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Derivatives – Converging/Diverging

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  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    Derivatives Converging/Diverging The Road Ahead

  • Agenda Introduction

    Financial Crisis and Policy Responses

    Current Regulations and Fragmentation

    Convergence / Divergence

    Summary and conclusions

  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    LTCM

    Where do we come from?

    3

    LatAm sovereign

    debt crisis

    Savings & Loans

    Crisis

    Black Monday

    Junk bond crash

    Asia Crisis

    Dot Com Bubble

    Global Financial

    Crisis

    1982 1980s

    1987

    1989

    1998

    2000

    2008

  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    The latest financial crisis

    4

  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    Policy Reponses

    5

    All standardised OTC derivative contracts should be traded on exchanges or electronic trading

    platforms, where appropriate, and cleared through central counterparties by end-2012 at the

    latest. OTC derivative contracts should be reported to trade repositories.

    G20 statement from Pittsburgh; September 2009

    We call on the Basel Committee on Banking Supervision (BCBS), the International Organization

    for Securities Commission (IOSCO) together with other relevant organizations to develop for

    consultation standards on margining for non-centrally cleared OTC derivatives by June 2012, and

    on the FSB to continue to report on progress towards meeting our commitments on OTC

    derivatives.

    G20 statement from Cannes; November 2011

  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    Results in regulation

    6

    Timely confirmation

    Trade reporting

    Mandatory clearing

    Risk mitigation techniques bi-lateral margining

    Transparency and trading

    Etc..

  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    Global co-ordination?

    7

  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    Fragmentation?

    8

  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    Trends

    9

  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    Whats the trend?

    OTC or Exchange Bi-lateral or Cleared?

    10

  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    Whats the trend?

    OTC or Exchange Bi-lateral or Cleared?

    11

  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    Summary

    12

    Fragmentation

    Concentration

    Disruptors

  • Swedbank Author/Administrator Magnus Olsson

    Document name

    Vienna Post Trade Conference

    Specification

    Clearing - Road Ahead

    Date

    2015-09-11

    Thank you!

    13