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 8:15amChairperson Welcome & Opening Keynote

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

9:20am Looking back on the “Big Wave” of Variation Margin rules - Lessons Learned and a look ahead for Collateral Management

How do you, your clients, and your counterparties think the March 1 implementation went? What are the upcoming triggers that will continue to transform collateral management? What strategies should asset managers consider to ensure they have a effective collateral management platform? Due to the Uncleared Margin Rules, has the ability to optimize collateral increased or decreased in practice?What, if anything, is expected from the current administration and potential relaxation of Dodd Frank?With the upcoming December compliance date for FINRA 4210, what are the major concerns around the future and existing rule?What were the challenges you faced to comply with the new un-cleared margin rules for IM and VM?What are one or two of the major requests from clients – when they are looking for a collateral system? What’s your advice to them?

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 SecuritiesRohit Agarwal, Senior Market Specialist, Calypso Technology

10:10am 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, Vice President, Volcker Compliance Officer, The Bank of the WestPanelists: Ryan Taylor, Global Head of Derivatives Reform and Volcker Compliance, RBC Capital Markets

Mark O’Toole, Vice President, Commodities and Treasury Solutions, OpenLink

11:00am Networking Break with Exhibitors

11:30am Non-cleared margin rules:Non-cleared margin rules: what have we learnt thus far?How can you gain efficiency over your process? Drilling down into the impact of non-cleared margin rules: What can we expect in 3 years from now?

Presented by Mary Harris, Business Manager, triResolve, TriOptima

12:00pm 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?

Moderator: Anthony Azzara, Vice President, CitiPanelists: Matthew Pike, Vice President, Neuberger

BermanMary Harris, Business Manager, triResolve, TriOptima

Laura Kholodenko, Director, Portfolio Valuations Business, IHS Markit

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 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?• How are the new SEC Transaction Reporting

rules materially different from the CFTC rules?

• What is the Transaction Reporting impact on the Buy Side as well as Dealers?Moderator: Daniel Bucsa, Deputy Director Data & Reporting, US Commodity Futures

Trading CommissionPanelists: Lisa Cavallari, Director, Fixed Income

Derivatives and Commodities, Russell Investments

Lloyd Altman, Partner, RegTek SolutionsJames Wallin, Senior Vice President,

AllianceBernstein

1:00pm Lunch

1:55pm Finding Opportunity with Regulatory ReportingRegulatory reporting is not going to slow down any time soon. As the requirements become more

global, more intrusive, more complicated, is there opportunity to leverage these obligations to better understand your business and develop new opportunities?

There is power in data, whether it is viewed solely within an organisation or in conjunction with the regulatory reporting community – this presentation explores how firms can find value with their

reporting initiatives. Presented by Maryse Gordon, Senior Pre-Sales, UnaVista, LSEG

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?Moderator: Lisa Cavallari, Director, Fixed Income Derivatives

and Commodities, Russell InvestmentsPanelists: Ryan Clougherty, Chief Compliance Officer, INTL

FCStone MarketsMax Itkin, Director of Operations, Pentwater Capital

Management LPGaetano Dimiceli, Senior Vice President, AllianceBernstein

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

Jeff Malec, CAIA, Managing Director, RCM AlternativesSuzanne McAulay, Deputy General Counsel, ED&F Man

Capital Markets

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? Moderator: Jaclyn Tholl, Executive Vice President & CCO, Straits Financial LLC

Panelists: Eric J. Bolisay, VP, Head of Derivatives Strategic Operations, T. Rowe PriceYoung Lee, CFA, General Counsel, Senior Managing Director, MacKay Shields LLC

Lawrence J. Griffin, General Counsel, Chief Compliance Officer, Legal & General Investment Management America

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?

Moderator: Corey Rudzinski, Global Head of Collateral Management, Wells Fargo SecuritiesPanelists: Lawrence J. Griffin, General Counsel, Chief Compliance Officer, Legal & General Investment

Management AmericaMoris Danon, CFA, Product Manager, ProtoColl, AcadiaSoft

Megan Flaherty, General Counsel, ABN AMRO

9:50am What Derivatives Operations in 2020 Will Look LikePresented by John McPartland, Senior Policy Advisor, Federal Reserve Bank of Chicago

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?

Moderator: Eric J. Bolisay, VP, Head of Derivatives Strategic Operations, T. Rowe Price

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

Diana Shapiro, Director, Citi Edward Hellaby, Collateral Product Manager,

Americas, FIS

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

Emilie T. Hsu, Counsel, Debevoise & PlimptonBen Lim, Partner, Debevoise & Plimpton

11:35am Passing Time

11:40am HOW TO STAY ON TOP OF CUTTING-EDGE CMCollateral management and valuation carry with them many

challenges, but they have has also grown in importance and have gained a new respect. The heads of collateral management and

margin teams oversee the collateralization for many instruments but it’s derivatives that require a great deal of expertise.

Derivatives trading is driving hundreds of margin calls per day, the need to provide settlement support, the analysis of ISDA

agreements and CSAs, and new IT options.Some of the issues to be covered are:

• When is the right time to update the systems and processes? • How useful are quantitative tools in creating transactions to

reduce gap risk in counterparty relationships?• What tools are available to optimize margin usage? • What IT infrastructure changes would facilitate real-time intra-

day access to collateral inventory?• How much of their CM processes should firms outsource?• Should firms have one service provider for middle-office and

collateral management services?• What new teams will be needed to cover derivative margining? • What new working relationships internally will be needed to

implement change across the enterprise? Moderator: Scott Linden, Managing Director, Collateral

Management, Wilmington TrustPanelists: Lis Hadingham, Managing Director, Americas,

CloudMarginGlenn Graham, President, Golden Point Capital Management

Nicholas Lurvey, SVP, Head of Derivatives Operations, Neuberger Berman

Laura Kholodenko, Director, Portfolio Valuations Business, IHS Markit

12:30pm Lunch

1:45pm 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?Fireside Chat Lisa Cavallari, Director, Fixed Income Derivatives and Commodities, Russell Investments

Anthony Azzara, Vice President, Citi

2:15pm Chairperson Closing RemarksEric Aldous, Managing Director, Head of Futures, RBC Capital Markets

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

Mark Arnold, FCM Chief Compliance Officer, UBS

Jeffrey Ollada, Managing Director, Mizuho Securities

Sponsors Include

Panel Sponsors

Presentation Sponsor

Lead Sponsor