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Open to All Women Registrants (Space is limited. Pre-Registration Recommended). To register, please email email@example.com.
Maria Fiorini Ramirez
As the securities finance industry continues to undergo a fundamental transformation, traditional business models for stakeholders within the securities lending industry have to evolve. In light of such developments, a full spectrum of market participants will give their essential perspectives on the issues that need to top Beneficial Owners’ agendas in 2017 and beyond. In doing so, this opening session will map out the key issues that will be covered in greater depth over the course of the event.
- Legal/tax/regulatory challenges
- The evolving value chain and business models
- Changing trading strategies
- Advancements in operations and technology and where market inefficiencies still need to be addressed
In this session we take an in-depth look at the latest regulation/legislation and its impact on the securities finance market. In doing so we highlight what directly, as well as indirectly, impacts Beneficial Owners and hence address critical areas in which Beneficial Owners need to prepare. We also examine, as appropriate, challenges to adoption and how other market participants are addressing the regulation in their operations and overall strategy. Areas addressed include:
- Basel III: Capital requirements
- The Resolution Stay Protocol
- Securities Financing Transactions Regulation (SFTR)
- Dodd Frank: Increased data disclosure
- Single counterparty credit limits
- T+2 settlement: Will it impact Beneficial Owner trading? Failed trades? Will it impact appetite for trading?
- Money Market Fund (MMF) reform
- The European FTT: Will it come to the US?
Discussion points listed are suggested. Participants are encouraged to generate their own points for discussion. To register and to submit questions/talking points in advance, please email firstname.lastname@example.org. All sources of questions will remain anonymous.
- Data provider approaches to benchmarking program/portfolio performance against peer and market performance
- Due diligence approaches: Comparing procedures between Beneficial Owners and data providers
- How can Beneficial Owners best utilize their own securities lending data?
- Beneficial Owner/data provider perspectives on current market opportunities
Discussion points listed are suggested. Participants are encouraged to generate their own points for discussion. To register and to submit questions/talking points in advance, please email email@example.com. All sources of questions will remain anonymous.
- How are you looking at your business today? How are you managing the risk-based capital constraints in the new regulatory environment? How are you now looking at your balance sheet and changing your trading strategies?
- What will be the future drivers of demand? What is the 2017 outlook for demand? What can Beneficial Owners do to facilitate demand?
- Direct Market Access: How do the characteristics and composition of direct securities lending programs differ from the more traditional lending programs? What do you need from Beneficial Owners to facilitate direct borrowing? What are counterparty due diligence considerations?
We are delighted to welcome an industry veteran to kick off today’s proceedings. Sudha Datta retired in April 2016 after over 20 years with the Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund with a global, diversified portfolio of holdings across sectors, geographies and asset classes. As Head of Operations at ADIA, he was responsible for custody, securities lending and investment operations and he was instrumental in starting ADIA’s securities lending program. Mr. Datta is also the recipient of Global Custodian’s 2016 ‘Industry Legend Award’.
This session will provide an overview of critical market trends and performance within securities finance over the past 12 months and will give a perspective on the future lending environment. Points covered include:
- Market trends: Changes in lending; types of loan outstanding; amounts on loan; impact of regulation; liquidity supply and demand trends; rebate rate; spreads and general collateral - where going are they?
- Money Market Fund (MMF) reform: It’s been 3 months since implementation, how are prime funds handling the changes? Is there a move to government funds? Towards separately managed accounts? What has been the impact on yield curve and liquidity?
- An overview of performance by programs; by country; any notable impact of Brexit?
- Industry breakdown: How do the size of the different Agent Lenders compare? Are there key differences between them?
- CCPs: Where does the securities lending CCP model currently stand?
- 2020 and beyond: What can we expect the lending industry to be like in the next 3-5 years? Will the appetite for securities lending dry up? Will we see consolidation of Agent Lenders?
- Where will future market opportunities come from for Beneficial Owners?
In this session our keynote, Dr. Manmohan Singh, will present his research which takes a big picture look at how monetary and regulatory changes will impact the securities lending market going forward. This is the only active research on securities lending that straddles macro, monetary and regulatory policies. Q&A from the floor are encouraged.
We are pleased to enhance this popular panel discussion. In addition to answering key questions submitted by Beneficial Owners, our Agent Lender panelists are invited to address how they are innovating to meet their clients’ needs in this dynamic and evolving market. Suggested questions:
- How are you addressing regulatory and market developments in your lending strategies? How have you changed/will you change your product mix for your Beneficial Owner clients?
