3-5 March 2020 | Tokyo, Japan

Join us in Sydney, Australia!

Developed by practitioners for practitioners.

PASLA 2020

The PASLA/RMA Conference on Asian Securities Lending is the first industry-wide jointly sponsored conference in Asia particularly focused toward securities lending and borrowing professionals.

Guarantee your seat at PASLA 2020 before the event sells out. The 2019 conference, held 5-7 March in Sydney, featured an extensive business program to provide practical solutions to industry challenges. 

Conference Attendee


  • Conference Admission Only

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

Registration Download (PDF)


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 ›


  • Tuesday, 5 March
  • Wednesday, 6 March
  • Thursday, 7 March

1000 to 1200

Securities Lending Tutorial

Designed for professionals new to the securities lending industry; this session will provide attendees with a basic conceptual understanding of securities lending functions and how to distinguish among the various forms of securities lending transactions. The instructors will address common industry misperceptions about securities lending with an emphasis on regional and marketplace issues. The tutorial will provide attendees with an understanding of the regulatory and taxation issues affecting securities lending for lenders and their custodian bank lending agents and borrowers. Participants will learn how to identify the risks of securities lending and how to control them.

Instructors: Serge Micallef, Director, Securities Finance Trader, BNY Mellon, Hong Kong

Steve Newman, Vice President, Stock Loan, Bank of America Merrill Lynch, Sydney

Ariel Winiger, Head of Securities Finance Asia Pacific, Societe Generale, Hong Kong

1200 to 1330

Lunch (Tutorial Attendees ONLY)


Courtesy of: 
J.P. Morgan

1330 to 1430

PASLA Regional Markets Initiatives – A Healthy Year of Progress   

PASLA market sub-groups have been actively engaging with participants to enhance the industry’s capabilities including developing short selling and securities lending in the Philippines, recommending on suspension and de-listing procedures for various markets, to advising on settlement constraints in Singapore. The working group leaders will explain the initiatives of the past year as well as gauge your concerns and interests to focus upon for the year ahead.


Facilitator: Andrew McCardle, Director and Head, EquiLend Asia, Hong Kong

PASLA Executive Committee Members: 

Eric Champion, Executive Director, Head of Stock Lending Hedge Funds Distribution-Asia, Morgan Stanley, Hong Kong

Zubair Nizami, Head of Securities Lending Trading-APAC, Brown Brothers Harriman, Hong Kong

Valerie Rossi, Global Head of Securities Financing, ABN AMRO Clearing, Hong Kong

Paul Solway, Head of Securities Finance, Asia, BNY Mellon, Hong Kong

Jason Wells, Head of Agency Trading APAC, State Street, Hong Kong



1430 to 1600

Legal and Regulatory Discussion

Both PASLA and RMA have been providing members with updates and guidance as well as responding to various proposed rulemaking initiatives on both a global and regional basis. Tuesday’s session will give participants an update on proposed rules, where they stand and what the potential business implications are for securities lending and borrowing affecting beneficial owners, agent lenders, broker dealers, and hedge funds in the Asia/Pacific region.

1430 to 1515

Global Legal and Regulatory Issues and Business Implications

Learn about the latest updates from a global regulatory perspective including SFTR, MIFID II, FSB's Shadow Banking Work Stream updates, Basel IV Capital, Leverage and Liquidity Rules, Single Counterparty Credit Limits, FRTB, Stay Protocols, and other global rule making news.

1515 to 1600

Regional Legal and Regulatory Issues and Business Implications   

This session will address regional issues including business leaders from the region discussing possible impacts on your business based on potential new regulations that are specific to the Asia/Pacific region.


Paul Landless, Partner, Clifford Chance, Singapore

Greg Lyons, Partner, Debevoise & Plimpton, New York

Panelists: Jenny Cosco, Managing Director & Co-Head, Government Affairs Asia Pacific, Goldman Sachs, Hong Kong
Glenn Horner, Managing Director & Chief Regulatory Officer, State Street, Boston
Rebecca Terner Lentchner, Head of Government Relations and Public Policy APAC, BNY Mellon, Hong Kong

1730 to 1930

Welcome Reception: Meet and Greet the PASLA Executive Committee

Courtesy of:
Australian Securities Exchange
Australian Securities Lending Association
BNP Paribas
Northern Trust
Societe Generale

Tuesday Business Program

Courtesy of: J.P. Morgan

0900 to 0915

Welcome to the Conference

A welcome to the conference and an update on PASLA’s and RMA’s joint activities during the past year will be given by the conference co-chairs.

