Clearing Workshop: OTC Clearing Presented at the FIA Expo - Chicago 06 November 2003.

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Clearing Workshop: OTC Clearing Presented at the FIA Expo - Chicago 06 November 2003

Clearing Workshop: OTC Clearing Presented at the FIA Expo - Chicago 06 November 2003 Arun Aggarwal, The London Clearing House David Goone, IntercontinentalExchange Molly Harris, Dynegy, Inc. John McPartland, Federal Reserve Bank of Chicago Neal Wolkoff, New York Mercantile Exchange

Clearing Workshop: OTC Clearing What is the current and future demand for clearing OTC products?

Clearing Workshop: OTC Clearing From which market sectors is the demand coming?

Clearing Workshop: OTC Clearing What are the issues raised by clearing OTC trades in a traditional clearinghouse?

Clearing Workshop: OTC Clearing What are the potential implications for risk management and default procedures?

Clearing Workshop: OTC Clearing How does OTC clearing change the traditional role of FCMs?

Clearing Workshop: OTC Clearing How does OTC clearing fit in with OTC collateralization?

CleartoMarketCleartoMarket CentralizedCollateralizationCentralizedCollateralization CleartoModelCleartoModel ExchangeTradedProductsExchangeTradedProducts Illiquid products that can be priced theoretically by a model Illiquid PrivatelyNegotiated Products of all Kinds PrivatelyNegotiated Products of all Kinds

Uncertain Additional Costs Futures Style Settlements for Illiquid Products Futures Style Settlements for Illiquid Products Multilateral Netting of Collateral Obligations Multilateral Netting of Collateral Obligations Maximize Collateral Utility Maximize Collateral Utility (Minimize Collateral Obligations) Minimize Cross-Border Issues Minimize Cross-Border Issues Safe (Immobilize) Custody for "Free" Collateral Safe (Immobilize) Custody for "Free" Collateral Automatic Allocation (Including Fractional Allocation) of Securities Automatic Allocation (Including Fractional Allocation) of Securities No New Technology: Just the Willingness to Advance the Initiative No New Technology: Just the Willingness to Advance the InitiativeDisadvantages:vs.Advantages:

Clearing Workshop: OTC Clearing Presented at the FIA Expo - Chicago 06 November 2003 Arun Aggarwal, The London Clearing House David Goone, IntercontinentalExchange Molly Harris, Dynegy, Inc. John McPartland, Federal Reserve Bank of Chicago Neal Wolkoff, New York Mercantile Exchange

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