ICBI's 16th annual event

Book before 5th June 2009 and SAVE up to £300

“Planning for the Future in the New FinancialLandscape”

EUROPEAN CLEARING& SETTLEMENTEUROPEAN CLEARING& SETTLEMENT

Official Publications:

Tuesday 7th and Wednesday 8th July 2009. The Hilton London Paddington Hotel.

To Register: Tel: +44 (0) 20 7017 7200 Fax: +44 (0) 20 7017 7807Email: info@icbi.co.uk Web: www.icbi-events.com/ecs

Over 45+ Outstanding SpeakersIncluding: John Serocold, Director, LONDON INVESTMENTBANKING ASSOCIATIONJoël Mérère, Executive Director, EUROCLEAR SA/NVRory Cunningham, Strategy Director, LCH CLEARNETCathryn Lyall, Chief Operating Officer of Exchange Projects,ICAPAlistair Jones, Head of Relationship Management, Custodyand Clearing, HSBCRob Scott, Managing Director, Global Head of SecuritiesClearing and Finance, Domestic Custody Services,DEUTSCHE BANK Nigel Kemp, Managing Director, Head of the GlobalTransaction Services Legal Department EMEA, CITIDr. Robert Barnes, Managing Director, Equities, UBS INVESTMENT BANK Paul Bodart, Executive Vice President, Head of EuropeanOperations, BANK OF NEW YORKDorien Fransens, Secretary General, EUROPEANISSUERSSwen Werner, Director and Head of Market Advocacy,Domestic Custody Services, DEUTSCHE BANK Henry Raschen, Chairman, T2S UK NATIONAL USERGROUP, Head of Market Strategy, HSBCINSTITUTIONAL FUND SERVICESRobert Kay, Managing Director, GSCSJohn Trundle, Head of Risk Management, EUROCLEARBernie Kennedy, Head of Post Trade Services, TURQUOISEThomas Steimann, Director, Head of Domestic CustodyServices – Spain, DEUTSCHE BANKDenzil Jenkins, Director of Regulatio, CHI-X EUROPEMarco Strimer, Chief Executive, SIX X-CLEARDiana Chan, Chief Executive, EUROCCPDr. Werner Frey, MD, EUROPEAN SECURITIESSERVICES FORUM Roy Zimmerhansl, Principal, ZIMMERHANSLCONSULTING SERVICES Ruud Sleenhoff, Senior Representative, EUROPEANBANKING FEDERATION, Senior Vice President and Headof Market Infrastructures, ABN AMRO GROUPKatja Rosenkranz, Head of Business Strategy and Member ofthe Executive Board, CLEARSTREAM INTERNATIONALPhil Bruce, Senior Strategy Adviser, LONDONINTERNATIONAL FINANCIAL FUTURESEXCHANGE (LIFFE)Paul O’Connor, Chairman of the Derivatives Task Force,EUROPEAN BANKING FEDERATION, Head ofWholesale Banking, IRISH BANKING FEDERATIONNatasha de Teran, Columnist, FINANCIAL NEWS John Gammer, Head of Clearing Sales, EUREXDr. Christopher Sier, Director, ALPHA FINANCIALMARKETS CONSULTING Anthony Belchambers, CEO, THE FUTURES ANDOPTIONS ASSOCIATION Godfried De Vidts, Chairman European Repo Council,ICMA, Director of European Affairs, ICAPJohn Gubert, Managing Director, THE JSGCONSULTANCYElzbieta Pustola, Chief Executive, KPDWWilly Van Stappen, Chief Operating Officer, EQUIDUCTTRADING Adrian Farnham, Chief Operating Officer, TURQUOISEJudith Hardt, Secretary General, THE FEDERATION OFEUROPEAN SECURITIES EXCHANGES (FESE)Cees Vermaas, Executive Director, Sales and RelationshipManagement, European Cash Market, NYSE EURONEXTPeter Norman, Journalist and Author of “PLUMBERSAND VISIONARIES: SECURITIES SETTLEMENTAND EUROPE’S FINANCIAL MARKET”

7 REASONS WHY YOU CANNOT AFFORD TO MISS ECS 2009“What Does the Financial Crisis Mean for Users and Providers ofClearing and Settlement Services?”Angela Knight CBE, Chief Executive, BRITISH BANKERS’ ASSOCIATION

