Welcome to Key Biscayne Reception

Join us for food, drinks, Monday Night Football, and MLB play-offs.

Cosponsored by:

BlackRock

Mizuho Securities USA LLC

Stifel

Wells Fargo Clearing Services, LLC

Women in Securities Finance | Senior Leader Industry Panel and Round Table

All conference participants are welcome and encouraged to attend the Women in Securities Finance group as they host a two part program centered on professional development inclusive of an industry leader panel and roundtable breakout sessions.  The panel discussion will be comprised of senior female and male leaders of the securities finance industry, who will share their experiences and insights, what the new focus on diversity means for the industry, and what challenges are ahead.

Following the experienced panel, the group will break into smaller round table discussions led by senior industry leaders.  The breakout sessions will focus on career development, mentoring, and how to effectively network to further your career. All are welcome to join but those who are members of the Women in Securities Finance are highly encouraged to take this opportunity to network with others in the community.

Led By:

Arianne Collette, Executive Director, Morgan Stanley

Elaine Benfield, Senior Counsel, Vanguard

Jill Rathgeber, Managing Director, BNY Mellon

Light Lunch and refreshments

Courtesy of:

UBS

Global Legal, Regulatory, and Tax Update 

Global Legal, Regulatory and Tax Update  What are the upcoming regulatory events with significant global impact that everyone should keep an eye on? The regulatory environment continues to expand and contract, with the need for new updates on the current regulatory landscape including Basel IV, Dodd Frank (SCCL, Volcker, NSFR), the leverage rules, stress capital buffer rule, and implementation issues surrounding these rules and regulations. Global developments are also emerging around key tax issues, including term trades, the latest on the German tax reform and its effect on capital markets, and the U.S. Administration’s implementation of the 2017 U.S. Tax Reform.

Moderator:

Greg Lyons, Partner, Debevoise & Plimpton

Panelist:

Adam Hopkins, Managing Director & Deputy General Counsel, Mizuho Securities USA LLC

Bodgan Fleschiu, Executive Director, J.P. Morgan

George Rapalje, Vice President, State Street

Glenn Horner, Managing Director & Chief Regulatory Officer, State Street

Jill Rathgeber, Managing Director, BNY Mellon

Modernization of Standard Industry Documentation

How will industry standard documentation (MSLAs/GMSLAs) evolve to address changing needs of the securities finance industry? What terms should industry professionals consider when addressing the various legal, regulatory, and market forces affecting firm’s business models, and issues such as MIFID2, SFTR, various tax issues, and the ISDA Stay Protocol? What is the current view on industry standard documentation for securities lending pledge agreements, including the related tri-party collateral arrangements? How are firms managing adherence and implementation of the ISDA Stay Protocol documentation to ensure compliance by relevant deadlines? What role should industry associations play in creating standardized documentation? How will industry standard documentation be impacted by technology, e.g., the concept of distributed ledger and smart contracts?

Moderator:

Colleen Kenney, Vice President, Product Development, BMO Global Asset Management 

Panelist:

Alina Casner, Head of Markets Legal & Managing Director, BNY Mellon

Larry Kornreich, Vice President & Assistant General Counsel, Goldman Sachs & Co LLC

Lisa Stephenson, Executive Director and Assistant General Counsel, J.P. Morgan

Mary Breslin, Vice President & Senior Counsel, Deutsche Bank AG

Ranada Fergerson, Senior Vice President, Brown Brothers Harriman

Coffee Break  

Courtesy of:

UBS

Association Update

 Get updates on the association’s activities.

Continued Rise of Fintech and its Impact on the Industry

How can today’s securities finance industry better equip itself to embrace improvements in technology that are threatening to disrupt traditional market practices for the industry? How will disruption emerge, artificial intelligence/machine learning, robotic processing, and blockchain? Will the role of big data be expanded and can it facilitate more transparency? What role will be played by applications such as digital collateral representation, corporate action entitlement etc.? What are some use cases employed by market participants to rely on these new technologies to enhance their businesses? What products are out there, what is their viability and how will they impact the industry?

