THE NASDAQ OMX CLEARING MODEL 27 NOVEMBER 2013
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1 THE CLEARING MODEL 27 NOVEMBER 2013
2 THE CLEARING MODEL AGENDA Introduction + Regulations + Roadmap EMIR License Clearing model + Account structure + Segregation + Portability Legal certainty 2
3 Introduction
4 THE BACKGROUND All OTC derivative contracts should be tradedon exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012 at the latest. OTC derivative contracts should be reportedto trade repositories. Non-centrally cleared contracts should be subject to higher capital requirements.(g20) Traded CCP cleared Reported Capital requirements MiFID trading EMIR CCP clearing + reporting Basel/CRD capital requirements 4
5 ROAD MAP - REGULATIONS Mifid II EMIR Implementation Today EMIR Technical standard Basel III CRD IV Remit Implementation EMIR Clearing Obligation Trade reporting Client Protection Improved risk control New CCP license Basel III/CRD IV Capital adequacy requirements on banks Capital requirements vary depending on risk of counterparty CCP is a counterparty Qualifying CCP Risk weight EMIR Into force Remit Into force
6 - CENTRAL COUNTERPARTY Matching Technology Margining A CCP H B Corporate actions Cash settlement Physical settlement G C Replace counterparty risk between different market participants with the counterparty risk towards the clearing organization F E D Guarantees all of the rights and obligations under the contract are fulfilled throughout the entire term of the contract A H B G CCP C F D E
7 MULTI ASSET CLEARING HOUSE Listed and OTC products in the same model COMMODITY DERIVATIVES This is key in the ambition to create legal and operational efficiency both for Clients, Clearing members and the CCP. will clear all Nordic OTC products mandated for clearing EQUITY DERIVATIVES FIXED INCOME DERIVATIVES New asset classes 7
8 MONTHLY CLEARED VOLUMES (incl ) 8
9 EMIR APPROVAL PROCESS Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Application submitted 16 April College established Risk assessment by Competent Authority submitted to college Joint opinion of the College NOS Authorization granted Within six months from complete application 9
10 Clearing model
11 SEGREGATION EMIR and CPSS/IOSCO require clearinghouses and clearing members to segregate house and client positions and assets and in addition to offer client by client segregation 1. A CCP shall segregate client and house positions and assets (omnibus segregation) 1. A CCP shall offer client by client segregation (individual client segregation) 1. Client / House Segregation Clearing Member Client Clients House 2. Individual Client Segregation Clearing Member Client Clients House Client House Client Clients House Clearing Clearing 11
12 CLEARING EMIR COMPLIANT MODEL OVERVIEW ACCOUNT STRUCTURE Account CLEARING Account structure Individual client segregation DP account Clearing clients (CC) Individual client seg. account (ICA) FIN COM Direct Pledge Account: The client has a direct legal relationship with Clearing Client Account: The client has a direct legal relationship with (COM) Individual Client Segregated Account: Clients have no direct legal relationship with Client / house segregation IDP account Single-client account Omnibus account FIN 4 3 Indirect Pledge Account: The client has a direct legal relationship with Single Client Account: One client per account. Client have no direct legal relationship with Clearing No segregation 2 Omnibus Account: Multiple clients in one account Clients have no direct legal relationship with Clearing 1 House account 1 House Accounts for members own clearing 12 12
13 CLEARING EMIR COMPLIANT MODEL LEVEL OF CLIENT SEGREGATION Account Position Level of segregation Collateral Level of segregation DP account Client-by-client Client-by-client Post collateral direct ICA Client-by-client Client-by-client Omnibus Client / House Client / house
