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IOMA: WFE’s 36th Clearing & Derivatives Conference 2019

2 - 4 April 2019Mumbai, India

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About IOMA

IOMA: WFE's Clearing & Derivatives Conference brings together clearing houses, exchanges, regulators and other stakeholders from around the world to discuss the key market structure and business issues of the day. The focus of the two-day annual conference is post-trade and derivatives market issues.

Central clearing has increased remarkably in scale and scope since the global financial crisis more than a decade ago. As the industry gears up for the final stages of implementing post-crisis reforms, policymakers are calibrating the regulatory framework to ensure it appropriately incentivises clearing and supports systemic stability. The financial and operational resilience of CCPs is under the microscope and designing sensible policies to facilitate recovery and the orderly resolution of failing institutions is ongoing. Meanwhile, geopolitical ructions are giving rise to new challenges and opportunities to achieve a coherent cross-border framework.

Looking towards the future, participants will discuss the role derivatives markets can play in economic development and the prosperity of emerging markets. New technologies - such as those enabling crypto assets - require judicious treatment by policymakers and market infrastructures alike, as do crypto assets themselves. New challenges – from the shortage of collateral to cyber and enterprise risk – are here now, or around the corner. IOMA 2019 will bring together global leaders to explore these topics.

About the WFE

Established in 1961, the World Federation of Exchanges is the global industry association for exchanges and clearing houses. Headquartered in London, it represents over 200 market infrastructure providers, including standalone CCPs that are not part of exchange groups. Of our members, 37% are in Asia-Pacific, 43% in EMEA and 20% in the Americas. WFE exchanges are home to nearly 45,000 listed companies, and the market capitalisation of these entities is over $82.5 trillion; around $81.8 trillion (EOB) in trading annually passes through the infrastructures WFE members safeguard (at end 2017).

The WFE is the definitive source for exchange-traded statistics, and publishes over 350 market data indicators. Its statistics database stretches back more than 40 years, and provides information and insight into developments on global exchanges.

The WFE works with standard-setters, policy makers, regulators and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets. The WFE shares regulatory authorities’ goals of ensuring the safety and soundness of the global financial system, which is critical to enhancing investor and consumer confidence, and promoting economic growth.

About the NSE

The National Stock Exchange of India Limited (NSE), the largest stock exchange in India, has transformed the capital market. NSE offers access to multiple asset classes with a wide range of products and services for all category of investor and has garnered sustained leadership positions, both in India and globally. As per the World Federation of Exchanges, NSE is ranked No 1 on Index Options contracts, No 2 on Currency Derivatives contracts and overall ranks as the 3rd largest exchange in the world in terms of number of trades.

Incorporated on 30th June 1994, NSE was the first exchange in India to implement electronic or screen-based trading. NSE has a fully-integrated business model comprising exchange listings, trading services, clearing and settlement services, indices, market data feeds, technology solutions and financial education offerings. NSE is a pioneer in technology and ensures the reliability and performance of its systems through a culture of innovation and investment in technology. NSE also delivers innovation in both trading and non-trading business to provide high-quality data and services to market participants and its clients.

NSE operates a market ecosystem which is transparent and efficient, and at the same time offers high levels of safety, integrity and corporate governance. With a strong investor focus, NSE is committed to creating investment opportunities, providing easy access, and empowering all stakeholders to improve the financial well-being of people. In a world that changes shape by the second, NSE is constantly reinventing itself to redefine the future.

Speakers

Jon Cherry

Global Head of Options, Northern Trust Capital Markets

Jon Cherry is Global Head of Options at Northern Trust Capital Markets and is responsible for sales, business development, trading, and oversight of Northern Trust’s Options business.

The Options business is an Institutional Brokerage service which sits under Northern Trust Capital Markets. Jon and his core team are based in Chicago and are leading providers of trading and services to institutional clients, which include public funds, foundations and endowments, hedge funds and investment managers and family offices.