“How Much Nearer Are We to Creating an Efficient European Capital Market?”Mario Nava, Head of Unit G2, EUROPEAN COMMISSION

“TARGET2-Securities. Where Are We Now? What Are the Next Steps?”Jean-Michel Godeffroy, Director General, EUROPEAN CENTRAL BANK

“What is the Right Mechanism for Governance of MarketInfrastructures And Exchanges?”Ruben Lee, CEO and Founder, OXFORD FINANCE GROUP

“Why CCPs Are Bad For Banking” Chris Skinner, Chairman, THE FINANCIAL SERVICES CLUB

“Lehman Brothers - Managing A Complex Global Restructuring” Ann Cairns, Managing Director and Head of Financial Institutions AdvisoryServices, EMEA, ALVAREZ & MARSAL

“Do I Still Believe ‘Greed Is Good’?” Dominic Hobson, Editor in Chief, GLOBAL CUSTODIAN

Pre-conference workshop: Monday 6th July 2009

The Role Of Risk And How Regulatory Changes AcrossEurope, The USA & Asia Will Impact Future Models AndInfrastructures For Clearing & Settlementled by Chris Skinner, Chairman of The Financial Services Club

Plus

New

for

200

9: Brand New Speed Networking Sessions Taking place during the coffee break,delegates signed up for speed networking will meet up to 15 people, at random, eachfor a minute. Networking Roundtables Our networking roundtables provide delegates with anunmissable opportunity to meet face to face with key speakers. Strategic Breakfast Briefing on Operational Risk Management Our breakfastbriefing will allow you to build on your knowledge whilst networking in a more relaxedenvironment Led by Philip Martin, Chairman of the Institute of Operational Risk

M A I N C

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European Clearing & Settlement

European Clearing & SettlementTo Register: Tel: +44 (0) 20 7017 7200 Fax: +44 (0) 20 7017 7807

Email: info@icbi.co.uk Web: www.icbi-events.com/ecs

EUROPEAN CLEARING & SETTLEMENT Tuesday 7th and Wednesday 8th July 2009The Hilton London Paddington Hotel

Brand New Speed Networking Sessions This year we are delighted to introduce our highly effective Speed Networking Sessions to ECS. Taking placeduring the coffee break, delegates signed up for speed networking will meet up to 15 people, at random, each for aminute. They will be able to swap business cards and briefly explain their interests before moving onto the nextcontact. Then after the session, delegates may choose to revert to some they have met for a longer chat. This is aquick and highly efficient way of meeting a large number of your peers at the event.

Networking Roundtables Our networking roundtables provide delegates with an unmissable opportunity to meet face to face with some ofour key speakers. Several topical subjects will be on offer and groups are kept small (about 10) so that you candiscuss specific issues in a highly interactive environment Don’t miss this great opportunity to network withsome of the most eminent names in the post trade industry and to share information with your peers. Seeprogramme for details

Strategic Breakfast Briefing: Operational Risk Management Hugely popular at our other events, our breakfast briefing will allow you to build on your knowledge, hear insightsfirst hand from senior representatives from business or academia and to network in a more relaxed environment Ourbreakfast briefing will challenge the latest thinking and address some of the big issues of the day. You may not goaway with all the answers but it will certainly give you a better understanding of what the real questions are. Seeprogramme for details

THE PROGRAMMEWhen Lehmans Brothers collapsed last September, clearing and settlement came out of theshadows as it quietly and efficiently unravelled billions of dollars worth of exposures betweenLehmans and its counterparties. This reinforced what regulators had already begun to realise – posttrade infrastructures are essential for containing systemic risk. This new regulatory focus willdrive more widespread use of clearing, which will involve major challenges – as well as majoropportunities – for the industry.

