This new and unique two day conference will provide delegates with a comprehensive understanding of central counterparty (CCP) clearing models and operational frameworks in the European Union (EU). Delegates will receive in depth instruction on the EU CCP regulatory framework governed by the European Securities and Markets Authority (ESMA) and the European Market Infrastructure Regulation (EMIR). Delegates will be able to practically compare a range of key issues affecting CCP offerings in the EU. The course will also provide deep coverage of margining practices, clearing models and agreements, operational risks, and risk management frameworks affecting CCPs. Finally, delegates will be guided through the intricacies of effective CCP Recovery and Resolution Plans, and CCP Default Management, Recovery and Continuity Frameworks.

1. 6th
–7th
October 2016
London, UK
CCP Clearing, Risk Management,
Recovery and Resolution (EU)
Your 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
Bipin Patel, Consultant, Quantworks Limited
Rodrigo Zepeda, Co-Founder, Storm-7 Consulting LTD
The Conference Programme
This new and unique two day conference will provide delegates with a comprehensive understanding of central
counterparty (CCP) clearing models and operational frameworks in the European Union (EU). Delegates will
receive in depth instruction on the EU CCP regulatory framework governed by the European Securities and
Markets Authority (ESMA) and the European Market Infrastructure Regulation (EMIR). Delegates will be able to
practically compare a range of key issues affecting CCP offerings in the EU. The course will also provide deep
coverage of margining practices, clearing models and agreements, operational risks, and risk management
frameworks affecting CCPs. Finally, delegates will be guided through the intricacies of effective CCP Recovery
and Resolution Plans, and CCP Default Management, Recovery and Continuity Frameworks.
Media Partners
Address: Level 24/25 The Shard
32 London Bridge Street
London SE1 9SG
Telephone: UK +44(0)20 7846 0076
Email: customer.services@storm-7.com
Online: www.storm-7.com

2. The rise in the CCP clearing model in the EU has precipitated
an urgent need for market participants to comprehensively
understand the complexities of CCP regulatoryand risk
frameworks, margining practices, clearing agreements, and
recovery and resolution plans.
The Conference Programme
Day 1: Sessions Day 2: Workshops
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: LCH.ClearnetSwapclear.
SESSION 2: The EU CCP Regulatory Framework
• ESMA and CCP authorisation, recognition and supervision in the
EU.
• CCP operating, clearing and reporting obligations under the EMIR
framework.
• CCP Cleared Products, Reporting, Interoperability, Third Country
CCPs.
• Basel III capital treatment/risk weightings for Qualifying and Non-
Qualifying CCPs.
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 (EU
ISDA/FIA 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 bail-
inable debt standards for CCPs.
• Developing Standardised Regulatory Stress Testing and
Disclosure.
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.

