ISLA 23rd Annual Securities Finance and Collateral Management Conference 2014
 
Agenda 2014*


The 2014 ISLA conference will focus on the key issues facing the securities finance participant chain, commencing with a look at the demand side dynamics, reviewing the issues affecting intermediaries and concluding with the beneficial owner community responding to the previous debates’ findings and expressing their own thoughts.

 

The agenda has been developed so that debates are grouped in pairs, whereby the subject matter of the first debate leads into the second. The intention of pairing the debates is to provide both the panellists and audience with a broader understanding of the key issues within the industry and provides a platform to hear how today’s challenges are interconnected across all participants within the Securities Financing and Collateral Management industry.


ISLA aims to have strong debates with independent moderators chairing short, sharp debates featuring a speaker blend that will include regulators, practitioners and investors. 



e-Voting throughout the conference is kindly sponsored by:






* Subject to change

17/06/2014
15:00 - 15:50Conference Registration
15:50 - 16:00Welcome by Conference Co-Chairs

Mark Barnard, Managing Director, Global Head of Equity Liquidity Management and EMEA Head of Equity FinancingRBS
Ed Oliver, Senior Vice President, Product Development, eSecLending (Europe) Limited

16:00 - 17:00Regulation Update & ISLA Update

John Billige, European Tax Director Securities Finance, StateStreet
Kevin McNulty, CEO, ISLA
Andrew Dyson, COO, ISLA

17:10 - 18:10Discussion Roundtables

An opportunity for delegates to get involved in the debate - we are pleased to offer the following discussion topics:

Roundtable 1:
Emerging Markets (Brazil, Russia) 

Co-Chairs:
Andy Krangel, Director, EMEA Head of Securities Finance Product Management, Citi
Claudio Jacob, Managing Director, Sales & Business Development, BM&FBovespa
Tom O'Brien, Head of International Sales, Moscow Exchange


Roundtable2:
Trade Repositories for Securities Finance 

Co-Chairs:
David Lewis, Senior Vice President, Astec Analytics, SunGard
Chris Bates, Partner & Head of Financial Regulatory Practice, Clifford Chance

Roundtable 3:
Basel III - Implications of Basel III across the sector

Co-Chairs:
Michael Snapes, Senior Manager, PricewaterhouseCoopers LLP

Michael Manna, Head of Fixed Income Financing and Money Market Distribution, EMEA, Barclays Capital 

18:10 - 20:30Welcome Drinks Reception

Open to all conference delegates

Hosted by:


            



18/06/2014
08:00 - 09:20Conference Registration and Breakfast
09:20 - 09:30Welcome by Conference Co-Chairs

Mark Barnard, Managing Director, Global Head of Equity Liquidity Management and EMEA Head of Equity FinancingRBS
Ed Oliver, Senior Vice President, Product Development, eSecLending (Europe) Limited

09:30 - 10:00Opening Keynote Speech



10:00 - 11:20The Demand Debate - Forum for hedge funds and banks to discuss future market opportunities in a changing regulatory and capital constrained world.
10:00 - 11:2010:00 - 10:40

Hedge Funds – A changing environment - growth or constraint?

How has previous regulation and potential future regulatory reform changed investment strategies and trading behaviour?
How does the increasing cost of bank capital influence your business model?
Have market changes affected how you evaluate and interact with your prime brokers?
Do synthetic trading strategies reduce the reliance on securities lending as a means to market access?

Moderator:

Shane Brett, MBA, Founder, Global Perspective,  Author of the "The Future of Hedge Funds" and "The AIFMD Cheat Sheet"

Speakers:

Dougal Brech, Head of European Prime Brokerage,
Credit Suisse

Jiri Krol, Deputy CEO, Head of Government and Regulatory Affairs, AIMA

Andre Stern, Founding Partner, OxFORD Asset Management

10:40 - 11:20

Banks - Adapting to Basel III – is proprietary trading and customer hedging activity likely to remain a source of demand for securities lending?

