Conference Programme

    • 08:00 - 10:00

      Registration

      ERWG and CCPWG Members only
      Venue: Malta Stock Exchange
    • 09:00 - 13:00

      Enterprise Risk Working Group (ERWG) Congress

      ERWG Members only
      Venue: Malta Stock Exchange
    • 13:00 - 14:00

      Lunch

      ERWG Members only
      Venue: Malta Stock Exchange
    • 14:00 - 17:00

      Enterprise Risk Working Group (ERWG) Congress

      ERWG Members only
      Venue: Malta Stock Exchange
    • 19:00 - 21:00

      ERWG Dinner

      ERWG Members only - Venue tbc
    • 09:00 - 12:30

      Enterprise Risk Working Group (ERWG) Congress

      ERWG Members only
      Venue: Malta Stock Exchange
    • 12:30 - 13:00

      Bell-Ringing Ceremony

      Venue: Malta Stock Exchange
    • 13:00 - 14:45

      Lunch

      ERWG and CCPWG Members only
      Venue: MUZA Restaurant in Valletta
    • 13:00 - 16:00

      Registration

      All participants
      Venue: Hilton Malta
    • 14:45 - 18:00

      CCP Working Group Meeting

      CCPWG Members only
      Venue: Malta Stock Exchange
    • 18:30 - 21:00

      Welcome Reception

      All Participants

      Bus transfers from the Malta Stock Exchange to the Hilton Malta will be provided after the Welcome Reception. The first bus will depart at 20:30 and the second at 21:00.


      Venue: Malta Stock Exchange
    • 07:30 - 08:30

      IOMA Conference Coffee and Registration

      All participants
      Venue: Hilton Malta
    • 08:30 - 09:00

      IOMA: WFE's 37th Clearing and Derivatives Conference - Opening Remarks

      All Participants
      Venue: Hilton Malta
      • Nandini
        Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
      • Nandini Sukumar

        Chief Executive Officer The World Federation of Exchanges

        Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. WFE exchanges are home to nearly 45,000 listed companies, the market capitalization of these entities is over $82.5 trillion and around $81.8 trillion in trading annually passes through the infrastructures that the WFE members safeguard. Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s DLT Workstream.

        Ms. Sukumar has been CEO of the WFE since March 2015. Prior to this, she served as Acting Chief Executive Officer from November 2014, having been recruited by the WFE Board as Chief Administrative Officer in May 2014 to run the Federation on a daily basis and work with its global network of members as a proponent of the benefits of fair, orderly, public markets. Ms. Sukumar came to the WFE after a 14-year career at Bloomberg where she created, grew and ran their coverage of market structure, exchanges and UK regulation.

      • Joseph
        Joseph Portelli Executive Chairman Malta Stock Exchange
      • Joseph Portelli

        Executive Chairman Malta Stock Exchange

        Joseph Portelli has over 33 years’ experience employed in various capacities within the financial industry in the U.S and in Malta. He has vast experience as a portfolio manager, currency and commodity trader and has been employed with Bank of America, Nomura Securities, Goldman Sachs, Millburn Ridgefield, Global Capital, and Liongate Capital Management. He was also chief investment officer and managing director of FMG Funds, an emerging markets specialist.  

        He is currently Executive Chairman of the Malta Stock Exchange and Malta Stock Exchange Institute. Joseph founded the Institute of Investment Analysis and was a visiting lecturer at the University of Malta.

      • Dr. Urs
        Dr. Urs Rüegsegger Chairman, SIX Swiss Exchange and WFE Chairman
      • Dr. Urs Rüegsegger

        Chairman, SIX Swiss Exchange and WFE Chairman

        Urs Rüegsegger served as the Group Chief Executive Officer of SIX Group AG from 2008 to December 2017. Prior to this he held the position of Head of the Executive Committee of St. Galler Kantonalbank. He joined the bank in 1993 as Head of Controlling, Accounting and Risk Management and was appointed to the Executive Committee in 1997. In 2000 he took charge of the IPO, which was successfully launched in 2001.

        As Head of the Executive Committee he also held various positions with the Association of Swiss Cantonal Banks since 2001.

        After completing a degree in business studies at the University of St. Gallen, Urs Rüegsegger started his career at Swiss Re in the area of IT. He was deeply involved in the development of commercial applications and the restructuring of Swiss Re's service branch. He transferred to St. Galler Kantonalbank in late 1993 after assuming financial responsibility for Audatex, an international subsidiary group of Swiss Re.


      • Pedro
        Pedro Gurrola-Perez Head of Research The World Federation of Exchanges
      • Pedro Gurrola-Perez

        Head of Research The World Federation of Exchanges

        Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013,  after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM).

        Pedro holds two PhDs: one from the University of Barcelona, Spain, and one from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT) for securities settlement,  on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, back-testing methodologies and on the structure of interest rate futures markets. In  2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer).

    • 09:00 - 11:30

      Session 1: Access to clearing. Can we fix it?

      Venue: Hilton Malta
      Chair
      • Klaus Martin
        Klaus Martin Löber Head of the Oversight Division European Central Bank
      • Klaus Martin Löber

        Head of the Oversight Division European Central Bank

        Klaus Martin Löber is Head of the Oversight Division of the European Central Bank, in charge of the oversight of financial markets infrastructures and payments instruments and acts as chair of the ESCB working group on oversight. His areas or responsibility also encompass the ECB’s global regulatory policy activities with a focus on payments and market infrastructures. Furthermore, Mr Löber is contributing to the ECB’s fintech and digital innovations agenda and acts as chair of the CPMI working group on digital currencies and co-chair of the CPMI-IOSCO working group on digital innovations looking into relevant developments.

