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8:30 a.m. – 9:00 a.m.
Registration and Breakfast
9:00 a.m. – 9:15 a.m.
Welcome and Introduction – Steve Chittenden, Loomis Sayles, Chair of the AMF Steering Committee
9:15 a.m. – 9:45 a.m.
State of the buy-side industry and future trends in the asset management business, including the impact of the government proposed regulatory changes.
Speaker: Dayle Scher, TowerGroup
9:45 a.m. – 10:45 a.m.
Panel Discussion: Key Issues in Pricing and Valuation
This panel aims to provide unique insight in how asset managers are dealing with pricing and valuation challenges in today’s volatile market. The panelists will address a few key issues such as FAS 157, new mark-to-market practices, pricing models, the role of pricing agents and the role of dealer prices. The panel will also discuss the possible expansion of TRACE and the expected impact to the industry.
Moderator:
Steve Chittenden, Loomis Sayles
Panelists:
Unmesh Bhide, JP Morgan
Thomas DeVita, MKP Capital Management
Mark Heckert, Interactive Data
John Lynch, AllianceBernstein
10:45 a.m. – 11:00 a.m.
Refreshment Break
11:00 a.m. – 12:00 noon
Break-out Session – Committee Meetings:
Derivatives Operations Committee
Asset Manager and Custodian Working Group on TMPG Recommendations
12:00 noon – 12:20 p.m.
Summary of Committee Meetings
Update on Overdrafts Working Group
12:20 p.m. – 12:45 p.m.
Derivatives Central Clearing: What are the benefits of central clearing for the asset manager and institutional investor; and what are the implications of derivatives clearing to operations?
Speaker: Byron Baldwin, Eurex
12:45 p.m. – 2:00 p.m.
Luncheon with Speakers: Important Topics to Asset Managers and Broker-Dealers
2:00 p.m. – 2:15 p.m.
Presentation on FICC Mortgage Backed Securities Services
Speaker: Peter Kelly, FICC
2:15 p.m. – 3:15 p.m.
Panel Discussion: The 1000 Piece Puzzle (How to Fit the Fundamentals of Buy-side Operations into Mortgage Backed Securities Services)
The financial industry is planning and implementing various operational enhancements and risk reduction mechanisms, including possible buy-side participation in the FICC and central clearing for CDS. By participating in these operational enhancements, asset managers are seeking reduced risk, improved communications and greater automation. However, during the process of buy-side involvement in these industry initiatives it has become apparent that there are still misconceptions of the asset management industry and the way it operates. On one hand, the purpose of this panel is to brainstorm ideas for the education process to the benefit of industry counterparties, policy makers, vendors and utilities on the fundamentals of asset management operations. The second part of this panel, that has representation from buy-side, custodian and dealer representatives, is to respond to the FICC presentation and discuss the requirements of asset managers for TBA matching, automated pair-off/bi-lateral netting, and FICC membership for central counterparty. The panel will also address other solutions and solicit comments from the broker-dealer community. The goal is to identify gaps between the existing market offering and the needs of buy-side on behalf of their institutional clients, and to compare and contrast FICC to the proposed CDS central counterparty.
Moderator:
Julie Warren, New York Life Investment Management
Panelists:
Nicholas Botta, Morgan Stanley
Lisa Ilaria, AMF Steering Committee Member
Jason Jesner, AMF Steering Committee Member
Peter Kelly, FICC
3:15 p.m. – 3:30 p.m.
Refreshment Break
3:30 p.m. – 4:00 p.m.
Regulatory Reform and Government Programs – Update from the SIFMA Washington Office
4:00 p.m. – 4:20 p.m.
Same Day Affirmation – Omgeo Presentation & Discussion with AMF Membership
4:20 p.m. – 4:50 p.m.
Corporate Actions: Improving Issuer to Investor Communications.
DTCC, SWIFT and XBRL US are implementing a joint plan to improve STP for corporate actions.
Speaker: David Hands, DTCC
4:50 p.m. – 5:00 p.m.
Closing Remarks – Steve Chittenden, Loomis Sayles, Chair of the AMF Steering Committee
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