3:00 – 3:50 Running the Technology Gauntlet of Trade ReportingGordon Allott, President, BroadPeak Partners Ltd.• Overview of technological hurdles under Dodd-Frank and EMIR• Key challenges every firms face• Preventing trade reporting from creating operations upheaval• Unique elements and challenges that Canada Regulations presen
8:00 – 9:00 Registration and Continental Breakfast
9:00 – 9:10 Welcome and Opening Remarks from the ChairDerek West, Senior Director, Derivatives Oversight, Autorité
des Marchés Financiers du QuébecDerek 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 and is the co-chair of the CPSS-IOSCO working group on trade repository access. He participates in several IOSCO task forces and Committee 7, as well as the Canadian Heads of Agencies Derivatives Working Group focusing on OTC derivatives regulation.
9:10 – 10:00 How Current and Proposed Derivatives Regulations Will Change the Market Structure of 2018John W. McPartland, Senior Policy Advisor, Federal Reserve
Bank of Chicago• Imminent regulatory changes leading to rising complexity costs• What the changes mean for bank business models• Building your strategic outlook on the global regulatory themesJohn McPartland contributes to the Bank's position on public policy issues involving netting and payment systems, supervisory oversight of exchange-traded and privately negotiated derivatives instruments, international competitiveness and regulatory reform of domestic financial markets. His career has been spent designing, building, testing and operating netting, clearing, collateral management and risk-mitigation systems. Mr. McPartland has been a settlement banker, trader and deputy manager of the Chicago Mer-cantile Exchange (CME) Clearing House. He serves on the Business Conduct Committees of the CME and CBoT, and formerly served on the CFTC's Technical Advisory Committee.
10:00 – 10:50Impacts of the Volcker Rule on Global MarketsJason Boggs, Partner, PwC Rena Shadowitz, Senior Counsel and Director, Bank of MontrealJoel Telpner, Partner, Jones Day• Overview of the Final Volcker Rule and its objectives• New hurdles from ban on proprietary trading: impact on marketplaces
outside of the U.S.• Impact of private equity, hedge fund prohibitions, and collateral damage to
other private funds such as securitization vehicles—with particular focus on non-U.S. marketplaces
• How Canadian banks are complying with the regulations: compliance, reporting, and certifications
Rena Shadowitz is working for BMO Capital Markets on a special project reviewing, and assisting in the implementation of, the regulatory changes applicable to capital markets participants. She is primarily focused on the regulation of the over-the-counter swaps market under the Dodd-Frank Act, but has also dealt with the implications of numerous other elements of the Act including the prohibition on proprietary trading, changes to regulation of private advisors and changes to the regulation of the securitization market.
Joel Telpner advises clients on a broad variety of financial products and transactions, including credit, equity, commodity derivatives and other securitization products. He also advises financial institutions and end-users on understanding and complying with the regulatory requirements arising from the financial reform legislation. Joel has been described in The Legal 500 as being "particularly expert in complex derivative and structured products linked to private investment funds".
11:10 – 12:00Insights on Trade Repository DataJoshua Slive, Research Adviser, Bank of Canada• Benefits of increased transparency in OTC derivatives markets• Financial stability analysis and the need to close data gaps• Standards and harmonization required to make data useful• Access and aggregation models
Networking Break10:50 – 11:10
Luncheon Break12:00 – 1:00
Networking Break2:40 – 3:00
Register Now! Call 1.800.474.4829 Fax 1.800.558.6520 WWW.INFONEX.CA
PANEL DISCUSSION
DAY ONE PROGRAM AGENDA: TUESDAY, APRIL 29, 2014
April 29 – 30, 2014TORONTO, ONTARIOOver-the-Counter Derivatives Reform
KEYNOTE SESSION
ABOUT OUR PLATINUM LEVEL SPONSOR:
BroadPeak Partners is a software development firm focused on integrating systems. It started as a consul-tancy in 2006 working with large trading firms.
Integration has always been a key part of BraodPeak Partners clients’ needs, and a key consumer of their IT resources. They developed K3, a "second generation" enterprise integration platform and MxR, for cloud-based interface maintenance.
