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37th Annual RMA Securities Finance & Collateral Management Conference Agenda

SFCM Conference Agenda

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Agenda is subject to change


MONDAY, October 18

  8:00pm - 10:00pm

Welcome to Miami Reception

Join us to kick off the conference and take the opportunity to meet and greet your peers in the industry.


TUESDAY, October 19

  12:00pm - 12:30pm

Light Lunch and Refreshments

  12:30pm - 1:30pm

Global Legal, Regulatory & Tax Agendas and Update

What are the regulatory developments with significant global impact that everyone should keep an eye on? The regulatory environment continues to evolve with the need to constantly assess the impact of the current regulatory landscape. The panel will examine the regulatory fallout from the meme-stock volatility and Archegos credit event including potential new rules around increased securities lending, short selling, and derivative disclosures. Additionally, the group will discuss the expectations for the implementation of final Basel III rules and SA-CCR, including the potential impacts on securities lending and derivative markets. Panelists will also converse about the likely make-up of key regulatory bodies in the U.S. under the Biden administration.

Moderator: Greg Lyons, Partner, Debevoise & Plimpton

Panelists: Tamela Merriweather, Senior VP, Assistant General Counsel, Northern Trust

Michael McAuley, Managing Director, BNY Mellon

  1:30pm - 2:15pm

Association Update

Get updates on RMA’s activities.

Moderator: Fran Garritt, Director, Securities Lending and Global Market Risk, RMA

  2:15pm - 2:45pm

Coffee Break

  2:45pm - 3:45pm

The Evolution of ESG

Born out of portfolio construction, ESG now impacts many facets of a business. Panelists will discuss the evolution of ESG and how ESG investing has evolved in recent years. How do firms define and quantify ESG? What challenges arise from the lack of consistency in ESG standards and ratings across entities and regions? Is harmonization of ESG standards feasible? What trends are emerging in ESG and where are regulators focusing? Where are there consistencies or differences across the globe and how do these differences impact global firms?

Moderator: Sarah Bernstein, Managing Principal, Consultant, Meketa Investment Group, Inc.

Panelists: Guillermo Cano, Executive Director, Americas Solutions Research, MSCI

Travis Whitmore, Quant Researcher State Street

  3:45pm - 4:45pm

Digital Asset Lending

Cryptocurrencies and tokenization are at a tipping point and the lending of these assets are starting to be a core focus of the FinTech players in this space. Panelists will discuss the different strategies in this space along with other mechanics that are uniquely different compared to traditional assets (instantaneous settlement, cold/hot wallets, counterparty risk, etc.). Finally, they will give their thoughts on the future state where platforms handle all assets – or why they should not – and the best way to achieve that path.

Moderator: Victor O’Laughlen, Digital Business Leader, BNY Mellon

Panelist: Nadine Chakar, Executive Vice President, Head of Global Markets, State Street

  6:00pm - 8:00pm

Gala Cocktail Reception


WEDNESDAY, October 20

  7:30am - 8:45am

Breakfast

  8:45am - 9:00am

Welcome

Marney McCabe, Co-Head Global Securities Lending, Brown Brothers Harriman
Casey Spezzano, Managing Director, NatWest Markets

  9:00am - 10:00am

Keynote: Global Macro Outlook and the Downside Risks

The global outlook heading into 2022 remains subject to significant downside risks, including the possibility of additional COVID-19 waves and financial stress. Additionally, policy makers will need to balance the need to support the recovery while safeguarding price stability and fiscal sustainability, and continue efforts toward promoting growth-enhancing reforms. The Fed will need to address retreating from QE as well as inflation. Will this lead to the Fed raising rates sooner than 2023? If so, what does this mean for the securities lending industry?

Moderator: Thomas Poppey, Senior Vice President, Brown Brothers Harriman

Panelists: Alex Roever, Head of US Rates & Short Duration Strategy, J.P. Morgan

  10:00am - 10:45am

Paradigm Shift? Structural Changes to Cash Reinvestment

With volatility in markets and the resulting impact on funding and cash markets in addition to round two of money market reform, has the paradigm shifted for the cash reinvestment space? Cash is a cyclical component of the securities finance industry. How will the availability and use of cash collateral be impacted by rising interest rates and the Fed balance sheet unwind? Has the monetary policy framework been permanently altered in the wake of the pandemic? Additionally, the panel will discuss the sunset of LIBOR and the development of alternative credit benchmarks such as BSBY and how investors might utilize them, the effect of ESG on the front-end market, and developments in the repo market.

Moderator: Eric Hiatt, Managing Director, Head of Prime and Cash Collateral Reinvestment Strategies, BlackRock

Panelists: Laurie Brignac, Chief Investment Officer, Head of Invesco Global Liquidity, Invesco

Jennifer Imler, Treasury Finance Senior Leader, Wells Fargo

  10:45am - 11:30am

Coffee Break with Exhibitors

  11:30am - 12:15pm

Accelerating the Pace of Change – Technology, Workforce, and DEI

The past 18 months have changed the way we think about our industry, the use of technology, and what the future ways of working will look like. The pandemic has dramatically changed how we work and could accelerate the evolution of the office environment. As we embark on the challenge of bringing people back to the office, how do we avoid reverting to pre-pandemic habits; embrace the pace of change; and attract a workforce that will advance our use of technology and drive forward the industry’s diversity, equity, and inclusion goals? Meet with business leaders and people managers for an open discussion of the challenges they have faced, ideas on how to attract and retain talent, and how the industry can adapt to the changing environment to advance the DEI agenda.

