Challenges of Implementing BCBS-IOSCO

LONDON, Feb. 11, 2015 /PRNewswire/ — The derivatives industry faces challenges in the proposed introduction of margin requirements for non-cleared OTC derivatives transactions. Women in Derivatives (WIND), a nonprofit organization that provides channels for educating women through forums, brought together thought-leaders and experts in the derivatives industry who focused upon the impending margin requirements. At the first WIND educational event in London, the panel discussion focused on the challenges market participants may face as a result of implementing the BCBS-IOSCO proposal in relation to margin.

During “Changing Tides: The Evolution of Liquidity Pools in Today’s Global Markets”, panelists highlighted a range of issues including the anticipation of the final rules of the BCBS-IOSCO proposals and the need for regulatory coordination on both sides of the Atlantic, as well as globally.

The WIND event was hosted by international legal practice Allen & Overy in London. The panelists included leading professionals from the derivatives community:

  • Jenniffer Emanuel, Managing Director and Global Head of Counterparty Risk Management, Goldman Sachs;
  • Tina Hasenpusch, Chief Operating Officer, CME Clearing Europe;
  • Christiana Norman, Managing Director and Associate General Counsel, Bank of America Merrill Lynch; and
  • Melissa Tuttle, Executive Vice President and Global Head of Equity Trading, PIMCO.

In moderating the panel discussion, Emma Dwyer, Allen & Overy partner, commented: “In contrast to the imminent mandatory clearing obligation in the EU, which we sense the market is more prepared for, the margin requirements proposal still presents a multitude of questions for market participants. It will be interesting to see how the industry will carry out the work that still needs to be done in the proposed timeframe.”

Jenniffer Emanuel stated that “Implementation of the margin rules for uncleared swaps will be the single biggest and most complex logistical challenge the industry has faced as a result of regulatory change since the crisis.”

WIND Focus on Creating Forums for Female Leaders

“Creating a forum for senior female leaders to share their insights about trends and opportunities emerging in the financial industry is one of WIND’s top priorities,” explained Kristin Boggiano, President of WIND and Special Counsel at Schulte Roth & Zabel. “Our industry is undergoing historic regulatory and structural changes, and WIND provides a means for mentoring relationships to develop that help women navigate their careers as the market evolves.”

For more information about WIND and other WIND events, please contact:

Kristin Boggiano
President, Women in Derivatives
info@womeninderivatives.org

About Women in Derivatives
Women in Derivatives (WIND) is a nonprofit organization established in 2007. Its core mission is to attract, retain, educate and develop female leaders in the derivatives industry. It provides targeted channels for education, mentoring and sponsorship, leveraging senior leaders within its organization. Participants include people in trading, sales, law, economics, marketing, research, academia, government, operations and technology. For more information on how to become a member, please see http://womeninderivatives.org/membership/become-a-member/.