ISDA/IA Collateral Management Evolution: Opportunities in Operational Efficiency and Liquidity Management
Description
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REGISTRATION FEE (same rates apply for IA and ISDA members)
Early bird:
MEMBER: $150 U.S. | NON-MEMBER: $200 U.S.
Available until April 19, 2024
Regular:
MEMBER: $200 U.S. | NON-MEMBER: $250 U.S.
WHY ATTEND
Collateral management has received increasing scrutiny in recent times in the UK and more broadly. Firms are increasingly looking at collateral efficiency as funding becomes more costly and at risk management given recent events causing increased volatility. Concurrently, collateral management has been earmarked as one of the potential early use cases for Distributed Ledger Technology in the capital markets industry.
The Investment Association (IA) and International Swaps and Derivatives Association (ISDA) are holding an event on Wednesday 12 June to explore some of these facets in more detail, including discussions on:
- Managing collateral liquidity, stress testing and clearing member default contingency planning.
- The future of collateral, exploring collateral diversification and posting tokenised assets as margin.
- Operational efficiencies and the impact of T+1, along with a discussion of operational resilience.
- A horizon scan of regulatory update impacts.
- Tech solution interoperability.
Given the diverse membership(s) of the IA and ISDA, we will address these topics with a view from firms across the investor chain and explore how these evolving industry solutions could benefit the end investor.
AGENDA
Programme subject to minor changes
12:15 Registration and Networking
12:55 Welcoming Remarks
Amy Caruso, Head of Collateral Initiatives, ISDA
13:00 Keynote Address
Erik Norland, Chief Economist and Managing Director, CME Group
13:30 Managing Collateral Liquidity
When markets become volatile, collateral liquidity is reduced. What’s driving this phenomenon and what can be done in response? What are firms doing to better stress their collateral requirements and how are firms looking at collateral management across multiple products, both from an inventory and operations perspective? How can firms pre-emptively plan for porting with a clearing member following a default?
Moderator: Amy Caruso, Head of Collateral Initiatives, ISDA
- Mark Higgins, Senior Product Manager EMEA/APAC, BNY Mellon Markets
- Itzel Soto Narvaez, Head of Global Collateral Management, ING Bank N.V.
- Liam Huxley, CEO, Cassini
14:10 The Future of Collateral
As more regulatory requirements are directly and indirectly affecting collateral inventories, how are firms adapting to the increasing demands of high-quality liquid assets across products? What are the operational and documentation implications of not using cash? What role can tokenization play in collateral management and how can the industry drive change?
Moderator: John Allan, Head of Innovation and Operations Unit, The Investment Association
- Anthony Baldwin, Group Director, Global Head of Collateral and Liquidity Management, LCH Group
- Richard Baker, Founder and Chief Executive Officer, Tokenovate
- Katie Emerson, EMEA Head of Agency Lending & Collateral Management Sales, J.P. Morgan
- Nick Viney, Director of Government Affairs and Public Policy, BlackRock
14:50 Networking Break
15:10 Collateral Management Operational Efficiencies
What industry trends have taken hold in collateral management operations? How can firms reduce resources while also decreasing operational, counterparty and liquidity risks? This panel will explore the full ecosystem, including onboarding, documentation, margin call calculations, calls and settlements, and dispute reconciliation.
Moderator: Alex Chow, Investment Operations Policy Lead, The Investment Association
- Emma Pedrick, Senior Manager, Macquarie Group
- Gary Summers, Derivatives Operations Manager, Baillie Gifford & Co
- Helen Nicol, Head of Product, CloudMargin
15:50 Fireside Chat: Regulatory Updates
Implementation of clearing mandates and margining requirements for non-cleared derivatives may seem in the rearview mirror, but there are other regulatory topics that will impact collateral management. What measures are global, UK and EU policymakers taking that may impact liquidity management and collateral operations in the future?
- Sarah Crowley, Assistant Director in Clearing Policy, ISDA
- Jonathan Lipkin, Director of Policy, Strategy, and Innovation, The Investment Association
16:10 Technology Solutions Leading to Interoperability
Technology can help the industry adapt to increased margin call and settlement volumes and demands for high-quality liquid assets. This panel will consider how the Common Domain Model is driving standardization and interoperability and how infrastructures and fintech firms are working with their clients to automate processes and implement AI solutions to streamline operations and reduce risks.
