Fixed-Income Securities Operations Conference

7:00 a.m. - 5:00 p.m.
Registration / Opportunity to View Exhibits

7:00 a.m. - 8:00 a.m.
Breakfast

8:00 a.m. - 8:15 a.m.
Welcome / Introduction

Julie Warren, Managing Director, New York Life Insurance Management
Chair, Asset Managers Forum

8:15 a.m. - 8:45 a.m.
Featured Speaker

Donald F. Donahue, Chief Operating Officer; The Depository Trust & Clearing Corporation
President, The Depository Trust Company (DTC)

8:45 a.m. -10:00 a.m.
A View from the Chairs: A Roundtable Discussion of Dealers with Leadership of the The Asset Managers Forum

Listen to Committee Chairs from the Association's product divisions including Muni, MBS, corporate, government securities and the money markets discuss with the leadership of The Asset Mangers Forum their impressions of major conference topics. As well, hear of their roles in their respective committees and the role and mission of the AMF. Panelists also plan to discuss dealer and buyside views of current market trends in the fixed income securities operations arena.

Moderator: Randy Snook, Executive Vice President, Head of New York Office, The Bond Market Association

Panelists:
Tim Corcoran, Director, Merrill Lynch & Co., Inc.
Chair, Government Operations Committee
Jack Fondacaro, Senior Vice President, Lehman Brothers, Inc.
Chair, MBS/ABS Operations Committee
Jason Jesner , Vice President, Credit Suisse Asset Management
Vice Chair, The Asset Mangers Forum
Mike Karp, Vice President, Lehman Brothers, Inc.
Co-Chair, Corporate Credit Markets Division Operations Committee
Maggie Kugler, Senior Vice President, UBS Financial Services Inc.
Chair, Municipal Securities Operations Committee
Scott Muirhead, Director, US Operations, Deutsche Bank Trust Company Americas
Co-Chair, Money Markets Operations Committee
Julie Warren, Managing Director, New York Life Investment Management
Chair, Asset Managers Forum

10:00 a.m. - 10:15 a.m.
Refreshment Break / View Exhibits

Break sponsored by: 

10:15 a.m. - 11:00 a.m.
Overview of the Treasury Department Initiatives - What's New?

Listen to representatives from the U.S. Treasury Department discuss recent regulatory and technology developments affecting Treasury security auction participants. Panelists plan to discuss Treasury auction rules and compliance, auction system technology issues, and Treasury's plans to develop a new auction system.

Moderator: Michael W. Sunner, Deputy Assistant Commissioner, Office of Financing, BPD/ U.S. Treasury Department

Panelists:
Chuck Andreatta, Associate Director, Government Securities Regulation Staff, BPD/ U.S. Treasury Department
Ken Masselli, Director of Automated Systems, BPD/ U.S. Treasury Department

11:00 a.m. - 12:15 p.m.
An Update on the Implementation of the Change to the Fed’s Payments System Risk (PSR) Policy Regarding the GSEs

Hear from a wide variety of market participants as they discuss the potential impact beginning in July 2006 of the Fed's changes to its Payments System Risk (PSR) policy regarding the ceasing of its prepayment of the GSEs' and certain international organizations' principal and interest (“P&I”) payments. The panel's discussion will focus on the work of the FED's sponsored PSR Working Group and testing planned for January 2006 of the markets' operational readiness to service incremental installments of the GSEs' P&I payments.  Panelists include representatives from the Federal Reserve, Freddie Mac, Federal Home Loan Bank, Fannie Mae, The Bank of New York and JPMorgan Chase.

Moderator: James Hraska, Senior Vice President, Fixed Income Financing Operations, Lehman Brothers, Inc.
Vice Chair, Government Operations Committee

Panelists:
Albert Barbieri,Vice President, Treasury Operations, Fannie Mae
Michael Brown, Director of Debt and Credit Services, Federal Home Loan Bank Office of Finance
Art Certosimo, Executive Vice President, The Bank of New York
Al Clark, Senior Vice President, JPMorgan Chase
Betsy Irwin-McCaughey, Vice President, The Federal Reserve Bank of New York
Joseph Rossi, Senior Vice President, Freddie Mac

12:15 p.m. - 1:30 p.m.
Lunch

Lunch sponsored by:

1:30 p.m. - 2:15 p.m.
Auction Rate Securities: Auction Process, Indices and Trade Reporting Issues

This panel will address a variety of issues facing today's auction rate securities market. Discussion topics include the Association's creation of eight auction rate securities indices, time of trade reporting issues for tax-exempt auction rate securities and DTCC lottery communication issues.

