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 conference 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. CCP CLEARING
RISK MANAGEMENT
RECOVERY AND RESOLUTION
(EU)
LONDON 2ND - 3RD NOVEMBER 2017

2. THECONFERENCEPROGRAMME
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 conference 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.
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.
COURSE SUITABLE FOR:
• ANALYSTS
• CENTRAL BANK PERSONNEL
• COLLATERAL MANAGEMENT FUNCTION
• COMPLIANCE OFFICERS
• COMPLIANCE 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
CONFERENCE EXPERT TRAINERS:
JON GREGORY
Senior Advisor, Solum Financial Derivatives Advisory
MATTHEW GLASS
Vice President EMEA Regulatory Submissions, JP Morgan Asset Management
BIPIN PATEL
Consultant, Quantworks Limited
RODRIGO ZEPEDA
Co-Founder, Storm-7 Consulting Limited
BOOK NOW:
CONTACT: Client Services
TELEPHONE: UK +44(0)20 7846 0076
EMAIL: client.services@storm-7.com
ONLINE: www.storm-7.com

3. DAY 1
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 bailinable debt standards for CCPs.
• Developing Standardised Regulatory Stress Testing and
Disclosure.
DAY 2
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.
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.

4. © COPYRIGHT 2017 | STORM-7 CONSULTING
Level 24/25 The Shard | 32 London Bridge Street | London SE1 9SG
www.storm-7.com
‘‘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.’’