        Prior to his current position, from 2012 to 2016, Mr Löber was Head of the Secretariat of the Committee on Payments and Market Infrastructures (CPMI) hosted by the Bank for International Settlements in Basel, Switzerland, a global regulatory standard setting body in the areas of payments, clearing and settlement. In this capacity, he was a member of the Resolution Steering Group of the Financial Stability Board (FSB), a member of the FSB Standing Committee on Standards Implementation, secretary of the CPMI-IOSCO Steering Group and co-chair of the CPMI-World Bank Retail Payments Forum.

        Earlier positions include the European Central Bank, the European Commission, Deutsche Bundesbank and private practice. Mr Löber regularly publishes on financial markets legal, regulatory and infrastructure issues.

    • 09:00 - 09:45

      1a. Presentation: Concentration in cleared derivatives: The case for broadening access to direct CCP clearing

      Authors: Nahiomy Alvarez, Senior Financial Markets Analyst, Federal Reserve Bank of Chicago and John McPartland, Director of Research, Hidden Road Partners

      Presenter
      • Nahiomy Alvarez

        Senior Financial Markets Analyst Federal Reserve Bank of Chicago
      Discussant
      • Dr. Alicia
        Dr. Alicia Greenwood Director, Post Trade Services Johannesburg Stock Exchange
      • Dr. Alicia Greenwood

        Director, Post Trade Services Johannesburg Stock Exchange

        Alicia joined the JSE in February 2016, as Head of Post Trade Services.  Alicia is responsible for risk management, clearing and settlement of central order book equity and bond transactions, and managing the Group’s derivatives clearing CCP, JSE Clear. 

        Alicia’s business career spans more than 20 years working in management consulting, investment banking and capital markets.  Her experience has been acquired in some of South Africa’s leading companies in these fields, including Accenture, Discovery and Standard Bank.  Alicia has worked extensively in strategy, risk and capital management, both in South Africa and across numerous African countries.  She has experience in portfolio optimisation and regulatory transformation, and has overseen large-scale business and IT projects, and joint ventures.

        Alicia holds a PhD from the University of Cape Town, having majored in Chemistry and Mathematics, and is published in various scientific journals.

    • 09:45 - 10:30

      1b. Presentation: Too much, too young - improving the client clearing mandate

      Author: Dr. David Murphy, Senior Advisor, Bank of England

      Presenter
      • Dr. David
        Dr. David Murphy Senior Advisor Bank of England
      • Dr. David Murphy

        Senior Advisor Bank of England

        David Murphy is the senior advisor in the Prudential Policy Directorate at the Bank of England where he focusses on derivatives and quantitative risk management issues.  He is the author of numerous articles on central clearing, risk management, financial regulation and OTC derivatives.  He co-chaired the FSB’s Derivatives Assessment Team and has written three books on CCPs, financial stability and risk management.

        His prior roles include Global Head of Risk at ISDA, where he was responsible for all of ISDA’s activities relating to capital, risk management and accounting standards as well as leading ISDA’s research effort.

        Before that, Dr. Murphy was the Chief Operating Officer at Merrill Lynch’s Reinsurance Group, and he has had held a number of other senior risk management roles in leading banks and broker/dealers.  


      Discussant
      • Prof. Ron
        Prof. Ron Berndsen Chairman of LCH Ltd., and Professor Tilburg University, Dept. of Economics
      • Prof. Ron Berndsen

        Chairman of LCH Ltd., and Professor Tilburg University, Dept. of Economics

        Ron Berndsen is an independent director on the board of LCH and he serves as chair of LCH Limited and LCH SA’s Risk Committees.

        Ron is full Professor of Financial Market Infrastructures and Systemic Risk, Tilburg School of Economics and Management at Tilburg University, on a part-time basis.     

        He is editor-in-chief of the Journal of Financial Market Infrastructures and a member of the Advisory Council of the SWIFT Institute.

        Ron has held several high profile roles at De Nederlandsche Bank since 1992, in Economic and Monetary Policy, Head of Oversight of Payment and Securities Settlement Systems and most recently acting as Head of Market Infrastructures Policy.

        He has also served as a Member of the Committee on Payments and Market Infrastructures and the ECB’s Market Infrastructure Board. He co-chaired the FSB Group on Cross-Border Crisis Management for Financial Market Infrastructures.

        He was awarded a doctorate of Tilburg University in 1992 for his PhD thesis in the area of Economics and Artificial Intelligence.


    • 10:30 - 10:45

      1c. Speech: Klaus Martin Löber, Head of the Oversight Division, European Central Bank

      Speech
      • Klaus Martin
        Klaus Martin Löber Head of the Oversight Division European Central Bank
      • Klaus Martin Löber

        Head of the Oversight Division European Central Bank

        Klaus Martin Löber is Head of the Oversight Division of the European Central Bank, in charge of the oversight of financial markets infrastructures and payments instruments and acts as chair of the ESCB working group on oversight. His areas or responsibility also encompass the ECB’s global regulatory policy activities with a focus on payments and market infrastructures. Furthermore, Mr Löber is contributing to the ECB’s fintech and digital innovations agenda and acts as chair of the CPMI working group on digital currencies and co-chair of the CPMI-IOSCO working group on digital innovations looking into relevant developments.

        Prior to his current position, from 2012 to 2016, Mr Löber was Head of the Secretariat of the Committee on Payments and Market Infrastructures (CPMI) hosted by the Bank for International Settlements in Basel, Switzerland, a global regulatory standard setting body in the areas of payments, clearing and settlement. In this capacity, he was a member of the Resolution Steering Group of the Financial Stability Board (FSB), a member of the FSB Standing Committee on Standards Implementation, secretary of the CPMI-IOSCO Steering Group and co-chair of the CPMI-World Bank Retail Payments Forum.

        Earlier positions include the European Central Bank, the European Commission, Deutsche Bundesbank and private practice. Mr Löber regularly publishes on financial markets legal, regulatory and infrastructure issues.

