Issues related to Central Counterparty Clearing
Joint Conference of the ECB and the FRBC on the role of Central Counterparties (CCPs)
Frankfurt am Main, 03 - 04 April 2006
The European Central Bank (ECB) and the Federal Reserve Bank of Chicago (FRBC) are organising a joint conference on the role of Central Counterparties (CCPs). The conference will be hosted by the ECB in Frankfurt/Main on 3 and 4 April 2006. The conference will be devoted to public policy, research and legal issues, in particular clearing, risk management functions and procedures, and other matters related to CCPs.
The conference is intended to provide a forum for a multidisciplinary "law and economics" discussion of key public policy and research oriented issues relating to central counterparty clearing.
Venue:
European Central Bank (Eurotower)
Conference room CIV, 2nd floor
Kaiserstrasse 29
D-60311 Frankfurt am Main
| 11.00 – 11.15 | Opening Remarks: Gertrude Tumpel-Gugerell (Member of the Executive Board of the European Central Bank) en |
| 11.15 – 13.00 | Panel 1 Setting the Context Chair: Patrick M. Parkinson (Board of Governors of the Federal Reserve System) Diana Chan (Citigroup) pdf 59 kB, en, pdf 1.2 MB, en, Yvon Lucas (Banque de France) pdf 34 kB, en, Tomoyuki Shimoda (Bank of Japan) pdf 74 kB, en, John Trundle (Euroclear SA/NV) pdf 618 kB, en |
| 13.00 - 14.30 | Lunch Keynote Speech: Randall S. Kroszner (Governor, Board of Governors of the Federal Reserve System) en |
| 14.30 – 15.45 | Invited Session 1 CCP Foundational Issues Chair: Robert Steigerwald (Federal Reserve Bank of Chicago) Derivatives clearing, central counterparties and novation: the economic implications pdf 432 kB, en Robert Bliss (Wake Forest University) and Chryssa Papathanassiou (European Central Bank) pdf 91 kB, en Central counterparties pdf 1.7 MB, en Thorsten Koeppl (Queen’s University) and Cyril Monnet (European Central Bank) pdf 619 kB, en Discussant: Charles Kahn (University of Illinois) pdf 492 kB, en |
| 15.45 – 16.15 | Coffee Break |
| 16.15 – 18.00 | Invited Session II Collateral and Margins Chair: Douglas Evanoff (Federal Reserve Bank of Chicago) Intraday margining of central counterparties: EU practice and a theoretical evaluation of benefits and costs pdf 75 kB, en Froukelien Wendt (De Nederlandsche Bank) pdf 164 kB, en Valuation of collateral in securities settlement systems for extreme market events pdf 734 kB, en Alejandro García (Bank of Canada) and Ramo Gençay (Simon Fraser University) pdf 257 kB, en Extreme spectral risk measures: an application to futures clearinghouse margin requirements pdf 366 kB, en John Cotter (University College Dublin) and Kevin Dowd (Nottingham University) pdf 268 kB, en Discussant: Jean-Charles Rochet (University of Toulouse) pdf 155 kB, en |
| 20.00 – 22.00 | Conference Dinner( 1 ) Dinner Speech: Tommaso Padoa-Schioppa (Former Member of the Executive Board of the European Central Bank) pdf 34 kB, en |
| 09.00 – 10.45 | Panel II Industry Structure and Developments Chair: Alberto Giovannini (Unifortune Asset Management SGR) Peter Axilrod (The Depository Trust and Clearing Corporation) pdf 130 kB, en, Daniel Gisler (Eurex) pdf 124 kB, en, David Hardy (LCH.Clearnet Limited) pdf 232 kB, en, Kimberly S.Taylor (Chicago Mercantile Exchange) pdf 575 kB, en |
| 10.45 – 11.15 | Coffee Break |
| 11.15 – 12.30 | Invited Session III CCP Risk Management Chair: Jens Tapking (European Central Bank) Comparing the pre-settlement risk implications of alternative clearing arrangements pdf 268 kB, en John P. Jackson and Mark J. Manning (Bank of England) pdf 104 kB, en Default risk mitigation in derivatives markets and its effectiveness pdf 329 kB, en Rajna Gibson and Carsten Murawski (Swiss Banking Institute) pdf 508 kB, en Discussant: James T. Moser (Louisiana Tech University) |
| 12.30 – 14.00 | Lunch Keynote Speech: Michael Moskow (President of the Federal Reserve Bank of Chicago) en |
| 14.00 – 15.30 | Panel III CCPs and the Future Development of Financial Market Clearing and Settlement Chair: Daniela Russo (European Central Bank) pdf 121 kB, en Jill Considine (The Depository Trust and Clearing Corporation) pdf 102 kB, en, Ruben Lee (Oxford Finance Group), Mario Nava (European Commission) pdf 22 kB, en |
| 15.30 – 15.45 | Concluding Remarks: Jean-Claude Trichet (President of the European Central Bank) en |
( 1 ) Frankfurter Hof, Am Kaiserplatz 1, D-60311 Frankfurt am Main
For more information, you may contact:
European Central Bank
Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany
Fax: +49 69 1344 7488
E-mail:Stefania.Colletti@ecb.int