How are changing balance sheets, RWAs, and liquidity costs influencing trading behaviours?
Will increasing capital costs lead trading activities into higher risk / return strategies?
In this changing environment, which trading desks will survive and will their securities financing needs change?
Is internal demand for collateral under new central clearing requirements an area of growth?
Leverage ratio - how are Banks reacting to recent rule changes?

Moderator:

Crispian Lord, Partner, PricewaterhouseCoopers LLP

Speakers:

Paul Barnes,
Managing Director, Head of Short Term Markets,
Santander Global Banking & Markets

Mathew McDermott, Managing Director, Goldman Sachs

James Treseler, Managing Director, Societe Generale Corporate & Investment Banking


11:20 - 11:50Coffee Break

Kindly sponsored by:



11:50 - 13:10The Cash Debate - The markets view of a low interest rate environment and the impact of central bank liquidity
11:50 - 12:3011:50 - 12:30

Liquidity Sources - Repo vs Central Banks

What are the unintended consequences of central banks flooding the market with liquidity?
What impact are stress test policies and Basel III having on the characteristics of liquidity raised?
Supply vs Demand, is there excess liquidity in the system or a collateral shortfall?

Moderator:

Axel Van Nederveen,
Treasurer, European Bank for Reconstruction and Development (EBRD)

Speakers:

Andrew Hauser,
Head of Sterling Markets Division,
Bank of England

Holger Neuhaus, Head of Money Markets & Liquidity Division,
European Central Bank

David Raccat, Head of Global Markets (FX, STIR, Securities Lending)
, BNP Paribas Securities Services

Karl Von Buren, Global Head of Equity Finance & Delta One, HSBC

12:30 - 13:10

Cash Investors - Chasing positive returns

Where can alpha be found in a benign interest rate environment?
Is there investor appetite to broaden collateral schedules and accept term risk?
The long term impact to the market of diverging preferences of cash maturities and how to manage this maturity mismatch?
Are alternative liquidity providers entering the repo market, if so.....how, when and why?

Moderator:

Jason Van Praagh, Partner, Northcross Capital

Speakers:

Richard Casey, Managing Director, Head of Equity Liquidity Management, EMEA, The Royal Bank of Scotland

Gareth HughesHead of Financial Resource Management, Equities, Deutsche Bank

Bea Rodriguez, Managing Director & Portfolio Manager,
Blackrock


13:10 - 14:10Networking Lunch

Hosted by:




16:30 - 18:30Afternoon Drinks Reception

Hosted by:

     



Location: Catwalk Bar, Marriott Hotel (2min walk from the Ritz Carlton)

22:00 - 02:00Eurex Repo Late Night Bar

Hosted by:




40seconds
Potsdamer Straße 58
10785 Berlin

Pre-registration required - please register here.



19/06/2014
08:00 - 09:30Conference Registration & Breakfast
09:30 - 09:40Welcome by Conference Co-Chairs

Mark Barnard, Managing Director, Global Head of Equity Liquidity Management and EMEA Head of Equity Financing, RBS
Ed Oliver, Senior Vice President, Product Development, eSecLending (Europe) Limited

09:40 - 11:00The Collateral Conundrum - The evolving collateral infrastructure and the industries view on a potential shortfall of collateral in the face of a growing demand
09:40 - 10:2009:40 - 10:20

Collateral Evolution - risk management and CCPs – what does this mean for Securities Financing?

How do regulators view the benefits of CCPs and how will the industry incorporate the complexities of managing processes associated with CCPs?
What can we learn from the fixed income industry’s experience with CCPs?
How has the buy-side responded to infrastructure changes as a result of the move to central clearing of derivatives?
What are regulators views on potential concentration risk in a few CCPs?
What are CCPs’ collateral management policies and what asset classes will be acceptable collateral?