Moderator:

Dean Sakati, Senior Managing Director, State Street

Panelist:

Charles Post, Managing Counsel and Director, Head of Legal Data Management and Advisory, BNY Mellon

Emmanuel Aidoo, Director, Global Markets Division, Credit Suisse

Michael Brock, Executive Director, Process Automation and Workforce Transformation, J.P. Morgan

Nickolas Delikaris, Managing Director, State Street

Jennifer Peve, Co-Head of Fintech Strategy, DTCC

Gala Cocktail Reception

Courtesy of: 

Deutsche Börse Group

ETrade

J.P. Morgan

Mirae Asset Securities

Morgan Stanley

National Bank of Canada Financial Inc.

Pirum

State Street Corporation

Buffet Breakfast 

Sponsored by:

Scotiabank 

Welcome

Alexander Blanchard, Global Head Repo Trading, Goldman Sachs & Co.

Tamela Merriweather,Senior Vice President and Assistant General Counsel, Northern Trust

The Evolution of the Treasury Function

Balance sheet management is evolving, so what role can the securities financing industry play in supporting future treasury/CIO functions? What efficiencies can firms utilize to maximize the use of balance sheet assets? How have regulations transformed the method of certain lines of businesses facilitating their firm's collateral obligations and requirements (e.g., the increase in noncash collateral, upgrade/downgrade transactions)? What skill set will be required for the future front office person?

Moderator:

Thomas Kinnally, Managing Director, Morgan Stanley 

Panelist:

Andrew Moore, Managing Director, RBC Capital Markets

Jerome Schneider, Managing Director, PIMCO

Nehal Udeshi, Managing Director, Goldman Sachs & Co.

Thomas Kinnally, Managing Director, Morgan Stanley

Travis Keltner, Managing Director, State Street

SFTR and Data Transparency

As data transparency frameworks are put into place, what solutions have materialized for firms to address the breadth of data needed to comply with regulator needs? What challenges still need to be addressed for SFTR, MiFID II, and ALD? Which ones require the most infrastructure to address; what redundancies exist between rules?  What considerations are needed when communicating with clients, is the best practice to keep out of scope clients out of scope?

Moderator:

Michael McAuley, Managing Director, BNY Mellon 

Panelist:

Elaine Benfield, Senior Counsel, Vanguard

Richard Colvill, SFTR Analyst, ISLA

Thomas Poppey, CFA, Senior Vice President, Brown Brothers Harriman

Mark Steadman, Executive Director, DTCC

Mark Whipple, Vice President, Goldman Sachs Agency Lending

Coffee Break with Exhibitors

Courtesy of:

ABN AMRO Clearing

CIBC

Dynex Capital, Inc.

GLMX

Hanweck

Intuition Financial Placement, LLC

TD Securities

Transcend Street Solutions

Market and Regulatory Forces Impacting Demand and Broker/Dealer Activity

As broker dealer’s move from being leveraged constrained to capital constrained, how will this affect their interaction with hedge funds and agents? Will this lead to more lending against cash? What demand dynamics, such as quant funds and high frequency trading, drive demand and create churn and what is the impact? Will the move to SOFR and resulting LIBOR volatility affect decision making? How is U.S. tax reform, specifically the BEAT and repatriation of earnings impacting pricing and the sourcing of supply? How do alternative trade structures and cross-currency securities lending trades impact the market? What are hedge fund technology and connectivity themes to consider for the future?

Moderator:

Bob Zekraus, Director, U.S. Prime Services, Scotiabank

Panelists:

Anand Krishnan, Head of Global Securities Finance Americas, Natixis

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

Courtney Campbell, Director, Bank of America Merrill Lynch

John Falcone, Head of Portfolio Finance, Field Street Capital Management

Michael Sisto, Executive Director, J.P. Morgan

Keynote Address:
The Treasury Market Practices Group’s Current Issues and Views

TMPG members will discuss best practices that promote the integrity and efficiency of the government securities markets and some current initiatives. Included in the discussion is their recently published consultative White Paper on “Clearing and Settlement in the Secondary Market for U.S. Treasury Securities”.

