This new and highly unique Central Counterparty (CCP) interoperability training course seeks to provide attendees with comprehensive training in the latest cutting-edge areas pertaining to CCP interoperability arrangements. The training course seeks to draw from a broad range of sources in order to ensure that attendees are expertly guided through all the latest legal, financial, operational, and technological issues governing CCP interoperability arrangements throughout the European Union (EU). The training course will not only cover existing legal frameworks under the European Market Infrastructure Regulation (EMIR), but also best practices governing interoperability arrangements. It will identify the range of advantages and operational risks relating to interoperability and will also benchmark financial instruments markets in order to review the feasibility of implementing interoperability arrangements in those markets. The harmonisation and standardisation of interoperability arrangements has been proposed by industry participants as a way forward for implementing effective interoperability arrangements. The course will propose what a European Convention on CCP Interoperability might look like in practice, and how Distributed Ledger Technology (DLT) Platforms could facilitate more efficient and effective interoperability arrangements in the future.

1. Central Counterparty
(CCP) Interoperability

2. This new and highly unique Central Counterparty (CCP)
interoperability training course seeks to provide attendees
with comprehensive training in the latest cutting-edge
areas pertaining to CCP interoperability arrangements.
The training course seeks to draw from a broad
range of sources in order to ensure that attendees
are expertly guided through all the latest legal,
financial, operational, and technological issues
governing CCP interoperability arrangements
throughout the European Union (EU).
The training course will not only cover existing
legal frameworks under the European Market
Infrastructure Regulation (EMIR), but also best
practices governing interoperability arrangements.
It will identify the range of advantages and
operational risks relating to interoperability and will
also benchmark financial instruments markets in order
to review the feasibility of implementing interoperability
arrangements in those markets.
The harmonisation and standardisation of interoperability
arrangementshasbeenproposedbyindustryparticipantsasaway
forward for implementing effective interoperability arrangements.
The course will propose what a European Convention on CCP
Interoperability might look like in practice, and how Distributed
Ledger Technology (DLT) Platforms could facilitate more efficient
and effective interoperability arrangements in the future.
“Absolutely indispensable training and
an absolute must for all professionals
operating in the Central Counterparty
and over-the-counter derivatives
industry today.”
21
ABOUT THE COURSE

3. 3 4
ABOUT storm-7
Storm-7 Consulting is an international consulting company that
provides premier intelligence, insight and support to global financial
institutions. We provide cutting-edge conferences, events, public
training courses, and in-house training courses to leading firms globally.
We provide expert regulatory compliance training covering areas such
as GDPR, MiFID II, AEOI, FATCA & CRS, MAD 2 MAR (Market Abuse),
CRD IV, PRIIPs, Solvency II, PSD 2, CCP Clearing, AML/CTF, Stress
Testing, Senior Managers and Certification Regime.
We provide unique and highly innovative marketing services to firms
operating in the banking, financial services, Regulatory Technology
(RegTech), and Financial Technology (FinTech) sectors.
We have received enquiries and bookings from leading firms around
the world, such as the Abu Dhabi Investment Authority, Rothschild
Investment Management (UK) Limited, Dubai Financial Market, CAF
the Development Bank of Latin America, the Central Bank of Ireland,
the Central Bank of Russia, APG Asset Management, Royal London
Asset Management, Brandes Investment Partners, Eversheds, Erste
Group, Millenium Information Technologies, Deutsche Bank, Bethmann
Bank AG, ICBC Standard Bank, Gulf International Bank, Raiffeisen Bank
International AG, and BGC Partners.
We have collaborated with firms around the world, such as the United
Kingdom Financial Conduct Authority, Thomson Reuters, Sopra Steria,
Sungard, Capco, OTC Partners New York, IHS Markit, Eze Castle
Integration, ICMA Centre, Sybenetix, Heriot Watt University, JP Morgan
AssetManagement,CustomHouseGlobalFundServices,CassBusiness
School, Rixtrema, Solum Financial, D2 Legal Technology, Eurekahedge,
Financial IT, HedgeConnection, Alpha Journal, ATMonitor, HF Alert, and
CrowdReviews.