    • 10:45 - 11:30

      1d. Panel: Access to clearing – Such a long journey


      Moderator
      • Klaus Martin
        Klaus Martin Löber Head of the Oversight Division European Central Bank
      • Klaus Martin Löber

        Head of the Oversight Division European Central Bank

        Klaus Martin Löber is Head of the Oversight Division of the European Central Bank, in charge of the oversight of financial markets infrastructures and payments instruments and acts as chair of the ESCB working group on oversight. His areas or responsibility also encompass the ECB’s global regulatory policy activities with a focus on payments and market infrastructures. Furthermore, Mr Löber is contributing to the ECB’s fintech and digital innovations agenda and acts as chair of the CPMI working group on digital currencies and co-chair of the CPMI-IOSCO working group on digital innovations looking into relevant developments.

        Prior to his current position, from 2012 to 2016, Mr Löber was Head of the Secretariat of the Committee on Payments and Market Infrastructures (CPMI) hosted by the Bank for International Settlements in Basel, Switzerland, a global regulatory standard setting body in the areas of payments, clearing and settlement. In this capacity, he was a member of the Resolution Steering Group of the Financial Stability Board (FSB), a member of the FSB Standing Committee on Standards Implementation, secretary of the CPMI-IOSCO Steering Group and co-chair of the CPMI-World Bank Retail Payments Forum.

        Earlier positions include the European Central Bank, the European Commission, Deutsche Bundesbank and private practice. Mr Löber regularly publishes on financial markets legal, regulatory and infrastructure issues.

      Panellists
      • John
        John McPartland Director of Research Hidden Road Partners
      • John McPartland

        Director of Research Hidden Road Partners

        John McPartland is Director of Research at Hidden Road Partners, a quantitative investment firm.  He spent the entirety of his professional career in the derivatives industry in the roles of commercial banker, broker, FCM executive, exchange member, CCP executive and until his recent retirement, Senior Policy Advisor in the Financial Markets Group of the Federal Reserve Bank of Chicago.  In that capacity, he participated in influencing public policy germane to high frequency trading, market structure, CCP default waterfall components, and market concentration issues.  He is a graduate from the University of Minnesota and a US Air Force veteran.

    • 11:30 - 12:00

      Coffee Break

      Venue: Hilton Malta
    • 12:00 - 13:30

      Session 2 : Market structure and clearing spillovers I

      Venue: Hilton Malta
      Chair
      • Pedro
        Pedro Gurrola-Perez Head of Research The World Federation of Exchanges
      • Pedro Gurrola-Perez

        Head of Research The World Federation of Exchanges

        Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013,  after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM).

        Pedro holds two PhDs: one from the University of Barcelona, Spain, and one from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT) for securities settlement,  on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, back-testing methodologies and on the structure of interest rate futures markets. In  2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer).

    • 12:00 - 12:45

      2a. Presentation: Guarantee requirements by central counterparties and connectedness dynamics

      Authors - Ana Gonzalez-Urteaga, Universidad Pública de Navarra and Gonzalo Rubio, Universidad CEU Cardenal Herrera

      Discussant: WFE CCP Member

      Presenter
      • Dr. Gonzalo
        Dr. Gonzalo Rubio Full Professor of Economics and Finance Universidad CEU Cardenal Herrera, Spain
      • Dr. Gonzalo Rubio

        Full Professor of Economics and Finance Universidad CEU Cardenal Herrera, Spain

        Full Professor of Economics and Finance (Universidad CEU Cardenal Herrera, Spain), and Independent Board Member of BME Clearing. 

        BS, Universidad del País Vasco (Spain); MBA Columbia University; PhD University of California at Berkeley

        Professor Rubio´s research interest focuses on the field of asset pricing with special interest on empirical models both in the time series and the cross-section. He has published, among others, in the Journal of Financial Economics, Review of Finance, Journal of Financial and Quantitative Analysis, and the Journal of Banking and Finance.


    • 12:45 - 13:30

      2b. Presentation: Time for dinner? No, for risk contraction

      Authors: Albert J. Menkveld, Vrije Universiteit Amsterdam and Ekaterina Serikova, University of St Gallen

      Presenter
      • Ekaterina
        Ekaterina Serikova Research assistant / PhD Graduate University of St. Gallen
      • Ekaterina Serikova

        Research assistant / PhD Graduate University of St. Gallen

        Ekaterina is a recent Ph.D. in Finance graduate at the University of St Gallen (HSG) - Swiss Institute of Banking and Finance, Switzerland. She received MA in Economic Policy from the Central European University, Hungary. Her research focuses on market microstructure, regulations of central counterparty clearing (CCP), and liquidity. Started to implement her academic knowledge at the Quant Risk Department of the Swiss Stock Exchange in Zürich.

      Discussant
      • Phil
        Phil Mackintosh Chief Economist Nasdaq
      • Phil Mackintosh

        Chief Economist Nasdaq

        Phil Mackintosh, Nasdaq Chief Economist, has 28 years of experience in the Finance industry, including roles on the sell-side, buy-side and at accounting firms, which included managing trading, research and risk teams. He is an expert in index construction and ETF trading and has published extensive research on trading, ETFs and market structure.

    • 13:30 - 14:15

      Lunch

      All Participants
      Venue: Hilton Malta
    • 14:15 - 15:00

      Session 3: Skin in the game – Dulce et decorum est pro patria mori

      Venue: Hilton Malta

      Moderator
      • Richard
        Richard Metcalfe Head of Regulatory Affairs The World Federation of Exchanges (WFE)
      • Richard Metcalfe

        Head of Regulatory Affairs The World Federation of Exchanges (WFE)

        Richard Metcalfe is Head of Regulatory Affairs at the World Federation of Exchanges (WFE). Before taking up his WFE post in March 2018, he worked on MiFID implementation at the Markets Division of BNY Mellon in London. He also has extensive experience in wholesale financial services and policy issues, with particular emphasis on derivatives and central clearing; and on asset management. In addition to working at ISDA and the IA, he has worked for SWIFT. 