And the post trade industry is going to face other major issues in the coming months. These are justsome of the topics to be addressed by our outstanding speaker faculty:

• How to succeed in the post trade industry in the new financial landscape• Why the new emphasis on risk management will change the agenda • A new focus on cost and a re-examination of business models• Is the current operating model in the custody market sustainable?• Are CCPs bad for banks?• Ramifications of a more widespread use of CCPs • What does the future hold for OTC derivatives clearing?• European initiatives to reduce post trade costs – from the Code of Conduct to CESAME2• TARGET2-Securities - where are we now and what are the next steps?• Collateral management in a brave new world • The right mechanism for governance of market infrastructures and exchanges• How exchange consolidation and the growth of MTFs will impact upon the post trade landscape

So what will determine who will be the winners and losers in the changing post trade landscape?How can you ensure that you emerge from the gloom fighting fit and stronger than ever? ICBI'sannual European Clearing and Settlement conference is the leading event in the market. Now in itssixteenth successful year, the programme is extensively researched with the trade and post tradecommunities to ensure that it addresses the issues that matter most to you. This event couldhardly be more timely with the significant changes currently underway in the clearing andsettlement industry.

THE SPEAKERSEuropean Clearing and Settlement 2009 will bring you the latest thinking from the most senior andinfluential decision makers in the trade and post trade communities. With over 45 speakers packedinto 2 days of business critical information this is an unrivalled opportunity to hear from many ofthe industry’s leading practitioners. Benefit from:

• Updates from the decision makers at the forefront of key industry initiatives • Debating new business models with acknowledged thought leaders• Listening to those at the heart of the latest regulatory developments • Understanding how the infrastructure providers see the future evolving• Learning from market users how they want to see the industry change

THE NETWORKINGICBI’s European Clearing and Settlement conference has established itself as the leadingevent in the market for high level networking. The event offers optimal delegate numbers:large enough for excellent networking opportunities – small enough for you to actually meetwho you want to. And this year we have added even more ways for you to make new contacts andcatch up with old friends

NEW FOR ECS 2009

SPONSORSHIP AND EXHIBITIONOPPORTUNITIES

WHY YOU CANNOT AFFORD TO MISSEUROPEAN CLEARING AND SETTLEMENT 2009

09.00 Opening Remarks from the ChairJohn Serocold, Director LONDON INVESTMENT BANKINGASSOCIATION (LIBA)

09.10 Special Address: What Does theFinancial Crisis Mean for Users andProviders of Clearing and SettlementServices?• What does the future hold for transaction banking

and securities services?• What operational lessons can we learn from the

global financial meltdown of 2008? • What will the current trouble in the hedge fund

world mean for the industry?• How the new focus on costs and risk will force re-

examination of business models• Will we see projects grinding to a halt with no

capacity for investment or will there be renewedcalls for harmonisation to keep driving costs down?

Angela Knight CBE, Chief ExecutiveBRITISH BANKERS’ ASSOCIATION

09.40 Keynote Address: Do I Still Believe“Greed Is Good?”

Dominic Hobson, Editor in ChiefGLOBAL CUSTODIAN

10.10 Case Study: Lehman Brothers -Managing A Complex GlobalRestructuring• How did the industry cope with the Lehman’s

collapse?• What are the implications for bilateral risk?• The practicalities of restructuring a global trading

entity • Planning for the future: how banks can prepare for

crisesAnn Cairns, Managing Director and Head ofFinancial Institutions Advisory Services, EMEAALVAREZ & MARSAL

10.40 Morning Coffee

11.10 The Financial Crisis: What We Can LearnFrom "The Dogs That Didn't Bark"• The evolution of the financial crisis; from credit risk

to liquidity squeeze to credit crisis• The parts of the market that worked normally• The benefits of infrastructure strengthened to meet

international standards• Market expectations of cost effectiveness and good

risk management• How consolidation and harmonisation helps

John Trundle, Head of Risk Management EUROCLEAR

11.40 Is The Current Operating Model In TheCustody Market Sustainable?• The bad news:

- falling transaction fees- market values remain depressed- custody fees will continue to fall

• The good news: - transaction banking has to go on- it will continue to provide income and liquidity- limited balance sheet requirements

• So if you want to compete in this space what are thekey issues you should be considering? What willdetermine who will be the winners and losers?

Robert Kay, Managing DirectorGSCS

12.10 Strategy Roundtable: How To Succeedin the Post Trade Industry In The NewFinancial Landscape: Reducing Risk,Costs and Getting Closer to YourCustomers• What will the new focus on risk mean in practical

terms?• If harmonisation, reduced platforms and

competition will drive costs down at the macrolevel, what should you be doing at the micro level?