PASLA: Stuart Jones, Head of Securities Finance, Jefferies Hong Kong Limited, Hong Kong

RMA: Jane Wagner, Global Head of Securities Lending, Vanguard, Valley Forge

0930 to 1030

‘Through Droughts and Rains’ – What’s the Current Forecast for Securities Lending in Australia?

Australia’s established and fluid securities lending market tends to take a back seat versus its peers in Asia that exhibit superior returns though potentially with greater risk. The panel will focus on what has changed in Australia since PASLA last hit these shores 10 years ago and where our panel expects the industry to head in the next 5 years.


Moderator: Natalie Floate, Head of Market & Financing Services, Asia-Pacific, BNP Paribas, Sydney

Panelists: Brendan John, Associate Manager, Treasury, AustralianSuper, Sydney

Jo Leaper, Senior Manager, Operational Consulting, JANA, Australia 
Robert Nichols, Executive Director, J.P. Morgan, Australia
Dylan Rands, Head of Trading, Regal Funds Management, Sydney
Mark Snowdon, Senior Vice President, Head of Capital Markets, Asia-Pacific, Northern Trust, Singapore

1030 to 1100

Coffee Break with Exhibitors 

Courtesy of: 
ABN AMRO Clearing Bank

1100 to 1145

Keynote Speaker

Marcel Thieliant, Senior Australia & New Zealand Economist, Capital Economics, Singapore


Will Australia Miss the Global Tightening Cycle?

Mr. Thieliant will include their assessment of the near-term outlook for China’s economy as well as the long-term implications of structural trends there. That includes what slower growth in property and infrastructure investment mean for Australia’s resource sector, the extent to which the trade war affects LNG and other exports, and the prospects of higher revenue from Chinese visiting or studying in Australia. 

Followed by a Q&A session.

1145 to 1230

Regional Markets Updates for Off-Shore Participants  

Market participants will discuss the expansion of off-shore securities lending in the Asian markets, which has often resulted in unforeseen barriers to entry. These barriers range from lack of regulatory, legal, and tax reform to technology issues, all of which impact and potentially hinder market growth. This panel will update you on various markets, barriers to expansion, and what the local regulators and exchanges are doing to provide more open markets for financial institutions.

Moderator: Ed Oliver, Managing Director, Product Development, eSecLending, London

Panelists: K. Hari, Chief Business Officer, National Stock Exchange of India, Mumbai
Katie McDermott, General Manager, Equity Post Trade, Australian Securities Exchange, Sydney

Satyan Patel, Senior Vice President, Hong Kong Exchange & Clearing, Hong Kong
Morikuni Jimmy Shimoyamada, Executive Officer, Head of Global Business Development, Japan Securities Finance Co., LTD, Japan

1230 to 1400


Courtesy of: 
ABN AMRO Clearing Bank

1400 to 1500

The I.T. Crowd: Are We Hooked on Datafication?

There has been an explosion of Fin Tech firms vying for a byte of the Securities Financing cake. Who will be the winners and losers? The panel will explore successful applications and latest developments of technological innovations within the Securities Finance industry including e-trading platforms, data analytics, cyber security and IT infrastructure.


Moderator: Karen King, Executive Director Head of APAC Equity Sales, IHS Markit, Hong Kong

Panelists: Alex Bennett, Head of Global Execution Services, ABN AMRO Clearing Bank, Sydney

Stewart Cowan, Senior Product Manager, Digital Asset, Sydney
Danielle Henderson, Senior Vice President, Head of Market Advocacy and Innovation Research, Northern Trust, Sydney
Mili Porumbel, Global Head of Securities Finance Technology, Macquarie Group, Hong Kong

1500 to 1600

Rise of the Scarce Resource Challenge: Does it Kill Business or Provide Opportunities?

How are institutions dealing with limiting constraints applied by regulations or self-imposed internal policies? The burden of regulations remains an ongoing headwind for market participants to navigate, and firms continue to strive for optimisation across the various key ratios. The panelists will brainstorm scarce resource management/allocation and share how their business models are continually evolving as a result of these constraints.

