This new and unique conference will provide delegates with a comprehensive understanding of central counterparty (CCP) clearing models and operational frameworks in the United States (U.S.). Delegates will receive in depth instruction on the U.S. CCP regulatory framework governed by the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity and Futures Trading Commission (CFTC) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Delegates will be able to practically compare a range of key issues affecting CCP offerings in the U.S. The conference will also provide deep coverage of margining practices, clearing models and agreements,operational risks, and risk management frameworks affecting CCPs. Delegates will also be guided through the intricacies of effective CCP Recovery and Resolution Plans, and CCP Default Management, Recovery and Continuity Frameworks.

1. CCP CLEARING
RISK MANAGEMENT
RECOVERY AND RESOLUTION (US)
MIAMI 2017
8TH - 9TH NOVEMBER

2. THE CONFERENCThis new and unique conference will provide delegates with a comprehensive
understanding of central counterparty (CCP) clearing models and
operational frameworks in the United States (U.S.). Delegates will
receive in depth instruction on the U.S. CCP regulatory framework
governed by the U.S. Securities and Exchange Commission
(SEC), the U.S. Commodity and Futures Trading Commission
(CFTC) and the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank). Delegates will
be able to practically compare a range of key issues
affecting CCP offerings in the U.S. The conference
will also provide deep coverage of margining
practices, clearing models and agreements,
operational risks, and risk management
frameworks affecting CCPs. Delegates will
also be guided through the intricacies of
effective CCP Recovery and Resolution
Plans, and CCP Default Management,
Recovery and Continuity Frameworks.
KEY BENEFITS:
• Advanced knowledge and
understanding of key CCP operational
areas (EU regulatory framework,
clearing models, agreements, margining
practices,operational risks, recovery and
resolution plans).
• Extensive Pre-Conference
Questionnaire to identify delegate’s key
course objectives.
• Comprehensive Conference
documentation.
• Post-Conference Expert Trainer follow-up
to guarantee all key course objectives have
been met.
EXPERT TRAINERS:
JON GREGORY
Senior Advisor, Solum Financial Derivatives Advisory
MATTHEW GLASS
Vice President EMEA Regulatory Submissions, JP Morgan Asset
Management
SOL STEINBERG
Founder, OTC Partners New York
RODRIGO ZEPEDA
Co-Founder, Storm-7 Consulting Limited

3. CE PROGRAMMEDAY 1: SESSIONS
SESSION 1: THE CENTRAL COUNTERPARTY (CCP) CLEARING MODEL
• An Overview of the CCP Clearing Model (Functional Definition; CCP Ownership; CCP Advantages
and Disadvantages; Novation; Cleared Products; Margining; Multilateral Netting; Risk and
Default; Loss Mutualisation; Auctions; Portability).
• CCP Regulation v. ‘Too Big To Fail’.
• Case Study: Options Clearing Corporation.
SESSION 2: THE U.S. CCP REGULATORY FRAMEWORK
• Differentiating CCPs in the U.S. (Derivatives Clearing Organization (DCO) and
Securities Clearing Agency (SCA)).
• The SEC, the CFTC and CCP authorisation, recognition and supervision.
• CCP operating, clearing and reporting obligations under the Dodd-
Frank framework.
• CCPs and cleared products (swaps, securities-based swaps, mixed
swaps).
SESSION 3: CCP CLEARING MODELS AND
AGREEMENTS (DIRECT AND INDIRECT)
• CCP and Client Clearing Documentation and common
negotiated provisions (Margin, Termination Events, Pre-
Default Porting).
• Customer clearing under modified Master Agreements.
• An Overview of ISDA® Clearing Agreements and
Addendums (US FIA-ISDA Cleared Derivatives Execution
Agreement + Addendum).
SESSION 4: DESIGNING EFFECTIVE CCP
DEFAULT MANAGEMENT, RECOVERY AND
CONTINUITY FRAMEWORKS
• The 2012 CPMI-IOSCO Principles for Financial
Market Infrastructure.
• The ISDA® Principles for CCP Recovery and CCP
Default Management, Recovery and Continuity.
• Developing new Total Loss Absorbing Capacity
(TLAC) or bailinable debt standards for CCPs.
• Developing Standardised Regulatory Stress Testing
and Disclosure.
DAY 2: WORKSHOPS
WORKSHOP 1: CCP OPERATIONAL RISKS
• Default risks (CCP Member default, Distress, or
Resignations; Failed Auctions, Reputational).
• Non-default loss events (Fraud, Operational risk,
Investment Risk, Legal risk, Model risk, Liquidity risk).
WORKSHOP 2: CCP RISK MANAGEMENT
FRAMEWORKS
• Membership Requirements, Transparency, Margin
Methodology, Stress Testing, Risk Policy Issues, MiFID II Open
Access.
• Mutualised Default Funds, Default Waterfall, Default Fund
Margin, Skin in the Game, and Rights of Assessment.
• Recovery Tools (Default and Non-Default Losses).
WORKSHOP 3: CCP MARGINING PRACTICES
• CCP Margining Risks, Initial and Variation Margin, Interest Rates,
Haircuts and Cross-Margining.
• CCP Margin Methodologies.
• Margin Segregation (omnibus, individual, legal segregation with operational
commingling (LSOC)) and Re-hypothecation.
• EU two-day net margin v. U.S. one-day gross margin.
WORKSHOP 4: CCP RECOVERY AND RESOLUTIONS PLANS
• Resilience Incentives, Initial and Variation Margin Haircuts.
• CCP Points of Non-Viability, Emergency Liquidity Arrangements, Auction Participation,
Continuity of Service.
• CCP Resolution Powers, Loss Allocation Arrangements, and CCP Default Management Process.
• Cross-Border Cooperation and Coordination with Regulatory Authorities.

4. © COPYRIGHT 2017 | STORM-7 CONSULTING
Level 24/25 The Shard | 32 London Bridge Street | London SE1 9SG
www.storm-7.com
‘‘Comprehensively understanding the complexity of the
dualregulated CCP clearing model in the US should be a priority
for firms seeking to enhance their risk management frameworks
and multilateral margining practices.’’
Disclaimer: ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc., and Storm-7 Consulting
Limited is neither sponsored by nor affiliated with the International Swaps and Derivatives Association, Inc. (ISDA), and the public
is hereby informed that Storm-7 Consulting Limited holds no commercial, private, or other relationship with ISDA.