36th Annual RMA Securities Finance and Collateral Management Conference

October 14–17, 2019 | Boca Raton, FL

See you at next year’s conference in Amelia Island, FL. October 12-15, 2020

Join us in Boca Raton, FL!

36th Annual RMA Securities Finance and Collateral Management Conference

The Long & Short of It: Future Perspectives of the Industry a Decade after the Financial Crisis
The Annual RMA Securities Finance and  Collateral Management Conference is the ORIGINAL industry wide conference sponsored and developed by securities lending and borrowing professionals for securities lending and borrowing professionals.

Guarantee your seat at The Annual RMA Securities Finance and Collateral Management Conference before the event sells out. The 2019 conference, held October 14–17 in Boca Raton,FL, features an extensive business program to provide practical solutions to industry challenges. 


The conference co-chairs, Alina Casner from BNY Mellon, and Robert Zekraus from Scotiabank, and the planning committee are currently putting together a business program reflective of the current issues affecting the industry.

Conference Attendee


After August 30, 2019

For registration information please contact Rosemarie Casler, the conference registrar, at rcasler@rmahq.org.

Connecting markets, connecting people.

The RMA Annual Securities Finance and  Collateral Management Conference is the ORIGINAL industry wide conference sponsored and developed by securities lending and borrowing professionals for securities lending and borrowing professionals.

Guarantee your seat at PASLA 2019 before the event sells out. The 2018 conference, held 6-8 March in Hong Kong, featured an extensive business program to provide practical solutions to industry challenges. 


Paul Skurr

Conference Co-Chair
Learn More ›

Jane Wagner

Conference Co-Chair
Learn More ›

Peter Hiom

Welcome Remarks Speaker
Learn More ›

Marcel Thieliant

Keynote Speaker
Learn More ›


  • Monday, October 14
  • Tuesday, October 15
  • Wednesday, October 16
  • Thursday, October 17

8:00 P.M. to 10:00 P.M.

Welcome to Boca Raton Reception

Join us to kick off the conference and take the opportunity to meet and greet your peers in the industry.

Courtesy of:
BMO Global Asset Management Agency Lending

10:00 A.M. to 12:00 P.M.

Women in Securities Finance and Industry Leader Keynote, Panel, and Networking Session

All registered conference attendees are invited to join Women in Securities Finance as they host an in-depth session focused on diversity and inclusion within the securities finance industry. The event will be begin with Michelle Girard, Chief U.S. Economist for NatWest Markets, delivering the keynote address, followed by an industry leader panel discussion. The panelists will share their personal development stories, diversity and inclusion practices as well as the impact these corporate initiatives have on firm culture within the securities finance industry. Open networking to follow the panel discussion. We encourage all attendees, especially those who are members of Women in Securities Finance, to take this opportunity to network with your colleagues in the industry.

Led by: Elaina Benfield, Senior Counsel, Vanguard
Arianne Collette, Executive Director, Morgan Stanley
Jill Rathgeber, Director, Product and Strategy, BNY Mellon

Panelists: Linda Benzi, Head of Securities Lending, E*TRADE
Christine Mattone, Director, Citi
George Rennick, Head of Agency Lending Americas, J.P. Morgan
Casey Spezzano, Managing Director, Head of Flow Collateral Trading, Americas, NatWest Markets

Courtesy of: 
J.P. Morgan

12:00 P.M. to 12:30 P.M.

Light lunch and refreshments with Exhibitors

Courtesy of: 

12:30 P.M. to 1:30 P.M.

Global Legal, Regulatory and Tax Update and Future Strategy 

What are the regulatory developments with significant global impact that everyone should keep an eye on?  The regulatory environment continues to expand  in some areas and contract in others, with the need to constantly assess the impact of the current regulatory landscape including uncleared margin rules (UMR), Basel IV, Dodd-Frank (SCCL, NSFR), the leverage rules, stress capital buffer (SCB) rule, and implementation issues surrounding these rules and regulations.  Global developments SFTR, CSDR and issues related to key tax issues will be highlighted, including the new French withholding tax, Canada’s 2019 Federal Budget, and the latest developments with the German Investment Tax Act of 2018.

Moderator: Greg Lyons, Partner, Debevoise & Plimpton

Panelist: Andrew Dyson, Chief Executive Officer, ISLA
Dominick Falco, Managing Director, BNY Mellon

Dalia Hamdy, Senior Tax Counsel, Global Banking and Markets, Scotiabank
Glenn Horner, Managing Director & Chief Regulatory Officer, State Street

1:30 P.M. to 2:15 P.M.

