Mr. Felix Shipkevich presented on the topic of “The Role of Trade Repositories and Swap Execution Facilities” at The Cost of Central Clearing for Finanical Institutions Seminar hosted by Asia Risk. Mr. Shipkevich’s presentation included an extraterritoriality component and discussed such issues as the tradeoff between transparency and liquidity; comparisons between local or offshore repositories; legal and regulatory challenges faced; responsibilities for reporting of trades; Swap Executions Facilities (SEFs) and their role in central clearing; credit fragmentation and portable margining; the role of the Swap Data Repository (SDR) in the new model; and the differences between a trade cleared by a Public Bank and a Central Counterparty (CCP). The conference was held at The Excelsior in Hong Kong.