DAY TWO PROGRAM AGENDA: WEDNESDAY, APRIL 30, 2014or a local counterparty
• When is a counterparty a guaranteed affiliate: how is this determined?• Extraterritoriality vs. extra-provincial jurisdiction over guaranteed affiliates• When does a local counterparty report by default and when does it not report?• Status of trade repositories in Canada• Extending the compliance dates
1:50 – 2:40Practical Strategies for Managing CollateralCandace Pallone, Counsel, McCarthy Tétrault LLP Tim Baron, Partner, Davies Ward Phillips & VinebergFrancesca Guolo, Partner, Goodmans LLP• Impact of Central Clearing Processes (CCPs) and clearing risks• Recognize the practicality and future of margin management• What is collateral transformation? What is its impact on the liquidity market?• Cost to the marketplace• Discerning safeguards for collateral posted for clearing• Opportunities and benefits of collateral optimization
3:00 – 3:40Practical Impact of Canadian OTC Derivatives Rules on End-Users and Unregistered ParticipantsCarol E. Derk, Partner, Borden Ladner Gervais LLPJulie Mansi, Partner, Borden Ladner Gervais LLPGordon Peery, Global Derivatives Advisor, Borden Ladner Gervais LLP• Risk identification and management strategies for end-users• Changes required to derivatives documentation• Compliance requirements for market participants who are not currently
regulated in the securities universeCarol Derk has an extensive derivatives practice, primarily for investment funds, includ-ing negotiating documentation, advising on derivatives regulatory compliance matters and developing new derivatives-based products. She also has a general investment funds practice, and has been instrumental in the development of many new products.
Julie Mansi focuses on commercial transactions, mergers and acquisitions, registrant regulation and investment management. She is also a member of the Investment Man-agement, Corporate Governance, Mergers and Acquisitions, and Derivatives groups.
Gordon Peery counsels clients in the investment management, energy, oil and gas, commodities, real estate, corporate and financial services industries. He has written suc-cessful requests for no-action relief to regulators, has counseled staff of congressmen relating to the Dodd-Frank Act and has appeared before the CFTC.
3:40 – 4:30 Opportunities and Challenges for Global Market Partici-pantsDerek West, Senior Director, Derivatives Oversight, Autorité des
Marchés Financiers du QuébecMarco Petta, Managing Director, Market Infrastructure, RBC
Capital MarketsAaron Palmer, Partner, Blake,Cassels & Graydon LLP• New cross-border issues in the global market: margin, segregation, risk
management, regulatory conflicts• Reducing the risk of failure of large systemically important financial institutions• Getting better information more quickly about what is happening in the
global financial system• Cope with multiple jurisdictions and multiple currencies• Making linkages among global markets, market participants, and infrastructures
Marco Petta previously co-led the Bank of Canada's work on the reform of OTC derivatives markets. He is also chair of the inter-agency working group on OTC derivatives that is co-ordinating Canada's efforts to implement the G20 commitments related to OTC derivatives. Marco has also worked on projects related to capital markets infrastructure strategy.
8:00 – 9:00 Continental Breakfast
9:00 – 9:10 Welcome and Opening Remarks from the ChairDerek West, Senior Director, Derivatives Oversight, Autorité des
Marchés Financiers du Québec
9:10 – 10:00 Essential Guide for Regulatory Implementation: From Trade Reporting All the Way to ClearingKevin Fine, Director, Derivatives Branch, Ontario Securities
CommissionAaron Unterman, Legal Counsel, Derivatives Branch, Ontario
Securities Commission• Implementation of trade reporting in Canada• Overview of CSA Model Segregation and Portability Rule • Overview of CSA Model Mandatory Clearing Rule• Adoption and practical implementation of new regulations in Ontario and
other provinces • Update on other rule making areasAaron Unterman participates in the development of OTC derivative policy andregulation through his involvement in the CSA OTC Derivatives Group, the Headsof Agencies OTCDWG and the IOSCO Task Force on Derivatives. He is the author of a number of publications including Exporting Risk: Global Implications of the Securitiza-tion of U.S. Housing Debt.
