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L&C 2015 Program


Tuesday, June 23, 2015 at 10:30 AM

7. Still Failing - Netting and Liquidation of a Customer

Salon 3, Lobby Level

Once a customer is in default, how can the clearing member liquidate the client and net its assets? Topics will include the differences between futures and OTC, and whether the position can or must be liquidated in a house or customer account. The panelists will discuss the FIA netting project, close out of cross margined products and issues that have come to light in other jurisdictions. The panel will also touch on the ISDA Resolution Protocol and Special Resolution Regimes and whether they make a bad situation better or worse?

Moderator:

Robert Klein, Managing Director & Counsel, Citigroup Global Markets

Speakers:

Ruth Arnould, Vice President & Assistant General Counsel, Bank of America Merrill Lynch
Seth Grosshandler, Partner, Cleary Gottlieb Steen & Hamilton
Allison Lurton, General Counsel & Senior Vice President, FIA
Lauren Teigland-Hunt, Managing Partner, Teigland-Hunt
Bob Wasserman, Chief Counsel, Division of Clearing and Risk, Commodity Futures Trading Commission
Michelle Weiler, Assistant General Counsel, ICE Clear Credit, Intercontinental Exchange