• Are we going to see a rise in outsourcing ofoperational processes to infrastructures from both arisk and a capital function viewpoint?

• Is the banking industry going to become a verydifferent creature?

• Where can you add value for clients without addingcosts for yourself?

• Why user choice is such an important new facet ofthe European post trade landscape

Cathryn Lyall, Chief Operating Officer ofExchange ProjectsICAP

Alistair Jones, Head of Sales and RelationshipManagement, Europe Custody and Clearing HSBC

Rob Scott, Managing Director, Global Head ofSecurities Clearing and Finance, DomesticCustody Services, DEUTSCHE BANK

Ruud Sleenhoff, Senior RepresentativeEUROPEAN BANKING FEDERATION Senior Vice President and Head of MarketInfrastructuresABN AMRO GROUP

13.00 Lunch and Networking Roundtables Our networking roundtables provide delegates withan unmissable opportunity to meet face to facewith some of our key speakers. Several topicalsubjects will be on offer and groups are kept small(about 10) so that you can discuss specific issues ina highly interactive environment. Choose from::

Lehmans: Lessons for the FutureLed by: Ann Cairns, Managing Director and Head ofFinancial Institutions Advisory Services, EMEAALVAREZ & MARSAL

The Future for European ClearingLed by: Chris Skinner, ChairmanTHE FINANCIAL SERVICES CLUB

A Way Forward for OTC DerivativesClearing Led by: Dr. Christopher Sier, DirectorALPHA FINANCIAL MARKETS CONSULTING

The Future for Securities ServicesLed by: Dominic Hobson, Editor in ChiefGLOBAL CUSTODIAN

The Long Term Impact of TARGET2-SecuritiesLed by: Jean-Michel Godeffroy, Director Generalfor Payment Systems and Market Infrastructure EUROPEAN CENTRAL BANK

14.20 The Role of Legal and RegulatoryReforms In The New Clearing andSettlement Environment• What are the continuing legal and regulatory

obstacles and are they any different from the oneswhich were there 2 years ago?

• What are the risks in the current environment andhow are financial institutions seeking to mitigatethese?

• In the light of little progress on harmonisingEuropean securities laws are we heading towardsa Directive and would a Directive have thedesired effect in terms of achieving a Pan EUframework which will really be used universally -or are we going back to national barriers?

• Post Lehman events bringing new (and not sonew) challenges to clearing and settlement:- client assets and client money- taking an "EU Security Interest" - possible or

not really....- credit, liquidity and confidence

• Does one really have a choice in CCPs (safety vsexpense)?

• How are clearing agents regarding credit lines?• Is there confidence in custodians ... or are they

really more of an easy target to go and blame?Nigel Kemp, Managing Director, Head of theGlobal Transaction Services Legal DepartmentEMEACITI

14.50 Strategy Roundtable: Meeting TheChallenges Of The Post TradeLandscape In Spain• An overview of the Spanish trade and post trade

market• What are the challenges and constraints?• How can these be overcome?• Next steps

Dr. Robert Barnes, Managing Director,EquitiesUBS INVESTMENT BANK

Thomas Steimann, Director, Head ofDomestic Custody Services – Spain DEUTSCHE BANK

Bernie Kennedy, Head of Post Trade ServicesTURQUOISE

Denzil Jenkins, Director of RegulationCHI-X EUROPE

15.40 Afternoon Tea

16.05 Keynote Address from the ECB:TARGET2-Securities. Where Are WeNow? What Are the Next Steps?• Benefits of T2S:

- fostering harmonisation- reducing the cost of doing business- facilitation of liquidity management

• Adaptation costs for CSDs and custodians• The impact on issuers and investors• The long term impact on the Eurosystem

Jean-Michel Godeffroy, Director General forPayment Systems and Market InfrastructureEUROPEAN CENTRAL BANK

Day One

ICBI’s European Clearing and Settlement conference has established itselfas the leading event in the market for high level networking. The eventoffer optimal delegate numbers: large enough for excellent networkingopportunities - small enough for you to actually meet who you want to.

Our delegates tell us that what makes this event genuinely unique is the calibreand level of the attendees combined with the chance to get inside stories on aone-to-one basis. If you supply solutions to the trading, clearing and settlementcommunities you cannot afford to miss the promotional opportunities this eventoffers. We can offer you packages to match any marketing requirement orbudget. Full details are available.

