Thursday, September 19th, 2013
10:09 AM
Beneficial Owner Registration
Please Note: The 8:00-10:00am sessions are only open to qualified Beneficial Owners. To register or to submit questions in advance, please email dettinger@imn.org

10:09 AM
Closed-Door Beneficial Owners' Breakfast Roundtable Discussion Sponsored By:
Continuing the valued tradition of offering Beneficial Owners a confidential peer-to-peer open discussion forum, the following roundtable will enable participants to freely discuss issues at the top of their agenda. Participation is strictly limited to qualified Beneficial Owners .To register or to submit discussion points, please email dettinger@imn.org. Submitted questions will remain anonymous.


  • Kevin McNulty, Chief Executive, INTERNATIONAL SECURITIES LENDING ASSOCIATION (ISLA) (Discussion Leader)
10:09 AM
Practical Beneficial Owner Breakfast Workshops

These two practical-based roundtable workshops facilitated by industry experts - will offer Beneficial Owners the benefit of engaging in a dialogue and hence get a deeper understanding of the respective topics and how they specifically relate to their needs.

Beneficial Owners will have the opportunity to attend two rotations of the 30 minute workshops.

Summary documentation covering the main themes of each workshop will be provided to attendees.

Workshop A: Keeping Securities Lending a Strategic Priority


Securities lending is an activity that can provoke questions from internal and external stakeholders, especially in an environment of increasing regulation and subdued returns. This session will provide ideas on how to position securities lending as a strategically important activity for the long term and how consensus can be achieved among stakeholders. This session will address:

- The long term outlook for securities lending returns
- Building consensus amongst stakeholders.
- Ensuring your securities lending programme flexes with the demand environment.

Workshop Leaders:
Robert Lees, Head of Securities Lending Trading for Europe, BROWN BROTHERS HARRIMAN
Jacqui Waller, Head of Securities Lending Relationship Management for Europe, BROWN BROTHERS HARRIMAN

Workshop B: Short Term Investment of Cash


A discussion on the challenges facing beneficial owners with respect to managing cash in a challenging environment with ever increasing focus on control, transparency and risk management.

Workshop Leaders:
Stephen Beill, Director, Cash Re-investment, Securities Finance, CITI
Stephen Sheehan, Director Securities Finance, CITI


General Summit Beings

10:09 AM
General Summit Registration and Networking Delegate Breakfast Courtesy of:


10:05 AM
Opening Remarks from Information Management Network (IMN)

10:10 AM
International Securities Lending Market Update 2013: An Industry in Flux
In highlighting how major events over the past year have impacted the securities lending industry, including the value chain between beneficial owners/agent lenders/primer brokers/hedge funds, and events impacting revenue-generating opportunities, we set a framework for the discussions for the remainder of the conference.

  • David Lewis, Senior Vice President, Astec Analytics, SUNGARD
10:09 AM
Mid-morning Welcoming Networking for all Delegates

12:00 AM
Critical Regulatory Update:
In the following short presentations we outline critical points/updates in key regulation impacting securities lending. Following we have a panel debating how the different possible outcomes of the regulation would impact securities lending practices, the overall implications of such and practical approaches that beneficial owners would need to take.

10:09 AM
Financial Transaction Tax (FTT)

  • John Billige, Managing Director, EMEA Tax Director, Europe, Middle East and Africa, STATE STREET GLOBAL MARKETS
10:09 AM
Shadow Banking

  • Martin Mitov, Policy Officer, EUROPEAN COMMISSION
10:09 AM
Basel III/Dodd Frank/ESMA

  • Anita Ryan, General Counsel, ESECLENDING
10:09 AM
Q&A for the presentations

10:09 AM
A Practical Application – Securities Lending Strategies to Weather the Different Regulatory Scenarios & to Meet the Need for Alpha
Following on from the regulatory presentations we will now take a practical approach to the content delivered and invite our panelists to debate how securities lending strategies would need to adapt to weather the different regulatory scenarios and to meet the need for alpha.