- What are you doing differently to your Agent Lender peers? What sets you apart?
- What are your approaches to educating your Beneficial Owner clients on critical market/regulatory issues?
- How to improve Agent Lender-Client communications?
- How are you currently viewing/addressing different types of risk in securities lending?
To submit questions in advance, please email firstname.lastname@example.org. All sources of questions will remain anonymous.
Collateral & Its Management
- Approaches to maximizing returns in short term markets today
- How are Money Market Funds (MMFs) managing cash collateral pools in light of MMF reform? How is the amount of liquidity in cash reinvestment pools being affected? What products are Beneficial Owners developing that are better for their programs?
- Let’s talk about risk……
- How to monitor and benchmark your cash collateral reinvestment
- Mutual funds vs. pension funds: Non-cash collateral considerations
- What are the operational considerations of non-cash collateral? What market inefficiencies/needs still need to be addressed to better enable the use of non-cash collateral?
- Is there a likelihood of registered funds being able to accept equities as collateral in securities lending transactions in 2017?
- When does non-cash collateral make sense over cash collateral? What are the benefits of taking equity as collateral? ETFs? What will a future portfolio of collateral look like?
- Let’s talk about risk……
- How can Beneficial Owners increase non-cash collateral on their books? How to monitor and benchmark your non-cash collateral
There is no ‘one-size-fits-all’ solution for collateral or its management, yet with regulatory and market drivers, collateral management has become a core focus with collateral optimization a critical component. In this deep-dive session we address different approaches to collateral, in particular its sourcing, pricing, tracking and allocation with consideration and coordination across business lines. Among the points addressed are:
- The Pricing of Collateral: How to look at and price collateral? What are best practices?
- The Economics of Collateral Optimization: Exploring cost-based models; considerations in determining the right cost-based model
- Collateral Allocation: Exploring more sophisticated systems to the waterfall allocation model; the cost to raise cash vs. the value to use cash; if you use treasury, what are you giving up for securities lending or repo perspective?
- Collateral Transformation: When should/shouldn’t this be considered a viable option?
Creative Revenue Enhancement & Collateral/Balance Sheet Optimization
In the current regulatory and market environment there is a greater need for creative approaches to revenue enhancement and collateral optimization. Building upon earlier sessions, we now explore innovative uses of securities lending, cash collateral reinvestment and alternative routes to market as approaches to maximizing overall fund performance and optimizing inventory management. Among the points addressed:
- Using securities lending as a treasury management function
- Floating rate funds: Why and how?
- Collateral optimization across funds
- Alternative routes to market (single stock futures, synthetic finance, etc.)
- Foreign tax: Implications and opportunities
Securities lending via CCPs has moved from theory to reality and activity/participation continues to grow. In this session we examine the all-important question from the beneficial owner’s viewpoint: “What’s in it for me?” In addressing this, we examine how the CCP model/structure is working, the pros/cons for the different market participants, the progress that has been made over the past year, what we can learn from experiences to-date and what work is still to be done.
Beneficial Owner Only Sessions
Discussion points listed are suggested. Participants are encouraged to generate their own points for discussion. To register and to submit questions/talking points in advance, please email email@example.com. All sources of questions will remain anonymous. Select One:
- Why do P2P lending?
- Regulation: What current and upcoming regulation impacts P2P lending? How does regulation governing P2P lending differ for pension funds vs. ’40 Act funds?
- Technology: What is needed for the buy-side to manage their books internally?
- How to rate your buy-side counterparty?
- Who are the P2P providers?
- Common challenges and how they are being addressed
- Addressing road blocks to internal approval and getting senior management buy-in
- How to determine if securities lending is for you? Should there be a minimum fund size for market entry?
- With costs expected to rise, how to determine when to keep a lending program alive? How best to approach the problem of economics?
- Indemnification: Why have it? What is the risk-benefit? Can you run a program without it?
- Risk guidelines and approaches to risk
- Assessing counterparty risk: Who to lend to?
- Service provider due diligence
- Monitoring a small fund
- Collateral and its investment
- Reporting procedures: What level of detail is necessary for senior management/the Board?