14 PORTABILITY Individual Segregation Key assumptions and differences in Clearing model Portability Defaulting member s administrator will put all transactions (both house and client) on hold after the member is in default. Defaulting Clearing Member Back-up Member All obligations are ported to a Back-up member, partial porting is not possible There is no guaranteed portability arrangements; the Back up member has to accept the porting request before NOMX ports positions and collateral Client A Position Collateral Client A Omnibus Segregation Portability Interaction needed with defaulting member and defaulting member s liquidator before porting takes place No No No Defaulting Clearing Member Clients Clients Position Collateral Back-up Member Clients Client by client porting of positions No Yes Yes Client by client porting of collateral No Yes N/A
15 PORTABILITY CLEARING Account structure Individual client segregation DP account Clearing clients (CC) Individual client account (ICA) Client / house segregation IDP account Single-client account Omnibus account No segregation House account FIN COM FIN Fully segregated agent model Portability structure No interaction with liquidator Only port positions Principal model Portability structure No interaction with liquidator Port both position and collateral Basic - Portability structure No interaction with liquidator All clients must agree Port both position and collateral
16 EFFECT OF A CLEARING MEMBER DEFAULT: PORTING X HOUSE CM COLLATERAL BALANCE ICA X NASDAQ OMX CLEARING HOUSE ICA Back-up CM 1. If the CM is likely to become unable to meet its obligations, CCP may call a default 2. If the Client has arrangements with another CM, porting may take place: Contracts and collateral are transferred Client X Client 3. A CM default causes the transactions between the Defaulting CM and the Client to be closed out 16
17 EFFECT OF A CLEARING MEMBER DEFAULT: PORTING X HOUSE CM X COLLATERAL BALANCE ICA X NASDAQ OMX CLEARING Collateral Balance recreated HOUSE ICA Back-up CM COLLATERAL BALANCE 1. Client s collateral balance with the Defaulting CM should be written down 2. Identical transactions are automatically created between the Back-up CM and the Client 3. The Client s collateral balance with the Back-up CM is written up X Identical transaction created Client Client 17
18 POSITION AFTER PORTING NASDAQ OMX CLEARING HOUSE CLIENT HOUSE CLIENT CM Back-up CM COLLATERAL BALANCE Client 18
19 NO PORTING (CLOSE-OUT) X Obligations NOMX CLEARING HOUSE CM ICA X X X COLLATERAL BALANCE X Sum remaining after CM s liabilities have been discharged is paid 1. Where porting does not take place, CM s Contracts with CCP are closed out 2. CM s liabilities to CCP are covered by the margin collateral held 3. CM/Client positions are closed out at the same value 4. Client s collateral balance with CM is netted against that value in the ordinary way 5. CCP pays the remaining relevant account balance to Client 6. The amount received by Client is applied in discharge of CM s obligations to Client Client 19
20 Legal certainty
21 WHY IS LEGAL CERTAINTY AN ISSUE? Interposes itself between counterparties to contracts traded on financial markets Ensures future fulfillment of open contracts Manages risk on financial markets Netting Margin Default fund/clearing capital Client protection 21
22 CCP REQUIREMENTS CPSS-IOSCO Principles for Financial Market Infrastructures (2012) Principle 1: A CCP shall have a well-founded, clear, transparent, and enforceable legal basis for each material aspects of its activities in all relevant jurisdictions In addition emphasizes importance of foreseeable rules, incl. netting arrangements EMIR A CCP shall verify that its default procedures are enforceable. A CCP shall identify and analyze the soundness of the rules of the CCP. A CCP shall identify and analyse potential conflicts of law issues and develop rules and procedures to mitigate legal risk resulting from such issues). If necessary, independent legal opinions shall be sought for the purpose of this analysis.
23 LEGAL OPINION PROJECT Scope: License requirements Choice of law Insolvency, set-off and netting Default rules and default fund Collateral Payments Porting and return of client balance 23
24 JURISDICTIONS COVERED COM: Poland Norway Cayman Islands Marshall Islands Finland Singapore BVI Bermuda Switzerland Malta Denmark Belgium Estonia Faroe Islands France Germany Netherlands Ireland Italy UK FIN: Sweden Switzerland Luxembourg Holland Belgium Norway Denmark Finland Spain Germany France UK
25 TO CONCLUDE
26 THANKYOU 2 6
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