Shaping Modern Markets: 2026 Asset Management Derivatives Forum

Remarks as Prepared for Delivery

Good morning, everyone — and welcome to Austin for the 2026 Asset Management Derivatives Forum.

It’s fantastic to see so many friends and colleagues here — and a lot of new faces too. We’re especially excited to host the Forum in Texas for the first time. Austin feels like the right backdrop for this group — a cool city in a state that continues to build out its financial services footprint.

For those I haven’t met yet, I’m Lindsey Keljo, and I lead SIFMA’s Asset Management Group. Thanks for being here and for making the time to join us.

This conference has always had a pretty simple purpose: get the people who actually run the markets into one room to talk honestly about what’s changing — and what should change next.

But this year feels just a bit different. The last few years were dominated by implementation — digesting a huge wave of rulemaking and figuring out how to operationalize it all. This moment feels much more forward-looking. We’re not just reacting anymore. We’re shaping.

Now — there’s still some very real implementation work happening. Treasury clearing is perhaps the best example. While so much of this moment is about innovation, Treasury clearing is where the rubber meets the road.

The SEC’s mandate is one of the most significant structural shifts ever contemplated for the world’s deepest and most important market. And making it work in practice — across buy side firms, dealers, clearing members, and infrastructure providers — is a serious operational lift. So we’ve been very focused on the hard, behind-the-scenes implementation work.

Over the past year, SIFMA and SIFMA AMG have been deep in the weeds with members — developing market-standard documentation, supporting new clearing access models, and pressure-testing workflows to make sure they actually function on day one. Because the goal isn’t just compliance. It’s liquidity. It’s resiliency. It’s a transition that works in the real world. So yes — some of our work is still sleeves-rolled-up implementation.

But what’s striking about this year’s agenda is how much of it is about new ground — not just new compliance. Private markets expanding into retail and retirement channels. Digital assets and tokenization moving from theory into real use cases. AI changing how trading desks and operations teams actually function day to day. Extended trading hours and new liquidity models.

These aren’t implementation exercises. They’re design questions. They’re build questions. They’re “what should this market look like five years from now?” questions. And honestly — that’s a much more exciting place to be.

Across all of these topics, we’re also seeing something encouraging: a regulatory environment that’s more open to dialogue and more focused on getting the policy architecture right before locking it in.

From holding roundtables on regulatory harmonization between the SEC and CFTC, to contemplating the derivatives market structure and products of the future – engagement with market participants is critical to ensure that regulatory frameworks remain fit for purpose.

The fundamentals still matter — investor protection, transparency, market integrity. But we have to apply those principles in ways that fit how modern markets actually operate. Regulation should be durable. Technology-neutral. And informed by real-world experience. Because markets function best when policymakers are talking directly to the people who run them every day.

On behalf of the industry as a whole, we look forward to opportunities to engage constructively with the CFTC under the leadership of newly confirmed Chairman Michael Selig. That spirit of collaboration — rather than prescription — creates real opportunity for this industry to help shape smart, practical frameworks from the start. And we’re seeing that across our work.

On private markets, we’re convening stakeholders to tackle tough questions around valuation, transparency, and liquidity. On digital assets and tokenization, we’re supporting innovation while working toward clear, consistent guardrails. And on AI — we’re already past the “future of” stage. It’s here. It’s embedded in trading, risk, and compliance today. The question now is how to harness it responsibly without slowing down progress.

In other words — this isn’t a moment for retrenchment. It’s a moment of experimentation. Of building. Of figuring out what the next generation of market structure looks like. And there’s no better place to have those conversations than this room.

Because this Forum isn’t just about policy. It’s about people. It’s about reconnecting with long-time partners, meeting new ones, swapping notes, and having the kinds of candid conversations you only get face-to-face.

Some of the most valuable outcomes every year don’t happen on stage. They happen in the hallways, over coffee, or at dinner. So really use the time. Meet someone new. Compare notes. Challenge each other a bit. That’s how progress actually happens.

We’re thrilled with this year’s turnout — our largest group yet, with more than 400 participants. Thank you for making this community what it is.

On behalf of SIFMA AMG and FIA, I want to thank our sponsors and exhibitors, and I encourage you to spend time with them, as well as our moderators and speakers. This conference simply does not work without your leadership and willingness to dive in.

And with that, we’re especially pleased to kick things off with someone who has consistently emphasized thoughtful, practical policymaking and giving markets the room to innovate — SEC Commissioner Mark Uyeda.

Commissioner Uyeda was appointed to the Securities and Exchange Commission in 2022, after more than 15 years of distinguished service at the agency. He has held senior leadership roles in both the Division of Investment Management and the Division of Corporation Finance and also served as counsel on the U.S. Senate Banking Committee. His deep experience across investment companies, capital markets, and regulatory policy provides a unique perspective on the issues we are here to discuss today.

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Lindsey Keljo is Managing Director, Head of Asset Management Group & Associate General Counsel , SIFMA