Please contact Helen Lowe on: +44 (0) 207 017 4041 or helen.lowe@informa.com

Don’t Miss OurPre Conference Workshop

The Role Of Risk AndHow Regulatory ChangesAcross Europe, The USA

& Asia Will Impact FutureModels And

Infrastructures ForClearing & Settlement

Monday 6th July 2009, The LondonHilton Paddington

C O N F E R E N C E P R O G R A M M E

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All of these areas will be discussed,unravelled and analysed by leadingindustry commentator Chris Skinner,Chair, The Financial Services Club,Chief Executive, Balatro Ltd, Co-Founder, Shaping Tomorrow. Chris iswell-known for his regular columns andis the author of several books including“The Future of Banking”, “The Future ofFinance after SEPA” and “The Future ofInvesting after MiFID”. Chris is alsoknown for his regular speaking andkeynote presentations at the leadingindustry forums, including SIBOS andBAI’s Retail Delivery, as well as manyothers. Through these keynotes, he haspresented alongside many other leadingworld figures including Gary Hamel,Michael Porter, Richard Branson, LouGerstner, Meg Whitman and Bill Gates.Chris is a Judge with awards programsrun by TradeTech and the Asian Banker,as well as a contributor to the WorldEconomic Forum’s Scenario Project onTechnology Innovation in FinancialServices.

The past year has been a rollercoasterride but little has changed in terms of newregulations and infrastructures .. or has it?The European Commission, EU countryregulators, Federal Reserve, SEC andTreasury, along with many other countryfocused regulatory authorities have beenworking hard to create a global centralcounterparty authority along with newcapital requirements in light of the globalsystemic risks raised by the liquidity crisisafter Lehman Brothers’ collapse.

• What are these new regulations?

• How are the G20 working together?

• What do existing clearing andsettlement firms need to know?

• More importantly what do they need todo in light of the changes beingintroduced?

This workshop explores these themes indepth and tries to predict some of the coreinfrastructural changes of the new globalregulatory requirements.

In particular, it looks at the build up to thecredit crisis, when Europe had a clear pathof implementation of new clearing systemsas part of the Code of Conduct agreementsthat most major clearing and settlementorganisations had signed up for. Thesechanges were critical to support theMarkets in Financial InstrumentsDirective, as well as the level playing fieldsought to enable competition across thepan-European trading arena.

The launch of new CCPs such as EuroCCP and EMCF were already changing thedynamics of these operations, and then thecrisis hit such that EMCF was effectivelynationalised by the Dutch Government.Since then, LCH.Clearnet and EuroCCPhave come together through the acquisitionof the former by the DTCC, and new CCPoperations are being launched to supportthe OTC Derivatives markets.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxEuropean Clearing & SettlementTo Register: Tel: +44 (0) 20 7017 7200 Fax: +44 (0) 20 7017 7807

Email: info@icbi.co.uk Web: www.icbi-events.com/ecs

EUROPEAN CLEARING & SETTLEMENT Tuesday 7th and Wednesday 8th July 2009The Hilton London Paddington Hotel

16.35 How T2S Will Change The Life Of AGlobal Custodian • Current business model of a global custodian• Analysis of the ways in which to connect to T2S• Objectives: improve service levels; reduce costs

and achieve better liquidity management • As T2S will only be implemented in 2013, why

do you need to start thinking about youroperating model now?

Paul Bodart, Executive Vice President, Headof European Operations THE BANK OF NEW YORK MELLON

17.00 Strategy Roundtable: Implicationsfor All Market Participants ofTARGET2 Securities: Operation,Governance and Regulation: Risks Vs.Rewards • How different will a T2S world look?• Is it necessary? Who will pay for it?• Will the UK join? Why does that matter?• How will CSDs have to adapt their business

models?• How will T2S affect issuers?• The Link UP Markets Initiative • Euroclear’s Single Platform• The future: new forms of partnership and further

consolidation Joël Mérère, Executive Director EUROCLEAR SA/NV

Katja Rosenkranz, Head of BusinessStrategy and Member of the Executive BoardCLEARSTREAM INTERNATIONAL

