Creating our future... now

Brussels - Euroclear Collateral Conference 2018


Welcome and opening remarks

Our conference hosts...

... Marije Verhelst, Product Management Securities Lending and Collateral Management Services and Olivier de Schaetzen, Head of Product Solutions - Collateral Management, were joined by Euroclear's Head of Product, Strategy and Innovation, Jo Van de Velde to welcome delegates to the 2018 Euroclear Collateral Conference.


Collateral Trading

Recent regulation has dramatically changed the global collateral management landscape...

The market, has demonstrated its agility and responsiveness by adapting to take advantage of the resulting opportunities.

Moving away from balance sheet intensive trades to new forms of collateral trading such as collateral swaps, and the integration of previously siloed asset classes are just two examples of this agility.

Our panellists shared their views on the continuing evolution of the market and the opportunities this will present for their respective business lines.

Our Speakers:
Moderator: David Field
(Managing Director, The Field Effect)
Nicola Danese (Managing Director, responsible for EMEA FI Financing - JP Morgan)
Antoine Danneel (Head of Equity Finance EMEA - BNP Paribas)
Ciaran O'Flynn (Managing Director - Morgan Stanley)
Greg Markouizos (Managing Director and Global Head of Fixed Income Finance - Citi)
 


Euroclear update

Euroclear's Global Head of Securities Financing and Collateral Management Products...

Olivier Grimonpont on the latest news on Euroclear and GlobalCollateral's product and service development.


Repo & leverage - what the experts think

Should repos be used as a leverage tool and, if so, to what extent?

IMF economist Manmohan Singh and CEPS economist Daniel Gros exchange views on this and other related topics in this lively and interesting debate.

Our Speakers: 
Daniel Gros (Director - CEPS) 
Manmohan Singh (Senior Economist - International Monetary Fund)


Harmonisation in Europe: towards a collateral union?

The fragmentation of European markets is a challenge for every international firm...

With regulators and market associations pushing towards greater harmonisation and integration, our panellists took stock of what has been achieved, what is being worked on and what still needs to be addressed in the future.

Our Speakers: 
Moderator: Marcello Topa
 (Market Policy and Strategy Director - Citi)
Andreas Biewald
(Managing Director, Head of Secured and Unsecured Funding, Treasury Department - Commerzbank)
Vincent Dessard 
(Senior Regulatory Policy Advisor, European Funds and Asset Managers Association)
Paul Elkins 
(Head of Product Development for RepoClear, EquityClear and Collateral - LCH)
Bernhard Stricker (Adviser - European Central Bank)


New Market Places

As the industry prepares for the transparency, reporting and automation that MIFID 2 and SFTR will bring...

...new initiatives are being conceived that bridge the pre-to-post trade businesses and streamlined venues to trade bilateral repo, triparty repo and security lending transactions are being designed. 

Our panel will explore how these technology solutions will facilitate the movement of collateral management from an OTC, voice-traded and manual process to a more integrated and electronic All-to-All solution.

Our Speakers:
Moderator: Bill Foley (Director - SecFinHub Ltd.)
Charlie Badran (Senior Repo Trader - AXA Investment Managers)
Gabriele Frediani (Head of Business Development - Elixium)
Paul Jones (Repo Product Manager - Tradeweb)
David Raccat (CEO - Wematch.SecuritiesFinancing Ltd)


The view of the market observers

A select panel of economists and market observers looked at how non-technological trends...

 - politics, geo-politics, economics and infrastructure - are impacting the collateral management space.

Our Speakers:
Moderator: Godfried De Vidts (Chairman - ICMA ERCC)
Philip Middleton (Managing Director, Speciality Finance Global Research - BAML)
Manmohan Singh (Senior Economist - International Monetary Fund)
Michael Wagner (Partner in the Banking Practice - Oliver Wyman)


Technology Transformation

What will our industry look like in 10-15 years time?

A panel of experts looked at some of the developments that showcase the future uses of technology in our industry. In particular: how  AI, Cyber and Blockchain can really impact the collateral management business and speculating about what comes next.

