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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.
Please Note: The 8:25am-9:25am workshops are only open to qualified Beneficial Owners. Pre-registration is required. To register or to submit questions in advance, please email email@example.com
- Handling the tactical challenges that exist in securities lending programs today
- The longer term strategic direction of the business and positioning your program for success
- Key drivers of market and regulatory developments and their influence on the securities financing industry
The impact of regulation, utilization of the increasing cost of capital combined with the drive for operational efficiency all point to the direction of Central Clearing. How can the Securities Finance and Collateral Management marketplace embrace change and innovation and further enable CCPs to become a fundamental part of their day-to-day business? In this session, the role of the different securities lending stakeholders in a trade via the CCP will be explained including the overall function that a CCP model fulfils. Beneficial Owner participants undertake a detailed review of the trading, collateral and risk management aspects of the CCP model, study the operational capabilities and understand what the market can expect to see in the future for this key strategic development.
Roelof Van Der Struik
The Blockchain has the potential to disrupt the securities lending business. This workshop provides a fundamental understanding of this new technology, its potential impact and the current status of adoption.
- What is the Blockchain and what is its significance?
- How does it work? What are its benefits and limitations?
- What are its various (current and potential) applications and how is it being used in the financial sector today? Who are the first adopters?
- How is the Blockchain being viewed by regulators?
- Where does adoption of the Blockchain currently stand? What are the challenges to overcome and the next steps? What are realistic implementation timeframes? When and how will it impact the day to day workings of the securities lending sector?
As the securities lending industry continues to undergo a seismic shift, the underlying theme of this year’s event is to examine the various disruptors and influencers – from Brexit and the macro-economy; to regulation and new technology – and in turn examine how these are impacting market supply and demand and the subsequent shift in business models for the industry’s different stakeholders. This opening presentation highlights how key developments over the past year have further impacted the practices of securities lending and collateral management. In doing so it sets a framework for the discussions for the remainder of the conference.
In September official data from July will be released which will be the first indicator of the impact of Brexit, in the short term at least, and a view into the macroeconomic outlook for 2017.
There is no ‘one-size-fits-all’ when it comes to collateral management or optimisation. Yet their significance is only going to increase in the new evolving securities finance environment. In this session we look at how different firms are now approaching collateral management and collateral optimisation, in particular sourcing, pricing, tracking and allocating collateral with consideration and coordination across business lines. We examine the economics of such approaches and the lessons being learned. We also address the issue of collateral shortfall, the degree to which this is still a concern and whether beneficial owners are restricting assets as collateral buffer.
- What is the main driver of collateral management needs within your organisation?
- How do you approach collateral optimisation?
- What are the biggest challenges to achieve collateral optimisation?
- Will the increased requirements for Initial Margin for non-cleared OTC Derivatives change your approach to collateral management?
Against the backdrop of regulatory change, liquidity issues and financial and technical innovation, this panel debates the best approach(es) to lending today. In doing so panelists also discuss how to make routes to market more efficient and give perspectives on what will be the lending model(s) of the future. Points addressed include:
- How do traditional and the various alternative routes to market compare in terms of risk, transparency, costs, benchmarking, efficiencies and overall trade-offs?
- How can Beneficial Owners assess which route(s) make sense for their lending programmes?
- In what ways, and to what degree, do the different alternative routes impact the securities finance industry?
- Which routes to market will remain small initiatives vs. the way of the future for lending programmes?
Over the past five years, the EU financial sector has undergone a fundamental regulatory transformation. Now, with Brexit, further transformation is to be expected and uncertainty hangs over the industry in the meantime. In this panel we address the regulatory impact of Brexit on the securities finance industry and offer perspectives on what new/amended regulation can be expected from the UK and when. We also address key global regulation and legislation currently impacting securities lending including timelines and, where relevant, the likelihood of the regulation being enacted. Among the points to be addressed are:
- Securities Financing Transactions Regulation (SFTR)
- ESMA (CSDR/TS2)
- UCITS V/Money Market Fund reform
- The Resolution Stay Protocol
- Financial Transaction Tax (FTT)
- How are you shifting your business model in response to regulation, Brexit and other market developments? What have been notable developments/changes to your strategy in the last 12 months? How are you anticipating changing your strategy in the next 12 months?
