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L&C 2017 Program

May 3-5, 2017 // Omni Shoreham Hotel // Washington, DC


Friday, May 5, 2017 at 7:45 AM

Breakfast Breakout: Direct Funding Participant Model

Regency Ballroom
This panel will discuss the CMEs proposed Direct Funding Participant (DFP) Program, which is a new type of clearing membership designed to offer individual segregation to market participants and to avoid fellow customer bankruptcy risk by having the DFP deposit initial and variation margin directly with the CME.  The proposal will require the FCM to guarantee the DFPs obligations to CME. The panel will discuss the DFP membership requirements for DFPs and DFP guarantors, the mechanics of the proposal and the pros and cons of the DFP program from the end-user and FCM perspectives.  The panel will compare and contrast alternative individual segregation models at Eurex and LCH.

Moderator:

Bruce Beatus, Director & Associate General Counsel, Bank of America Merrill Lynch

Speakers:

John McKinlay, Director & Associate General Counsel, CME Group
William Nissen, Partner, Sidley Austin
Greg O'Donohue, Director & Senior Legal Counsel, Derivatives, Ontario Teachers' Pension Plan
Michael Parodi, Vice President & Counsel, Credit Suisse Securities