Mr. Sunil Cutinho, Senior Managing Director, CME Clearing

Mr. Sean Downey, Executive Director, Global Clearing and Risk Policy, CME Group

The role that CCPs play in supporting trading activity has been enhanced and expanded with a number of additional regulatory features and protections being built into the system.  The goal is to have a robust financial architecture to support financial stability as well as to promote business opportunities. Mr. Cutinho and Mr. Downey described some of the global regulatory developments and specifically how it impacts on particular exchanges, using  the CME clearing platform as an example. 

· Features of CCPs and role in the changing regulatory environment.

· Understanding Central Clearing Market Structure (including financial resources waterfall protections)

· Incentives including  Capital costs and efficiencies.  And challenges faced by CCPs

· Commodity platform issues (including contextual information about the CME platform).

· Emerging regulatory issues and challenges: Leverage Ratio, Capital Regulations

· Future outlook.

Mr. Kiyotaka Sasaki, Secretary General
Securities and Exchange Surveillance Commission (SESC)
Financial Services Agency (FSA), Japan

IBA Japan is pleased to welcome again Mr. Sasaki from the Japanese Securities and Exchange Surveillance Commission (SESC) to give an overview of the SESC in relation to Financial Administration Policy for FY 2015 and SESC inspection priorities.
At this forum, Mr Sasaki will discuss the objectives presented in the recently published FSA Financial Administration Policy including:

 Issues particularly relevant to international securities firms operating in Japan and SESC priorities regarding monitoring of these institutions.
 Conduct required of financial business instruments operators to ensure transparency and fairness of the securities market.