  • Andrew Howieson, Managing Director, HOWIESON CONSULTING LTD. (Session Chair)
  • Michael McAuley, Managing Director, Global Head of Product Strategy, BNY MELLON
  • Mark Payson, Global Head of Business Development, BROWN BROTHERS HARRIMAN
  • Craig Starble, Chief Executive Officer, ESECLENDING
  • Jim McDonald, Head of Global Trading, Securities Finance, STATE STREET SECURITIES FINANCE
10:09 AM
Beneficial Owner Executive Viewpoint: Optimizing Securities Lending Revenue in a New Environment
* How is the regulatory/economic environment impacting your securities lending strategy? Are you anticipating making any significant programme changes in 2014? How will the market evolve in 2014 is regulation the catalyst for you to look at other products? Are beneficial owners held back by indemnification of other products? What are your current objectives with your securities lending practices? * What strategies are you newly considering for increased returns? What strategies wont you pursue? Why? Where are you currently seeing the biggest revenue opportunities? What is your perspective on Emerging Markets? * What is your current approach to risk management? Have we become too risk averse? Are there situations today when taking higher risk can be justified? * Are you asking for more from your Agent Lenders than you were two years ago? If so, in what way? How are Beneficial Owner- Agent Lenders relations evolving? What are the drivers? * What are your Agent Lender selection criteria?

  • Andrew Dyson, COO, INTERNATIONAL SECURITIES LENDING ASSOCIATION (ISLA) (Session Chair)
  • Mick Chadwick, Head of Securities Finance, AVIVA INVESTORS
  • Dirk Bruckmann, Head of Securities Lending & Funds Execution, DEUTSCHE ASSET & WEALTH MANAGEMENT INVESTMENT GMBH
  • Xavier Bouthors, Senior Portfolio Manager Treasury, NN INVESTMENT PARTNERS
  • Roelof Van Der Struik, Investment Manager, Treasury, PGGM INVESTMENTS
1:00 PM
CCPs for Securities Lending - Is the European Market Ready?
  • Setting the scene how has the CCP model in Europe evolved?
  • What are the main challenges for adoption of a CCP by Beneficial Owners, Agent Lenders and Borrowers in today's environment?
  • How will CCPs change how borrowers and lenders transact? How will the traditional structure of relationship-based lending change?

  • Gerard Denham, Business Development, EUREX CLEARING
10:09 AM
Luncheon

10:09 AM
A Practical Approach to Collateral: Its Use, its Optimization & Preparing for a Shortfall – is Transformation the Solution?
In this session we take a practical approach to collateral optimization and management in the context of the changing needs of securities lending. In discussing these changing requirements, we look at how Beneficial Owners can prepare for collateral shortfall by obtaining and using collateral in a different way. We examine whether collateral transformation is a source of opportunity for the securities lending industry and how Beneficial Owners can do this to benefit from it. In doing so we also discuss how big the market will be, its main players, costs involved along with the overall implications for the industry landscape.

  • Sonja Spinner, Principal, MERCER (Session Chair)
  • Paul Jones, Director of Regulatory Analytics, MARKIT
  • Sarah Nicholson, Senior Consultant, CONSOLO LTD
3:00 PM
Lending Fixed Income Securities: Making the Business Case & How to Optimize Revenues in the Current Climate
Low interest rates, risk regulation and the reuse of collateral make it challenging to make profit from the lending of fixed income securities. In this panel we discuss the ins and outs of the lending of fixed income securities including levels and drivers of demand; how to determine if the practice is still viable/right for you as a beneficial owner; and strategies that beneficial owners of fixed income portfolios are successfully utilizing in the current climate.

  • Howard Field, Managing Director, International Fixed Income Trading, BNY MELLON (Session Chair)
  • Gareth Mitchell, Global Head of Securities Finance Trading, CITI
  • Marije Verhelst, Director, Product Management, EUROCLEAR SA/NV
  • Annelies Peeters, Securities Lending, ING INVESTMENT MANAGEMENT
  • David Brand, Executive Director, MORGAN STANLEY
10:09 AM
Refreshments Courtesy of:


4:00 PM
Yield Enhancement Trades: How Will they Take Shape in the Coming Years? Assessing the Outlook for the Equity Finance Business & What it Means for Securities Lending
With ongoing tax harmonization in Europe revenue-generating opportunities are becoming more challenging. In this session we examine how important yield enhancement trades are, the role they play in securities lending programmes and how this will change with escalating harmonization. We also examine the latest on tax harmonization and assess the overall outlook for the lending of equity securities and what this will mean for the nature and extent of lending programmes.

