36th Annual RMA Securities Finance and Collateral Management Conference

October 14–17, 2019 | Boca Raton, FL

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


By 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 Senior Leader Industry Panel and Roundtable

Courtesy of: 
J.P. Morgan

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

Light lunch and refreshments 

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 term trades, the latest on the various tax reforms including financial transitions taxes and their effect on capital markets, and the U.S. Administration’s implementation of 2017 U.S. tax reform.


Moderator: Greg Lyons, Partner, Debevoise & Plimpton

Panelist: Dominick Falco, Managing Director, BNY Mellon
Dalia Hamdy, Senior Tax Counsel, Global Banking and Markets, Scotiabank

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

Association Update

Get updates on the association’s activities.

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

Coffee Break

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
Brian Ruane, CEO, Government Securities Services and Clearance and Collateral Management, BNY Mellon

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

Transformational Leaders in Securities Finance and Collateral Management

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 this new environment provide for professionals in finance?  What are the desirable skills and competencies to develop a successful securities finance professional and team? Panelists will provide their insight on how they will confront the new “Day 1” of the industry.


Moderator: Mark Whipple, Global Co-Head of Agency Lending, Goldman Sachs

Panelists: Charles Post, Managing Counsel and Director, BNY Mellon
Nickolas Delikaris, Global Head of Algorithmic Trading, State Street

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: Michelle Girard, Chief US Economist, Natwest Markets

Panelist: Dov Zigler, Director, Fixed Income Rates Sales, Scotiabank

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, Executive Director, 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: 
Dynex Capital, Inc.
Intuition Financial Placement
TD Securities

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

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

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, Director, Barclays
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: Anthony Toscano, Head of North American Agency Securities Lending, Deutsche Bank
Deepta Venkataraman, Managing Director, Morgan Stanley

10:30 A.M. to 11:00 A.M.

Coffee Break with Exhibitors

Courtesy of: 
Dynex Capital, Inc.
Intuition Financial Placement

TD Securities

11:00 A.M. to 12:00 P.M.

Risk and Reward in Securities Lending: 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: Michael P. Landolfi, Global Head of Alternative Inv. Svcs., Manulife
Jason Strofs, Managing Director, BlackRock
Jane Wagner, Global Head of Securities Lending, Vanguard

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 and concerns given a rapidly changing industry.  Our panelists will reflect on significant topics including how senior business leaders view current commercial and regulatory pressures requiring action to thrive in the new landscape?  Does technology continue to provide incremental changes in securities finance and collateral management or does it now represent transformative opportunities?  What role will big data play and how will it be managed to ensure proper governance?  What role are non-traditional markets, counterparties, and trading structures play in the market?  Given the evolution of market structure, how are industry leaders thinking about central clearing for both repo and securities lending?  Will the industry be ready for the change from LIBOR to SOFR and what impact will the new benchmark have on the business?


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
Andrea Pfenning, President and Chief Operating Officer, BNY Mellon
Thomas Wipf, Vice Chairman of Institutional Securities, Morgan Stanley

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



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