9:00am

Day1Monday,May1stBreakfastandCheck-inStartat8:15am

ChairpersonWelcome&OpeningKeynote

9:20am LOOKINGFORCOLLATERALMANAGEMENTOPTIONSFirmstradinginderivativesmarketsareforeversearchingfornewalternativesintheongoingchallengeofgettingcollateraltotherightpeopleattherighttime.Buttheindustryisexploringnewoptionssuchastheuseofhigh-qualityliquidassets(HQLA),specifiedviaBaselIIIrequirements,aseligibleforcollateral.Forthebuyside,though,itboilsdowntowhatkindsofcollateralthesellsidewillacceptandunderwhatcircumstances.Lookingtotheregulators,whathavebeenthelessonslearnedfromtheUncleared (Swap)

MarginRules(UMR)thatbecamepartofthelandscapeinMarch2017?–• Whatsecuritiescan(andshould)beusedforcollateralmanagement?• Howdoesafirmdealwithsurprise,additionalcallsforcollateralsuchasarequestforvoluntaryinitial

margin(IM)?• Whatadditionalderivativeinstrumentswillneedmorecollateralsupportforclearing?

Moderator:ScottLinden,ManagingDirector,CollateralManagement,WilmingtonTrustPanelists:StephenBruel,VicePresident,InvestorServicesandMarkets,BrownBrotherHarriman&Co.

CoreyRudzinski,GlobalHeadofCollateralManagement,WellsFargoSecurities

10:10am PassingTime

10:15am RIDINGGLOBALWAVESOFREGULATIONDerivativestradingmarketparticipantswillhavetofindwaystonavigatethroughtheonslaughtofglobalregulation.Tokeepup,firmshavetotrackavarietyofnewregulations,andparseouttherequirementsinherentinthenewrules.Theywillalsohaveto

developimplementationschedulesandstrategiestomaximizethemanagementofderivativesoperations.

Firmswillalsohavetostayaheadofregulators,especiallythosebeyondtheirdomesticborders.

• Whatisthegeneralstateofglobalregulationofderivativestrading?

• Isharmonyamongtheregulatorsarealisticgoal?• Howarefirmstrackingthenewregulatory

requirementsacrosstheglobe?• Whatistheprocessofreportingrequirements

transitioningtosmallermarkets?• Howaremarginingrequirementsbeginningto

makeanimpactuponmajormarkets?Panelists:PeteKostur,DirectorofSwapDealerand

VolckerCompliance,FifthThirdBankRyanTaylor,GlobalHeadofDerivativesReformand

VolckerCompliance,RBCCapitalMarketsMarkO’Toole,VicePresident,Commoditiesand

TreasurySolutions,OpenLink

OPTIMIZINGTHIRD-PARTYRELATIONSHIPSMorefirmsparticipatinginderivativestradingmarketsareturningtothird-partyserviceprovidersincludingthoseofferingprimebrokerageservicesforkeyaspectsoftheirderivativesprocessing.Thiscreatesmajorconcernsoverwhichpartyisresponsibleforoperationalrisksthatsuchsituationspose—theend-userfirm,theserviceprovider,ora

vendorworkingwiththeprovider?• Whatisthebestwaytonavigatethe

changingprimebrokerageservicessituation?• Howdoesafirmfindtherightbalanceof

internalandoutsourcedstaff?• Whatisthebeststrategyformovingaway

fromathird-partyproviderwhenit’stimetomoveon?

