Opening Reception

Sponsored by: DTCC - The Depository Trust & Clearing Corporation

Leaders from CCPs from the Americas, Asia-Pacific, and Europe launch the global industry dialogue on the challenges and complexities of clearing in today’s rapidly transforming environment. This panel will discuss key drivers of change, including volume growth, the emergence of new liquidity pools, the increase of cross-border trading, and the interconnections between markets, instruments and liquidity pools.

The speakers will set the stage for the afternoon’s workstreams by discussing how CCPs have been reacting to these trends.

Speakers:
Donald F. Donahue, CEO and Chairman - DTCC
Roger Liddell, CEO - LCH.Clearnet
Sundararaman Ramamurthy, Senior Vice President - NSE
Thomas Book, Member of the Eurex Executive Board - Eurex Clearing AG

Moderator / Chairperson: Amarilis Sardenberg, Chief Operating Officer - CBLC

Beyond seeking more efficient, lower-cost market infrastructures overall, what do global investment banks and clearing firms see as priority issues for the CCPs supporting them in different markets and geographies? The panel, representing a cross-section of these global users, will share their real-world experiences, predictions and insights, and tell us frankly how they would like to see CCPs evolve.

Speakers:
Gregory E. Fell - Director, Payments Systems Risk Management - Citi
Jose-Luis DeJesus, Regional Head of Equity Operations, Asia Pacific - UBS
Yukinobu Onoda, Managing Director, Trading Support Department - Nomura Securities CO., LTD.
Simon Raybould, Chief Executive Officer - MF Global Hong Kong
Matt McGuire, Chief Administrative Officer and Head of Operations, Pacific Region - Merrill Lynch Japan

Moderator:
Robert McGrail, Executive Managing Director - DTCC

Chairperson: Mary Ann Callahan, Managing Director, Global Relations & Development - DTCC

This panel will include representatives from exchanges, electronic communication networks (ECNs), multi-lateral trading facilities (MTFs) and dark liquidity pools from around the world. They will discuss what’s next in the drive for increased liquidity and low-cost trading, and the implications for CCPs.

Speakers:
Marcus Zickwolff, Director, Head of Trading & Clearing System Design - Gruppe Deutsche Boerse
Michael Kobida, Financial Management Director - CME
Tomoyoshi Uranishi, Senior Executive Officer - Tokyo Stock Exchange Group, Inc

Moderator:
Thomas Krantz, Secretary General - WFE

Lunch

Sponsored by TSE- Tokyo Stock Exchange

As the trend towards globalized marketplaces quickens, CCP risk management challenges mount: sharply increased volumes demand additional risk capital on CCP's balance sheets and focus attention on growing intraday risks.

Linkages between CCPs across multiple jurisdictions and time zones require new and potentially more complex risk management arrangements. In this session, the panel will identify the emerging issues and the potential impact on the CCPs' approach to risk management.

Speakers:
Anne Brown, Chief Risk Officer - ASX
Chris Jones, Chairman of Sub-Committee on Inter-CCP Risk Management Standards - EACH
Michael Walinskas, Senior Vice President, Risk Management and Membership - OCC

Moderator: David Myers, Partner, Consulting - Deloitte Touche Tohmatsu

Chairperson: Paul Jones, General Manager, Clearing Risk Policy - ASX

These practical breakout sessions will give delegates an opportunity to fully explore the challenges, debate key issues and share experiences, ideas and questions.

The goal of these interactive sessions is to discuss and agree on best practices, as well as gain general consensus on the issues which require global collaboration. (To keep groups small and interactive, multiple teams will work on each workstream topic.)

NOTE: Through “advance breakout sessions,” delegates participating in each workstream will have a chance to interact by conference call and email prior to the conference. This offers a dynamic chance to move the CCP industry forward faster, in line with market and industry needs, and bring closure on some truly global issues.

Dinner

Sponsored by JSCC - Japan Securities Clearing Corporation

All conference delegates will reassemble so that each workstream can report its results for discussion with the entire group.

Central banks and regulators share their thoughts about what kind of regulatory changes are needed to foster the evolution of markets, including the key findings reported from the prior workstreams. This panel will discuss key trends, and provide an update on recent progress and cooperative arrangements to facilitate cross-border arrangements.

Panel participants will comment on whether CPSS-IOSCO, the EU Code of Conduct on clearing and settlement and other developments have impacted CCPs’ procedures and activities, and what regulators are doing to ensure appropriate protection for investors and support market globalization.

Speakers:
Daniela Russo, Deputy Director General, Payments & Market Infrastructure - European Central Bank
James Brigagliano, Associate Director, Division of Trading and Markets - Securities and Exchange Commission
Dermot Turing, Partner - Clifford Chance London

Moderator: Richard B. Nesson, former Executive Managing Director for Legal, Regulatory and Compliance - DTCC

Chairperson: Rory Cunningham, Director of Strategy and Development at LCH.Clearnet and EACH Chairman - LCH.Clearnet / EACH

Lunch

Sponsored by CBLC - Brazilian Clearing Depository Corporation

Each of the workstream groups will reconvene to focus on obstacles uncovered and the next steps required to close issues. The results of these sessions will guide CCP12 in setting its agenda for the remainder of 2008.

To conclude the conference, all delegates will reassemble so that each group can summarize points agreed, obstacles uncovered and next steps to pave the way for progress following the conference.

CCP 12 MEMBERS INTERNAL SESSION

The CCP12 Mission:

• Approval of new member
• Discussion on CCP12 mission and future plans