Association Update

Get updates on the association’s activities.

Moderator: Fran Garritt, Director, Securities Lending and Market Risk, The Risk Management Association

Panelist: Andrew Dyson, Chief Executive Officer, ISLA
Glenn Horner, Managing Director & Chief Regulatory Officer, State Street
Eugene Picone, Director - Collateral Mgt & Funding, Scotiabank
Matthew Puscar, Executive Director, J.P. Morgan
George Rapalje, Vice President, State Street

2:15 P.M. to 2:45 P.M.

Coffee Break with Exhibitors

Courtesy of: 

2:45 P.M. to 4:00 P.M.

Harnessing FinTech Innovation in Securities Finance and Collateral Management

Panelists will give their perspectives on the technologies that are positioned to take center stage in the industry in the next 12-18 months. Highlights include the increased prevalence of electronic trading, integrating artificial intelligence into SFT decision making, increased automation in the collateral management space and tokenization of assets/collateral. Electronic trading and increasing usage of data to enable better pricing decisions and empower the industry in deploying of proprietary trading algorithms.  Migration towards higher proportions of trading occurring over electronic venues to better allocation resources and increase standardization.

Moderator: Dean Sakati,Senior Managing Director, State Street

Panelists: Andrea Dyson,  Managing Director, Morgan Stanley
Paul Lynch, Managing Director, Global Head of Products, EquiLend
Brian Ruane, CEO, Government Securities Services, BNY Mellon
Raj Sheth, CEO, Pirum
Guido Stroemer, CEO, HQLAX
Patrick Morrissey, Director of Product, Development, and Implementation - Securities Lending, Vanguard

4:00 P.M. to 4:45 P.M.

The Future of the Industry: Viewing Financial Services Through a New Lens

Panelists will discuss how the business has changed during their tenure and how they see the industry advancing over the next decade. This discussion will take an aspirational look at the next evolution of the business: What new opportunities has technology provided for the industry and what future roles will emerge for financial professionals? What skills and competencies are “evergreen” and which need to be cultivated to develop a successful securities finance professional and team? Panelists will provide their insight on how they plan to face the new “Day 1” of the industry.


Moderator: Charles Post, Managing Counsel & Director, BNY Mellon

Panelists: Christel Carroll, Vice President, Goldman Sachs
Nickolas Delikaris, Global Head of Algorithmic Trading, State Street
Christopher Galli, Vice President, J.P. Morgan
Alyssa Miller, Executive Director, Prime Services Group, CIBC Global Markets

6:00 P.M. to 8:00 P.M.

Gala Cocktail Reception

Courtesy of:
Deutsche Börse Group
Mirae Asset  Securities
Morgan Stanley
National Bank of Canada Financial Inc.
Tradeweb Markets LLC

7:30 A.M. to 8:45 A.M.

Buffet Breakfast

Courtesy of: 

9:00 A.M. to 9:45 A.M.

Strategic Shifts in the Macroeconomic Environment

The US economy has had one of its longest expansions in history.  Monetary policy, recently thought to be normalizing, appears to be continuing its path of accommodation.  Leading financial institutions’ economists and strategists will offer perspectives on current credit and global markets.  The discussion will highlight touchpoints in the current state of the US economy: the potential for a recession in 2020, global trade wars, the 2020 U.S. election, and Brexit. Panelists will emphasize the implications for monetary policy and global markets.

Moderator: Fran Garritt, Director, Securities Lending & Global Risk, The Risk Management Association

Panelist: Joseph Abate, Rates Strategist, Barclays
Michelle Girard, Chief US Economist, Natwest Markets

9:45 A.M. to 10:45 A.M.

Fixed Income: Where is the Convergence of Securities Lending and Repo?

Panelists will explore the growth and development of fixed income and repo trading across various fixed income assets, in particular corporate bonds. Panelists will examine the key players and drivers for this trend. The discussion will also focus on the challenges such as credit financing, headwinds from Europe (including CSDR), and impact to the value chain. Additional debate will analyze the potential development outlining some of the key issues likely to challenge future growth.

