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ICMA Workshop: Professional Repo and Collateral Management
 
Date and Venue

Date:
1-2 June 2017
Time: 09.00-17.00

Venue:
5BG Building
5 Broadgate
London
EC2M 2QS


Event Overview

The ICMA European Repo and Collateral Council presents its 2017 Professional Repo and Collateral Management Course in London on 1-2 June 2017. This industry-run course caters to the needs of professional repo market participants and is provided at subsidised rates to ICMA members, underlining the association's commitment to education and the development of this financing product.

This annual event has established itself as the repo industry’s principal educational forum. Although designed for new repo market practitioners, the breadth and depth of the course attracts a wide range of delegates, including legal, compliance, accounting and operations staff, analysts, staff from market infrastructures, rating agencies, regulators, central bankers and others.

The course is built around a core of regular topics, supplemented by presentations on developments in market conditions, infrastructure and regulation, which are delivered by experienced practitioners and major service-providers. It starts with a thorough introduction to the repo instrument and market, which looks at the essential mechanics of the instrument, and its legal and economic foundations. The main types and variants of repo are also reviewed. Other core topics include the methodology of the risk and operational management of repo, with specific reference to the provisions of the Global Master Repurchase Agreement (GMRA) and the new Guide to Best Practice, as well as accounting and taxation treatment. The roles of key infrastructures such as CCP and tri-party agents are also examined and there is an overview of the pivotal role of repo in the markets for cash securities and derivatives.

Core topics include:
  • a thorough introduction to the repo instrument and market, looking at the legal construction, economic logic and operational mechanics of the instrument
  • the alternative forms of repo (repurchase transaction and sell/buy-back), synthetic substitutes and variants such as open, floating-rate, forward, evergreen and extendible repos
  • comparison with securities lending
  • how repo is priced
  • a review of the pivotal role of repo in the markets for cash securities and derivatives, both transactionally and analytically
  • the methodology of the risk and operational management of repo, with specific reference to the provisions of the Global Master Repurchase Agreement (GMRA) and the new Guide to Best Practice
  • the roles of key infrastructures such as CCPs and tri-party agents
Topical issues to be covered  include: the implications of T2S; updates on the impact of regulatory changes such as the Leverage Ratio, LCR, NSFR, CSDR, SFTR and MiFID/MiFIR; peer-to-peer trading; client clearing; the activity of the buyside.

The 2017 Agenda will be available soon, to view last year's agenda click here.

If you have any queries regarding this event, please contact Gemma Fisher.

This event will be hosted by UBS.

Delegate Fees

ICMA Member: £350 + 20% VAT
Non Member: £650 + 20% VAT

Delegate fees are payable, in advance of the course start date, by credit card (Visa, MasterCard) or on receipt of an invoice. To register please click here.





Thursday, 1 June 2017

08.30 Registration  
09.00 
Welcome to delegates from ICMA and ERCC
Godfried De Vidts, Chairman of ICMA’s ERCC Committee

09.10
Welcome to delegates from UBS
Gareth Allen, Global Head of Asset Sourcing and Optimization – Group ALM, UBS

09.20
The repo instrument: legal, economic and operational character
Richard Comotto, ICMA Centre at Reading University

10.30
Coffee break

10.50
Types of repo: repurchase transactions v sell/buy-backs; floating-rate, open, evergreen, forward, term & synthetic repo; GC v specials; repo v securities lending
Richard Comotto, ICMA Centre at Reading University

13.00
Lunch

14.00
The links between repos, bonds & derivatives
Khagendra X Gupta, JP Morgan

14.45
Pricing repo
Michael Manna, Managing Director, Head of Fixed Income Financing Trading, EMEA, Barclays Capital

15.30
Coffee break

15.45
The life cycle of a triparty repo trade
TBC, Clearstream

16.20
An overview of the repo market: 15 years of the ICMA survey
Richard Comotto, ICMA Centre at Reading University

17.00
Drinks Reception

18.00
Close




Friday, 2 June 2017


08.30
Tea & Coffee
 
09.00
Valuing collateral in an event of default
o    Issues to consider pre-default – lessons learned
o    Market data reliability in distressed markets
o    Choice of valuation methodology
o    Relevant GMRA clauses related to Default Market Value
o    Common issues of dispute between parties in close-outs