Moderator: Vernon Alden-Smith, Director of Collateral Initiatives, ISDA
- Akber Datoo, Founder & CEO, D2 Legal Technology (D2LT)
- Will Thomey, Co-Head Business Development, Acadia – An LSEG Business
- Wassel Dammak, Director - Collateral Solutions Strategy, Vermeg
16:40 Closing Remarks
Chris Cummings, Chief Executive, The Investment Association
16:45 Networking Reception
SPEAKERS
In order of programme appearance:
Amy Caruso, Head of Collateral Initiatives, ISDA
Amy Caruso is the Head of Collateral Initiatives at ISDA where she is responsible for developing and delivering a transformational strategy for collateral management, including facilitating innovation and compliance while driving standardization and efficiency.
Previously, she served as the Chief Commercial Officer of DTCC-Euroclear GlobalCollateral. Amy managed the derivatives reform initiative at Barings, including preparing the company and its parent MassMutual for OTC clearing readiness, ISDA protocols and representations, SEF implementation, and regulatory reporting in multiple jurisdictions.
Amy was a MassMutual’s Executive Development Program participant, fulfilling various marketing and sales support, product and project management, and compliance roles before transitioning to Barings.
She has held numerous industry roles, including co-chairing SIFMA’s Asset Managers Group’s (AMG) Derivatives Operations Committee, and she was a member of the SIFMA AMG Executive Steering Committee, the Investment Company Institute’s Securities Operations Advisory Committee, ISITC-SIFMA AMG’s ETD and OTC Cleared T+1 Working Group, and ISITC’s Margin and Collateral Working Group.
Amy earned a Bachelor of Arts in Professional Writing and Public Relations from Barry University in Miami Shores, Florida and a Masters of Business Administration with a focus on Marketing from the University of Massachusetts – Amherst.
Erik Norland, Chief Economist and Managing Director, CME Group
Erik Norland is Chief Economist and Managing Director of CME Group. He is responsible for generating economic analysis on global financial markets by identifying emerging trends, evaluating economic factors and forecasting their potential impact on CME Group's various asset classes ranging from interest rate products to energy to agriculture. He is also one of CME Group’s spokespeople on global economic, financial and geopolitical developments.
Erik has been working in the financial services industry since 1996. Prior to joining CME Group in 2015, he worked for investment banks and hedge funds both in the United States and France, with coverage including the field of quantitative research. He served in sales and research at BEAM Bayesian Efficient Asset Management LLC, and as Director of Research at EQA Partners, both global macro hedge funds. He also worked for IXIS Corporate & Investment Bank in Paris (now called Natixis), covering central banks and supranationals for the fixed income sales business, and also worked as a market economist and strategist. He began his career at Bankers Trust, Global Investment Management in New York working with the tactical asset allocation group.
Erik holds a bachelor’s degree in Economics and Political Science from St. Mary’s College of Maryland and an M.A. in Statistics with a concentration in finance from Columbia University. He is also a CFA Charterholder.
Mark Higgins, Senior Product Manager EMEA/APAC, BNY Mellon Markets
Mark Higgins is a senior Product Manager based in London with BNY Mellon Markets. Mark has extensive collateral management experience having previously held a product management position at Lombard Risk Systems. Prior to this, Mark represented UBS across all areas of OTC Collateral Management, including derivatives, repo and securities lending.
Mark joined the company in 2008 and is part of a team leading the promotion of Liquidity and Margin solutions available at BNY Mellon.
Mark graduated from The University of Central England in Birmingham (UK) with an Honours Degree in Business Management.
Itzel Soto Narvaez, Head of Global Collateral Management, ING Bank N.V.
Itzel Soto Narvaez is responsible for the operational execution of Collateral activities for OTC, Repos, Securities Lending, Exchange traded derivatives and Clearing arrangements, with 15+ years of experience in the Banking industry, fully immersed in Collateral Management, Financial Markets operations and Risk Management she held various positions within the Collateral function at ING and also counts with Risk Management experience at HSBC. As part of her journey at ING she has been driving various projects and initiatives in order to achieve operational readiness and compliance with regulatory requirements touching the collateral domain such as Variation Margin repapering and Initial Margin implementation under EMIR regulation. Itzel holds a master’s degree in financial management from ESADE.
John Allan, Head of Innovation and Operations Unit, The Investment Association
John Allan is responsible for the Innovation and Operations Unit which aims to build the industry’s innovation capacity through IA policy development on technological change, DLT, crypto and AI, as well as promoting fund modernisation and supporting firms on operational policy including resiliency. John is also a fixed member of the FCA’s Innovation Advisory Group bringing the regulator’s attention to key issues impacting the investment sector and fintech.
Anthony Baldwin, Group Director, Global Head of Collateral and Liquidity Management, LCH Group
Tony has been actively involved in Repo/Collateral/Treasury/Liquidity Management since 1995 and joined LCH in 2017 after a 22yr career in FICC at Daiwa Capital Markets Europe Limited.
