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Understanding CPDCs as Financial Operating Companies The Global ABCP and SIV Summit

Understanding CPDCs as Financial Operating Companies The Global ABCP and SIV Summit 18 th September 2007 Paris, France Moderator: Walter Gontarek Chief Executive Channel Capital Advisors. Introduction to the Panellists Opening Comments Q&A Session Conclusion. Contents. Ian Hawkins

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Understanding CPDCs as Financial Operating Companies The Global ABCP and SIV Summit

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  1. Understanding CPDCs as Financial Operating Companies The Global ABCP and SIV Summit 18th September 2007 Paris, France Moderator: Walter Gontarek Chief Executive Channel Capital Advisors

  2. Draft Introduction to the Panellists Opening Comments Q&A Session Conclusion Contents

  3. Draft Ian Hawkins Chief Risk Officer, Invicta Financial Thomas Keller EVP, LBBW Rob Robinson Partner, Sidley Austin LLP Katrien Van Acoleyen Managing Director, S&P Introduction to the Panellists

  4. Draft CDPCs Described Bank # 1 Credit Derivatives Product Company (CDPC) Aaa/AAA counterparty rating Continuation Vehicle AssetManager • Originate CDS • Risk management • Hedging • Operations • Capital model • Receives IM fees Liabilities Term Debt Equity Capital Assets Eligible Investments Bank # 2 Auditor/ AUP Provider Custodian Bank # 3 • CDPCs are a from of Financial Operating Company that transact in the credit derivatives markets, primarily as a provider of CDS protection, • Permitted asset classes are designated in the CDPC Operating Guidelines, but could potentially include corporate, sovereign, municipal or structured finance obligations, • All CDPCs rated Aaa/AAA to-date have been “Continuation Type” CDPCs, which do not terminate their swap portfolios regardless of MTM volatility. Thus, they do not post collateral to swap counterparties

  5. Draft CDPCs versus other Op Cos

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