- Routes to market
- Entering a new international market: Due diligence and other considerations
Beneficial Owner Only Sessions
Beneficial Owners will meet with their respective peers to discuss critical securities finance issues specific to their institution-type. To register or to submit questions in advance, please email firstname.lastname@example.org. Select One:
- Mutual Funds /Insurance Companies
- State/Pension Plans
Sessions Open to All Participants
The Office of Financial Research, the Federal Reserve, and the Securities and Exchange Commission launched a joint pilot program to collect better and more complete data on securities lending. Our Featured Speaker will present the result of the survey and will address efforts towards permanent securities lending data collection.
- How do you evaluate doing lending without having indemnification?
- If Beneficial Owners need to pay for indemnification, what are the risk-trades offs of not paying for it and using that $ elsewhere?
- It’s been talked about for some time, but when will Beneficial Owners have to start paying for indemnification?
- If Beneficial Owners choose not to have indemnification, what can they ask for from their providers in return?
- How to position a non-indemnified program to management and the board to get their approval?
If there is a market liquidity event and you get margin cash calls from borrowers, how do you manage the situation, particularly if you don’t have the cash/cash equivalent to meet margin calls? How to work with borrowers to sell securities in an orderly fashion? What if you have to sell securities in a bad market? In this closing session common – and not so common – challenges that Beneficial Owners face will be addressed. In addition, this session brings together key take-aways from the event’s proceedings, pinpointing issues that Beneficial Owners should be raising for discussion when back at the office.
Please come ready to participate and attendees are highly encouraged to submit questions/topics in advance to email@example.com
Save sessions of interest, print for onsite use and insert to calendar for auto reminders.
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Euromoney Institutional Investor PLC (“Euromoney”, “we”, “us” or “our”) is an international business-information group covering asset management, price discovery, data and market intelligence, and banking and finance. The group also runs an extensive portfolio of events for the telecoms, financial and commodities markets.
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Euromoney is the primary data controller of personal data collected through this website or that we may collect in different ways as described in this Privacy Notice. If you are contacted by our other group companies, they will also be controllers of your personal data. This means that they are responsible for how your personal data is used, just as we are. You may contact any of these companies directly, or you can contact Euromoney by emailing firstname.lastname@example.org or writing to the Data Protection Officer at Euromoney Institutional Investor PLC, 8 Bouverie Street, London EC4Y 8AX, United Kingdom.
This Privacy Notice was updated on 23 May 2018
This Privacy Notice outlines the information we may collect about you in relation to your use of our products and services (“personal data”). It also explains the legal rights that you have in relation to your data and how you may exercise these rights.
Some of our group companies may collect and use personal data for different purposes; those companies have their own websites and privacy notices.
We will process your data for the following lawful purposes: with your consent; to fulfil our obligations to you; and where there is a legitimate interest to do so.
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Marketing materials are sent electronically, by post and we may occasionally call you.
Online Targeted Advertising
We use targeted advertising on our websites to display advertisements that are relevant to what we believe are your interests. In order to deliver relevant advertisements, we use third parties to deliver cookies that collect information about your IP address and how you interact with our sites (e.g. browsing information, which articles you have read etc.). This data is used by the third parties to determine which advertisements may be of interest to you.
We may also share your personal data with third parties to deliver targeted advertising to you on other websites (e.g. Twitter Tailored Audiences or Facebook Custom Audiences). This could include your email address, cookie data, and information obtained from third parties. Third party cookies may also be used to enable us to target advertisements to you on other websites that you visit.
Lead Generation and Scoring
We occasionally use the services of trusted third parties in order to ensure that the personal data we use for advertising and marketing purposes is accurate and up-to-date. To do this, we transfer personal data of individual leads (such as name, email, job title, location and phone number) to these third parties who conduct research to verify the data – primarily against public information.
We also use algorithmic software technology to help us improve the quality and relevance of marketing activities. The personal data analysed by the software includes email address, phone number, job title, address, purchase history and account information. This allows us to provide meaningful offers that are relevant to your specific profile.
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Business or Asset Sale
If we sell a business or assets we may need to disclose your personal data to the prospective buyer of such business or assets.
If Euromoney, or any of our group companies is sold or sells our assets or is acquired by a third party, then personal data about our customers will be acquired by that third party. A transfer of your personal data in these circumstances would be necessary so that the services you have contracted for can still be delivered, or so that you can continue to enjoy the benefits of our free products and services. You will receive notice if a new controller assumes responsibility for your personal data.
Additional Third Party Disclosures
We may disclose your personal data to other third parties in the following situations:
- To third party partners who help us by providing services such as technology, marketing, advisory or other services. These third parties only receive encrypted data and may only process personal data to provide those services to us.