4. SESSION 4: THE FUTURE OF CCP INTEROPERABILITY
• Benchmarking Interoperability Financial Instrument Markets (Transferable Securities,
Money-Market Instruments, Other Financial Instruments), and Addressing the Challenges
of OTC Derivatives CCP Interoperability Arrangements.
• A Review of the Viability and Content of the European Convention on CCP Interoperability.
• Distributed Ledger Technology Platforms and CCP Interoperability.
SESSION 3: CCP OPERATIONAL CASE STUDIES
• Case Study 1 – Interoperability (LCH.Clearnet LTd and Six x-clear), (Chi-X Europe, European
Multilateral Clearing Facility N.V., LCH.Clearnet Ltd, Six x-clear).
• Case Study 2 – Cross-Margining Arrangements.
• Case Study 3 – Mutual Offset Arrangements.
5 6
SESSION 1: INTEROPERABILITY ARRANGEMENTS
• Interoperability Arrangements under EMIR (Risk Management, Provision of Margin Among CCPs, Approval
of Interoperability Arrangements), and Interoperability Models (Participant Link, Peer-to-Peer Link).
• Committee on Payment and Settlement Systems (CPSS) and International Organization of Securities
Commissions (IOSCO) Principles for financial market infrastructures (April 2012) Guidance on Financial Market
Infrastructure (FMI) links.
• European Code of Conduct for Clearing and Settlement (7th November 2006).
SESSION 2: INTEROPERABILITY RISKS AND RISK MANAGEMENT
• Inter-CCP Exposures, Inter-CCP Collateralization, Operational Risks, Financial Risks, Legal Risks (Settlement
Finality, Novation, Multilateral Netting).
• Identifying Link-Related Risks, Interoperability Links and Oversight (Bank of England Interoperability
Guidelines and Recommendations (November 2014), ESMA Interoperability Arrangements Guidelines and
Recommendations (2013).
• ESMA Possible Systemic Risk and Cost Implications of Interoperability Arrangements (1st March 2016), Risk
Event Scenarios, Contagion Risks, Network Effects.
course schedule

5. 7 8
Rodrigo Zepeda is Co-Founder and Managing Director of Storm-7
Consulting. He is an expert consultant who specialises in derivatives
and banking and financial services law, regulation, and compliance. He
is an expert in a very broad range of regulatory compliance frameworks
such as FATCA, the OECD CRS, MiFID II, MAD 2 MAR, PSD2, CRD
IV, Solvency II, OTC Derivatives, CCP Clearing, PRIIPs, BRRD, AML4,
and the GDPR. He holds a LLB degree, a LLM master’s degree in
international and Comparative Business Law and has passed the New
York Bar Examination.
He was an Associate (ACSI) of the Chartered Institute for Securities
& Investment from 2004 to 2014 and is now a Chartered Member
(MCSI). He has created and delivered numerous conferences and
training courses around the world such as ‘FATCA for Latin American
Firms’ (Santo Domingo, Dominican Republic, Panama City, Panama),
‘MiFID II: Regulatory, Risk, and Compliance (London, United Kingdom
(UK), ‘Market Abuse: Operational Compliance’ (London, UK), and AEOI
(FATCA & CRS) Compliance and Technology (Manama, Bahrain). He
has also delivered numerous in-house training Courses around the
world to major international financial institutions such as The Abu
Dhabi Investment Authority (MiFID II: Operational Compliance, Abu
Dhabi, the United Arab Emirates), the United Nations Principles of
Responsible Investment (MiFID II: Final Review, London, UK), CAF,
the Development Bank of Latin America (Swaps and Over-the-counter
Derivatives, Lima, Peru), and Rothschild Investment Management (UK)
Limited (AEOI) (FATCA & CRS) Operational Compliance, London).
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?”; “To EU, or not to EU: that is the AIFMD question”; and “The
Industrialization Blueprint: Re-Engineering the Future of Banking and
Financial Services?”.
• The only kind of cutting-edge training course covering
CCP interoperability that exists around the world today.
• Very extensive training in key CCP Interoperability
frameworks that are in place across the EU.
• Highly interactive training sessions with a client
review session scheduled at the end of each day.
• In-depth coverage of key areas across a multitude
of different CCP interoperability areas.
• Highly comprehensive training manual and
materials containing additional materials which
can be used for future reference purposes.
• Invaluable insights covering legal, operational,
technological, and strategic perspectives
of key interoperability frameworks.
Contact: Client Services
Telephone: UK + 44(0)20 7846 0076
Email: client.services@storm-7.com
Online: www.storm-7.com
expert trainerKEY BENEFITS

6. Central Counterparty
(CCP) Interoperability
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