EMIR

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Autumn 2014 London

Early Bird Price £820 + VAT. Regular Price £950 + VAT. Group discounts available at all times: 10% for 3 people.

Course Description

The EU has taken on board the G20 commitments and recommendations on reforming the derivatives market. ‘EMIR’ (the European Market Infrastructure Regulation) is the central pillar of this wide ranging program of regulatory reform. It builds a new regulatory framework where market participants have to play and define a new set of rules to comply with. EMIR is significantly shaping the derivatives’ world and affects risk management, counterparty risk – including central counterparties – clearing, collateralisation and reporting.

EMIR introduces a number of complex issues and creates challenges and risks on one side and opportunities on the other side for all market participants, mainly banks, asset managers and other financial services firms, i.e. custody and financial advisors.
 
During this highly practical 1 day course you will have a chance to learn about the key elements of the new regulation as well as opportunities and challenges that come with it. You will also be able to identify the relevant issues for your organisation and how EMIR can impact your business. 

What Will You Learn

By the end of this course you will:  

  • Understand the background to EMIR and the regulation’s key elements
  • Be able to place EMIR in the context of other major regulations including Basel III, Dodd-Frank and MIFID
  • Explore the implications for clearing, reporting and risk mitigation of OTC derivatives
  • Become aware of challenges and opportunities
  • Identify the right risk management procedures
  • Assess the impact of EMIR for your organisation / business

 

Main Topics Covered During This Training

  • Why EMIR?
  • Addressing the interconnectedness in OTC derivatives markets
  • EMIR and other key regulatory developments: Basel III / CRD IV, Dodd-Frank and MIFID
  • ESMA - European Securities and Markets Authority
  • EMIR objectives and implementation timeline
  • Subject Matter, scope and definitions
  • Clearing, reporting and risk mitigation of OTC derivatives
  • Key challenges: valuation (mark-to-market, mark-to-model, collateralisation)
  • Risk management procedures
  • Authorisation of Central Counterparties (CCPs) 
  • Other provisions
  • Key challenges, opportunities and risks for asset managers, securities services, banks and financial advisors
 

Who Should Attend

  • Chief Operational Officers (COOs)
  • Chief Investment Officers (CIOs)
  • Risk Managers
  • Compliance officers
  • Finance staff: Accounting, Reporting
  • Operations executives: Clearing & Settlement, Collateral Management  
  • Auditors
  • IT staff 
Register Now

Autumn 2014 London

Early Bird Price £820 + VAT. Regular Price £950 + VAT. Group discounts available at all times: 10% for 3 people.

Delegates have to be from the same company and register at the same time in order to claim the discount.

EMIR - The European Market Infrastructure Regulation

A 1 Day Programme

Introduction – Why EMIR?

  • Addressing the interconnectedness in OTC derivatives markets
  • Weaknesses exhibited during the crisis
  • Regulatory response (Europe, United States)
  • Endorsement G20
  • EMIR and other key regulatory developments
             - Basel III / CRD IV
             - Dodd-Frank
             - MIFID
  • EMIR Implementation in the EU
             - ESMA - European Securities and Markets Authority
             - EMIR Objectives
             - ŸEMIR Implementation Timeline
 
 
Subject Matter, Scope and Definitions
 
  • Subject matter and scope
  • Key definitions
  • Intragroup transactions
 

Clearing, Reporting and Risk Mitigation of OTC Derivatives

 

  • Clearing obligations
  • Clearing obligation procedure
  • Public register
  • Central Counterparties (CCPs)
             - What is a CCP?
             - Access to a Central Counterparty
             - Systemic risk of a CCP
  • Reporting Obligations
             - What? How?
             - Reporting to a Trade Repository
             - Record keeping
             - Ensuring consistency of reporting
             - Format
             - Key challenges: valuation (mark-to-market, mark-to-model, collateralisation)
  • Non-financial counterparties
  • Risk mitigation techniques for OTC derivative contracts not cleared
             - Risk management procedures
             - ŸCounterparty risk
             - Operational risk
             - Netting
             - ŸCollateralisation
 
Authorisation of Central Counterparties (CCPs)
 
  • Conditions, procedures
  • Capital requirements
  • Procedures
  • Third-country (outside EU) CCPs
 
Requirements for CCPs
 
  • Organisational requirements CCPs
  • Senior management / risk committee
  • Conflict of Interests
  • Business Continuity
  • Conduct of business rules / transparency
  • Exposure management
  • Margin requirements
  • Default fund
  • Liquidity risk control
  • Collateral requirements
  • Investment policy
  • Interoperability requirements
  • Risk management
 
Trade Repositories – Prudential and Business Requirements
 
  • General requirements
  • Operational reliability
  • Safeguarding and reporting
  • Transparency and data availability
 
Other Provisions
 
  • Common provisions
  • Professional secrecy
  • ESMA reports, reviews, publications
 
Key challenges, opportunities and risks
 
  • Asset managers
  • Securities services – custody, financial advisors
  • Banks
 
Wrap-up / Final Remarks / Q&A
 
End of Programme

The Course Direcotr has more than 20 years of working experience in the financial services industry, Peter has acted in various management capacities, both at strategic and operative functions while accountable for projects of various sizes – both within Germany and internationally. His core area of work and experience is in financial risk management.

Peter has been working as a consultant and trainer since 2010. He has trained a large number of executives in the financial services industry in a variety of banking / risk subjects in many financial centres around the world, including North America, United Kingdom, Europe, Middle East, Africa, China and South East Asia.
Prior to consulting / Training, Peter worked for large international financial institutions, i.e. as Global Head of Risk Control for Commerzbank Group in Frankfurt, Germany and as Head of Strategic Risk Management & Control for HypoVereinsbank / UniCredit Group in Munich, Germany.
 
In his role as Global Head of Risk Control for Commerzbank Group, Peter was responsible for the Basel II project of the institution. The project included all relevant project phases (advanced approaches), business and strategic aspects, all risk types (credit risk and operational risk) and interaction with regulators world‐wide.
 
He was a member of top management committees of the respective institutions. Peter also brings in operative risk management experience from his role as branch manager for Commerzbank’s business in London, United Kingdom. In this role, Peter was responsible for credit risk management in the region “Western Europe and South Africa”, which included a significant credit sanctioning competence.
 
Peter spent the first ten years of his career in the capital markets business. One of his key roles was Head of Risk & Compliance for Commerzbank’s derivatives subsidiary Commerz Financial Products.
 
Peter was educated in the United States; he holds an MBA from Long Island University in New York. He also completed the Advanced Management Program at the INSEAD Business School in Fontainebleau, France.

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EMIR <p>The EU has taken on board the G20 commitments and recommendations on reforming the derivatives market. &lsquo;EMIR&rsquo; (the European Market Infrastructure Regulation) is the central pillar of this wide ranging program of regulatory reform. It builds a new regulatory framework where market participants have to play and define a new set of rules to comply with. EMIR is significantly shaping th ... London