IECA Webinar: Understanding the Central Counterpart (CCP) Model

Presented by the European Regional Education Committee
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Add to Calendar 2021-04-12 10:00:00 2021-04-12 11:00:00 IECA Webinar: Understanding the Central Counterpart (CCP) Model Description Online International Energy Credit Association info@ieca.net America/New_York public
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Online
Description

In September 2018, a Norwegian power market trader racked up losses he could not cover, leaving commodities companies who are part of the Nasdaq clearing house, and the exchange itself, to plug a 114 million euro ($133 million) hole in a contingency fund.

Join our European Webinar on Monday, April 12 at 3:00 p.m. BST/10:00 a.m. EDT (GMT+1), sponsored by C-RISK Software, as speaker Paul Kitching looks at the relationship between a central counterpart (CCP) and its Clearing Members and the clients of Clearing Members, the risks that a CCP is exposed to, and how a CCP manages those risks. Whist all CCP’s follow best practice, as laid out by IOSCO, each will apply their own set of rules and procedures; the Webinar will focus primarily on Nasdaq Clearing AB.

This webinar will cover:

  • The September 2018 default
  • Common categories of Membership
    • Relationship between Clearing Members (CMs) and the CCP
    • Relationship between clients of CMs and their CM and with the CCP
  • The CCP performance guarantee: Who is covered?
  • How the CCP manages its risk:
    • Membership criteria
    • Daily margining and initial margin
  • What happens in the event of default?
    • Declaring a default
    • The close out process
    • Covering a shortfall: The “waterfall” explained
  • Mutualising losses: The Member Default Fund
    • Trade-offs
    • Size of fund
    • Membership contribution

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Speakers
Fees

Members: FREE
Non-members: $35.00 USD

Webinar Disclaimer: 
By registering for this webinar, you are aware that you will be using the Zoom platform to view this material. You hereby release and hold harmless the IECA and its Officers & Directors for any loss or liability relating to this platform, including for any materials compromised or loss of or damage to personal property or information technology due to the participation in this Zoom webinar. By consenting to view this IECA webinar on Zoom, you agree to assume any risks that may arise due to the Zoom platform, including but not limited to hacking, material compromise or other damages due to allowing Zoom to access your computer for the viewing of this webinar. By registering for this webinar, you are aware of the risks and expectations associated with participation in this online event.

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