An industry veteran, Jon brings over 20 years' experience in the options market managing extremely large and complex client relationships.

Jon joined Northern Trust in November, 2015. Prior to joining Northern Trust, Jon ran his own trading group in Chicago, developing option strategies and trading for banks, hedge funds, and asset managers.

Dr. Pinar Emirdag

Senior Vice President, Head of Digital Product Development and Innovation, State Street

Pinar Emirdag joined State Street in January 2017. Pinar leads the  digital product development and innovation team with the objective of enabling the next financial services generation by developing new  products and services. Pinar has worked on a number of industry changing  initiatives; building new marketplaces and capital markets offerings throughout her career at the London Stock Exchange, ICAP, Liquidnet, Citigroup, and Lava Trading - a successful financial technology firm which was acquired by Citigroup.

In recent years, Pinar has worked on emerging business models and technologies, such as peer to peer financial services. She has also  worked on entrepreneurial initiatives as an executive, founder, advisor and board member. These include Clearmatics, R3, Hyperledger, Quantave, UK Digital Currency Association, Complymatic, Mathmoneyfx (now Symbiont) and Senahill Partners.

Pinar holds doctorate and master’s degrees in physics and a master’s degree in electrical engineering from Brown University. Pinar’s research field was development of new numerical techniques in theoretical particle physics. She continues to be involved in academic collaborations and regularly presents on regulation, technologies and market structures at events and conferences.

Vikram Limaye

Managing Director and Chief Executive Officer, National Stock Exchange of India Limited (NSE)

Vikram Limaye is the Managing Director and CEO of the National Stock Exchange of India Limited (NSE), which is the world’s second largest exchange in cash market trades and one of the top three exchanges in index and stock derivatives volumes.

Prior to joining NSE, Mr Limaye was the Managing Director & CEO of IDFC, a diversified financial services conglomerate.

Mr Limaye started his professional career with Arthur Andersen in Mumbai in 1987, while pursuing his Chartered Accountancy and worked in the audit and business advisory services groups of Arthur Andersen, Ernst & Young and the consumer banking group of Citibank, before going to the US in 1994 to pursue an MBA. After completing his MBA, he worked on Wall Street in the USA for 8 years with Credit Suisse First Boston in a variety of roles in investment banking, capital markets, structured finance and credit portfolio management, before returning to Mumbai, India in 2004.

He has contributed to various committees of government and industry associations, on a range of topics such as infrastructure, economic policy, markets, trade, minority affairs etc. He has been a speaker at various domestic and international conferences and has been part of international government delegations for infrastructure and foreign direct investments into India. He has also been on the boards of various corporates, educational institutions and not for profit organisations.

Vikram Limaye completed his Bachelors in Commerce from HR College of Commerce & Economics, Chartered Accountancy and a MBA in Finance and Multinational Management from the Wharton School of the University of Pennsylvania, USA.

Takeshi Shirakami

Deputy Head of the Secretariat, Committee on Payments and Market Infrastructures

Takeshi has been Deputy Head of the Secretariat of the Committee on Payments and Market Infrastructures (CPMI) since June 2016. As Deputy Head, he supports CPMI parent committee meetings and represents the CPMI at international groups, including the FSB Resolution Steering Group.

Before joining the BIS, he served as chief representative in Frankfurt of the Bank of Japan (BOJ) from 2014 until 2016. He joined the BOJ in 1993. At the BOJ he spent many years in the policy-making for financial market infrastructures (FMIs) and oversight of domestic and international FMIs. He represented the BOJ at FMI-related international committees, working groups and cross-border oversight arrangements. He also led a bank supervisory team for Japanese major financial institutions. He represented the BOJ at supervisory colleges and crisis management groups as well as contributed to FSB working groups related to bank supervision and resolution.

Earlier in his career he was a junior representative at the BOJ Frankfurt office (2000-2003) as well as a member of the CPSS Secretariat at the BIS (2008-2010). He studied law at Kyoto University and economics at University of Göttingen.

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