Dorien Fransens, Secretary GeneralEUROPEAN ISSUERS

Swen Werner, Director and Head of MarketAdvocacy, Domestic Custody ServicesDEUTSCHE BANK

Henry Raschen, Chairman T2S UK NATIONAL USER GROUPHead of Market StrategyHSBC INSTITUTIONAL FUND SERVICES

18.10 Closing Remarks from the Chair

18.15 Cocktail Reception

08.00 Strategic Breakfast Briefing: HowImportant is Operational RiskManagement? Operational risk has never been more importantthan it is in today’s new global financial landscape.Our breakfast briefing, led by one of the leadingexperts in the field, will address these key issues: • Does the ORM function have an adequate voice

within the business? • Does Senior Management really pay attention to

ORM? • Why have things gone so wrong? • What does the future hold for ORM? And there will be plenty of time for Q&A andinteraction with the audience.

Philip H. Martin, DirectorKinetic Partners LLP, ChairmanINSTITUTE OF OPERATIONAL RISK (IOR)

Philip has been a member of the Institute ofOperational Risk since being accepted as a Fellow inDecember 2005. He has been chairman of the councilof the Institute of Operational Risk since February2007. In 2005, Philip founded Enterprise RiskAdvisors, which provides risk management advice tothe financial services industry. He started his careerin 1977 specialising in fraud and professional liabilityinsurances for the global financial services industry.He was an executive director at HSBC InsuranceBrokers from 1985 - 2004 and managing director ofHSBC Operational Risk Consultancy Division from1995 – 2004 where he delivered operational risksoftware solutions to global financial services clients.He has specialised in the design and provision ofOperational Risk Management solutions to globalfinancial services clients. He is currently a director ofoperational risk at Kinetic Partners LLP withresponsibility for expanding operational risk solutionsfor Kinetic’s asset management clients.

The Institute of Operational Risk (IOR)The Institute of Operational Risk (IOR) was createdas a professional body whose aim is to establish andmaintain standards of professional competency in thediscipline of Operational Risk Management. Formore information visit: www.ior-institute.org

09.00 Opening Remarks from the ChairJohn Serocold, DirectorLONDON INVESTMENT BANKINGASSOCIATION (LIBA)

09.10 Why CCPs Are Bad For Banking• The clearing model didn’t stop the credit and

liquidity crisis and some think it actually helpedto make it happen

• CCPs mean that banks don’t worry about lendingand borrowing, they just go with the flow as longas the CCP green light is given

• Equally, CCPs exacerbate risks by placing themin one place

• Are the economics of clearing due for re-thinking?

• Entrance of new players into the clearingbusiness

• Would we be better off with fewer CCPs from a“safety and soundness” perspective? What is theoptimal number of CCPs for the Europeanmarket?

• Tensions between clearing houses and theirmembers over margining requirements

• Could the intraday margining policies createsystemic risk?

• Are we going to see US domination in Europeanclearing?

Chris Skinner, ChairmanTHE FINANCIAL SERVICES CLUB

09.35 Keynote Address from the EuropeanCommission: How Much Nearer AreWe to Creating an Efficient EuropeanCapital Market? From The Code ofConduct to CESAME2• An update on the impact of the Code of Conduct

on all market participants• Has it achieved what we had hoped it would

have by now?• How can we achieve progress on access and

interoperability?• Results from the CESAME December 2008

report• An update on the work of the CESAME2 Group

Mario Nava, Head of Unit G2, InternalMarket and ServicesEUROPEAN COMMISSION

10.05 Panel Discussion: Competition andChoice In And For The Market In Pan-European Clearing • What is holding up progress on interoperability?• Can we envisage a European web of interlinking

CCPs eventually? How long will it take?• Is there an alternative to interoperability to

introduce competition among CCPs?• Are there too many players in the industry?• How will competition and consolidation change

the market? What will it look like in 3-5 yearstime?