Moderator: Michelle Girard, Co-head of Global Economics and Head of Strategic Coordination and Business Operations, NatWest Markets

  12:00pm - 1:00pm

Risk Management in a Digital World

As new technologies (cloud, DLT, machine learning/AI) and products (cryptocurrencies, digital rights, tokenization) start to hit the mainstream, how do we analyze and manage the risks that come with them? New vendors, workflows, and structures are changing finance—impacting all parts of the transaction lifecycle from operational risk to cybersecurity to recent events involving ransomware. Risk experts will debate the changing landscape and the challenges that lie ahead.

Moderator: Nickolas Delikaris, Global Head of Algorithmic Trading, State Street

Panelist: Matt Boyd, Head of Prime Brokerage Financing, Coinbase

Nicolas Roc, Director, BlackRock

Business Program Adjourns

  1:30pm -4:30pm

Tennis Tournament

  5:30pm - 7:30pm

Reception


THURSDAY, October 21

  7:30am - 9:00am

Breakfast

  9:00am - 9:45am

Economics of the Trade and Creative Problem Solving

The economics of the trade have changed significantly over the past 10 years, resulting in a need for more flexibility and creativity in generating returns. The market continues to evolve to changing needs across counterparts, adoption of new regulations, and the changing resource envelope. Capital, liquidity, and counterpart concentration limits require both borrowers and agent lenders to find ways to optimize financial resources. Whether it be CCPs, peer to peer, equity collateral, synthetics, or the decrease in special demand, the industry must think differently about ways of trading and interacting with the market. The hedge fund industry is also adapting its strategies as a result. How does that impact industry returns? In addition, the market has seen unexpected market events, such as the recent GameStop phenomenon, which have indirect impacts on our market. Join us to explore these topics and dive into the potential collateral damage of these recent events.

Moderator: Brooke Gillman, Managing Director, eSecLending

Panelists:  Bogdan Fleschiu, Executive Director, J.P. Morgan

Jarrod Polseno, Managing Director, State Street

Nehal Udeshi, Managing Director, Goldman Sachs

Mark Whipple, Global Head of Securities Lending, Invesco

  9:45am - 10:30am

Integrating ESG into Securities Lending Programs

With the rise of ESG investing, many lenders are now integrating ESG criteria into their lending programs in some capacity. While concerns that securities lending may run contrary to ESG have been largely addressed, challenges to implementation remain. Hear from participants across the value chain on how ESG policies are impacting securities lending processes and day to day operations. What are the implications of increased governance and proxy voting to lending supply and demand? How can participants across the value chain work together to successfully implement ESG principles? Are there best practices the industry should adopt? What roles do technology and automation play? How do participants allow for customization and flexibility when implementing ESG criteria, while still maintaining operational efficiencies? Is there any room for standardization across the industry, especially as it relates to collateral schedules?

Moderator: Tred McIntire, Managing Director, Royal River Consulting, LLC

Panelists: Christel Carroll, Vice President, Goldman Sachs

Gene Meshechek, Director, BlackRock

  10:30am - 11:15am

Coffee Break with Exhibitors

  11:15am - 12:00pm

Future Market and Regulatory Impacts on Securities Lending Operations

This year and 2020 have been filled with events having a significant impact on securities finance and the operational infrastructure. These events reinforced the need for a greater interconnectivity and automation in our current environment; however, the operational environment is changing. DTCC is working towards a reduced settlement cycle, CSDR is coming into focus and will change how we settle in those markets, and the volatility throughout the last two years has made us question our standard practices. Are current collateralization methods sufficient to manage the lag risk or do we need to rethink the model? What happens if the wider trading industry moves to same day / instantaneous settlement? How would the securities lending industry react?

Moderator: Matthew Puscar, Interim Head of Securities Lending, Vanguard Group

Panelist: Anthony Camarota, Vice President, Brown Brothers Harriman

Christopher Galli, Executive Director, J.P. Morgan

Thomas Kinnally, Managing Director, BlackRock

Jeremy Meade, Vice President, Fidelity Agency Lending

  12:00pm - 1:00pm

Industry Leaders Panel

Industry leaders will reflect on topics discussed over the conference including: (1) lessons learned from working in the pandemic environment; (2) understanding how environmental, social, and governance views impact our daily processing and market participant behaviors; (3) the rise of the retail investor; (4) navigating new regulatory agendas; and (5) how the “mainstreamization” of digital assets and decentralized finance affects the securities finance industry.

Moderator: Ben Challice, Managing Director, J.P. Morgan

Michael Slomienski, Managing Director, Goldman Sachs & Co

  1:00pm                   

Closing Remarks

Business Program Adjourns

  1:30pm                  

Golf Tournament

  6:30pm - 8:30pm

Closing Reception