Moderator:

Sandra O’Connor, Chief Regulatory Affairs Officer and Chair of AARC, J.P. Morgan

Panelists:

Jerry Pucci,Managing Director, Global Head of Repo and CEO of BlackRock Execution   Services, BlackRock

Nathaniel Wuerffel, Deputy Head of Market Operations Monitoring and Analysis, Markets Group and member of TMPG, Federal Reserve Bank of New York

Thomas Wipf, Vice Chairman of Institutional Securities, Morgan Stanley

Business Program Adjourns for the Day

Tennis Tournament

Courtesy of: 
IHS Markit

RBC Reception

Courtesy of: 
RBC

Buffet Breakfast

Cosponsored by:
BNP Paribas

Brown Brothers Harriman

Credit Suisse

DTCC

Natixis

Tradeweb 

Keynote Address:
Uncharted Waters: A LIBOR Transition to Alternative Reference Rates?

With policymakers questioning the efficacy of global IBORs, what challenges lie ahead as we consider moving away from LIBOR as the dominant reference rate? What challenges does this transition create for institutions, bank funding, money markets, and transparency? Will there be demand for market participants to develop new cash products while also creating liquidity in the new reference rates? Are there any key elements that should be identified to successfully implement appropriate risk free rates (RFRs), and what considerations need to be given to secured vs. unsecured rates? Is the industry ready and willing to transition to SOFR and other IBOR replacements? In a post LIBOR world, is SOFR seen as a logical rate for SFTs?

Moderator:

Alexander Blanchard, Global Head of Repo Trading, Goldman Sachs

Panelist:

Ameez Nanjee, Senior Director, Asset-Liability Management, and ARRC Member, Freddie Mac

Donald Sinclair, CFA, Head of Asset and Liability Management/ Capital Markets, and ARRC Member, The World Bank

Sandra O'Connor, Chief Regulatory Affairs Officer and Chair of AARC, J.P. Morgan

Thomas Wipf, Vice Chairman of Institutional Securities and AARC Member, Morgan Stanley

Coffee Break with Exhibitors

Cosponsored by:
ABN AMRO Clearing

CIBC

Dynex Capital, Inc.

GLMX

Hanweck

Intuition Financial Placement, LLC

TD Securities

Transcend Street Solutions

How does the U.S. Move Closer to a Comprehensive Triparty Model?

What will lead to a wider adoption of Tri-Party in the U.S. securities lending market? What opportunities and challenges still exist for firms moving forward, including client appetite and legal documentation modifications? How has the move away from bilateral trades to triparty affected the collateral market? How will the pledge structure and/or the growth of tri-party, including the potential for equity for equity trades, impact the appetite for tri-party? What unique elements of noncash collateral need to be highlighted when considering the current economics of collateral management?

Moderator:

Derrick Cusick, Director, Bank of America Merrill Lynch

Panelist:

Abhinav Chandra, Director, Barclays

Daniel Awe, Senior Vice President, Northern Trust

John Templeton, Managing Director, BNY Mellon

Michael Katz, Executive Director, J.P. Morgan

Industry Leaders Future Outlook

How do senior business leaders view current market and regulatory pressures? What should the industry do to adapt? What role are nonstandard markets and non-U.S. trade counterparts/nonstandard borrowers (i.e., other than broker-dealers) playing in the market? What will be the impact on the industry from advancements in technology? What role will big data play? How will it be managed, including through good governance practices? Given the evolution of market structure, how are the industry leaders thinking about central clearing for both repo and securities lending?

Moderator:

Jason Strofs, CFA, Managing Director, BlackRock

Panelist:

Andrea Dyson, Managing Director, Morgan Stanley 

Ben Challice, Managing Director, J.P. Morgan

Jane Wagner, Global Head of Securties Lending, Vanguard

John Stracquadanio, Managing Director, Scotiabank

William Kelly, Managing Director, BNY Mellon

Closing Remarks and Thanks

Business Program Adjourns for the Day

Golf Tournament

Courtesy of: 
RBC

Closing Reception

Courtesy of: 
BMO Global Asset Management Agency Lending

Special thanks to our product sponsors:

Charging Station – BNY Mellon

Bottled Water – EquiLend

Delegate Booklet – B3 - Brazilian Exchange and OTC

Delegate Lanyards – FIS

Notepads – Trading Apps

Delegate Bags – Stonewain Systems Inc.

Flash Drives – ING Financial Markets

WIFI – Northern Trust

Hotel Keycards – Deutsche Börse Group

Registration Desk – Helix Financial Systems