Risk Implications of Cleared Vs Non-Cleared Derivatives

Quantifi, EY, CME and Citigroup as well as over 100+ senior practitioners from leading financial institutions, regulators and other market participants joined one evening for a compelling discussion including unique insights ‘Risk implications of cleared vs non-cleared derivatives’

Co-hosted by Quantifi & EY

 

This seminar explored and highlighted that while clearing mostly alleviates counter-party credit risk, it also creates significant funding costs and may even lead to a liquidity crisis by requiring initial and variation margins. At the same time, non-cleared trades will be required to put initial margins as well. Evaluating margin costs, both current and future, will become very important and also a challenging problem in risk management of cleared as well as non-cleared derivatives.

Agenda

  • Regulatory reforms and implications for clearing
  • Impacts of clearing vs non-clearing on credit risk profile
  • Collateral considerations in margining of un-cleared swaps
  • Risk management in CCP

Speakers

  • Dmitry Pugachevsky, Director of Research, Quantifi
  • Andrew Lese, Principal, EY LLP
  • Gonzalo Garcia Kenny, Head of US Portfolio Optimization, Citi
  • Udesh Jha, Executive Director, CME