Tony is Group Director, Global Head of Collateral and Liquidity Management, LCH within LSEG’s Markets Division
His previous role at Daiwa was as Managing Director, Head of EMEA Fixed Income Division.
Nick Viney, Director of Government Affairs and Public Policy, BlackRock
Nick Viney is a member of the BlackRock EMEA Government Affairs and Public Policy team, based in Edinburgh. The team helps address financial services policy challenges and brings the voice of the end investor to the table, by delivering data driven thought leadership to policy makers, clients, and industry peers, across the spectrum of financial policy issues impacting savers and investors. Prior to assuming his current role, Mr Viney was EMEA Head of Derivative Operations. His role involved managing all aspects of the trade and product lifecycle, including mitigating risk, regulatory compliance and driving transformational change across the industry.
Alex Chow, Investment Operations Policy Lead, The Investment Association
Alex Chow leads policy at the Investment Association on investment operations, notably on post-trade and trade and transaction reporting. The workstreams in these areas include engagement and advocacy with regulators and working with membership discussion forums and market stakeholders to establish industry wide best practice and guidance for the IA’s 250 members. Alex has 11 years’ experience in the industry having previously worked at BNY Mellon and Goldman Sachs.
Gary Summers, Derivatives Operations Manager, Baillie Gifford & Co
Gary Summers has been involved in the Operational Management of Derivatives & Collateral for 15+ years at Baillie Gifford. Gary joined Baillie Gifford in 2005, bringing experience from previous roles from a brokerage and custodian perspective. He was part of the initial project team to introduce the use and management of derivatives and collateral within Baillie Gifford and is now responsible for the management and strategic planning from an operational aspect of the derivatives function.
Vernon Alden-Smith, Director of Collateral Initiatives, ISDA
Vernon Alden-Smith specialises in collateral initiatives at ISDA. Currently he is assisting members in implementing regulatory change and developing and delivering collateral management transformation in driving standardization and efficiency.
Previously he worked within ETD operations and collateral management at West Duestche Landesbank, Portigon AG, Erste Financial Services and SS&C GlobeOp. Mr. Alden-Smith has both product and processing experience in both investment banking and client outsourcing environment for operations and delivering regulatory initiatives projects.
Akber Datoo, Founder & CEO, D2 Legal Technology (D2LT)
Akber Datoo is Founder and CEO at D2 Legal Technology (D2LT), an award winning global legal data consultancy advising firms on the use of technology and data to unlock business value through legal change.
Mr. Datoo advises financial institutions at the intersection of FinTech and LegalTech to achieve business optimisation, regulatory compliance and operational efficiencies. Prior to D2LT, he started his career at UBS, working as part of the front office IT team within fixed income derivatives and leading its participation in industry initiatives such as FpML. He then requalified as a lawyer with Allen & Overy LLP, qualifying as an associate in the Derivatives and Structured Finance Group. Mr. Datoo founded D2LT in 2011, where he has overseen its growth across the UK, US and Asia. His work includes developing standards for document and legal opinion digitisation for the trade associations ISDA, ICMA and ISLA.
Mr. Datoo sits on Law Society’s Technology Law Committee where he chairs the digital assets and smart contracts sub-committee and is a PRIME Finance Expert. He is the author of the Wiley textbook, Legal Data – Banking & Finance, published in May 2019 and has written chapters on Smart Contracts and Contract Optimisation in the best-selling Wiley InsurTech and FinTech books, as well as the co-editor of the LegalTech book in this series, published in June 2020. He is an associate editor, with a focus on smart contracts, for Frontiers in Blockchain, and a professor at the University of Surrey, where he teaches Law & Technology, Financial Services Regulation & Fintech Policy and Artificial Intelligence. to final year undergraduate and masters students.
In 2019, he was recognised as “one of the top ten market shapers” in the Financial Times Intelligent Business Awards for his work on the creation and governance of golden source of collateral agreement data and the development of an industry netting counterparty type utility at the Waters Technology 2021 Inside Market Data and Inside Reference Data Awards. Mr. Datoo graduated with first class honours in Computer Science at Cambridge University.
Chris Cummings, Chief Executive, The Investment Association
Chris Cummings joined the IA in 2016 from TheCityUK, which he set up and ran as CEO for seven years. He sits on the Treasury’s Asset Management Taskforce, the Board of EFAMA (European Fund & Asset Management Association) and is the President of IIFA (International Investment Funds Association). He is also Chairman of Just Finance Foundation. He was previously a member of the FCA’s Regulatory Decisions Committee and the FCO’s Diplomatic Excellence Panel.
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