Panelists:EricAldous,ManagingDirector,HeadofFutures,RBCCapitalMarkets

11:00am NetworkingBreakwithExhibitors

11:30am SponsoredPresentation

12:00am PassingTime

12:05pm PORTFOLIORECONCILIATIONFOROTCDERIVATIVESPortfolioreconciliationforover-the-counter(OTC)

derivativeinstrumentscoversanareaofgreatconcern,giventhemanyregulatoryreformsunderwayinEurope.OTCderivativecounterpartiesneedtoidentifytrade

discrepanciesandtradeexceptions,managecollateralandmargin,andtofacilitateelectronicinterfacestoresolve

reconciliationproblems.Financialservicesfirmsalsoneedtoensurethatallpartiestoatransactionhavesynchronizedbooksandrecordsandthatinnovations,amendmentsandrelatedactivitiesare

accuratelygatheredandrecorded.• Shouldportfolioreconciliationbeginwiththevaluation

phaseoftheOTCderivativecontract?• Whataretherecsvulnerabilitiesofthelifecycleofa

derivativetransactionsuchasprocessing,settlement,andconfirmation?

• Whataretherecschallengesofworkingwithclientsandthird-partyprovidersonoperationalandmarginingissues?

• Howdothecomplexitiesofderivativespricingandcounterpartyriskimpactthereconciliationprocess?

• Andwhatarethebestwaysforriskandrecsmitigationfornon-centrallyclearedOTCderivatives?

Panelists:TaraMcCloskey,Director,HeadofDerivativesMiddleOffice,MetLife

CLARITYORCONFUSIONFORSECURITY-BASEDSWAPS?

TheSEChasclarifiedtherulesoftheroadforsecurity-basedswaps,whichmeansthe

industrywillhavetoadjusttonewoperationalregimesandgovernancestructures.Aspartof

theclarification,theSEChasdeemedsecuritiesclearingagenciesthatare

systemicallyimportant.WhatimpactsaretheSECruleshavingon

clearing?• HowarethenewSECrulesmaterially

differentfromtheCFTCrules?• HowimportantistheSEC’sactionformost

firms?• Howshouldfirmsadjusttothenew

regime?• WhatarethedrawbacksoftheSECaction?Panelists:LisaCavallari,Director,FixedIncome

DerivativesandCommodities,RussellInvestments

LanceCarlton,Director,TDSecurities

12:55pm Lunch

1:55pm AfternoonKeynote

2:30pm PassingTime

2:35pm TRADING&CLEARINGINADODD-FRANKWORLDIntheU.S.,thelandmarkregulatoryreformsofthe

Dodd-FrankActhaveforeverchangedthelandscapeofderivativestradingandclearing.Firmshavebeen

adjustingstrategiesandprocessestomeettheongoinganddemandingrequirementsDodd-Frank.Whilemoving

toswapexecutionfacilities(SEFs)andtheirrelatedrequirements,firmshavealsobeenlookingtoward

voluntaryclearing,extendingthespiritofthereforms.WhatisthestateoftradingviaSEFs?

• WhathasbeentheimpactoftheMadeAvailablefortheTrade(MAT)processforSEFS?

• WhatishappeningwithderivativestradingthatoccursoutsideofISDA-basedagreementssuchasFXoptionsandequityoptions?

• Whatisthecurrentlandscapefortradinginstrumentsthathavetobeclearedversustradingininstrumentsthatdonothaveaclearingmandate?

• Whatderivativesinstrumentareexchangesandclearinghousesofferingtoclear?

• Whatotherderivativesareslatedtofacemandatoryclearing?

• Whatisthecurrentstateofvoluntaryclearing?Panelists:TaraMcCloskey,Director,HeadofDerivatives

MiddleOffice,MetLifeRyanClougherty,ChiefComplianceOfficer,INTLFCStone

Markets

RAISINGCONCERNSABOUTFCMsThecurrentsituationforfuturescommissionmerchants(FCMs)iscausingconcernsastheactualnumberofthemisshrinking.TheGreat

Recessionhasledtoaperiodoflowinterestratesandaconcentrationofclientfunds,whichhas

reallystrainedtheFCMbusinessmodel.Subsequently,manyFCMshaveeitherleftthe

marketorareleaningthatway.Atthesametime,theemerging,directfundingmodelisalso

complicatingtheroleoftheFCM.Inparticular,manyexchangeshaveintroducedadirectfundingparticipantmodelinwhichtheclientstillneeds

thebackingofanFCM,butcanfundtheiraccountwiththeexchangedirectlyratherthangothroughanFCM.FirmsarebeingcompelledtoconsidertheprosandconsofthisapproachforFCMs.