Moderator: Peter Norman, Journalist and Author of “PLUMBERS AND VISIONARIES: SECURITIESSETTLEMENT AND EUROPE’S FINANCIALMARKET”

Panellists:Rory Cunningham, Strategy DirectorLCH CLEARNET

Marco Strimer, Chief ExecutiveSIX X-CLEAR

Diana Chan, Chief Executive Officer EUROCCP

Natasha de Teran, ColumnistFINANCIAL NEWS

10.55 Progress Towards StandardisingCorporate Actions Processing• Why does it matter so much?• What issues do CCPs in particular face with

corporate actions? • The views of issuers, market infrastructures and

banks• An update on the market standards proposed by

the joint working group and the feedback frommarket consultation

• Implementation of the standards in Europe andbeyond

Dr Werner Frey, Managing DirectorEUROPEAN SECURITIES SERVICESFORUM

11.15 Morning Coffee with Speed Networking!

11.50 What Does The Future Hold ForSecurities Lending? Is There A CaseFor CCP Services For SecuritiesLending?• Securities lending – an industry under siege• Will the CCPs deliver the promised functionality

and benefits?• Will the benefits be substantial and wide-ranging

enough to be attractive to a significant proportionof the market?

• Will the securities lending industry embracechange and actively support the development ofCCPs?

Roy Zimmerhansl, Principal ZIMMERHANSL CONSULTING SERVICES

12.10 Why The Industry Should Back TheRegulators’ Call For OTC DerivativesClearing• Why is OTC derivatives clearing at the top of the

political agenda?• Understanding the nature and extent of the

bilateral risks in the industry• What are the obstacles to overcome to achieve

OTC derivatives clearing?• Finding a way forward

Dr. Christopher Sier, DirectorALPHA FINANCIAL MARKETSCONSULTING

12.30 Strategy Roundtable: What Does TheFuture Hold For OTC DerivativesClearing?• What are the pros and cons of CCP services for

OTC derivatives?• What are the challenges inherent in OTC

derivatives clearing?• Where are the vested interests? • Who will throw their hat in the ring?• What will determine the winners and losers in

the battle for market share?Moderator:

Anthony Belchambers, Chief ExecutiveTHE FUTURES AND OPTIONSASSOCIATION (FOA)

Panellists:Judith Hardt, Secretary General THE FEDERATION OF EUROPEAN SECURITIESEXCHANGES (FESE)

John Gammer, Head of Clearing Sales EUREX

Phil Bruce, Senior Strategy AdviserLONDON INTERNATIONAL FINANCIALFUTURES EXCHANGE (LIFFE)Dr. Christopher Sier, DirectorALPHA FINANCIAL MARKETSCONSULTING Paul O’Connor, Chairman of the DerivativesTask ForceEUROPEAN BANKING FEDERATIONHead of Wholesale BankingIRISH BANKING FEDERATION

13.20 Lunch

14.30 Collateral Management In A BraveNew World• Fragmentation of collateral in the current market

structure • Should you factor in capital adequacy for

clearing and settlement functions?• Consolidation of collateral operations as a way of

funding clearing and settlement• The future for collateral posting: collateral

movements and determination of collateralamounts

• Technology and the tools at your disposal• The Collateral Central Bank Management User

Requirements Godfried De Vidts, Chairman EuropeanRepo Council, ICMADirector of European AffairsICAP

14.55 Keynote Address: What is the RightMechanism for Governance ofMarket Infrastructures AndExchanges • True and false meanings of corporate governance• The beneficiaries of corporate governance• The benefits of competition• The right ends of public policy

Ruben Lee, CEO and Founder OXFORD FINANCE GROUP

15.30 Strategy Roundtable: How WillExchange Consolidation Impact thePost Trade Landscape - and ViceVersa?• What are the current issues?• How the changing competitive landscape of

exchanges will shape the future• What does all this mean for the post trade

industry?Moderator:

John Gubert, Managing DirectorTHE JSG CONSULTANCY

Panellists:Elzbieta Pustola, Chief ExecutiveKPDW

Willy Van Stappen, Chief Operating Officer EQUIDUCT TRADING

Adrian Farnham, Chief Operating Officer TURQUOISE

Cees Vermaas, Executive Director, Sales andRelationship Management, European CashMarketNYSE EURONEXT

16.25 Closing Remarks from the Chair

16.30 Close of Conference

Day Two

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ent of their own travel

and accomm

odation.IIRhas arranged a

special room rate at a num

ber of hotels.P

lease visit: ww

w.icbi-events.com

/ecs todow

nload hotel booking forms.