Moderator:

Bill Hodgson, Owner, The OTC Space Limited

Speakers:

Marcus Addison, Head of Default Management,
Eurex Clearing AG

Godfried De Vidts, Director of European Affairs, ICAP

Damian Imboden, Head Treasury & FX
, Swiss Life Asset Management

Maud Timon, Senior Officer, Post-Trading, ESMA


10:20 - 11:00

Chasing Collateral - Practical or Impractical

What is the real impact of the move to Central Clearing and mandatory margining for derivatives?
Will these new margin requirements at CCPs create an additional collateral requirement, if so, how much and who can supply it? 
What is the economic and capital cost per asset class to source the additional collateral ?
Is the Collateral Upgrade trade a saviour or a false horizon?
In a world of increasingly scarce collateral will securities lenders have to accept different / lower forms of collateral than in the past?
Do collateral silos exist? If so, how do you start to unlock them?

Moderator:

David Field,
Executive Director and Specialist in Clearing and Collateral Management, Rule Financial
 
Speakers:


Ido De Geus, Head of Treasury & Client Portfolio Management, PGGM

Richard Hochreutiner, Head Global Collateral & Director, Group Treasury, Swiss Reinsurance Company Ltd

Gregory Markouizos, Managing Director and Global Head of Fixed Income Finance, Citi

Chris Redmond, Manager, Securities Settlement Supervision & Policy, Bank of England

11:00 - 11:30Coffee Break

Kindly sponsored by:



11:30 - 12:50Beneficial Owners & the Securities Finance Pricing debate - Beneficial Owners and Traders consider today's Securities Finance industry
11:30 - 12:1011:30 - 12:10

Securities Financing Pricing - a more complex world

The complexity of securities finance pricing - direct and indirect costs? It's more than a benchmark fee!
The cheapest fee may not be the cheapest borrow, so what are the component parts of the cost to borrow stock?
How can costs and capital charges be mitigated?
How do characteristics like collateral, CCP use, indemnity and “ALD friendly” beneficial owners impact pricing?

Moderator:

Andrew Dyson, COO, ISLA
 
Speakers:

Ben Challice, Managing Director & Global Head of Equity Finance, Nomura

Tejash Patel, Managing Director & Co-Head of U.S. Securities Lending, Morgan Stanley

James Slater, Executive Vice President & Global Head of Securities Finance, BNY Mellon

Paul Wilson, Managing Director, Global Head of Agent Lending Product & Portfolio Advisory, J.P. Morgan, Investor Services

12:10 - 12:50

Institutional Perspective: What Asset Owners expect from a changing Securities Finance environment

How do Chief Investment Officers perceive Securities Finance as an investment tool?
Is Securities Finance becoming more important in managing collateral requirements under new derivatives regulations?
How do senior level executives respond to the occasional negative press on securities lending?
Following the market bull run in 2013 is securities lending revenue still important?
Does the indemnity provided by securities lending agents add value or is the industry overplaying its importance?
What advice do senior beneficial owners have for the securities finance industry?

Moderator:

Kevin McNulty, CEO, ISLA

Speakers:

Nicolas Firzli, Co-Founder & Director General, World Pensions Council

Andrew Jamieson, Managing Director, Head of EMEA Client Execution Sales / Broker-Dealer, iShares Capital Markets Group


Rudolf Siebel, Managing Director, BVI

Roy Zimmerhansl, Global Head of Securities Lending, HSBC Securities Services

12:50 - 13:30Closing Keynote Speech



13:30 - 14:30Networking Lunch

Hosted by:




20:30 - 23:30World Cup Evening Reception

Join us for the screening of the World Cup Football Match:

England vs. Uruguay

Hosted by:



Location: Lindenbrau Pub, Sony Center (3min walk from the Ritz Carlton)




If you have any questions, queries or speaker suggestions, please contact us on:
 
Email:      isla@eventrock.co.uk
Phone:     + 44 (0) 20 8288 7738