Moderator: Casey Spezzano, Managing Director, Head of Flow Collateral Trading, NatWest Markets

Panelists: Laurie Brignac, Chief Investment Officer, Head of Invesco Global Liquidity, Invesco Advisers
John Falcone, Head of Portfolio Finance, Field Street Capital Management
Brad Fryer, Head of U.S. Fixed Income Lending and Cash Reinvestment Trading, J.P. Morgan
William Gonser, Managing Director, RBC Capital
Jennifer Imler, Managing Director, Head of WFS Funding, Capital and Liquidity, Wells Fargo

10:45 A.M. to 11:15 A.M.

Coffee Break with Exhibitors

Courtesy of: 
ABN AMRO Clearing
Dynex Capital, Inc.
Intuition Financial Placement
TD Securities

11:15 A.M. to 12:15 P.M.

Keynote Address: The SEC Today: How the SEC’s Current Priorities Are Shaping Its Regulatory and Enforcement Agenda

Mary Jo White will discuss what has stayed the same and what has changed in the SEC’s priorities since her departure form the Commission, including a discussion of the SEC’s recent focus on retail investors, cybersecurity and virtual currencies.


Speaker: Mary Jo White, Partner and Senior Chair, Debevoise

12:15 P.M. to 1:00 P.M.

Future SFT Toolkit: The Evolution of Your Institution’s Business Model

Given current market pressures, participants will guide attendees through the trends in the securities lending industry, and the resources available to succeed in the current environment.  The discussion will focus on the latest market developments, such as optimizing RWA benefits, central clearing models, pledge structures, equities-as-collateral, increasing use of synthetic instruments, netting sets (along with the accounting treatment for netting term transactions), liquidity & funding structures, along with balance sheet friendly approaches. Panelists will offer perspectives on the rise of non-cash collateral, the role of triparty collateral management and collateral optimization. How does your institution leverage operations to deploy this new tool kit?

Moderator: Matthew Collins, Managing Director, Morgan Stanley

Panelist: Bogdan Fleschiu, Executive Director, J.P. Morgan
Patricia Hostin, Managing Director, BlackRock
David Morris, Managing Director, Credit Suisse
John Templeton, Managing Director, BNY Mellon

1:00 P.M.

Business Program Adjourns for the Day

1:30 P.M. to 4:30 P.M.

Tennis Tournament

Courtesy of: 
IHS Markit 

5:30 P.M. to 7:30 P.M.


Courtesy of: 

7:30 A.M. to 9:00 A.M.

Buffet Breakfast

Courtesy of: 
BNP Paribas
State Street

9:00 A.M. to 9:45 A.M.

Outlook of Collateral Management and Optimization

In the past, cash was “king”, but the regulatory impact on market liquidity, US repo overnight supply and money market reform are having their impact on cash and the subsequent collateral reinvestment. Additionally, under what conditions is the GC business still viable in the future?  How does securities financing provide solutions from both a lender and borrower perspective?  Panelists will discuss the evolution of the traditional securities financing business and how market and regulatory concerns have increased the need for non-cash collateral.  This has resulted in certain lines of businesses facilitating their firm's collateral obligations and requirements.


Moderator: Gino Timperio, Senior Managing Director and Global Head of the Funding and Collateral Transformation, State Street

Panelist: Abhinav Chandra, U.S. Head of Equity Finance Funding and Hedge Fund Pricing, Barclays
LJ Jhangiani, Director, Head of Securities Lending Trading, BMO Global Asset Management
Gerald Pucci, Managing Director, Global Head of Repo and CEO of BlackRock Execution Services, Chair Of the TMPG, BlackRock
Taryn Siglain, Executive Director, Head of Americas Collateral Optimization, Morgan Stanley

9:45 A.M. to 10:30 A.M.

Economics of the Trade and Creative Problem Solving

How will infrastructure changes to the industry impact the economics of trades? As broker/dealers find additional ways to finance themselves, as well as the emergence of new tools in the industry (such as CCP’s, non-cash collateral including equities, and pledge structures), what does the future development of business and products look like? Additionally, as the continued growth of lending supply outpaces demand while investment products seek higher returns/lower costs, what effects does this have on the industry’s business models?  In a post-SFTR world, and what will be the impact on the economics of a trade, in particular RWA, netting abilities, and concentration?  Finally, as most regulations that are major work drivers become clearer and are fully implemented, how will this inform the business decisions of market participants?

