Cleartrade Roundtable Voting Questions Responses

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Cleartrade Roundtable Voting Questions Responses

  1. 1. Strictly Private and Confidential Global Transformation of Over-the-Counter (OTC) derivatives markets – 2011 reflection and what ’ s ahead in 2012
  2. 2. 1. Do you expect the first iterations of the G20 regulatory reforms to be implemented during 2012 as outlined by Dodd Frank and the CFTC? <ul><li>Yes in the times outlined </li></ul><ul><li>Within 6 months of the stated times </li></ul><ul><li>Within 12 months of the stated times </li></ul><ul><li>No, I do not expect them to happen </li></ul>Cross-Tab Label 0 / 40
  3. 3. 2. Is your organization having to invest in technology or services to meet the anticipated requirements of the derivatives reform? <ul><li>Yes we have projects underway </li></ul><ul><li>We are planning to start in 2012 </li></ul><ul><li>No but we need to do something </li></ul><ul><li>No – it does not affect us </li></ul>Cross-Tab Label 0 / 40
  4. 4. 3. Do you think a Central Limit Order Book operating as a “Swap Execution Facility” will improve liquidity? <ul><li>Yes, a central market improves liquidity by offering anonymous & transparent trading. </li></ul><ul><li>It will take time to adopt </li></ul><ul><li>No it will impair market behaviour </li></ul>Cross-Tab Label 0 / 40
  5. 5. 4. Do you have a readiness plan (regulation, compliance & process) for the upcoming changes? <ul><li>Yes we have suitable project committees in place </li></ul><ul><li>We are planning to start in 2012 </li></ul><ul><li>No but we need to do something </li></ul>Cross-Tab Label 0 / 40
  6. 6. 5. Will Central Counterparty service providers (Clearing Houses) become too big to fail? <ul><li>No, this is a proven and trusted model of risk management </li></ul><ul><li>It depends on controls, governance and reporting </li></ul><ul><li>Yes, we are just moving the problem down the chain </li></ul><ul><li>I don ’t have an opinion </li></ul>Cross-Tab Label 0 / 40
  7. 7. 6. Do you think this regulatory change will represent a positive return on investment and that cost benefits are understood in the long term? <ul><li>It’ s going to happen no matter what the cost </li></ul><ul><li>We will undertake our own justification as requirements become clear </li></ul><ul><li>The industry has not undertaken a cost/benefits review </li></ul>Cross-Tab Label 0 / 40

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