10:00 – 10:40Key Issues Relating to Implementation of Trade ReportingKevin Fine, Director, Derivatives Branch, Ontario Securities
CommissionMichael Brady, Senior Legal Counsel, British Columbia
Securities Commission
11:00 – 12:00Preparing to Be Compliance-Ready: Understanding the Future Trends of OTC Derivatives MarketPriscilla Bunke, Associate, Dentons LLP Mike Kouris, Head, Regulatory Initiatives, Global Banking and
Markets, ScotiabankVuk Magdelinic, Manager, Global Banking & Capital Markets, PwCShahen Mirakinan, Partner, McMillan LLP• Managing regulatory change and understanding the regulatory challenge • Understanding the emerging business environment• Key operational considerations• Integrated regulatory reform response strategy• Assessing impact, developing programs, and aligning business architectureVuk Magdelinic helps financial services institutions in defining risk management strate-gies, responding to regulatory change and developing compliance programs. Previ-ously, Mr. Magdelinic was a Global Derivatives and Strategic Risk Structurer at CIBC World Markets where he was responsible for origination of equity structured products.
Shahen Mirakinan is involved in all aspects of structuring and documenting of a broad range of derivative products. He represents all types of counterparties including Canadian and international banks and brokers, sovereign entities, public and private investment funds and end users.
1:00 – 1:50Public Comments and Concerns vis-à-vis the New and Proposed Canadian OTC Derivatives RulesPriscilla Bunke, Associate, Dentons LLP • Determining whether you are a derivatives dealer, a reporting counterparty,
Networking Break10:40 – 11:00
Luncheon Break12:00 – 1:00
Networking Break2:40 – 3:00
Register Now! Call 1.800.474.4829 Fax 1.800.558.6520 WWW.INFONEX.CA
PANEL DISCUSSION
April 29 – 30, 2014TORONTO, ONTARIOOver-the-Counter Derivatives Reform
PANEL DISCUSSION
PANEL DISCUSSION
INFONEX reserves the right to cancel any conference it deems necessary. In the unlikely event that a conference is cancelled, INFONEX's liability is limited to paid registration fees; INFONEX will not assume any further liability for incidental costs including (but not limited to) hotel and air fare. INFONEX also reserves the right to change the date, location, and content for event(s) offered herein without further notice and assumes no liability for such changes. Visit www.infonex.ca for current conference information. INFONEX is a registered business name of INFONEX INC.
REGISTER BY PHONE, ON-LINE, OR IN THESE 3 EASY STEPS!
DISCOUNT CODE: 1106-E1.800.558.6520FAX:
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CANCELLATION POLICY: Substitutions may be made at any time. If you are unable to attend, please make cancellations in writing and fax to 1-800-558-6520 no later than April 15, 2014. A credit voucher will be issued to you for the full amount, redeemable against any other INFONEX course and which is valid for twelve months (one year) from the date of issue. If you prefer, you may request a refund of fees paid, less a 15% administration fee.
Registrants who cancel after April 15, 2014, will not be eligible to receive any credits or refunds and are liable for the entire registration fee.
Confirmed registrants who do not cancel by April 15, 2014, and fail to attend will be liable for the entire registration fee.
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LOCATION: Over-the-Counter Derivatives Reform 2014 will be held at:
Novotel Toronto Centre45 The EsplanadeToronto, Ontario M5E 1W2Telephone: 416-367-8900
YOUR REGISTRATION INCLUDES: Registration fees include all course materials, continental breakfast, lunch, and refreshments. Parking and accom-modation are not included.
SPONSORSHIP, EXHIBITION, ANDPROMOTIONAL OPPORTUNITIES:If you would like to increase your vis-ibility with senior trading, compliance and legal professionals, you need to be at Over-the-Counter Derivatives Reform 2014.
A limited number of sponsorship options are available. Contact our spon-sorship department by telephone at 1.800.474.4829, ext. 285, or by email at [email protected].
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*Groups must register together at the same time to be eligible for group rates.
Course for Groups of 3 +
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Register by APRIL 4
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Prices subject to HST. Register byAPRIL 4to SAVE $100off the regular course fee.
Who Should Attend This Event:Managing Directors, Executive and Senior Vice-Presidents, Vice-Presidents, Traders, Directors, Chief Operating Officers, and other Senior Executives working within the following areas:
• OTC Derivatives and Clearing • Asset and Investment
Management• Brokerages• Commercial Banking• Compliance and Legal • Corporate Treasuries• Risk Management
• Credit Portfolio Management• Equity/Fixed income Treasury • Financial Consultancies• Hedge Funds• Legal Services• Liquidity Management • Market Makers• Middle/Back Office
• Institutional Investors• Insurance Companies• Pension Funds• Portfolio Management• Regulatory Authorities• Software/Technology
Provision• State Investment Funds
April 29 – 30, 2014TORONTO, ONTARIOOver-the-Counter Derivatives Reform