Operations Conference and Exhibit 2013

General Session Hosted by INVeSHARE

Award-winning financial journalist and Senior Correspondent for FOX Business Network, Charles Gasparino, shares his no-holds-barred view of Washington’s war on Wall Street, the resulting policy implications, and the measures needed to prevent another financial crisis and restore America’s economy. A Wall Street reporting veteran, Gasparino has covered the most notable financial industry stories of the past two decades and was responsible for breaking the biggest stories during the financial crisis—AIG’s government bailout, the inside story of the Lehman Brothers collapse and shakeups at Merrill Lynch and Morgan Stanley. An expert storyteller, serving earlier as a reporter for the Wall Street Journal and Newsweek, Gasparino uncovers the hidden truths and dynamics between the financial industry and U.S. government, and the resulting impact on the American people. Author of The New York Times best-selling financial book, The Sellout: How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System, Gasparino contributes regularly to online and print publications such as the Daily Beast, Huffington Post, New York Post and Forbes.

Current Issues in Operational RiskAssistant Secretary Amir-Mokri’s remarks will focus on current issues in operational risk. He will discuss government and fi nancial services

“The New Inflection Point – Making the Case for Greater Mutualization of Financial Infrastructure”  Mr. Bodson’s remarks will begin with a 40-year review of the evolution of the industry and key historical inflection points that drove structural change in financial markets, particularly during times of crisis.  He will then discuss how the recent financial crisis and subsequent regulatory reforms have created a new inflection point, which has created partnership opportunities to leverage the mutualized model to address the industry’s key challenges.  Mr. Bodson will conclude his remarks by highlighting potential solutions that can help mitigate risk, reduce costs and optimize capital for financial market participants.

Operations Leadership: Implementing Change and Managing Operations in 2013 This panel of industry experts will discuss the most critical operational issues facing the industry today.  Panelists will explore how firms are dealing with implementing regulatory edicts and managing operational risk while at the same time looking to increase operating efficiencies and improve trading, clearing and settlement processes.

Moderator:

Peter Johnston Managing Director, Global Head of Operations Risk and Control Goldman Sachs

Panelists:

Lisa Dolly Chief Operating Officer Pershing, a BNY Mellon company	Tom Gooley Managing Director Morgan Stanley	James Hraska Global Head of Financing, Equity Synthetics and Prime Brokerage Operations Barclays Capital
Cynthia Meyn Executive Vice President and Senior Operations Manager PIMCO	Louis Pastina Executive Vice President NYSE Euronext

Challenges and Change: My 132 Days Off the PlanetGet inspired by Captain Jerry Linenger’s personal experience aboard a Russian space station. Learn how you can overcome great odds to achieve success by embracing change and being prepared to confront your challenges.Captain Linenger shares his amazing personal story based on his experiences aboard the Russian space station Mir. His gripping presentation will put you in the spacecraft with him while he recounts not only the events of the mission, but also candidly shares his feelings of frustration and fear along with the determination and courage he used to survive. Having overcome great odds to achieve success, he will challenge you to embrace change, rise to the occasion, and confront challenges. He emphasizes the role of preparation to achieve mission goals.From his riveting presentation, you will learn how to:Tap into your inner strength and achieve more than you thought possibleGive freely: Personal sacrifice may be required for the greater goodFind the courage to overcome any obstacleDiscover greater meaning in your professional and personal life

Money Market ReformMoney market reform is top-of-mind to regulators and market participants alike. Explore the current landscape of the money market fund industry, dive into regulatory reforms currently being contemplated by the SEC, and learn the potential effects they could have on your firm's operating model.

Moderator:

Timothy Cameron Managing Director, Asset Management Group SIFMA

Panelists:

Randy Barnes Senior Product Manager and Engagement Manager Thomson Reuters Wealth Management	Peter Crane President and Publisher Crane Data, LLC	Andrew Linton Executive Director and Head of Product Development, JPMorgan Global Liquidity Group JPMorgan Chase & Co.
Nancy Prior President, Money Market Group Fidelity Investments	Joan Swirsky Of Counsel Stradley Ronon

FATCAPrepare for the upcoming Foreign Account Tax Compliance Act (FATCA) milestone on January 1, 2014 with perspectives on tax interpretation, operational implications and alternative solutions.