        Earlier in his career, he wrote for and edited various financial publications. He lives in London and studied languages at university. 


      Panellists
      • Robert
        Robert Steigerwald Senior Policy Advisor, Financial Markets Federal Reserve Bank of Chicago
      • Robert Steigerwald

        Senior Policy Advisor, Financial Markets Federal Reserve Bank of Chicago

        Robert Steigerwald is a senior policy advisor in the financial markets group at the Federal Reserve Bank of Chicago, where his work focuses upon public policy issues relating to financial market regulation and payment, clearing and settlement infrastructures.

        Steigerwald began his legal career with Kirkland & Ellis, an international law firm based in Chicago, where he represented clients including the Board of Trade of the City of Chicago, the Board of Trade Clearing Corporation and National Futures Association. He later served as legal counsel for a clearinghouse for foreign currency transactions and was instrumental in developing the global multicurrency settlement system for foreign exchange before joining the Chicago Fed in 2000.

        He currently represents the Federal Reserve Bank of Chicago as a member of the U.S. Commodity Futures Trading Commission’s Market Risk Advisory Committee and has participated in the work of the Over the Counter Derivatives Regulators’ Forum, an international forum for information sharing and regulatory cooperation among central banks, prudential supervisors and securities and markets regulators.

        Steigerwald is a graduate of the State University of New York at Stony Brook with a B.A. and University of San Francisco School of Law, J.D., cum laude.

      • Samim
        Samim Ghamami Senior Economist and Vice President, Financial Services Forum New York University
      • Samim Ghamami

        Senior Economist and Vice President, Financial Services Forum New York University

        Samim Ghamami is currently the Senior Economist and Vice President at the Financial Services Forum, an Adjunct Professor of Finance at New York University, and an Adjunct Associate Professor of Economics at Columbia University.

        Ghamami has been a senior financial economist and a Senior Vice President at Goldman Sachs. He has also been an Acting Associate Director and a senior economist at the U.S. Department of the Treasury, Office of Financial Research, and an economist at the Board of Governors of the Federal Reserve System.

        Ghamami’s research has broadly focused on financial economics and more recently on the interplay between finance and macroeconomics. His work on banking and central clearing has been presented and discussed at central banks. He has been an advisor to the Bank for International Settlements and has worked as an expert with the Financial Stability Board on post-financial crisis reforms in 2016 and 2017. Ghamami has also served on the National Science Foundation panel on Financial Mathematics in 2017 and 2018.

        Ghamami has also been a visiting scholar at the Department of Economics at UC Berkeley, a senior quantitative researcher at MSCI, a quantitative researcher at Barclays Capital, an Adjunct Professor at USC, and a post-doctoral researcher at CREATE Homeland Security Center.

        Ghamami received his Ph.D. in Mathematical Finance and Operations Research from the University of Southern California in 2009, where his principal advisor was Sheldon Ross.

    • 15:00 - 16:30

      Session 4: Market structure and clearing spillovers II

      Venue: Hilton Malta
    • 15:00 - 15:45

      4a. Presentation: Credit default swaps and corporate bond trading

      Author: Robert Czech, Bank of England

      Discussant: WFE CCP Member

      Presenter
      • Robert
        Robert Czech Research Economist Bank of England
      • Robert Czech

        Research Economist Bank of England

        Robert is a Research Economist in the Capital Markets Division of the Bank of England. His research is mainly focused on the structure and interconnectedness of credit markets, with a particular interest in the sterling corporate bond market. Robert’s research interests also include repo markets, central clearing and the structure of over-the-counter (OTC) derivatives markets.

        Robert holds a PhD in Finance from Imperial College London, and a BSc and MSc in Business Administration (Finance Major) from the University of Cologne.

    • 15:45 - 16:30

      4b. Presentation: The cost of clearing fragmentation

      Authors: Evangelos Benos, Bank of England, Wenqian Huang, Bank for International Settlements, Albert Menkveld, Vrije Universiteit Amsterdam and Michalis Vasios, Norges Bank Investment Management

      Discussant: WFE CCP Member

      Presenter
      • Evangelos
        Evangelos Benos Research Economist, Markets Infrastructure Directorate Bank of England
      • Evangelos Benos

        Research Economist, Markets Infrastructure Directorate Bank of England

        Evangelos Benos is a research economist in the Markets Infrastructure Directorate. His work spans a range of topics related to market structure such as OTC derivatives and securities markets, high frequency trading and payment systems. 

        Evangelos did a PhD in economics at the University of Illinois at Urbana-Champaign and has taught undergraduate and graduate courses at various universities in the US and Europe.

    • 16:30 - 17:15

      Session 5: Keynote Speech: Rod Garratt, Maxwell C. and Mary Pellish Chair in Economics, University of California, Santa Barbara

      Interesting Auctions: Some practical examples including CCP default management auctions
      Keynote Speech
      • Rod
        Rod Garratt Maxwell C. and Mary Pellish Chair in Economics University of California, Santa Barbara
      • Rod Garratt

        Maxwell C. and Mary Pellish Chair in Economics University of California, Santa Barbara

        Rod Garratt holds the Maxwell C. and Mary Pellish Chair in Economics at the University of California, Santa Barbara. He has served as a Technical Advisor to the Bank for International Settlements, a Research Advisor to the central banks of Canada and England, and is a former Vice President of the Federal Reserve Bank of New York. 

        Garratt received his B.A. from the University of Waterloo and Ph.D. from Cornell University. His research areas include payments economics, monetary theory, financial network analysis and auctions. He has published in the top economics journals including Econometrica, the American Economic Review and the Journal of Political Economy. 