Moderator: Lynnette Hotchkiss, Senior Vice President and Associate General Counsel, The Bond Market Association

Panelists:
Gregory Belanger, Director of Variable Rates Services, Thomson Financial
Tom Bogert, Vice President, The Bank of New York
Frances Constable, Managing Director, Merrill Lynch & Co., Inc.
Hal Johnson, Deputy General Counsel, Municipal Securities Rulemaking Board

2:15 p.m. - 3:15 p.m.
Fixed Income Clearing Corporation to Facilitate Pool Netting for Eligible MBS Trades

This panel will discuss the FICC's efforts to institute a pool netting process for eligible MBS trades. An overview will be presented, followed by a discussion of future directions for this project.

Moderator: Christopher Moran, Vice President, Merrill Lynch & Co.

Panelists:
Peter Kelly, Director, Nomura Securities International, Inc.
Frank Malarkey, Director, Credit Suisse First Boston
Thomas Menken, Vice President, HSBC Securities (USA) Inc.
Vice Chair, MBS/ABS Operations Committee
Dennis Paganucci, Managing Director, Fixed Income Clearing Corporation

3:15 p.m. - 3:30 p.m.
Refreshment Break / View Exhibits

3:30 p.m. - 4:30 p.m.
E-Confirms for the Fixed Income Securities

Listen to a discussion regarding the industry's progress to produce electronic confirmations for corporate and government securities, money markets and repo transactions. Also, hear the buyside view of the current paper confirm process and on moving the industry to e-confirms.

Moderator: Patti Lewis, Director, Merrill Lynch & Co., Inc.

Panelists:
Mike Karp, Vice President, Lehman Brothers, Inc.
Jason Jesner, Vice President, Credit Suisse Asset Management
Mary Lou Von Kaenel, Industry Consultant, Jordan & Jordan
Fred Lipinski, Director, Nomura Securities International Inc.
Carolyn Monroe-Koatz, Managing Director, Associate General Counsel, JPMorgan Chase Bank
Chair, Funding Legal Advisory Committee

4:30 p.m. - 5:30 p.m.
Asset Managers Forum Panel

A panel of asset managers will offer a presentation on possible best practices for allocations in a Straight Through Processing environment. The AMF STP Committee coordinates buyside goals to enhance processing efficiencies. To this end, the AMF STP Committee has recently worked on an initiative to ensure proper allocation delivery. The Committee has recommended that block level matching be a mandatory first step and that "place of settlement" information is included as part of the trade information in electronic trading. The Committee has also worked on creating best practice recommendations regarding time frames for block level match and communication of allocation information. This panel will discuss how the best practices might be used to increase efficiency and reduce operational risk.

Moderator: Christian Barsanti, Vice President, Securities Operations, Prudential Investment Management, Fixed Income

Panelists:
Kevin Arthur, Director, Omgeo
John Gallagher, Director, BlackRock
Tom Garley, Director, Thomson TradeWeb
Bill Glynn, Vice President, Merrill Lynch
Dave Hosler, Director, Credit Suisse First Boston

6:30 p.m.
Reception

7:30 p.m.
Dinner

10:00 p.m. - Midnight
Hospitality Suite

7:00 a.m. - 8:00 a.m.
Breakfast / View Exhibits

8:00 a.m. - 8:15 a.m.
Welcome / Introduction

Tim Corcoran, Director, Merrill Lynch & Co., Inc.

8:15 a.m. - 8:45 a.m.
Featured Speaker

Micah S. Green, President, The Bond Market Association

8:45 a.m. - 9:45 a.m.
Money Markets Instruments: Dynamics and Trends

The panel will discuss innovations in DTC's MMI processing as well as various developments within the markets, focusing on the role of the cash markets in the current economic and political climate, lending observation to the future of the industry through commentary on recent trends.