Moderator:

Michael Wade Director, Capital Markets Technology Services Deloitte & Touche LLP

Panelists:

Elizabeth DiNicola Vice President, Product Management Broadridge Financial Solutions, Inc.	Denise Hintzke Director, Global FATCA Tax Leader Deloitte Tax LLP	Orinne McCloskey Vice President, Global Tax Services Brown Brothers Harriman & Co.
David Morano Managing Director, Head of Client Reporting UBS Wealth Management Americas

US Settlement Finality and DematerializationA deep-dive into next steps for today’s pressing clearing and settlement issues. This panel will discuss next steps for advancing each initiative. Settlement Finality topics will include Settlement Matching, CNS for Value, Money Market and CP settlement changes and shortening the U.S. settlement cycle.  Dematerialization topics will include modifications to Direct Registration System (DRS) to promote "statement only" and Restricted Stock solutions. 

Moderator:

Susan Cosgrove Managing Director DTCC

Panelists:

John Abel Vice President, Product Management DTCC	Kevin McCosker Director Pershing LLC a BNY Mellon company	Dan Thieke Vice President of Product Management, Asset Service Group DTCC
Joseph Zaets Executive Director Morgan Stanley

Fixed-Income: TRACE and RTRSIndustry and regulatory experts discuss timely issues surrounding the Real-Time Transaction Reporting System (RTS) and TRACE for corporate, agency and ABS/MBS debt.

Moderator:

Leslie Norwood Managing Director & Co-Head Municipal Division SIFMA

Panelists:

Alan Bartlett Director Pershing LLC, a BNY Mellon company	Greg McDonald Senior Vice President Citi	Ola Persson Vice President, TRACE & Fixed Income Strategy FINRA
Justin Pica Director, Product Management Municipal Securities Rulemaking Board (MSRB)

Operations & Risk ReportingOver the past three years, WebFilings has had the privilege of meeting and interviewing senior risk and compliance executives from leading companies in various industries. Through these meetings, we’ve assembled and consolidated insightful learnings on risk and regulatory reporting processes and systems. We’ve synthesized those learnings and applied them to emerging best practices of risk and compliance reporting. During this lively 60-minute session, we’ll outline the causes of the most common inefficiencies and errors in the current risk and regulatory reporting process, and give concrete, action-oriented suggestions to help you immediately improve your process—a set of quick wins. To cement the best practice insights, we’ll include a brief live demonstration of contemporary risk and regulatory reporting—illustrating there truly is a way forward.

Transforming Customer CommunicationsThe Next Generation Solution: How to deliver any communication, in any form, to any user, anywhere, anytime, more efficiently and with better data.

OTC DerivativesThis panel will discuss the current changing operational landscape of derivatives products, and the implications of regulatory reform to derivatives operations, focusing on both the sell side and the buy side. Panelists will share insights on how they are changing their systems and processes to support central clearing and readiness for new margin requirements, as well as documentation to support the changed environment. In addition, panelists will touch on how they are impacted by the recordkeeping and reporting requirements. 

Moderator:

D. Todd Sullivan Managing Director & Global Head of Fixed Income Derivative Operations Morgan Stanley

Panelists:

Mark S. Bramante Vice President, Product Management DTCC Deriv/SERV LLC	Lisa A. Cavallari Director, Fixed Income Derivatives Russell Investments	Kimberley Dall Vice President, Derivatives Product Management State Street Bank
Bill Hayden Director, Trade Processing Tradeweb Markets LLC

Corporate ActionsA candid discussion of inefficiencies and challenges in corporate actions. Including a special focus on industry efforts underway including proxy, dematerialization and a shortened settlement cycle, the impact of potential financial transaction taxes, and the movement toward ISO 20022 messaging for corporate actions.

Moderator:

James Monahan Executive Director, Regional Head North America Position Services Morgan Stanley

Panelists:

Lawrence Conover Vice President National Financial Services	Steve Dapcic Director, Corporate Actions Group Pershing LLC, a BNY Mellon company	John E. Kehoe Managing Director, Global Account & Partnership Relationship Management SunGard’s XSP
Don Kittell Managing Director, Regulatory Affairs Broadridge

FICC Update PanelNew developments and industry initiatives involving the Fixed Income Clearing Corporation (FICC). Topics include a Central Counterparty (CCP) in the mortgage-backed securities market, government securities, re-platforming, the GCF Repo Index, and bilateral TBA margining recommended by the Treasury Market Practices Group (TMPG).

Moderator:

Murray Pozmanter Managing Director DTCC

Panelists:

Nicholas Botta Director, MBS Product Management DTCC	Christopher Crocitto Vice President, Fixed Income Goldman Sachs & Co.	Sean Delap Vice President DTCC
Kristian Hakanson Vice President, MBS Barclays Capital

Consolidated Regulatory Reporting: Operational Risks and ChallengesThomson Reuters is hosting a break out session to discuss consolidated regulatory reporting.  Please join our panel of leading industry experts for a candid discussion regarding the impact of SEC Rule 613, Consolidate Audit Trail (CAT), to your firm’s operations.Operational risk is often defined as the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events.  CAT could become a significant resource drain on your back-office if your firm does not establish adequate processes, application and controls.  The discussion will cover an industry wide perspective of today’s challenges at brokerage firms, the potential new regulatory requirements, processing challenges and operational risk. We will provide some sound guidance and potential solutions to help your firm meet the requirements. 

