The CFTC Market Risk Advisory Committee ("MRAC") will consider subcommittee recommendations for Central Counterparties ("CCPs"). The CFTC specified that it will review (i) CCP Risk Management Subcommittee final recommendations for the further enhancement of CCPs' efforts in preparing for the default of a significant clearing member (as discussed at previous MRAC meetings held on April 2, 2015, November 2, 2015, and June 27, 2016), and (ii) the Bank of England's coordinated CCP default fire drill. The public meeting will take place on November 17, 2016 at CFTC headquarters in Washington, D.C.

The CFTC published the following agenda:

10:00 a.m.

Welcome and Opening Remarks

10:15 a.m.

Panel 1: Discussion of CCP Risk Management Subcommittee Recommendations for CCP Default Management

Facilitator:
Susan O'Flynn, Managing Director and Global Head of CCP Strategy, Governance and Optimization, Morgan Stanley

Key Speakers:
Dennis McLaughlin, Group Chief Risk Officer, LCH.Clearnet
Richard Miller, Consultant, American Council of Life Insurers
Kristen Walters, Global Chief Operating Officer of Risk and Quantitative Analysis Group, BlackRock

Recommendations:

I. Default Management: Coordination, Harmonization and Enhancement

A. Communication

B. Default Management Committees

C. Fire Drills

D. Auction Process

E. Customer Participation in Auctions

II. Porting

11:00 a.m.

Break

11:15 a.m.

Vote on CCP Risk Management Subcommittee Recommendations for CCP Default Management

11:45 a.m.

Break

12:00 p.m.

Panel 2: A Regulatory Perspective on CCP Resilience – Presentation by
David Bailey

Facilitator:
Robert Steigerwald, Senior Policy Advisor, Financial Markets, Federal Reserve Bank of Chicago

Key Speaker:
David Bailey, Director, Financial Market Infrastructure, Bank of England

Main Topics:

I. Coordinated Default Management Exercises
II. Evolving Regulatory Policy on CCP Resilience and Recovery

1:00 p.m.

Closing Remarks

1:30 p.m.

Adjournment


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