Description

In wake of the global financial crisis, the leaders of the G20 met in Pittsburgh in September 2009 and committed to sweeping reform of the largely unregulated market for over-the-counter (OTC) derivatives. These reforms include increased oversight of key market participants, mandatory trade execution and clearing of standardized derivatives, margining of uncleared trades, and trade reporting for greater transparency. In 2010 in the United States, this took the form of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), Title VII of which imposes far-reaching changes on the regulation of derivatives and market participants both within and outside the United States. In Europe in 2012, the European Parliament adopted the European Market Infrastructure Regulation (EMIR). Similarly, various Asian jurisdictions are in the process of implementing their own reform commitments.

This seminar seeks to provide a high-level overview of how each of Dodd-Frank and EMIR regulate OTC derivatives. It will also focus on their approaches to extraterritoriality and what this means for Asian counterparties. The current state of derivatives regulatory reform in various key Asian jurisdictions will also be discussed. The seminar does not assume prior knowledge of derivative regulation.

About The Speaker

Joshua Margolis is a Director and Deputy General Counsel at Citi. Based in Singapore and with over 15 years’ experience in the region, he is responsible for Citi’s regulatory reform efforts across the franchise, as well as Citi’s futures and clearing businesses. Mr. Margolis holds Bachelors degrees in Chinese and Linguistics from Georgetown University, and Juris Doctor and Master of Laws degrees from Temple University. He is admitted to the New York Bar.