Moderator:

Christine A. Cornejo Director, Compliance & Regulatory Thomson Reuters

Panelists:

Ellen Greene Vice President, Financial Services Operations SIFMA	Patice M. Harlson Vice President and Operations Division Manager Sterne Agee & Leach, Inc.	Manisha Kimmel Executive Director Financial Information Forum
Michael Nolan Managing Director Oyster Consulting, LLC	Kyle C. Wootten, esq. Vice President, Compliance Manager/Regulatory Implementation Wells Fargo Advisors	Larry Zywicki Director of Product Management, Trading Solutions Thomson Reuters

Accelerating AML Compliance – Building efficiencies in AML programsAnti-money laundering (AML) / Know Your Customer (KYC) regulatory requirements have been in place in banking and financial services for quite a while. However, because of the growing links between money laundering and terrorist financing and on-going crime & corruption in the financial system, there has been renewed regulatory focus on AML globally. With the introduction of a Risk Based Approach, financial institutions have an opportunity to build efficiencies with enhanced and standardized business processes and data models thru integration and leveraging of client data across various compliance initiatives.

Welcome

General SessionHosted by INVeSHAREA View from the Top: The evolution of the financial services and regulatory landscape and its impact on day-to-day operations Mr. DeCicco will provide a high-level view on the evolving financial and regulatory landscape, and what we have learned about managing risk, creating operational efficiencies, and adapting to regulatory changes.

Risk Strategy, Appetite and Profile: the Criticality of Culture and Data Mr. Alix will describe how directors and senior management of financial firms might articulate and link business strategy with risk appetite, and how system infrastructures support measurementand reporting to test whether the risk profile — including all activity across an enterprise — is within the stated appetite. While emphasizing that innovations in data aggregation, including the evolution of a global legal entity identifier system, may enhance firms’ ability to track risks, Mr. Alix will also discuss the importance of embedding a supportive risk culture

Understanding the Impact of Implementing New Rules and Regulations in 2013 and BeyondExpert insight from current and former regulators into regulatory initiatives across multiple asset classes that will significantly impact firm operations in 2013 and beyond. Including a special discussion of examination priorities in the coming year.

Moderator:

Ira Hammerman Senior Managing Director and General Counsel SIFMA

Panelists:

Robert Colby Chief Legal Officer FINRA	Ernesto Lanza Deputy Executive Director and Chief Legal Officer Municipal Securities Rulemaking Board (MSRB)	Annette L. Nazareth Partner Davis Polk & Wardwell, LLP
John Ramsay Acting Director, Division of Trading and Markets U.S. Securities and Exchange Commission (SEC)

Creation of a NMS Plan for a Consolidated Audit Trail (CAT)A Consolidated Audit Trail (CAT) is being built as we speak – panelists will explore the current status of the SRO RFP and discuss industry perspectives on governance, operational design and funding. 

Moderator:

Thomas Price Managing Director SIFMA

Panelists:

Jerry Citera Counsel Davis Polk & Wardwell LLP	Stephanie Dumont Senior Vice President and Director of Capital Markets Policy FINRA	Dave Emero Vice President, Regulatory Operations Goldman Sachs
Judy McDonald Senior Technology Manager Susquehanna International Group	Rob Stanich Senior Managing Consulting Strategy and Transformation IBM

Industry Partners – Helping the Industry Implement Regulatory Change:                                                            As the industry prepares to implement a range of new regulatory initiatives – Limit-Up Limit-Down, Large Trader ID, Consolidated Audit Trail and many others – financial services firms are looking to industry partners to help build for this new operating environment. During this panel discussion, industry partners will discuss how they are helping firms get ready.  From building for new regulatory requirements to process outsourcing, understand how industry partners are making sure the industry is ready to meet new requirements and prosper in this changing market.  

Moderator:

Jesse Lawrence Managing Director and Senior Managing Counsel Pershing LLC, a BNY Mellon company

Panelists:

Mike Alexander Executive Vice President Broadridge	Susan Crozier Director of Product Management Sungard	Natalia Kory Chief Information Officer, Wealth Management Thomson Reuters
Ron Lefferts Vice President, Financial Markets IBM Global Business Services	Andrew Wagshul Director for Capital Markets BPO Wipro

Equity Market Structure – How Regulatory Reform Impacts Broker Dealers? The increasing complexity of the equity markets has led to increasingly technical regulatory requirements.  And recent market events have focused regulatory attention on operational issues.  Will new regulations be effective at enhancing controls to avoid future market events?  What has been the impact of recent initiatives such as the Limit Up/Limit Down Plan and the market access rule?  How are broker-dealers planning for CAT and Regulation SCI?  What is the impact of enhanced regulatory focus on broker-dealers as they balance highly-technical compliance requirements with complicated business priorities?