Moderator: Michele David, Vice President and Assistant General Counsel, The Bond Market Association

Panelists:
Mark Barber, Vice President and Deputy Treasurer, Short Term Funding, General Electric Capital Corporation
Michael Coppola, Director, Merrill Lynch & Co.
John Kodweis, Vice President, JPMorgan Securities
Javette Laremont, Director, Money Market Product Management, DTCC

9:45 a.m. - 10:00 a.m.
Refreshment Break / View Exhibits

10:00 a.m. - 11:00 a.m.
Operations in the Global Fixed-Income Securities Markets

This panel will discuss recent trends in the clearance and settlement infrastructure in Europe and Asia. Hear how market convergence is impacting settlement and clearing practices across the globe and compare and contrast operational methodologies and procedures implemented by banks and dealers in different parts of the world.

Moderator: Eric L. Foster, Vice President and Associate General Counsel, The Bond Market Association

Panelists:
Tony Masiello, Chief Representative, Clearstream Banking
Janet McGrath, Director, Euroclear Representative Office in New York
Chuck Wiley, Manager, Securities Industry Division, SWIFT

11:00 a.m. - 12:00 p.m.
A Discussion on Operational Matters Impacting the Funding Desks

A panel of senior professionals active in the funding markets will share their views on the most recent developments in the repo and securities lending markets. This panel will present its perspective on trading trends that might affect operational aspects of the fixed-income markets, and in particular will provide perspectives on the impact of high volumes in "General Collateral" substitutions in the U.S. fixed income repo markets. A representative from the U.S. Treasury Department will also discuss the potential development of a securities lending facility.

Moderator: Robert Toomey, Vice President and Assistant General Counsel, The Bond Market Association

Panelists:
Clay Berry, Financial Economist, U.S. Treasury Department
Dave Cosgrove, Vice President, Fixed Income Clearing Corporation
Joe Hoermann, Senior Vice President, Prebon Yamane (USA), Inc.
Thomas Kinnally, Executive Director, Morgan Stanley

12:00 P.M. - 12:15 p.m.
Conference Synopsis/Closing Remarks

12:30 P.M. - 4:00 p.m.
Lunch & Tour of St. Augustine

7:00 p.m.
Reception

Reception sponsored by: 

8:00 p.m.
Dinner

10:00 p.m. - Midnight
Hospitality Suite

8:30 a.m. - 10:00 a.m.
Breakfast

11:00 a.m.
Golf Tournament

Golf Tournament sponsored by:

6:30 - 8:00 p.m.
Reception

10:00 p.m. - Midnight
Hospitality Suite

Registration Information

Registration Fees:
Member: $895 (additional registrants from the same firm are $695 each)
Non-member: $995 (additional registrants from the same firm are $795 each)
Guest: $295
Registration fees include admission to all business sessions, meeting materials, scheduled breakfasts, lunches, receptions, dinners and golf tournament.
*All fees must be paid in advance.

Registration Fees can be paid on-line via Mastercard, Visa, or American Express or with a check. Please make checks payable to: The Bond Market Association and mail to:
Attention: The Bond Market Association, 360 Madison Avenue, New York, NY 10017

Refund Policy: The Association will issue refunds, each subject to a $75 service charge, on cancellations received in writing on or before Monday, October 17, 2005. No refunds will be issued on cancellations after this date. Substitutes are welcome at any time.

Hotel Reservations: For your convenience, a limited number of guest rooms (at a special discount of $239 per room, single or double occupancy) have been reserved until Monday, 10/03/05. After that date, rooms will be available on a first-come, first-served basis. For hotel reservations, please call the Ponte Vedra Inn & Club at (800) 234-7842. Be certain to mention you are attending The Bond Market Association's conference.

Travel: Ponte Vedra Inn & Club is located 40 minutes from Jacksonville International Airport. The town car rate is $63.00 one way (maximum two people). For reservations, call Beaches Car Service at 904.221.5466.

For further information, please contact the Conference Department at 646.637.9205.