Our Speakers:
Moderator:
 Nicolas Quairel (Partner, Global head of Technology and Digital Solutions - Mazars)
Yves Dupuy (Chief Information Officer - Euroclear)
Joséphine de Chazournes (Senior Research Analyst - Celent Securities & Investments)
David Nicol (Programme Manager - R3)
Gavin Wells (Head of Europe - Digital Asset)


In dialogue with Michael Spencer from NEX

Michael Spencer, founder of NEX, sat down for a fireside chat...

with Godfried de Vidts, Chairman of the ERCC, on NEX's beginning, growth and eventual acquisition by the CME group – as well as his predictions for the future of the markets



Welcome and opening remarks - Day 2

Our conference hosts...

... Marije Verhelst, Product Management Securities Lending and Collateral Management Services and Olivier de Schaetzen, Head of Product Solutions - Collateral Management, are joined by Euroclear's Chief Business Officer, Frederic Hannequart to welcome back delegates and introduce the day's topics on conversation.


Keynote - The Day after Tomorrow - Peter Hinssen

A serial entrepreneur, advisor, keynote speaker and author...

..., Peter Hinssen is one of the most sought-after thought leaders on radical innovation, leadership and the impact of all things digital on society and business.


A securities lending dialogue between the buy and the sell side

The securities lending business is in transition...

  • Demand for HQLA is shifting the balance from equities to fixed income.
  • Alternative trade set-ups such as pledge are increasingly being pushed to optimise banks' balance sheet usage.
  • SFTR may fundamentally impact the agency lending business model while creating more transparency. 
  • Waves 4 and 5 of the uncleared margin rules will require the buy-side to post collateral rather than receiving it - how will this impact their lending activities? 

This comprehensive panel established a dialogue between the sell-side, buy-side, and agent lenders to look into these, and more, changes. 

Our Speakers:
Moderator: Andrew Dyson (Chief Executive Officer - ISLA)
Moderator: Ed Oliver
 (Managing Director, Product Development - eSecLending (Europe) Ltd.)
Xavier Bouthors (Senior Portfolio Manager - NN Investment Partners’ Treasury Fixed Income Solutions)
Matthew Chessum
 (Investment Manager within the liquidity team - Aberdeen Standard Investments)
James Day
(Managing Director & Business Executive for Securities Finance in EMEA - BNY Mellon)
Mathew McDermott (Global Head of Cross Asset Financing - Goldman Sachs)
Ned Taylor
(Head of Repo Sales HSBC Bank PLC)
Roelof van der Struik
(Investment Analyst-Manager Treasury Trading & Commodities - PGGM)
Ueli von Burg (Head of Cash & Collateral Trading & Management - Zürcher Kantonalbank)

 


Uncleared margin rules

Taking stock of where we are and getting ready for waves 4 & 5...

The joint ISDA and SIFMA paper, released in July, highlighted substantial challenges for the implementation of waves 4 and 5 of the uncleared margin rules - primarily related to the scale and the large number of counterparties coming into scope. 

Looking ahead to increased margin call volumes, condensed settlement cycles, segregation requirements for Initial Margin (IM) and managing legal and counterparty risks, industry leaders will discuss the possible triparty and third party solutions.

Our Speakers :
Moderator: Amy Caruso 
(Chief Commercial Officer - DTCC-Euroclear Global Collateral Ltd.)
Bruno Canivet
 (Executive Director - JPMorgan Asset Management EMEA Product Implementation)
Fergus Pery (Director and Global Head of the Collateral Management Business - Citi) 
Tara Kruse (Global Head of Infrastructure, Data and Non-Cleared Margin - ISDA)
Benjamin Scarrott  (Vice President - Morgan Stanley)


Closing remarks

Our conference hosts...

... Marije Verhelst, Product Management Securities Lending and Collateral Management Services and Olivier de Schaetzen, Head of Product Solutions - Collateral Management, round off the conference with a few words - reflecting back over the past 2 days.