Moderator:

T.R. Lazo Managing Director & Associate General Counsel SIFMA

Panelists:

James R. Burns Deputy Director Division of Trading and Markets U.S. Securities and Exchange Commission (SEC)	Burke Cook Managing Director NASDAQ OMX Group	Stephanie Dumont Senior Vice President and Director of Capital Markets Policy FINRA
Denise Garrett Executive Director Morgan Stanley

Tri-Party RepoMajor changes are underway in Tri-party Repo processing. This panel will explore new market practice and how this critical market is changing. What changes are happening to meet new tri-party best practices? How can the matching and confirmation process continue to be improved? Learn more when this panel discusses these and other important issues.

Moderator:

Ed Corral Global Head of Collateral Optimization Morgan Stanley

Panelists:

Vic Chakrian Assistant Vice President, Financial Institutions Supervision Group Federal Reserve Bank of New York	Gary Chan Managing Director, Head of FICC DTCC	John Morik Managing Director The Bank of New York Mellon
Mark Trivedi Managing Director JPMorgan

Agency MBS Margining - Operational Considerations The Treasury Market Practices Group (TMPG) recommends margining of agency MBS transactions to reduce counterparty and systemic risks. This panel will discuss the operational considerations related to the implementation of this recommendation, and will address issues such as documentation, setting up the margining process, leveraging existing collateral management infrastructure, possible industry solution to help with aspects of the process.

Moderator:

Jason Minkler Executive Director, Investment Operations JPMorgan Asset Management

Panelists:

Nick Botta Director, MBS Product Management Group DTCC	Frank Malarkey Director Credit Suisse	Steve Wisneski Director, Global Trade Services Franklin Templeton Investments

Transitioning to a Mobile Recording EnvironmentEmerging Dodd Frank regulation compels financial organizations to record and store digital and verbal communication. This workshop seeks to provide an overview of the mobile recording regulations and their impact on an organization’s people and process, focusing on best practice in selection, implementation and management of the right technology.

Cost Basis Reporting Phase 3—Debt and Options:  Preparing for Significant Tax and Operational Burdens Although the deadline for debt and options reporting was delayed until January 1, 2014, compliance with this phase of the law poses the most difficult data and system challenges yet. Stevie D. Conlon and panelists will provide regulatory insight and discuss resulting system enhancements to meet these additional requirements. 

Prospects for a Shorter Settlement Cycle We’ve shortened the settlement cycle before – can it be done again? Explore results from BCG’s recent cost-benefit analysis as representatives from all aspects of the settlement process debate issues including risk reduction and timing.

Moderator:

Thomas Price Managing Director SIFMA

Panelists:

Cynthia Meyn Executive Vice President and Senior Operations Manager PIMCO	Alejandro E. Perez Managing Director, Bank Relations & Market Infrastructure Goldman, Sachs & Co.	Mark Trivedi Managing Director, JPMorgan
Elena Staloff Vice President DTCC

General SessionHosted by INVeSHAREOTC Equities Update:  Evolving Rules, Infrastructure, and Trade ReportingMr. Kagan will focus on developments in the OTC equity marketplace, highlighting recently approved and proposed rule changes intended to enhance investor protection and market integrity in the equity space.  He will address critical issues that broker-dealers, asset managers, clearing firms, custodians, investors and issuers need to understand regarding market structure changes.  These key issues include the migration of OTC equity trade reporting to new technology, changes in NMS and OTC equity trade reporting rules, and enhancements to market data transparency.  Do not miss this informative and important presentation. 

Business Resiliency: Preparing for Business and Operational Risks As Hurricane Sandy is still fresh in our minds, prepare for business and operational risks posed by natural disasters, pandemics, cybersecurity threats, kinetic events and more. The financial services sector has long taken an “All Hazards” approach to incident response and business continuity, the same approach recently advocated by the White House in PPD-21. Industry and government experts will illuminate the preparations your firm should be taking, including an overview of the industry programs available to you, in order to handle and mitigate the effects of events that impact our ability to conduct business and maintain efficient, properly functioning markets.

Moderator:

Karl Schimmeck Vice President SIFMA

Panelists:

Greg Gist Director, CBCP, Office of Emergency Management, Industry Relations Citi	David LaFalce Vice President, Technology Risk DTCC	Thomas Wagner Head of BCM & Information Security Direct Edge