Moderator: Ariel Winiger, Head of Securities Finance Asia Pacific, Societe Generale, Hong Kong

Panelists: Edward Bond, Executive Director, Head of Agency Securities Lending and Collateral Management, Asia Pacific, J.P. Morgan Investor Services, Hong Kong

Dikele Diawara, Head of Fixed Income Repo Trading Australia, National Australia Bank, Sydney
Jennifer Grenside, Global Head of Prime Funding, Citi, London
Paulo Monteiro, Executive Director, Head of Securities Lending Trading, Asia Pacific, Morgan Stanley, Hong Kong
Malcolm Poes, Portfolio Manager, Exposure Management, Sunsuper PTY Ltd., Sydney


Business Program Adjourns for the Day

1800 to 2000

Cocktail Reception 

Courtesy of:
Australian Securities Exchange
Australian Securities Lending Association
BNP Paribas
Northern Trust
Societe Generale


Chairpersons’ Remarks and Housekeeping 

0900 to 1000

Global Beneficial Owners Trends and Issues

In a world of compressed yields and lackluster investment returns, securities lending has been an obvious solution for asset owners seeking alternative avenues of alpha generation at relatively low risk. Despite continued momentum in beneficial owner program participation, there remains a perception however that inherent risks within a program do not warrant the associated revenue potential. Are these perceptions justified? How has securities lending evolved since the global financial crises in helping participants manage risks appropriately? Are beneficial owners 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?


Moderator: David Egliskis, Head of Securities Lending, Asia Pacific, BNP Paribas, Tokyo

Panelists: Matthew Brunette, Global Head of Financing, Norges Bank, Norway

Michael Clavin, Head of Treasury and Dealing, First State Super, Sydney

Sam Kim, Managing Director, Director of Portfolio Execution Group, GIC Private Limited, Singapore

David Mitchell, CFA, Senior Portfolio Manager, Canada Pension Plan Investment Board, Toronto

Jane Wagner, Global Head of Securities Lending, Vanguard, Valley Forge

1000 to 1045

Keynote Speaker

Dr. Adam Fraser, Expert on Human Performance


The Psychology of Evolution

We are living in a marketplace of dramatically increasing complexity, competition and commoditization. Technology is increasing customer power and awareness, driving down prices and margins, and increasing convergence, making it harder and harder to differentiate. This is the world we live in! The result is that we are questioning our business models which requires people today to unlearn, relearn and exhibit wildly different behaviors. For the last 8 years Dr Adam Fraser in partnership with Deakin University have been studying what enables individuals and organizations to transform so they remain commercially successful. In this entertaining, interactive and evidence based presentation you will discover strategies that allow you and your team to evolve your behavior to thrive in a complex business environment.

1045 to 1115

Coffee Break with Exhibitors

Courtesy of: 
ABN AMRO Clearing Bank

1115 to 1215

Women in Finance

Senior figures will share their experiences and insights on what has worked, challenges they have experienced, what others need to be aware of, and what the industry can do to attract, maintain and assist women in the field of finance. Additionally, the recent focus on diversity will be considered as well as what challenges remain ahead across different regions and institutions. 


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

Panelist:  Emiko Ida, Executive Director, Nomura, Tokyo

Michele Hardeman, EVP and Head of Global Markets APAC, State Street, Hong Kong

Gillian Meth, Managing Director, Morgan Stanley, London

Rebecca Murray, Adviser – Business Development, Australian Retail Credit Association, Sydney

Johanna Platt, Chief Financial Officer, Vanguard Investment Australia Limited, Sydney

Nadia Schiavon, Managing Director, Head of Securities Services, Australia & NZ, J.P. Morgan

1215 to 1315

Industry Leaders Debate: The Future of Securities Finance in the Asia/Pacific Region

Hear industry leaders summarize topics discussed during the conference and their concerns about future developments affecting your institution every day. Discussion will include the regulatory impact on the industry both globally and in the region and issues around supply and demand. How are capital and balance sheets causing institutions to change their strategies? Panelists will also discuss market turbulence, such as Brexit, the erosion of the European securities lending markets, and emerging markets. 