- Where we are required by law or regulation to do so. In each case we will seek, where practicable, to minimise the amount of data that is disclosed.
- If required to protect the rights and interests of other users and/or Euromoney and its affiliates (including our employees, agents and contractors), or as otherwise set out in our Terms & Conditions. This may include exchanging information with other companies and organisations for the purposes of fraud protection.
We may include small pixel tags (small image files) within the emails we send you in order to determine whether our emails are opened and/or whether the hyperlinks inside our emails are clicked through. We may also collect browser, location and the device used to engage with our email communications. This information allows us to better understand whether we are meeting our users’ needs and how we can improve our communications. No other information is collected. You can opt out of receiving our direct marketing emails either by following the instructions in each email, or by contacting us (see the “Who We Are” section of this Privacy Notice).
Some of the Euromoney group companies are based outside the European Economic Area (EEA). If you have consented to being contacted by our group companies, then the transfer of your personal data will be made according to the terms of an international data sharing agreement that contains obligations approved by European data protection regulators. Any of our group companies that receive your personal data will be co-controllers of that data, which means they may determine how they process your personal data – although they may only use it for the purposes for which it was shared, unless you are informed of new or additional processing activities.
We may also transfer personal data to third party service providers as described in this Privacy Notice which are located outside the EEA. Where we conduct these transfers, we take all steps necessary to ensure that your data is treated securely and in accordance with applicable privacy legislation, either by only sending your personal data to jurisdictions that provide an adequate degree of legal protection for your data or by imposing approved contractual terms on these third parties.
We have a data retention policy that ensures we don’t use or store your personal data for longer than necessary. We consider the following issues to determine retention periods:
- Guidance from the UK Information Commissioner or other regulatory agency, or industry best practice recommendations;
- The business rationale for collection and expiry of the purpose for which personal data was collected;
- Our ongoing ability to ensure the accuracy of the data; and
- Legal and regulatory requirements.
We may occasionally need to keep personal data for either shorter or longer periods than specified in our retention policy. In such circumstances, application of the retention period to the data will be temporarily suspended. The suspension of an applicable retention period will be carried out in a manner that respects the rights and interests of all persons concerned.
You can use our Preference Centre to select the topics that are of interest to you so that we can send you publications and information about our products and services that are especially relevant to you. You can also choose the channels we use to contact you (email, phone, post, etc.) and can also opt-out of receiving marketing communications.
You have certain rights in relation to your personal data which include the following:
Access & Portability
You may request access to any personal data of yours for which Euromoney is responsible as controller. Unless there are legal or regulatory reasons for not doing so, we will confirm whether we process any of your personal data and if we do, we will provide you with the following information: the purposes of the processing, the categories of personal data, any recipients of your personal data, the applicable retention period and the data source. Copies of your personal data will be made available to you in a structured, machine-readable format.
You may also request that we transfer the personal data that you have submitted to us, to another controller, where it is technically feasible for us to do so.
If you have consented to our processing of your personal data, or if we are processing your personal data in order to fulfil our contractual obligations to you, then you can submit a request that we transfer your personal data to another data controller.
Rectification, Restriction, Objection
You have the right to request that Euromoney rectify any errors in the personal data that we process. In some circumstances, you may also be able to ask for the erasure of personal data, and/or request that the processing of your personal data be restricted. You may also object to the processing of your personal data for sales or marketing purposes.
How to Exercise Your Rights
To exercise any of these rights, please contact us by post or email at the following addresses:
Euromoney Institutional Investor PLC
8 Bouverie Street
London, EC4Y 8AX
Web form: Complete Subject Data Request Form
We may need to check your identity prior to processing a request.
Euromoney will do our best to respond to any questions and address any of your concerns. You are also able to register any complaints regarding the processing of your personal data directly with the UK Information Commissioner.
Euromoney is committed to keeping your personal data secure and we will take appropriate technical and organisational measures to protect your personal data from loss, unauthorised use, disclosure or destruction. Although we do our best to protect your personal data, we cannot guarantee that any transmission of data is without risk. We have therefore implemented information security policies and rules, staff training on information security, and technical measures to ensure the integrity of data that we have under our control.
All our employees, contractors and data processors (i.e. those third parties that process personal data on our behalf) are required to keep such data confidential and not to use it for any purpose other than the performance of services we have requested.
Our site may contain links to other websites – including, for example, providers of payment processing services. Euromoney is not responsible for the privacy and data collection practices of third party sites and we therefore recommend that you review the privacy policies and terms of service of each site you visit.
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