Asset Manager49%

Bank16%

Regulators5%

Solutions Providers

24%

Consulting4%

Asset Owner2%

DERIVOPS 2016 ATTENDEES BY SECTORWHO SHOULD ATTEND:

Titles: C-level, SVP, EVP, Global Heads, Managing Directors, Department Heads and Managers, Senior-level Associates, Specialists, Technology Managers

Expertise: Operations, OTC and Listed Derivative Operations, Collateral Management, Liquidity Management, Clearing, Compliance, Regulatory Change, Derivatives Technology, Dodd-Frank and EMIR, Operational Risk

“It’s a great time to hear from both buy side

peers in my case, vendors that offer solutions to some

derivatives challenges that you may be facing

and also meet with clearing house

representatives and FCMs and it’s just a

great place to network with peers and to hear

what’s going on in derivatives operations.”

– Nuveen Attendee

• Abrams Capital• AEGON Asset Management• Artisan Partners• Babson Capital

Management• BNP Paribas• Brandywine Global

Investment Management• Calamos Advisors• Chatham Financial• Calypso Technology• Columbia Investments• ClearArc Capital, Inc• Columbia Investments• Federal Home Loan Bank of

Atlanta• FHLBank Topeka• Harvard Management

Company• HBK Capital Management

Services• HighVista Strategies

• Janus Capital Group• Mackenzie Investments• Maverick Capital• McKinley Capital

Management LLC• Morgan Stanley• Murex• NISA Investment

Advisors• Northwestern Mutual• Pine River Capital

Management• PSP Investments• RBC Capital Markets• SimCorp• State of WI Investment

Board• TransAct Futures• The World Bank• The Carlyle Group • William Blair• Wilmington Trust

PAST ATTENDING COMPANIES

“The event is essential for anyone who has a portfolio of derivatives or supports clients

who have exposure to derivatives.” – DTCC Attendee

9:00am

Day 1 Monday, May 1st

Breakfast and Check-in Start at 8:15am

Chairperson Welcome & Opening Keynote

9:20am LOOKING FOR COLLATERAL MANAGEMENT OPTIONS Firms trading in derivatives markets are forever searching for new alternatives in the ongoing challenge of

getting collateral to the right people at the right time. But the industry is exploring new options such as the use of high-quality liquid assets (HQLA), specified via Basel III requirements, as eligible for collateral. For the buy side, though, it boils down to what kinds of collateral the sell side will accept and under what circumstances. Looking to the regulators, what have been the lessons learned from the Uncleared (Swap)

Margin Rules (UMR) that became part of the landscape in March 2017? –• What securities can (and should) be used for collateral management? • How does a firm deal with surprise, additional calls for collateral such as a request for voluntary initial

margin (IM)?• What additional derivative instruments will need more collateral support for clearing?

Moderator: Scott Linden, Managing Director, Collateral Management, Wilmington TrustPanelists: Stephen Bruel, Vice President, Investor Services and Markets, Brown Brother Harriman & Co.

Corey Rudzinski, Global Head of Collateral Management, Wells Fargo Securities

10:10am Passing Time

10:15am RIDING GLOBAL WAVES OF REGULATION Derivatives trading market participants will have to find

ways to navigate through the onslaught of global regulation. To keep up, firms have to track a variety of

new regulations, and parse out the requirements inherent in the new rules. They will also have to

develop implementation schedules and strategies to maximize the management of derivatives operations.

Firms will also have to stay ahead of regulators, especially those beyond their domestic borders.

• What is the general state of global regulation of derivatives trading?

• Is harmony among the regulators a realistic goal?• How are firms tracking the new regulatory

requirements across the globe? • What is the process of reporting requirements

transitioning to smaller markets? • How are margining requirements beginning to make

an impact upon major markets?Moderator: Bianca Heslop, Director, Volcker Compliance

Officer, The Bank of the WestPanelists: Pete Kostur, Director of Swap Dealer and Volcker

Compliance, Fifth Third BankRyan Taylor, Global Head of Derivatives Reform and

Volcker Compliance, RBC Capital MarketsMark O’Toole, Vice President, Commodities and Treasury

Solutions, OpenLink

OPTIMIZING THIRD-PARTY RELATIONSHIPSMore firms participating in derivatives trading

markets are turning to third-party service providers including those offering prime

brokerage services for key aspects of their derivatives processing. This creates major

concerns over which party is responsible for operational risks that such situations pose —the end-user firm, the service provider, or a

vendor working with the provider?• What is the best way to navigate the

changing prime brokerage services situation?• How does a firm find the right balance of

internal and outsourced staff?• What is the best strategy for moving away

from a third-party provider when it’s time to move on?