Chris Halas, FTI Consulting
Bruno Campana, FTI Consulting


10.00
Coffee break

10.15
Leverage Ratio and repo
Oliver Deutscher, Head of Repo, MM, Collateral Trading, DZ Bank AG

10.45
LCR, NSFR and repo
TBC, UBS

11.30
SFTR, MiFID, CSDR
Andy Hill, Senior Director, Market Practice and Regulatory Policy, ICMA
Alexander Westphal, Director, Market Practice and Regulatory Policy, ICMA

12.00
Lunch

12.45
CCPs: what they can and cannot do
Nigel Bradley, LCH

13.05
Client-clearing: the LCH sponsorship model
Julia Ylanen, LCH

13.30
Client Clearing: To clear or not to clear – the challenges of funding and financing for the buy-side
o    Capital & Capacity: Why the sell-side is forced to manage financing differently now?  (optional as you probably have covered it elsewhere)
o    Funding & Financing: What are the benefits of centrally cleared repos? What are the differences to non-CCP cleared repos? How can the buy-side access the interbank repo market? What are the limitations?

Frank Odendall, Eurex Clearing

14.00
Alternatives to CCPs in emerging markets
Philip Buyskes, Frontclear

14.20
T2S and what it means for repo
Nicholas Hamilton, JP Morgan

15.00
Coffee

15.15
Peer-to-peer trading in repo
Stephen Malekian, Elixium

15.45
Why and how the buyside use repo
Emma Cooper, Head of EMEA Repo Team, Black Rock
Richard Hochreutiner, Head Collateral Management, Swiss Re
Paul Van de Moosdijk, PGGM

16.45
Conclusion
Richard Comotto, ICMA Centre at Reading University

17.00
Event Close




Please note this agenda is subject to change

Keynote: The revised ICMA Primary Market Handbook

David Hopkins, Managing Director, Head of DCM Legal, RBS

Registration

This course is open to all ICMA members and interested financial market participants; however registration in advance is essential. To register, please click here.

Delegate Fees

ICMA Member: £350 + 20% VAT
Non Member: £650 + 20% VAT

Delegate fees are payable, in advance of the course start date, by credit card (Visa, MasterCard) or on receipt of an invoice.

Register on-line for the ICMA Workshop: Professional Repo and Collateral Management on 1-2 June 2017

Personal details

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Special requirements and comments

 

Terms and Conditions

1.1
I understand that my reservation for the above workshop shall be accepted and confirmed if ICMA sends me a respective confirmation in writing within 3 business days from receipt of my payment. I also understand that if ICMA does not send me such confirmation within the specified period my reservation could not be considered and that the workshop fee will be refunded to me in full.

1.2

I agree that ICMA shall have the right to cancel courses and workshops at its own discretion for any reason (including e.g. if a sufficient minimum number of participants is not reached before the start date of the relevant course). In the event of such cancellation, the course fee will be refunded to me in full. I agree that ICMA shall not be liable for any expenses incurred by me, my employer, or anyone else on my behalf, due to the cancellation.

1.3
In case I want to cancel my reservation for this workshop I shall notify ICMA (attention Events team) in writing without delay. I agree to the following cancellation fees being applied by ICMA:

until the 30th business day before the start date of the relevant course = 10%
from the 29th business day to the 15th business day before the start date of the relevant course = 50%
from the 14th business day to the last business day before the start date of the relevant course = 75%
on or after the start date of the relevant course = 100%

1.4
I agree that if I fail to attend this workshop no refund of the course fee shall take place.

1.5
I understand that substitutions can be made at no charge subject to the condition that ICMA (attention Events team) is notified accordingly in writing and provided with the details of the substitute (see 1. above) not later than 48 hours before the relevant workshop commences.

1.6
I agree that ICMA and its affiliate entities may retain the information supplied on this form on a database and use it for the purpose of course and event administration, and, UNLESS I have ticked the relevant boxes above, to compile a delegate list (including my name and that of my employer) to be distributed at the event in hard copy or to other registered delegates in electronic form as well as for the purposes of advertising future courses and events and promoting ICMA.

Delegate Fees
 
ICMA Members: £350 + VAT
Non-members: £650 + VAT

*Accomodation is not included in the price and delegates must arrange their own accomodation.



Please tick here to agree to the terms and conditions