Venue:The H

ilton London Paddington Hotel

UN

AB

LE T

O A

TT

EN

D? – E

VE

NT

DO

CU

ME

NTA

TIO

NN

othing comp

ares to being there – b

ut you need not m

iss out. Don't d

elay ordering

today! S

imp

ly tick the box, com

plete your d

etails and send

the form along w

ithp

ayment. Your O

nline Passw

ord w

ill be sent to you w

ithin four weeks of the event. W

eregret D

ocumentation O

rders can only b

e processed

on receipt of C

redit C

ard d

etails❏

£299 (No VAT)

Fax the form to : +

44 (0) 20 7017 7807 If you have any questions,

please call +44 (0) 20 7017 7200 or em

ail info@

icbi.co

.uk

1st Deleg

ate: N

ame

Job title

Dep

artment

Direct Tel

Mob

ile Tel

Em

ail Ad

dress

Direct Fax

I would like to receive inform

ation on future events & services via em

ail. By giving you m

y email address I

am giving O

NLY

IIR com

panies the permission to contact m

e by email.

❏ Yes! ! I w

ould like to receive info on future events & services via fax

Signature

Hd

of D

ept: N

ame

Job title

Dep

artment

Direct Tel

Mob

ile Tel

Em

ail Ad

dress

Direct Fax

Bo

oking

Co

ntact: Nam

e Job

titleD

epartm

ent

Direct Tel

Mob

ile Tel

Em

ail Ad

dress

Direct Fax

Perso

n who

will attend

if I have to cancel:

Nam

eJob

titleD

epartm

ent

Direct Tel

Mob

ile Tel

Em

ail Ad

dress

Direct Fax

2nd D

elegate:

Nam

e

Job title

Dep

artment

Direct Tel

Mob

ile Tel

Em

ail Ad

dress

Direct Fax

I would like to receive inform

ation on future events & services via em

ail. By giving

you my em

ail address I am giving O

NLY

IIR com

panies the permission to contact

me by em

ail.

❏ Yes! ! I w

ould like to receive info on future events & services via fax

Signature

3rd D

elegate:

Nam

e

Job title

Dep

artment

Direct Tel

Mob

ile Tel

Em

ail Ad

dress

Direct Fax

I would like to receive inform

ation on future events & services via em

ail. By giving

you my em

ail address I am giving O

NLY

IIR com

panies the permission to contact

me by em

ail.

❏ Yes! ! I w

ould like to receive info on future events & services via fax

Signature

YO

UR

CO

MP

AN

Y D

ETA

ILS

Com

pany N

ame:

Nature of C

omp

any’s business:

Ad

dress:

Postcod

e

PLE

AS

E S

ELE

CT Y

OU

R PA

CK

AG

E

by ticking the ap

prop

riate box

PA

YM

EN

T D

ETA

ILS

Please use this form as our request for paym

ent. Fax and phone bookings should be made w

ith acredit card num

ber, or followed up by a posted registration form

. Places are only guaranteed byfull paym

ent, which m

ust be received before the conference.Please com

plete as applicable:■■

I enclose a cheque/bankers draft made payable to IC

BI Ltd for £................... ■■

Bank transfer: full details of bank transfer options will be given w

ith our invoice onregistration.

■■Please debit m

y MASTERCARD

■■VISA

■■DINERS ■■

AMERICAN EXPRESS

■■

Card N

umber

Expiry Date..................................................w

ith the sum of £

......................................

Signature........................................................................................................................

■■■■

■■■■

■■■■

■■■■

■■■■

■■■■

■■■■

■■■■

BO

OK

ING

FEE BEFO

RE

5th June 2009

£2098 + VAT @ 15%

= £2412.70

£1399 + VAT @ 15%

= £1608.85

£799 + VAT @ 15%

= £918.85

■■Three D

ay Package (6 - 8 July 2009)

conference &

wo

rkshop

■■Tw

o Day P

ackage (7 & 8 July 2009)

conference

■■O

ne Day P

ackage (6 July 2009) p

re-conference w

orksho

p

SAVE

£300

£200

BO

OK

ING

FEE AFTER

5th June 2009

£2298 + VAT @ 15%

= £2642.70

£1599 + VAT @ 15%

= £1838.85

£799 + VAT @ 15%

= £918.85

SAVE

£100