Moderator: Mike McAuley, Managing Director, BNY Mellon

Panelists: Thomas Poppey, SVP/Global Securities Lending, Brown Brothers Harriman
Deepta Venkataraman, Managing Director, Morgan Stanley
Nehal Udeshi, Managing Director, Goldman Sachs
Jon Whiting, Managing Director, State Street Securities Finance

10:30 A.M. to 11:00 A.M.

Coffee Break with Exhibitors

Courtesy of: 
ABN AMRO Clearing
Dynex Capital, Inc.
Intuition Financial Placement

TD Securities

11:00 A.M. to 12:00 P.M.

Risk and Reward in Securities Finance: The Buy Side Perspectives

In a world of compressed yields and lackluster investment returns, securities lending has been a natural solution for asset owners seeking alternative avenues of alpha generation at relatively low risk. Optimization of assets, risk, and revenue will increase in importance given increased demand for investor returns over the next 5-10 years. Are buy-side institutions using a different lens today to assess the value proposition of securities lending? How have participants been successful in striking the right balance between risk, reward and governance? Discussion of important trends impacting beneficial owners including the potential impact of regulatory reform, reduced leverage/demand, perspectives on borrower indemnification, collateral flexibility including equities, and questions and perspectives from other stakeholders within buy side organizations.

Moderator: Marney McCabe, Senior Vice President, Brown Brothers Harriman

Panelists: Jared Black, Trader Security Lending, Vanguard
Kip Graham, Director of Portfolio Finance, Schonfeld Strategic Advisors
Cherie Jeffries, Director of Fixed Income Trading, State Board of Admin of Florida
Jason Strofs, Managing Director, BlackRock

12:00 P.M. to 1:00 P.M.

Industry Leaders Panel 

Industry Leaders will reflect on topics discussed during the conference, along with their expectations for the future of this rapidly changing industry. Our panelists will provide insight to attendees on how senior business leaders view current commercial and regulatory pressures requiring action to thrive in the new landscape. They will also discuss their views on the following questions creating uncertainty on the horizon: Is technology limited to providing incremental changes in securities finance and collateral management or does it now represent a transformative opportunity? What role will big data play and how will it be managed to ensure proper governance? How are non-traditional markets, counterparties, and trading structures positioned to impact the market? Given the evolution of market structure, what is the role of central clearing for both repo and securities lending? Will the industry be ready for the change from LIBOR to SOFR and what downstream impacts should securities finance professionals be prepared to face?

Moderator: John Stracquadanio, Managing Director, Head of Capital Markets, U.S., Scotiabank

Panelists: Nadine Chakar, Executive Vice President, Head of Global Markets, State Street
Dane Fannin, Global Head of Securities Lending, Northern Trust
Michael Kelleher, Managing Director J.P. Morgan
Ciaran O’Flynn, Managing Director, Morgan Stanley
Andrea Pfenning, President and Chief Operating Officer, BNY Mellon

1:00 P.M.

Closing Remarks and Thanks

Business Program Adjourns for the Day

1:30 P.M.

Golf Tournament

Courtesy of: 

6:30 P.M. to 8:30 P.M.

Closing Reception

Courtesy of:
BMO Global Asset Management Agency Lending


Special thanks to our product sponsors:

Bottled Water – EquiLend

Delegate Bags – Stonewain Systems Inc.

Delegate Booklet – B3 - Brazilian Exchange and OTC

Delegate Lanyards – FIS

Hotel Keycards – Deutsche Börse Group

Lounge – BNY Mellon

Notepads – Trading Apps

Registration Desk – J.P. Morgan

USB Flash Drives – Transcend

WIFI – Northern Trust



Perfectly positioned in the dress circle of Sydney Harbour, the panoramic views of Sydney Opera House and Sydney Harbour Bridge enhance the luxurious glamour of Sydney’s destination hotel.

One of the most famous sights in the world greets you as you awake from the soothing comforts of your luxurious bed. The stunning Opera House glows a pearlescent white against the blue of the sky and the sea, while the Harbour Bridge stands majestically for all to see. The city is a palette of exuberant colours, all vying for your attention. Such is the spectacle from your room at Shangri-La Hotel, Sydney.

You walk the narrow, winding streets and discover Sydney’s vibrant history, and pick up interesting items at the quaint shops along the way. Eventually, you find yourself at the famous Queen Victoria Building. Delicate stained glass cast incandescent sunrays on the building’s two masterpieces – the Royal Clock and the Great Australian Clock - which amaze you with their intricate craftsmanship.

© The Risk Management Association 2019