Panelists: Eric Aldous, Managing Director, Head of Futures, RBC Capital Markets

11:00am Networking Break with Exhibitors

11:30am TriOptima PresentationPresented by Mary Harris, Bussiness Manager, triResolve, TriOptima

12:00am Passing Time

12:05pm PORTFOLIO RECONCILIATION FOR OTC DERIVATIVESPortfolio reconciliation for over-the-counter (OTC)

derivative instruments covers an area of great concern, given the many regulatory reforms underway in Europe.

OTC derivative counterparties need to identify trade discrepancies and trade exceptions, manage collateral and

margin, and to facilitate electronic interfaces to resolve reconciliation problems.

Financial services firms also need to ensure that all parties to a transaction have synchronized books and records and that innovations, amendments and related activities are

accurately gathered and recorded.• Should portfolio reconciliation begin with the valuation

phase of the OTC derivative contract?• What are the recs vulnerabilities of the lifecycle of a

derivative transaction such as processing, settlement, and confirmation?

• What are the recs challenges of working with clients and third-party providers on operational and margining issues?

• How do the complexities of derivatives pricing and counterparty risk impact the reconciliation process?

• And what are the best ways for risk and recs mitigation for non-centrally cleared OTC derivatives?

Panelists: Tara McCloskey, Director, Head of Derivatives Middle Office, MetLife

CLARITY OR CONFUSION FOR SECURITY-BASED SWAPS?

The SEC has clarified the rules of the road for security-based swaps, which means the

industry will have to adjust to new operational regimes and governance structures. As part of

the clarification, the SEC has deemed securities clearing agencies that are

systemically important.What impacts are the SEC rules having on

clearing?• How are the new SEC rules materially

different from the CFTC rules?• How important is the SEC’s action for most

firms?• How should firms adjust to the new

regime?• What are the drawbacks of the SEC action?Panelists: Lisa Cavallari, Director, Fixed Income

Derivatives and Commodities, Russell Investments

Lance Carlton, Director, TD Securities

12:55pm Lunch

1:55pm Afternoon Keynote

2:30pm Passing Time

2:35pm TRADING & CLEARING IN A DODD-FRANK WORLD In the U.S., the landmark regulatory reforms of the

Dodd-Frank Act have forever changed the landscape of derivatives trading and clearing. Firms have been

adjusting strategies and processes to meet the ongoing and demanding requirements Dodd-Frank. While moving

to swap execution facilities (SEFs) and their related requirements, firms have also been looking toward

voluntary clearing, extending the spirit of the reforms. What is the state of trading via SEFs?

• What has been the impact of the Made Available for the Trade (MAT) process for SEFS?

• What is happening with derivatives trading that occurs outside of ISDA-based agreements such as FX options and equity options?

• What is the current landscape for trading instruments that have to be cleared versus trading in instruments that do not have a clearing mandate?

• What derivatives instrument are exchanges and clearinghouses offering to clear?

• What other derivatives are slated to face mandatory clearing?

• What is the current state of voluntary clearing?Panelists: Tara McCloskey, Director, Head of Derivatives

Middle Office, MetLifeRyan Clougherty, Chief Compliance Officer, INTL FCStone

Markets

RAISING CONCERNS ABOUT FCMsThe current situation for futures commission merchants (FCMs) is causing concerns as the

actual number of them is shrinking. The Great Recession has led to a period of low interest rates

and a concentration of client funds, which has really strained the FCM business model.

Subsequently, many FCMs have either left the market or are leaning that way. At the same time,

the emerging, direct funding model is also complicating the role of the FCM. In particular,

many exchanges have introduced a direct funding participant model in which the client still needs

the backing of an FCM, but can fund their account with the exchange directly rather than go through

an FCM. Firms are being compelled to consider the pros and cons of this approach for FCMs.

• What are the impacts of fewer FCMs?• How does the buy side choose FCMs? Do FCM

customers need more transparency into the FCM process?

• How are CCPs coping with fewer FCMs?• Will there be FCMs that are too big to fail? Moderator: Jaclyn Tholl, Executive Vice President

& CCO, Straits Financial LLCPanelists: Jeffrey Ollada, Managing Director,

Mizuho SecuritiesMark Arnold, FCM Chief Compliance Officer,, UBS

3:25pm Networking Break with Exhibitors

3:55pm THE NEW CHALLENGES OF MANAGING CLIENT ACCOUNTSParticipants in the derivatives trading markets are taking on the challenges of managing separate client

accounts. Many asset managers are grappling with regulatory requirements that are similar to those facing their customers. In overseeing separate client accounts, asset managers face communication, coordination, and education challenges as they work with clients on new legal, regulatory, and operational rules spurred

on by new derivatives regulations.• How should trading firms optimize separate client account management under Dodd-Frank?• What is the best strategy for trading firms that have to bring their clients up to speed? • What are some of the best approaches to managing the unique combination of derivatives regulatory

requirements, client investment guidelines, and the role of the asset manager? Panelists: Eric J. Bolisay, VP, Head of Derivatives Strategic Operations, T. Rowe Price

Young Lee, CFA, General Counsel, Senior Managing Director, MacKay Shields LLC

4:45pm Cocktail Reception

Day 2 Tuesday, May 2ndBreakfast Start at 8:15am

9:00am MAKING VENDOR RELATIONSHIPS WORK Firms have to more closely manage their derivatives processing systems and software vendors especially as regulators issue more rules. Firms may need to enter or move out of certain derivatives businesses. Firms

have many issues to resolve.• Should firms cobble together disparate systems or consider vendor consolidation?• What happens to internally developed systems?• What are some of the better strategies for optimizing vendor relationships?