        He is an Associate Editor of the Journal of Financial Market Infrastructures, the Journal of Network Theory in Finance and Digital Finance.

    • 19:00 - 22:30

      Gala Dinner

      All Participants

      Buses will be leaving the Hilton Malta at 6:00 pm. Please note that you will need your conference badge to be able to board the shuttle bus. If you miss the bus, taxis are readily available outside the hotel.

      Venue: The Xara Lodge
    • 07:30 - 08:45

      IOMA Conference Coffee and Registration

      All Participants
      Venue: Hilton Malta
    • 08:45 - 09:15

      Session 6: Keynote Speech: The Honorable Professor Edward Scicluna, Minister of Finance, Malta

      Keynote speech
      • Hon. Professor Edward
        Hon. Professor Edward Scicluna Member of Parliament and Minister of Finance Ministry of Finance of Malta
      • Hon. Professor Edward Scicluna

        Member of Parliament and Minister of Finance Ministry of Finance of Malta

        Hon. Professor Edward Scicluna is a Member of Parliament and Malta’s Minister for Finance since March 2013.

        During 2013, Prof. Scicluna assumed the chairmanship of the European Investment Bank Board of Governors (EIB), and vice-chairmanship of the European Bank for Reconstruction and Development (EBRD). 

        Prior to March 2013 he served as a member of the European Parliament (MEP), in the capacity of Vice-Chair of the Economic and Monetary Affairs Committee (ECON), and a member of the European Statistical Advisory Committee (ESAC).

        Previous appointments include that of Professor and Head of the Department of Economics at the University of Malta, Chairman of the Malta Financial Services Authority, Chairman of the Malta Council of Economic and Social Development, Board Director of the Central Bank of Malta, and Electoral Commissioner.

        Internationally he carried out consultancy work for the European Commission, UNESCO, the United Nations Environmental Programme (UNEP), and the Governments of Albania, Croatia, Libya and Turkey. He also served on the Council of Europe Development Bank Auditing Committee. He was frequently sought for economic advice by the IMF annual Article IV mission to Malta and the Rating Agencies FitchIbca, Standard & Poor’s, and Moody’s. Prior to Malta’s entry into the Eurozone he was appointed as a Euro expert for Malta by the EU Commission.

        Prof. Scicluna graduated from the University of Oxford with a Diploma with distinction in politics and economics, from the University of Malta with a First Class Honours BA degree in Economics, and the University of Toronto with a Masters and Doctorate in Economics. 


    • 09:15 - 10:15

      Session 7: You don't know what you don't know: the limitations of models


      Moderator
      • Pedro
        Pedro Gurrola-Perez Head of Research The World Federation of Exchanges
      • Pedro Gurrola-Perez

        Head of Research The World Federation of Exchanges

        Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013,  after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM).

        Pedro holds two PhDs: one from the University of Barcelona, Spain, and one from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT) for securities settlement,  on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, back-testing methodologies and on the structure of interest rate futures markets. In  2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer).

      Panellists
      • John
        John Fennell Executive Vice President & Chief Risk Officer The Options Clearing Corporation (OCC)
      • John Fennell

        Executive Vice President & Chief Risk Officer The Options Clearing Corporation (OCC)

        John Fennell is Executive Vice President and Chief Risk Officer of The Options Clearing Corporation (OCC). OCC is the world's largest equity derivatives clearing organization and the foundation for secure markets.

        In this role, Mr. Fennell is responsible for implementing OCC's Risk Management Strategy. He also oversees OCC's Model Validation and Enterprise Risk Management departments, along with Security Services, Business Continuity and Disaster Recovery, and Vendor Risk Management areas.

        Since joining OCC in 1993, the vast majority of Mr. Fennell's career has been spent in the firm's Risk Management Department, where most recently he served as Executive Vice President, Financial Risk Management and was responsible for Financial Risk Management, which included market, credit and liquidity risk, default management, customer margin methodologies and model development. Prior to that, Mr. Fennell served as Senior Vice President, Risk Management & Treasury Operations, overseeing Financial Risk Management and custodial operations related to all margin and clearing fund securities deposits with OCC. Mr. Fennell currently serves on the Executive Committee of CCP12, as an Affiliate Member with IOSCO and is active on the SIFMA Credit and Margin Committee as well as other industry margin and risk management committees.

        Mr. Fennell graduated with an M.B.A. in Finance from DePaul University and a B.S. from Northern Illinois University. Mr. Fennell completed the Certified Regulatory and Compliance Professional program at the FINRA Institute at the Wharton School of the University of Pennsylvania.


      • Michael
        Michael McClain Managing Director & General Manager, Equity Clearing and DTC Settlement Services The Depository Trust & Clearing Corporation (DTCC)
      • Michael McClain

        Managing Director & General Manager, Equity Clearing and DTC Settlement Services The Depository Trust & Clearing Corporation (DTCC)

        Michael McClain is Managing Director and General Manager of Equity Clearing and DTC Settlement Services at DTCC. In this capacity, Mike has direct responsibility for the day-to-day management of equity clearing activities for trades executed on the major U.S. exchanges and other equity trading venues, and will further align the company's efforts around settlement optimization while creating new capabilities. He is also responsible for several DTCC core products and services, including Continuous Net Settlement (CNS), Automated Customer Account Transfer Service (ACATS), Cost Basis Reporting Service (CBRS), and Exchange Traded Funds (ETFs). 

        Before joining DTCC in 2017, Mike served for nearly 16 years at The Options Clearing Corporation, most recently as Chief Operating Officer. In this capacity, Mr. McClain oversaw OCC's Technology and Operations. Prior to that, Michael held senior roles in Business Development, New Products and Strategy and was responsible for the build-out of OCC’s business continuity site in Texas. Earlier in his career, he held positions at Accenture and IBM, specializing in large-scale initiatives for the financial industry.    