  • Sarah Nicholson, Senior Consultant, CONSOLO LTD (Session Chair)
  • Saurabh Seth, Managing Director and Co-Head of Securities Finance, ESECLENDING
  • John Shellard, Global Head of Trading, Agent Lending, J.P. MORGAN
  • Furio Pietribiasi, Managing Director, MEDIOLANUM ASSET MANAGEMENT
10:09 AM
Is Securities Lending Still Economically Viable? Understanding and Calculating the Costs of Business & Debunking Common Industry Misconceptions
In this panel discussion we examine the costs involved in securities lending, the factors impacting costs currently and what might alter these going forward. This discussion is set in the framework of current revenue-generating opportunities that will be explored further in subsequent panels. We also explore some commonly held misconceptions about the practice and address the who/what/why of when securities lending is right or not for any given beneficial owner.

  • Pierre Khemdoudi, Director, MARKIT (Session Chair)
  • Gavin Callan, EMEA Head of Securities Finance Product Sales & Client Management, CITI
  • Mark Whipple, Executive Director , GOLDMAN SACHS
  • Mark Tidy, Head of Europe, Middle East & Africa Securities Lending Sales, Investor Services, J.P. MORGAN
  • Sunil Daswani, Head of International Client Relations, Capital Markets, NORTHERN TRUST
10:09 AM
Networking Reception

10:09 AM
Close of Conference Day One

Friday, September 20th, 2013
10:09 AM
Beneficial Owner Registration for Closed-Door Discussion
Please Note: The 8:00am-10:00am sessions are only open to qualified Beneficial Owners. To register or to submit questions in advance, please email dettinger@imn.org

10:09 AM
Closed-Door Beneficial Owners' Breakfast Roundtable Discussion

Continuing the valued tradition of offering Beneficial Owners a confidential peer-to-peer open discussion forum, the following roundtable will enable participants to freely discuss issues at the top of their agenda. Participation is strictly limited to qualified Beneficial Owners .To register or to submit discussion points, please email dettinger@imn.org. Submitted questions will remain anonymous.


  • Gerard Moore, Representative on Securities Lending, U.K. LOCAL AUTHORITY PENSION FUND FORUM, formerly Financial Controller, U.K.LOCAL AUTHORITY PENSION FUND FORUM (Discussion Leader)
10:09 AM
Practical Beneficial Owner Workshops
Facilitated by industry experts these practical-based roundtable workshops will offer Beneficial Owners the benefit of engaging in a dialogue and hence get a deeper understanding of the respective topics and how they specifically relate to their needs.

Beneficial Owners will have the opportunity to attend two rotations of the 30 minute workshops.

Summary documentation covering the main themes of each workshop will be provided to attendees.

Workshop A: Simplifying Collateral Optimisation
Using case studies, this workshop will breakdown the components of collateral optimisation to help beneficial owners understand what opportunities and solutions are available to address their specific requirements.

Workshop Leaders:
Simon Lee, Senior Vice President, ESECLENDING
Ed Oliver, Senior Vice President, Client Relationship Management, ESECLENDING


Workshop B: An overview of considerations when setting securities lending parameters for your programme
This session will aim to review some of the market dynamics which can help you make an informed decision when trying to achieve the optimum use of your securities lending portfolio

Workshop Leaders:
Sam Brown, Vice President, J.P. MORGAN
Dan Rudd, Executive Director, J.P MORGAN 

General Summit Beings

10:09 AM
Networking Delegate Breakfast

10:00 AM
Critical Issues Heading Beneficial Owners’ Agendas: The Agent Lender/Borrower Response
Following on from the success of this session last year, we are pleased to once again offer this panel discussion. With Beneficial Owner participant approval, key themes from the two closed roundtable sessions from yesterday and this morning will be put to Agent Lender/Borrower panelists for their perspective. (Sources behind the issues to be discussed will remain anonymous.)