Panelists: Corey Rudzinski, Global Head of Collateral Management, Wells Fargo Securities

9:50am Sponsored Presentation

10:20am Networking Break with Exhibitors

10:50am COPING WITH COLLATERAL CHURNCollateral management and margining issues

have continued to grow. Firms are still grappling with initial margining problems,

collateral segregation issues, and adjusting to the dynamic collateral rules of multiple

jurisdictions. The effort to improve the support of collateral and margining has to also take into account the growth in demand and volumes for

collateral, and accelerated delivery requirements.

• What current and forthcoming regulations are stressing collateral management operations for most firms?

• What is the best way to manage assets/custody around the world?

• How should firms strategize to meet shortened time-frames for collateral delivery?

• How realistic are real-time strategies for collateral management?

Panelists: Scott Linden, Managing Director, Collateral Management, Wilmington Trust

Diana Shapiro, Director, Citi Eric J. Bolisay, VP, Head of Derivatives Strategic

Operations, T. Rowe Price

DISHARMONY RULES U.S. and European regulators have promised for years to harmonize their rules, guidance's and

strategies to ease the burden for securities firms. However, firms working in derivatives have to try and make sense of these diverging requirements and respond individually and collectively with the

hope that harmonization may one day be a reality.• How are firms coping with overlapping

regulatory requirements about collateral management across jurisdictions?

• What is the reconciliation effort for meeting so many different requirements?

• Are firms managing to the lowest common denominator or developing solutions to meet each individual requirement?

• Are there specific pain points to operationalize where the buy-side could lobby for better harmonization?

• Has there been any progress made in the harmonization between the European and North American regulators?

Panelists: Lance Carlton, Director, TD SecuritiesYoung Lee, CFA, General Counsel, Senior Managing

Director, MacKay Shields LLC

11:35am Passing Time

11:40am BUY-SIDE MARKET MAKERS & OTHER INNOVATIONS

Necessity is the mother of invention for derivatives trading and operations in the Age of

Dodd-Frank. A loss of liquidity because of dealer balance sheet constraints is causing some buy-side firms such the Citadel has

decided to take on a market-making in credit default swaps. Buy-side firms are either

launching a market-making business arm for swaps or thinking about it. The buy-side will then be able to take on its new role when

liquidity is tight and the sell side drops the ball.• Do buy-side market makers provide better

access to liquidity?• Has the retreat of sell-side banks created an

opportunity for cleared derivatives?• What are the interdealer brokers selling?• Will commodity trading advisors (CTAs)

enter the fray? Moderator: Leslie Sutphen, President, Financial

Markets Consulting LLC

WILL BREXIT UNRAVEL DERIVATIVES OPS?The nonbinding referendum by the U.K. public to leave the European Union was a shock to many

systems, including the global markets for derivatives trading. In addition, the subsequent

legal battles may give Parliament a role in deciding the future of Brexit. The many

ramifications of Brexit are just beginning to become apparent.

• What are the first things that derivatives markets participants should do if the infamous Article 50 is invoked by the U.K. government?

• How will Brexit impact the future of global derivatives contracts?

• What are the major Ops changes that firms will have to implement if the U.K. makes Brexit a reality?

• Will firms have to shuffle staff if London loses its status as a major financial center?

12:30pm Lunch

1:30pm Afternoon Keynote

2:00pm TIME FOR VOLUNTARY CLEARING? Securities firms that are working in multiple derivatives markets are taking seriously the need to

voluntarily clear a variety of instruments, including single-name, credit default swaps (CDS) contracts and instruments that are not mandated to be cleared. In late 2015, ISDA and 25 asset managers

publicly embraced voluntarily clearing these contracts. Other derivatives such as FX-based instruments and non-deliverable forwards (NDFs) have been tagged as candidates for voluntary

clearing as the concept catches on: • What are the benefits to moving to voluntary clearing?• What derivative instruments are ripe for voluntary clearing?• Should more asset managers get on board with voluntary clearing?

Panelists: Lisa Cavallari, Director, Fixed Income Derivatives and Commodities, Russell Investments

2:45pm Chairperson Closing Remarks

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