In the run-up to the sub-prime crisis, certain OTC derivatives accelerated the irresponsible lending behaviour of certain US banks. Subsequently, when the web of OTC contracts around Lehman Brothers was torn apart the world was plunged into the "Great Recession". Three years later the legislators and regulators have been very busy but are we really on the brink of a meaningful reform of OTC derivatives? Can these markets ever be made as robust as the existing futures and options exchanges?

A debate addressing these issues took place in UCL's Darwin Lecture Theatre at 5pm on Tuesday 19th July 2011. The event was was presented by UCL FINDS and PRMIA with collaboration from partners; ICFFR, CISI, ISDA, AFME, CFA institute and others.

Welcome remarks by Chair of UCL FINDS and Lecturer of Finance, Donald Lawrence, were followed by opening comments by LCH Clearnet Director Phillip Atkinson. Discussion followed amongst the panellists:

• Dr. Jeremy Bezant, Partner RFQ-HUB & X-Hd structured products AVIVA
• Natasha De Teran, Executive Director, International and Public Affairs, LCH.Clearnet
• Stuart Heath, Executive Director, Eurex Clearing 
• Andrew Lamb,  CEO,  CME Clearing Europe
• Andrew Sterry,  European Head of Derivatives Intermediation and Derivatives Clearing,  Citi, Prime Finance

Pavel Pinkava, Director, Trading Research, Goldenberg Hehmeyer & Co acted as moderator.

At 8pm the 200 participants, from all major financial institutions, US, UK and EU regulators, major industry associations, and numerous industry software, hardware and risk management suppliers, practitioners, and academics retired to the Networking Reception with Beverages at the UCL Print room Café with a live band playing.

uclfinds.com/ is a university based research forum funded by corporate sponsorship run by multi discipline students with CS, engineering, economics, math, stats from a variety of campuses across University of London aiming to facilitate high- impact conferences, debates and talks on critical topics within the Financial Services Industry.