• WhataretheimpactsoffewerFCMs?• HowdoesthebuysidechooseFCMs?DoFCM

customersneedmoretransparencyintotheFCMprocess?

• HowareCCPscopingwithfewerFCMs?• WilltherebeFCMsthataretoobigtofail?Moderator:JaclynTholl,ExecutiveVicePresident

&CCO,StraitsFinancialLLCPanelists:JeffreyOllada,ManagingDirector,

MizuhoSecuritiesMarkArnold,FCMChiefComplianceOfficer,,UBS

3:25pm NetworkingBreakwithExhibitors

3:55pm THENEWCHALLENGESOFMANAGINGCLIENTACCOUNTSParticipantsinthederivativestradingmarketsaretakingonthechallengesofmanagingseparateclient

accounts.Manyassetmanagersaregrapplingwithregulatoryrequirementsthataresimilartothosefacingtheircustomers.Inoverseeingseparateclientaccounts,assetmanagersfacecommunication,coordination,andeducationchallengesastheyworkwithclientsonnewlegal,regulatory,andoperationalrulesspurred

onbynewderivativesregulations.• HowshouldtradingfirmsoptimizeseparateclientaccountmanagementunderDodd-Frank?• Whatisthebeststrategyfortradingfirmsthathavetobringtheirclientsuptospeed?• Whataresomeofthebestapproachestomanagingtheuniquecombinationofderivativesregulatory

requirements,clientinvestmentguidelines,andtheroleoftheassetmanager?Panelists:EricJ.Bolisay,VP,HeadofDerivativesStrategicOperations,T.RowePriceYoungLee,CFA,GeneralCounsel,SeniorManagingDirector,MacKayShieldsLLC

4:45pm CocktailReception

Day2Tuesday,May2ndBreakfastStartat8:15am

9:00am MAKINGVENDORRELATIONSHIPSWORKFirmshavetomorecloselymanagetheirderivativesprocessingsystemsandsoftwarevendorsespeciallyasregulatorsissuemorerules.Firmsmayneedtoenterormoveoutofcertainderivativesbusinesses.Firms

havemanyissuestoresolve.• Shouldfirmscobbletogetherdisparatesystemsorconsidervendorconsolidation?• Whathappenstointernallydevelopedsystems?• Whataresomeofthebetterstrategiesforoptimizingvendorrelationships?

Panelists:CoreyRudzinski,GlobalHeadofCollateralManagement,WellsFargoSecurities

9:50am SponsoredPresentation

10:20am NetworkingBreakwithExhibitors

10:50am COPINGWITHCOLLATERALCHURNCollateralmanagementandmarginingissues

havecontinuedtogrow.Firmsarestillgrapplingwithinitialmarginingproblems,

collateralsegregationissues,andadjustingtothedynamiccollateralrulesofmultiple

jurisdictions.Theefforttoimprovethesupportofcollateralandmargininghastoalsotakeintoaccountthegrowthindemandandvolumesfor

collateral,andaccelerateddeliveryrequirements.

• Whatcurrentandforthcomingregulationsarestressingcollateralmanagementoperationsformostfirms?

• Whatisthebestwaytomanageassets/custodyaroundtheworld?

• Howshouldfirmsstrategizetomeetshortenedtime-framesforcollateraldelivery?

• Howrealisticarereal-timestrategiesforcollateralmanagement?Panelists:ScottLinden,ManagingDirector,CollateralManagement,WilmingtonTrust

DianaShapiro,Director,CitiEricJ.Bolisay,VP,HeadofDerivativesStrategic

Operations,T.RowePrice

DISHARMONYRULESU.S.andEuropeanregulatorshavepromisedforyearstoharmonizetheirrules,guidance'sand

strategiestoeasetheburdenforsecuritiesfirms.However,firmsworkinginderivativeshavetotryandmakesenseofthesedivergingrequirementsandrespondindividuallyandcollectivelywiththehopethatharmonizationmayonedaybeareality.• Howarefirmscopingwithoverlapping

regulatoryrequirementsaboutcollateralmanagementacrossjurisdictions?