3. Conference Expert Trainer Biographies
Jon Gregory is an independent expert in the area of counterparty credit risk and xVA related projects.
He has worked on many aspects of credit risk in his career, being previously with Barclays Capital, BNP
Paribas and Citigroup. Jon is the author of several books and articles, including "Basket Default Swaps,
CDOs and Factor Copulas", 2005 Journal of Risk, Vol. 7, No. 4, pp. 103-122 (with J-P Laurent), “Closing
out DVA”, 2013, Risk, January, pp. 74-78, “Central Counterparties: Mandatory Central Clearing and
Bilateral Margin Requirements for OTC Derivatives” (2014, Wiley), “Counterparty Credit Risk, the new
challenge for global financial markets” (2009, Wiley) which is now in its third edition, and “Credit
Derivatives: The Definitive Guide” (2003, Risk). Jon is Senior Advisor at Solum Financial Derivatives
Advisory, and is a faculty member at London Financial Studies and also for the Certificate of Quantitative
Finance (CQF).He holds a BSc from the University of Bristol and a PhD from Cambridge University.
Matthew Glass has over 30 years of professional expertise acquired across the financial services
industry. He is a Fellow (FCSI) of the Chartered Institute for Securities and Investments (CISI) and is a
committee member (ex-Chairman) of the CISI Operations Forum. Previous roles include Corporate
Actions Clerk at Sheppards & Chase (1983-1985) and at Schaverien & Co. Stockbrokers (1985-1987).
He was Senior Manager Corporate Actions (1987-1992), Regional Head of Corporate Actions (1992-
1995), and Head of Operations (1995-2010) at Kleinwort Benson Private Bank. In his role of Head of
Operations, Technology and Client Service at CME Group, CME Clearing Europe (2010-2015), he led
the operational build out of a start up European Derivatives Clearing House under European regulation,
and recruited a new team to operate BAU derivatives clearing. Matthew headed the Clearing House
transaction reporting solution, was Lead Onboarder for Clearing Member and client onboarding, led
regulatory projects for operational aspects (EMIR re-authorisation, MiFID, etc.), and was Operational
Liaison with the Chief Operations Officer for the national regulator, the Bank of England.
Sol Steinberg is an expert consultant specializing in OTC derivatives markets, including practices
relating to regulation, risk management, market structure, collateral, valuation, and financial technology
systems. Sol is the founding partner of his firm 'OTC Partners', which is a boutique value add firm based
in New York that specialises in research, content, and business development. OTC Partners has
developed a number of leading research reports covering global capital markets, has advised central
banks on market dynamics in Singapore, Chile, Peru, Mexico, and Colombia , as well as helping to
spearhead the evolution of Chinese OTC derivatives markets in Beijing, Jinan, Quango, and Shenzhen.
Sol's extensive professional experience encompasses a senior executive position at LCH.Clearnet and
nearly a decade of OTC derivatives product development, risk management, and valuation for Citi. Sol
has successfully commercialised data and analytics tools (e.g. SMART tool, Risk Explorer, Global Market
Risk, CCP2) and has gained a number of prestigious globally recognised industry awards in the process.
Bipin Patel is an expert consultant at Quantworks Limited, which provides advisory services in the
areas of central clearing, quantitative risk, optimisation of margin, collateral, and capital, as well as the
management, governance and regulation of risk within the investment banking and hedge fund sectors.
Bipin has amassed over 26 years of professional experience in the financial sector, and aims to assist
firms to assess and exploit opportunities in the areas of risk quantification, management, and analytics,
by helping firms deal with new financial infrastructure, regulatory, and capital requirements. At
LCH.Clearnet (2012-2015) he was the Head of Business Risk, SwapClear – Listed Rates, Head of
Business Risk, Exchanges, and Senior Manager, Member Capital Analytics and Quantitative Risk
ForexClear. At Barclays (2011-2012) he was Vice President, Global Markets – Prime Services Risk. At
Rule Financial (2009-2011), he was Principal Consultant – Derivatives and Risk Analytics, Principal
Consultant, and Risk Analyst. He has an M.Sc. in Theoretical Physics from the University of
Pennsylvania, and is CQF and CFA (Level II) qualified.
Rodrigo Zepeda is an expert consultant who specialises in derivatives and financial services law,
regulation, and compliance. He holds a LLM Masters degree in International and Comparative Business
Law, has been an Associate of the Chartered Institute for Securities & Investment since 2004, and has
passed the New York Bar Examination. He is a Reviewer for the Journal of Financial Regulation and
Compliance and has also published widely in leading industry journals such as the Capco Institute's
Journal of Financial Transformation, the Journal of International Banking Law and Regulation, as well as
e-books on derivatives law. Noted publications include "Optimizing Risk Allocation for CCPs under the
European Market Infrastructure Regulation"; "The ISDA Master Agreement 2012: A Missed Opportunity";
"The ISDA Master Agreement: The Derivatives Risk Management Tool of the 21st Century?"; and "To
EU, or not to EU: that is the AIFMD question".

4. Course Suitable for
 Analysts
 Central Bank Personnel
 Collateral Management Function
 Compliance Officers and Managers
 Credit and Legal Professionals
 Dealers
 Fund Managers
 Heads of Compliance
 Heads of Operations
 Heads of Risk
 In-House Legal Counsel
 ISDA Negotiators
 OTC Derivatives Documentation
Managers
 OTC Derivatives End-Users
 Risk Officers and Managers
 Treasury Function
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
 Lenovo 8" Yoga Tablet pre-loaded with
Conference presentations and
documentation to take-away
 Comprehensive Conference
documentation
 Post-Conference Expert Trainer follow-up
to guarantee all key course objectives
have been met
© Copyright 2016, Storm-7 Consulting Limited
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.
Conference Venue
Mondrian London at Sea Containers
20 Upper Ground, London, SE1 9PD Agua Bathhouse and Spa
Conference Special Offers
"Stay 3 Pay 2"
To Register
Contact: Storm-7 Sales Team
Telephone: UK +44(0)20 7846 0076
Email: sales@storm-7.com
Foyer Online: www.storm-7.com/event-bookings