Moderator: Stuart Jones, Head of Securities Finance, Jefferies Hong Kong Limited, Hong Kong

Panelists: Jacob Boeding, Executive Director, APAC Head of Securities Lending and Swaps Trading, UBS, Hong Kong

Lyndon Chao, Managing Director, Head of Equities and Post Trade, Asia Securities Industry & Financial Markets Association, Hong Kong
Jansen Chua, Managing Director, Head of Securities Finance, APAC, State Street, Hong Kong
Lauren Degney, Managing Director, Citi, Hong Kong


Closing Remarks and Announcement of 2020 Conference in Tokyo

1315 to 1415


Courtesy of: 
ABN AMRO Clearing Bank

Thank you to our Product Sponsors:

Audience Response System – Scotiabank

Delegate Bag – Morgan Stanley

Delegate Booklet – State Street

Hotel Keycard – ING Financial Markets

Lanyards – EquiLend

Registration Desk – BNY Mellon

Wifi and Charging Station – Standard Chartered Bank

7:30 A.M. to 8:45 A.M.

Buffet Breakfast

Cosponsored by:
Dexia Credit Local
National Bank of Canada Financial Inc.

8:45 A.M. to 9:45 A.M.

Prime Broker Participants and Trade Strategy

Given the complexity of prime broker balance sheets: where they are domiciled, how they are organized, and the message of their hedge fund clients, what are their various trading strategies? Learn how these brokers have incorporated the following approaches: total return swaps, single stock futures, physical securities lending, and the pros and cons of each instrument. Which is most desirable given the current market and regulatory pressure? Where does each one fall short and what dictates the financing outcome?

Moderator: Tejash Patel, Managing Director, Morgan Stanley

John Nicholson, Managing Director, Citi
Nick Rankin, Co-Head of Global Prime Services and Global Head of Securties Finance, Jefferies
Dennis Shikar, Managing Director, Natixis
Robert Zekraus, Director, Scotiabank

9:45 A.M. to 10:45 A.M.

Keynote Speaker 

Glenn Booraem, Principal & Fund Treasurer, Vanguard Group

10:45 A.M. to 11:15 A.M.

Coffee Break with Exhibitors

Cosponsored by:
BNP Paribas
Brown Brothers Harriman & Co
Deutsche Bank Securities Inc
Transcend Street Solutions, Inc.

11:15 A.M. to 12:00 P.M.

Changes to the Traditional Value Chain

As markets change, how are business models changing? Learn how the industry is responding to recent trends, including peer-to-peer lending and situations where prime brokers act like agents and where agents act like prime brokers. Do different methods results in the same value proposition for your client? If so, how does it impact borrowers from a capital standpoint? What does this mean for agents with respect to regulatory oversight, their relationships with beneficial owners, and indemnification?

Moderator: John Arnesen, Global Head Agency Lending, BNP Paribas

Eric MacDonald, Global Head of Enhanced Custody Trading, State Street
Stephen Malekian, Head of Business Development-US, Elixium
Patrick Morrissey, Head of Trading, Vanguard

12:00 P.M. to 1:00 P.M.

Current and Future State of Securities Finance

Hear industry leaders summarize topics discussed during the conference and their concerns about future developments affecting your institution every day. Discussion will include the regulatory impact on the industry, hedge fund demand, and how participants justify their fees. How are capital and balance sheets causing institutions to change their strategies? Panelists will also discuss market turbulence, such as Brexit, the erosion of the European securities lending markets, and emerging markets.

Moderator: Keith Haberlin, Senior Vice President, Brown Brothers Harriman

Indrajit Bardhan, Managing Director, Credit Suisse
David Martocci, Managing Director, Citi
Anthony Schiavo, Managing Director, Morgan Stanley
Mark Whipple, Vice President, Goldman Sachs

1:00 P.M. to 1:15 P.M.

Closing Remarks and Thanks


Business Program Adjourns for the Day

1:30 P.M.

Golf Tournament

Sponsored by: BMO Global Asset Management Securities Lending

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



Special thanks to our product sponsors:

Bottled Water – EquiLend

Delegate Booklet – BM&F Bovespa

Delegate Lanyards – FIS

Notepads – Trading Apps

Delegate Bags – Stonewain Systems Inc.

Flash Drives – ING Financial Markets

Internet Kiosks and WIFI – Northern Trust

Hotel Keycards – Eurex Clearing

Registration Desk – Debevoise & Plimpton LLP



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.

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