• Whatisthereconciliationeffortformeetingsomanydifferentrequirements?

• Arefirmsmanagingtothelowestcommondenominatorordevelopingsolutionstomeeteachindividualrequirement?

• Aretherespecificpainpointstooperationalizewherethebuy-sidecouldlobbyforbetterharmonization?

• HastherebeenanyprogressmadeintheharmonizationbetweentheEuropeanandNorthAmericanregulators?

Panelists:LanceCarlton,Director,TDSecuritiesYoungLee,CFA,GeneralCounsel,SeniorManaging

Director,MacKayShieldsLLC

11:35am PassingTime

11:40am BUY-SIDEMARKETMAKERS&OTHERINNOVATIONS

NecessityisthemotherofinventionforderivativestradingandoperationsintheAgeof

Dodd-Frank.Alossofliquiditybecauseofdealerbalancesheetconstraintsiscausingsomebuy-sidefirmssuchtheCitadelhas

decidedtotakeonamarket-makingincreditdefaultswaps.Buy-sidefirmsareeither

launchingamarket-makingbusinessarmforswapsorthinkingaboutit.Thebuy-sidewillthenbeabletotakeonitsnewrolewhen

liquidityistightandthesellsidedropstheball.• Dobuy-sidemarketmakersprovidebetter

accesstoliquidity?• Hastheretreatofsell-sidebankscreatedan

opportunityforclearedderivatives?• Whataretheinterdealerbrokersselling?• Willcommoditytradingadvisors(CTAs)

enterthefray?Moderator:LeslieSutphen,President,Financial

MarketsConsultingLLC

WILLBREXITUNRAVELDERIVATIVESOPS?ThenonbindingreferendumbytheU.K.publictoleavetheEuropeanUnionwasashocktomany

systems,includingtheglobalmarketsforderivativestrading.Inaddition,thesubsequent

legalbattlesmaygiveParliamentaroleindecidingthefutureofBrexit.Themany

ramificationsofBrexitarejustbeginningtobecomeapparent.

• WhatarethefirstthingsthatderivativesmarketsparticipantsshoulddoiftheinfamousArticle50isinvokedbytheU.K.government?

• HowwillBrexitimpactthefutureofglobalderivativescontracts?

• WhatarethemajorOpschangesthatfirmswillhavetoimplementiftheU.K.makesBrexitareality?

• WillfirmshavetoshufflestaffifLondonlosesitsstatusasamajorfinancialcenter?

12:30pm Lunch

1:30pm AfternoonKeynote

2:00pm TIMEFORVOLUNTARYCLEARING?Securitiesfirmsthatareworkinginmultiplederivativesmarketsaretakingseriouslytheneedto

voluntarilyclearavarietyofinstruments,includingsingle-name,creditdefaultswaps(CDS)contractsandinstrumentsthatarenotmandatedtobecleared.Inlate2015,ISDAand25assetmanagers

publiclyembracedvoluntarilyclearingthesecontracts.OtherderivativessuchasFX-basedinstrumentsandnon-deliverableforwards(NDFs)havebeentaggedascandidatesforvoluntary

clearingastheconceptcatcheson:• Whatarethebenefitstomovingtovoluntaryclearing?• Whatderivativeinstrumentsareripeforvoluntaryclearing?• Shouldmoreassetmanagersgetonboardwithvoluntaryclearing?Panelists:LisaCavallari,Director,FixedIncomeDerivativesandCommodities,RussellInvestments

2:45pm ChairpersonClosingRemarks

SponsorsInclude

PanelSponsor

PresentationSponsor