  • Gerard Moore, Representative on Securities Lending, U.K. LOCAL AUTHORITY PENSION FUND FORUM, formerly Financial Controller, U.K.LOCAL AUTHORITY PENSION FUND FORUM (Session Chair)
  • Keith Haberlin, Global Head of Securities Lending, BROWN BROTHERS HARRIMAN
  • Frederick Nadd-Aubert, Managing Director, Prime Services, CREDIT SUISSE
  • Paul Wilson, Managing Director, Global Head of Agent Lending Product and Portfolio Advisory, Investor Services, J.P. MORGAN
  • Maurice Leo, Head of Relationship Management EMEA, STATE STREET SECURITIES FINANCE
10:09 AM
Refreshments for all attendees

 


11:00 AM
Lending Programmes to Exploit ‘Up and Coming’ Revenue Opportunities: Routes to China/India/Indonesia/Malaysia/EMIR
In this session we navigate the routes to the emerging markets which are currently offering the best revenue-generating opportunities. In doing so we give updates on the different markets and their evolution, examine the strategic case for increasing lending activity in these regions, assess the pros and cons of alternative forms of coming to market (swaps, p-notes, etc.), assess the risk-reward trade-offs, highlight risk management and monitoring strategies, explore the economics of the practice there and address other key areas of concern for beneficial owners. The ultimate goal of this session is to provide steps to constructing a securities lending programme that exploits emerging market revenue opportunities.

  • Andrew Dyson, COO, INTERNATIONAL SECURITIES LENDING ASSOCIATION (ISLA) (Session Chair)
  • Andy Krangel, Director, CITI
  • Roy Zimmerhansl, Global Head of Securities Lending, HSBC SECURITIES SERVICES
10:09 AM
It’s Not All Short-Selling - Trades & Strategies behind Borrowing Securities and the Drivers behind Demand: Borrower Perspective Panel
* Why borrow? An overview of the different strategies/trades in the current economic and regulatory environment * Assessing the drivers of demand at a macro level. What drives your demand as a borrower?* Where is demand now - better or worse than this time last year? What is the 6 month outlook? * What securities are currently hot? What are up and coming securities? * Why borrow from Lender A and not Lender B? When considering different options of supply, what do you look at? * How is your relationship to prime brokers changing? What are you looking for from this relationship? * What strategic advice would you give to beneficial owners wanting to increase revenue-generating opportunities from their securities lending programmes? *

  • Laurence Marshall, COO & MD, EQUILEND (Session Chair)
  • Frederick Nadd-Aubert, Managing Director, Prime Services, CREDIT SUISSE
  • Walter Kraushaar, Global Head of Securities Finance, MAPLE FINANCIAL GROUP / MAPLE BANK GMBH
10:09 AM
IMN’s 18th Annual European Beneficial Owners’ Securities Lending Conference Concludes

Event Contacts
Managing Director
Andy Melvin
(212) 901-0542
amelvin@imn.org
SVP/Conference Producer
Catherine Miller
(212) 901-0541
cmiller@imn.org
Senior Conference Coordinator
Ashley Roseman
(212) 901-0561
aroseman@imn.org
Vice President - Sales
Robert Bass
(212) 901-0535
rbass@imn.org
Sr Manager, Investor Relations
Daniel Ettinger
(212) 901-0598
dettinger@imn.org
Marketing Manager
Stacey Kelly
(212) 224-3514
stacey.kelly@imn.org
Venue
One Great George Street

Phone: 44 (0) 20 7665 2323
Website: http://www.onegreatgeorgestreet.com/index.asp


Westminster, London, SW1P 3AA
UK


Hotels
Doubletree by Hilton Hotel London - Westminster

30 John Islip Street
London, , SW1P 4DD
UK

Phone: 44 (0) 20 7630 1000
Website: http://doubletree1.hilton.com/en_US/dt/hotel/LONWMDI-DoubleTree-by-Hilton-Hotel-London-Westminster-/index.do

Crowne Plaza St James 4 Deluxe

41-54 Buckingham Gate
London, , SW1E 6AF
UK

Phone: 44 (0) 20 7834 6655
Website: http://www.london.crowneplaza.com

Grange City 5

8-10 Cooper's Row
London, , EC3N 2BQ
UK

Phone: 0845 450 4400
Website: http://www.grangehotels.com

Gold Sponsors
Silver Sponsors
Bronze Sponsors
Media Partners