FMI Research Initiative – on CSDs and Custodians

OVERVIEW
1)
Date: Friday, 26 Apr. 2019 16:00 Frankfurt | 15:00 London | 10:00 New York
Location: online webinar
Topics: Central Securities Depository (CSD) and Custodian primer. Beforehand intro FMI and FMI Research Initiative status
Presenter: Charles-Enguerrand Coste, ECB & YSI and Gerhardt (Kiko) Kalterherberg, YSI

2) Date: Friday, 3 May 2019 17:00 Frankfurt | 16:00 London | 9:00 Mexico City
Location: online webinar
Topics: Debrief OTC Derivatives and Clearing Symposium by Fed Chicago in Chicago, USA on Thu. 4. Apr. 2019
Presenter: Andrés Arauz, PhD candidate Universidad Nacional Autónoma de México, central bank of Ecuador on leave & YSI and Gerhardt (Kiko) Kalterherberg, YSI

THE IMPORTANCE OF FINANCIAL MARKET INFRASTRUCTURE (FMI)
CCPs within FMI have been one core regulatory response in the aftermath of the 2007/08 financial crisis in mitigating future financial crises. In 2009 the G20 agreed that all standardized OTC derivative contracts should be cleared through central counterparties where appropriate.

Subsequently, more than half a dozen clearing houses in the USA alone have been identified by the US Financial Stability Oversight Council as systemically important financial market infrastructure (FMI). This clearly gives CCPs a key role in the present financial system.

Central Securities Depository (CSD) and Custodian play a crucial role in the FMI. To understand the interplay between CSDs and Custodians with the other FMI parts, we invite our own Charles-Enguerrand Coste to present his current understanding on these FMI players.

The OTC Derivatives and Clearing Symposium by Fed Chicago saw a gathering of regulators, policy makers, CCP operators and clearing member banks to discuss open questions mostly concerning CCPs. We invite our own Andrés Arauz, participant, to debrief us.

We at YSI believe that FMI could potentially be under researched or even misunderstood in today’s research efforts. In order to address this potential gap, we would like to put an emphasize on this research field. Our own Gerhardt "Kiko" Kalterherberg is to offer a intro to FMI and FMI Research Initiative status respectively.

Please come join us to get to know us better and to understand some of the fascination behind FMI. Also, stay tuned for two reading circles coming soon on

1) CCP workings deep dive with a debrief with Robert Steigerwald, Senior Policy Advisor, Fed Chicago, Financial Markets
2) Hong Kong and New Zealand CCPs stress case studies with a debrief with Sunil Cutinho, President, CME Clearing