        Mike represents DTCC on the World Federation of Exchange’s (WFE)  Working Committee. Previously, he served as a member of the Advisory  Board of Directors for the International Options Market Association (IOMA) and also held positions on the Securities Industry Financial Markets Association (SIFMA) Operations and Technology Steering Committee and the Futures Industry Association.

        Mike received his B.A. degree from Lewis University and an MBA from the Kellogg School of Management, Northwestern University.


      • Fernando
        Fernando Cerezetti Director, Risk Oversight, ICE Clear Europe Intercontinental Exchange
      • Fernando Cerezetti

        Director, Risk Oversight, ICE Clear Europe Intercontinental Exchange

        Fernando Cerezetti is a Director of Risk Oversight at ICE Clear Europe, part of Intercontinental Exchange (ICE). He currently chairs the Risk Committee of the European Association of CCP Clearing Houses (EACH). He holds a PhD in Statistics from University of São Paulo, with focus on Bayesian Statistics. Prior to joining ICE in 2018, he worked as Risk Advisor for the Risk, Research and CCP Policy division of the Bank of England. His research interests include risk management, financial market infrastructures, financial stability, and statistical hypothesis testing.

      • Ignacio
        Ignacio Solloa BME Clearing CEO BME Spanish Exchanges
      • Ignacio Solloa

        BME Clearing CEO BME Spanish Exchanges

        Mr. Solloa holds a Degree in Economics and Business Administration from the University of Deusto, Bilbao, and has studied Finance at UCLA, California. CEO and Director of BME CLEARING (BME Group) since 2013.

        Since he joined MEFF in 1989 as CFO, Head of Clearing to start the development of exchange traded derivatives in Spain, Mr. Solloa has held different senior positions in the MEFF Exchange and the MEFF Clearing House. Prior to the separation of MEFF into MEFF and BME Clearing in 2013, he was Deputy CEO for the MEFF Group.

        Previously, he was Director of Financing with Amper, Madrid; Chief of Budget and Control with Roche, Madrid; Controller of Viratek, California; and Chief Accountant at ICN Pharmaceuticals, California.

        In the past, he has been member of the Consultative Committee of the CNMV representing derivatives markets and CCPs, member of the Technical Advisory Committee for the IBEX indices, and member of the executive committee and chairman of the European Association of CCP Clearing Houses (EACH).

        Currently, he serves on the Board of Directors of Cámara de Riesgo Central de Contraparte de Colombia S.A.

    • 10:15 - 10:45

      Coffee

      Venue: Hilton Malta
    • 10:45 - 12:15

      Session 8: Market resilience

      Venue: Hilton Malta
    • 10:45 - 11:30

      8a. Presentation: Regulatory effects on short-term interest rates

      Authors: Angelo Ranaldo, University of St. Gallen, Patrick Schaffner, Bank of England & University of St. Gallen, Michalis Vasios, Norges Bank Investment Management

      Discussant:

      Presenter
      • Patrick
        Patrick Schaffner Research Assistant, PhD Candidate in Finance University of St. Gallen
      • Patrick Schaffner

        Research Assistant, PhD Candidate in Finance University of St. Gallen

        Patrick is a PhD candidate in Finance at the University of St. Gallen (HSG) where he received his MA in Quantitative Economics and Finance. He works as a research assistant to Prof. Ranaldo at the Swiss Institute of Banking and Finance.

        During his PhD-studies, he also worked at the Financial Markets Infrastructure Directorate of the Bank of England and as a visiting researcher at the BIS. His research focusses on the microstructure of repo markets, and on the regulation of banks and infrastructure providers (e.g. CCPs).

    • 11:30 - 12:15

      8b. Presentation: Hypothetical yield curve scenarios for credit stress testing

      Authors: Bhavin Desai and Kausick Saha, Risk Management Department, The Clearing Corporation of India Ltd.

      Discussant:

      Presenter
      • Kausick Saha

        Chief Risk Officer, Risk Management Department The Clearing Corporation of India Ltd
    • 12:15 - 13:15

      Lunch

      Venue: Hilton Malta
    • 13:15 - 14:00

      Session 9: An interactive session on ESMA stress testing

      • Andreas
        Andreas Georgopoulos Senior Officer, CCP Directorate European Securities and Markets Authority (ESMA)
      • Andreas Georgopoulos

        Senior Officer, CCP Directorate European Securities and Markets Authority (ESMA)

        Andreas Georgopoulos is a Senior Officer at the CCP Directorate of European Securities and Markets Authority (ESMA). Since joining ESMA in 2015, he has been involved in the design and execution of the EU-wide supervisory stress testing programme for CCPs. In his current role, his responsibilities also include the validation of CCPs’ Risk Management models and reviews related to prudential requirements.

        Prior to joining ESMA he has served in the CCP industry, including from senior risk management roles. His areas of expertise include Stress Testing, Margin modelling and Procyclicality of Margin Models.


    • 14:00 - 16:00

      Session 10: Technological innovation in clearing

      Venue: Hilton Malta
    • 14:00 - 14:15

      10a. Keynote Speech: Joe Lubin, Co-Founder Ethereum




      Keynote Speaker
      • Joseph
        Joseph Lubin Co-Founder Ethereum
      • Joseph Lubin

        Co-Founder Ethereum

        Joseph Lubin is a co-founder of blockchain computing platform Ethereum and the founder of Consensus Systems (ConsenSys), a blockchain venture studio. ConsenSys is one of the largest and fastest-growing companies in the blockchain technology space, building developer tools, decentralized applications, and solutions for enterprises and governments that harness the power of Ethereum. Headquartered in New York, ConsenSys also has a global presence, employing top entrepreneurs, computer scientists, software developers, and experts in enterprise delivery worldwide.

        Lubin graduated from Princeton University with a degree in Electrical Engineering and Computer Science. He worked in the Princeton Robotics Lab, at tomandandy music developing an autonomous music composition tool, and at private research firm Vision Applications Inc. building autonomous mobile robots.

