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Since the financial crisis, the global derivatives market has been increasingly reliant on central counterparties (CCPs) to protect market participants from counterparty losses when faced with major market shocks.  

Current risk models that quantify a clearing member’s counterparty credit risk to a CCP are generally inadequate because they assume that the behaviour of each clearing member (CM) is homogeneous.  This fails to account for the potential of a small CM to take on outsized and unhedged positions, which can introduce as much credit risk as all the other CMs combined. This indirectly increases the credit risk of other CMs because of the complex loss-sharing mechanisms that have been adopted by CCPs.

Join Deloitte, Simudyne and Cloudera to learn how to better identify and protect against CCP risks. Deloitte and Simudyne will present a new approach in modeling CCP risk exposures using Agent Based Model Simulations running on Cloudera’s enterprise data cloud. 

Key advantages to this approach will be demonstrated:


  1. Quantify counterparty credit risks to one or more CCPs and make decisions on membership of the CCP. 

  2. Stress test the effectiveness of various risk-mitigating procedures to keep the overall credit risk at a minimum. 

  3. Enable a prescriptive yet quantitative approach for regulators to help identify potential trigger events resulting in systemic risk exposures that go beyond the limits of historical experience.



Managing Director, Cloudera

Dr. Richard Harmon


Dr. Richard Harmon is the Managing Director for Financial Services at Cloudera. He started his post-academic career at the Federal Reserve Bank of New York followed by leading risk and research teams at Citibank, Bankers Trust, JP Morgan and Bank of America. He is the co-founder of a GMAC funded Risk Management & Analytics start-up called Risk Monitors which was acquired by BlackRock, where he was an MD & Partner in the Risk Management Group.

Partner, Risk Advisory, Deloitte

Dr. Stephen Weston


Dr. Stephen Weston is a partner in the Risk Advisory practice at Deloitte. He has over 25 years of experience in quantitative finance and risk management, working with many of the largest investment banks, as well as hedge funds and start-ups. Immediately prior to joining Deloitte he spent 4 years at Intel focusing on modelling, fintech and HFT. His experience spans all areas of trading, risk management and quantitative research. In addition, he is also a visiting professor at Imperial College in computational finance. Stephen holds a PhD in mathematical finance from London University.

CEO, Simudyne

Justin Lyon


Justin Lyon is the CEO of Simudyne, a simulation technology company based in London. He is a leading expert in agent-based simulation and artificial intelligence.  He used his experience working with the US Department of Defence, Microsoft, ExxonMobil, Apple and the Bank of England to create a way to use millions of software agents to rapidly simulate financial markets. For over 15 years, his work in the US, the UK, Honduras, Kuwait, South Africa and Iraq has focused on helping organisations to understand the ways in which advanced analytics, simulation and artificial intelligence can help business, government and civic leaders to shape a better world for the next generation.

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