- How are hedge funds responding to the evolving marketplace? What new opportunities are they taking advantage of? Where are current levels of demand for securities? Notable trends?
- In light of the above, what is the impact on securities lending and the beneficial owner community? What can beneficial owners do to enhance the revenue for both the buy and sell side?
- What else is on the horizon that has the potential to impact hedge funds and prime brokers? What can we expect to see from the demand side in 2017?
- How are you protecting your securities lending earning level in a changing industry?
- How have you changed your lending strategies in response to regulation? Are you anticipating making changes due to Brexit and if so, what? How are you meeting evolving demands from the industry, e.g. term trades? Collateral flexibility?
- What has been the impact of Money Market Reform on your cash collateral reinvestment strategies?
- How much are beneficial owners relying on agent lenders to educate them on the impact of regulation? From your perspective, what are best practices for agent lenders in communicating with beneficial owners?
- Do you see an increase in costs due to regulation (reporting, transparency, etc…)? How to determine when to keep a lending programme alive?
- How does securities lending fit into responsible investing?
- What are your key concerns/areas of focus in the current market? What is your perspective on the future of securities lending and collateral management? Where do you expect your programme to be in 2017?
M. Nicolas Firzli
Roelof Van Der Struik
Drawing upon insights given over the course of today we now address best practices approaches to structuring a lending programme in today’s fast-evolving environment. We assess how beneficial owner decisions directly impact earnings and the risk profile of a program and explore how, through better structuring, program performance can be maximized. In highlighting the various decision points, and processes and criteria for service provider selection, we address the options and considerations for the different types of Beneficial Owner and for different-sized lending programmes. We pay particular consideration to Beneficial Owners with programmes too small to be serviced by Agent Lenders.
- Which Segment of the beneficial owner community do you represent?
- Which of the following most accurately describes your understanding of the impact of regulation on your programme as explained by your Agent Lender (AL)?
- Which of the following most accurately describes your position on the options/structure of your program as proposed by your Agent Lender (AL)?
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 firstname.lastname@example.org. Submitted questions will remain anonymous.
Please Note: The 8:00am-10:00am sessions are only open to qualified Beneficial Owners. Pre-registration is required. To register or to submit questions in advance, please email email@example.com
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.
Market data provider DataLend will help beneficial owners determine:
- Am I getting value from my securities lending program?
- How can I ensure my reporting is market standard?
- How can I make the case for securities lending within my firm?
- Prominent trends in the securities lending market over the last 3-5 years.
- How returns have changed in various markets and asset types.
- Options for optimising securities lending performance in today’s market.
We are pleased to once again offer this popular panel discussion. With Beneficial Owner participant approval, key themes from the roundtable sessions will be put to Agent Lender/Borrower panelists for their perspective. To submit questions in advance, please email firstname.lastname@example.org. All sources of questions will remain anonymous.
In this session we look at the latest tools and processes that beneficial owners are utilising to benchmark against their peers and to track the performance of their programmes and service providers. Among the points addressed are:
- What is your approach to running a benchmarking and performance tracking programme(s)?
- What internal tools and processes do you utilise?
- What are common challenges/pitfalls to avoid?
- How are you using the information to make changes to your lending programmes?
- What are the key take-homes/best practices from your experience?
From the Blockchain and CCPs to regulation, Brexit and global market volatility, various drivers continue to reshape the securities lending industry and the traditional way of doing business. In this closing session we pull together the key insights given over the course of the event with a view to determining the medium-to-long term strategic direction for securities lending, the potential challenges and opportunities of such, and the next steps for the beneficial owner community. We also assess how securities lending will compare to other structured transactions amidst the evolving securities finance market with a view to determining the optimum fund strategy of the future.
M. Nicolas Firzli
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