        As a software engineer and consultant, Lubin worked with eMagine on the Identrus project and was involved in the founding and operation of a hedge fund with a partner. He held positions as Director of the New York office of Blacksmith Software Consulting, and VP of Technology in Private Wealth Management at Goldman Sachs. Through these posts, Lubin focused on the intersection of cryptography, engineering, and finance.

        Switching gears, Lubin moved to Kingston, Jamaica to work on projects in the music industry. Two years into his musical endeavors, Lubin co-founded the Ethereum Project and has been working on Ethereum and ConsenSys since January 2014.


    • 14:15 - 15:15

      10b. Panel: No sound of guns, No roar of exploding bombs


      Moderator
      • Dr. Urs
        Dr. Urs Rüegsegger Chairman, SIX Swiss Exchange and WFE Chairman
      • Dr. Urs Rüegsegger

        Chairman, SIX Swiss Exchange and WFE Chairman

        Urs Rüegsegger served as the Group Chief Executive Officer of SIX Group AG from 2008 to December 2017. Prior to this he held the position of Head of the Executive Committee of St. Galler Kantonalbank. He joined the bank in 1993 as Head of Controlling, Accounting and Risk Management and was appointed to the Executive Committee in 1997. In 2000 he took charge of the IPO, which was successfully launched in 2001.

        As Head of the Executive Committee he also held various positions with the Association of Swiss Cantonal Banks since 2001.

        After completing a degree in business studies at the University of St. Gallen, Urs Rüegsegger started his career at Swiss Re in the area of IT. He was deeply involved in the development of commercial applications and the restructuring of Swiss Re's service branch. He transferred to St. Galler Kantonalbank in late 1993 after assuming financial responsibility for Audatex, an international subsidiary group of Swiss Re.


      Panellists
      • Prof. Andreea
        Prof. Andreea Minca Associate Professor, Operations Research and Information Engineering Cornell University
      • Prof. Andreea Minca

        Associate Professor, Operations Research and Information Engineering Cornell University

        Andreea Minca is an Associate Professor in the School of Operations Research and Information Engineering at Cornell University. Andreea Minca received her PhD in Applied Mathematics from the University Paris 6 Pierre et Marie Curie in 2011. Prior to that, she received a M.S. in Probability and Finance from the University Paris 6 Pierre et Marie Curie and "Diplôme de l'Ecole Polytechnique".

        Her research focuses on mathematical modeling in finance, within the areas of systemic risk, liquidity risk and credit risk. She is particularly interested in structural models for systemic risk, using networks to represent various types of interrelations among financial institutions. Her work has been published in leading journals such as Mathematical Finance and Finance & Stochastics.

      • Joseph
        Joseph Cuschieri Chief Executive Officer Malta Financial Services Authority (MFSA)
      • Joseph Cuschieri

        Chief Executive Officer Malta Financial Services Authority (MFSA)

        Joseph Cuschieri, Chief Executive Officer of the MFSA, is responsible for the overall management and performance of the Authority, strategy development/implementation including reforms in the financial services sector. A Certified Public Accountant by profession and a fellow member of the Malta Institute of Accountants, Mr Cuschieri is specialised in management accounting, corporate finance, economic regulation and general/business management. He also holds a Master’s degree in Business Administration from Henley Management College, UK and an Advanced Diploma in Management Accounting from the Chartered Institute of Management Accountants (CIMA),UK.

        Throughout his professional career spanning 25 years, he held various finance-related roles, senior executive positions and directorships within the private and public sector, amongst which Head of Corporate Affairs and then Chief Commercial Officer at Vodafone Malta, Chief Operating Officer at the Malta Communications Authority, senior consultant with EY and, prior to joining the MFSA, he held the position of Chairman and CEO at the Malta Gaming Authority for almost five years. During his time at Vodafone, Mr Cuschieri was involved in key regulatory projects both in Egypt and Turkey. Furthermore, he spent a period of eighteen months enrolled on the Vodafone Group’s global leadership development programme. He has vast experience in economic regulation particularly in the electronic communications and technology sectors where he was involved in major reforms in the telecommunications sector during his time at the Malta Communications Authority.

        Mr Cuschieri was also a member of the Blockchain task force where he was involved in the development of a new regulatory framework for virtual currencies and distributed ledger technology. At the helm of the Malta Gaming Authority, Mr Cuschieri focused on reforming the governance of the gaming sector including a major legislative overhaul which led to the tabling of a new Gaming Bill in Parliament. In 2018, he was awarded an Outstanding Achievement Award by IMGL for his contribution to gaming sector reforms and regulation.

      • Joseph
        Joseph Lubin Co-Founder Ethereum
      • Joseph Lubin

        Co-Founder Ethereum

        Joseph Lubin is a co-founder of blockchain computing platform Ethereum and the founder of Consensus Systems (ConsenSys), a blockchain venture studio. ConsenSys is one of the largest and fastest-growing companies in the blockchain technology space, building developer tools, decentralized applications, and solutions for enterprises and governments that harness the power of Ethereum. Headquartered in New York, ConsenSys also has a global presence, employing top entrepreneurs, computer scientists, software developers, and experts in enterprise delivery worldwide.

        Lubin graduated from Princeton University with a degree in Electrical Engineering and Computer Science. He worked in the Princeton Robotics Lab, at tomandandy music developing an autonomous music composition tool, and at private research firm Vision Applications Inc. building autonomous mobile robots.

        As a software engineer and consultant, Lubin worked with eMagine on the Identrus project and was involved in the founding and operation of a hedge fund with a partner. He held positions as Director of the New York office of Blacksmith Software Consulting, and VP of Technology in Private Wealth Management at Goldman Sachs. Through these posts, Lubin focused on the intersection of cryptography, engineering, and finance.

