Clearing houses and derivatives market structures

Europe’s derivatives markets are undergoing major transformations as new legislation is implemented and public authorities draw specific lessons from the experience of the crisis. Among multiple issues at stake are the location of major clearing houses, including those that would deal in euro-denominated financial products; competition between different infrastructures; and what it means for future market structure and international regulatory consistency. This session provided an opportunity to take stock on different viewpoints and comment on ongoing developments.

Speakers

Nikhil Rathi is Director of Financial Regulation and Markets in the UK Treasury, where he leads on the European and international agenda. He is the UK member of the European Union’s Financial Services Committee. Prior to taking up this post, he was Head of the Financial Stability Unit in the Treasury, working on the UK’s financial sector interventions during 2008 and 2009. He has previously served as Private Secretary to the UK Prime Minister, working for both Tony Blair and Gordon Brown.

Alban Caillemer du Ferrage is a partner at law firm Gide Loyrette Nouel, where he has worked in the past 15 years after a stint at Allen & Overy in London. He is a recognized legal expert on structured finance and derivatives, and has been the French counsel to the International Swaps and Derivatives Association since 1995. A member of the Market Consultative Commission of the French securities regulator AMF, he is also a Visiting Professor at Université Paris 2-Assas and at Sciences Po in Paris.

Moderator - Nicolas Véron