        Switching gears, Lubin moved to Kingston, Jamaica to work on projects in the music industry. Two years into his musical endeavors, Lubin co-founded the Ethereum Project and has been working on Ethereum and ConsenSys since January 2014.


    • 15:15 - 16:00

      10c. Presentation: Towards reducing operational risks of emerging technologies adoption in CCPs through end-to-end testing

      Authors: Elena Trescheva, Alexey Zverev, Vladimir Panarin, Alyona Bulda, Rostislav Yavorsky and Iosif Itkin (Exactpro Systems Ltd)

      Presenters
      • Iosif
        Iosif Itkin Co-CEO, Co-Founder Exactpro Systems Limited
      • Iosif Itkin

        Co-CEO, Co-Founder Exactpro Systems Limited

        Iosif is co-founder and co-CEO of Exactpro, a specialist firm focused on functional and nonfunctional testing for market infrastructures. Founded in 2009 with ten core specialists on board, Exactpro now employs over 550 specialists. In May 2015 - January 2018, Exactpro was part of the Technology Services division of the London Stock Exchange Group (LSEG). In January 2018, the founders of Exactpro completed a management buyout from LSEG. 

        Iosif manages business development and research in the field of high-load trading systems reliability. He is the author of a number of research papers published by IEEE and Springer. He is actively involved in delivering strategic software testing initiatives. Iosif has organized several industry conferences, including EXTENT - Software Testing and Trading Technology Trends Conference. He frequently speaks at worldwide FinTech events. 

        Iosif started his professional career in 2000 as a software engineer in a US-based software development company. For seven years, he worked as a Team Lead and a Technology Architect on projects for a number of US companies. In 2006, Iosif joined a company providing QA services in the financial sector. His extensive software development experience helped him to establish a Performance Testing Department specialising in testing high load trading systems. As a Technical Lead, Iosif was responsible for developing testing tools and implementing technical solutions for a number of leading exchanges and global investment banks. Iosif also has experience managing a consulting practice with a focus on advanced execution systems. As VP of Technology, he was responsible for implementing testing solutions on a number of complex projects for customers worldwide.  


      • Alyona
        Alyona Bulda Senior VP in Technology, Senior QA Project Manager Exactpro Systems Limited
      • Alyona Bulda

        Senior VP in Technology, Senior QA Project Manager Exactpro Systems Limited

        Alyona began her professional career as a Software Quality Assurance Engineer and was later given the responsibilities of a test lead. She has led software QA projects involving various technologies utilised by firms in the financial markets industry globally — a leading European multilateral trading facility, one of the world’s largest interdealer brokers in OTC financial and commodity related products, a premier technology solutions provider, a leading global rates and multi-asset clearing house and a multi-national central counterparty. She has also managed software testing of LSEG’s FPGA-accelerated Market Data Dissemination platform.

        Alyona successfully combines work on software quality assurance projects for Exactpro clients and R&D work. She is the author of a number of research papers, including some published by the IEEE Computer Society.


      Discussant
      • Simon
        Simon Zammit Chief Executive Officer Malta Stock Exchange
      • Simon Zammit

        Chief Executive Officer Malta Stock Exchange

        Simon Zammit is CEO of Malta Stock Exchange, and joined back in 1991 when the exchange was being set up. Over the years he has managed various departments including the Central Securities Depository, Data Operations and IT, and spearheaded a number of the exchange’s major projects, including the implementation of various electronic and remote trading systems. Simon is a Member of the Institute for the Management of Information Systems, and holds an MBA from Henley Management College.

    • 16:00 - 16:15

      Session 11: Keynote Speech: Making sense of it all

      Venue: Hilton Malta
      Keynote Speech
      • John
        John McPartland Director of Research Hidden Road Partners
      • John McPartland

        Director of Research Hidden Road Partners

        John McPartland is Director of Research at Hidden Road Partners, a quantitative investment firm.  He spent the entirety of his professional career in the derivatives industry in the roles of commercial banker, broker, FCM executive, exchange member, CCP executive and until his recent retirement, Senior Policy Advisor in the Financial Markets Group of the Federal Reserve Bank of Chicago.  In that capacity, he participated in influencing public policy germane to high frequency trading, market structure, CCP default waterfall components, and market concentration issues.  He is a graduate from the University of Minnesota and a US Air Force veteran.

    • 16:15 - 16:30

      Concluding Remarks and Announcing the Call for Papers WFE’s Clearing & Derivatives Conference 2021

      Venue: Hilton Malta
      • Nandini
        Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
      • Nandini Sukumar

        Chief Executive Officer The World Federation of Exchanges

        Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. WFE exchanges are home to nearly 45,000 listed companies, the market capitalization of these entities is over $82.5 trillion and around $81.8 trillion in trading annually passes through the infrastructures that the WFE members safeguard. Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s DLT Workstream.

        Ms. Sukumar has been CEO of the WFE since March 2015. Prior to this, she served as Acting Chief Executive Officer from November 2014, having been recruited by the WFE Board as Chief Administrative Officer in May 2014 to run the Federation on a daily basis and work with its global network of members as a proponent of the benefits of fair, orderly, public markets. Ms. Sukumar came to the WFE after a 14-year career at Bloomberg where she created, grew and ran their coverage of market structure, exchanges and UK regulation.

      • Pedro
        Pedro Gurrola-Perez Head of Research The World Federation of Exchanges
      • Pedro Gurrola-Perez

        Head of Research The World Federation of Exchanges

        Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013,  after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM).

        Pedro holds two PhDs: one from the University of Barcelona, Spain, and one from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT) for securities settlement,  on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, back-testing methodologies and on the structure of interest rate futures markets. In  2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer).

    • 16:30 - 18:30

      Farewell Reception

      All Participants
      Venue: Quarter Deck, Hilton Malta