Registration and Continental Breakfast

Welcome and Introduction

opening remarks

As Chairman of the AMF Swaps Committee, George Hall will introduce the agenda for the day and provide a general overview of the AMF Best Practices initiative.

Keynote Speaker

Raymond Iwanowski, Goldman Sachs Asset Management

Raymond Iwanowski will speak from a buy side portfolio management perspective on the background of some of the portfolio management strategies which have grown to utilize swaps over the years. Mr. Iwanowski will discuss some of the reasons why swaps are utilized to gain exposure as opposed to other products. Mr. Iwanowski will also address, from a portfolio management perspective, why it is important that asset managers, broker dealers, custodians and other interested parties continue to work together on standards, automation, and enhancing controls.

Recent Developments in Assignments/Novations for CDS (Credit Default Swaps)

Speaker: Janet Wynn, DTCC Managing Director & General Manager

With the acceleration of growth in the CDS market, many buy side firms are trading out of their holdings using assignments or novations to reduce ongoing portfolio support requirements. Janet Wynn will discuss developments facilitating the automation of this complex three sided process. This presentation will describe current activities among industry players with respect to evolving operating protocols and automated services.

Break - New York

Dealer Panel on Implementing a Culture of Modernization for Swaps Processing

Moderator:   Jason Jesner, Credit Suisse Asset Management
AMF Swaps Trade Execution Subcommittee Chair

Panelists:

Philip Blake, BlackRock

Neil Burke, Morgan Stanley

Matthew Seedorf, Citigroup

Eileen Yin, Credit Suisse First Boston

Jason Jesner will moderate a panel of swaps dealers that anticipate using the best practices to modernize the processing of swaps. The panel will specifically address those best practices that have a bearing on dealers' business activities. In light recent concerns raised by the U.S. Federal Reserve and the U.K. Financial Services Authority, best practices that call for a culture of change are becoming increasingly more important, especially as dealers look to expand business.

Asset Management Panel on Reducing Operational Risk in the Swaps Market

Moderator:   Linda Singer
AMF Swaps Confirm/Legal Subcommittee Co-Chair

Panelists:

Michael Connors, GM Asset Management

Tracey Jordal, PIMCO

Martella Noda, ABP Investments

Paul Parseghian, Prudential Investment Management

Break - New York

Lunchtime Speaker

Thomas G. Eady, Thomson TradeWeb

Thomas Eady will speak on the automation in the swaps market and how electronic trading can further enhance business for market participants.

Custodian Panel on the Standardization of Maintaining Swaps for Client Accounts

Moderator:   Joseph Sack, The Asset Managers Forum

Panelists:

Ila Eckhoff, BlackRock

John Miller, State Street

Beverly Reding, Mellon Financial

Robyn Spillane, Northern Trust

Joseph Pomo will moderate a panel of custodians that will explain how the best practices can improve business through the use of electronic standards and protocols for communicating critical trade information such as payments, resets and collateral information. In addition, the custodians will explain why they support the development of standard collateral agreements for managing collateral movements in client accounts.

Break - New York

Compliance with Investment Guidelines and Risk Management

Moderator:  Marcia Clark, PIMCO
AMF Swaps Compliance Subcommittee Chair

Panelists:

David Krauss, Goldman Sachs Asset Management

Michael Lustig, BlackRock

Carolyn Schiffels, Northern Trust

Marcia Clark will led a panel discussion among market participants on compliance and risk management concepts outlined in the best practice recommendations and how they can help solve many operations and reporting challenges. Specifically, the panel will comment on what changes asset managers and custodians will need to undertake in order to help manage risk for clients.

Hedge Fund Panel on Automation Opportunities for Swaps 

Moderator:   Michael Koenig, Morgan Stanley Investment Management

Panelists:

Sunhee Bang, Western Asset Management Company

Stephanie Davis, Citadel Investment Group

Brad Payne, State Street

Dorothy Rule, Citigroup

Matthew Seedorf, Citigroup

There is no doubt that hedge funds and prime brokers are major players in the swaps market. Michael Koenig will moderate a panel that describes automation opportunities and electronic solutions that are currently being used by hedge funds and how these models can be used by asset management firms to implement the best practices being put forth by the AMF. Specifically, the hedge funds can now pull pricing data "on demand" that can be used for reconciliation of positions and trade valuations.

Implementation Steps: Oversight by AMF and AMF Staff

Speaker:  Joseph Sack, The Asset Managers Forum

Joseph Sack will provide an update on current items that relate directly to the implementation of the swaps best practices. He will offer a presentation on the interoperability and convergence of protocols that would enhance the trading and processing of swaps. In addition, the team will speak on how it is working with Standard & Poors on creating standard identifiers for swaps and how they can benefit the industry at large.

Networking Reception

Registration & Continental Breakfast

Dealer Panel on Implementing a Culture of Modernization for Swaps Processing

Moderator:   Jason Jesner, Credit Suisse Asset Management
AMF Swaps Trade Execution Subcommittee Chair

Panelists:

Philip Blake, BlackRock

Neil Burke, Morgan Stanley

Matthew Seedorf, Citigroup

Eileen Yin, Credit Suisse First Boston

Jason Jesner will moderate a panel of swaps dealers that anticipate using the best practices to modernize the processing of swaps. The panel will specifically address those best practices that have a bearing on dealers' business activities. In light of recent concerns raised by the U.S. Federal Reserve and the U.K. Financial Services Authority, best practices that call for a culture of change are becoming increasingly more important, especially as dealers look to expand business.

Asset Management Panel on Reducing Operational Risk in the Swaps Market

Moderator:   Linda Singer
AMF Swaps Confirm/Legal Subcommittee Co-Chair

Panelists:

Michael Connors, GM Asset Management

Tracey Jordal, PIMCO

Martella Noda, ABP Investments

Paul Parseghin, Prudential Investment Corporation

As a one of the founding members of the AMF Swaps Committee, Linda Singer will moderate a panel on how asset management firms can mitigate their operational risk through the adoption of the swaps best practices. Furthermore, the panel will address how significant market efficiencies and cost savings can be gained through the AMF recommendations.

Break - California

Morning Speaker

Thomas G. Eady, Thomson TradeWeb

Thomas Eady will speak on automation in the swaps market and how electronic trading can further enhance business for market participants.

Custodian Panel on the Standardization of Maintaining Swaps for Client Accounts

Moderator:  Joseph Sack, The Asset Managers Forum

Panelists:

Ila Eckhoff, BlackRock

John Miller, State Street

Beverly Reding, Mellon Financial

Robyn Spillane, Northern Trust

Joseph Pomo will moderate a panel of custodians that will explain how the best practices can improve business through the use of electronic standards and protocols for communicating critical trade information such as payments, resets and collateral information. In addition, the custodians will explain why they support the development of standard collateral agreements for managing collateral movements in client accounts.

Break for Lunch - California

Luncheon Panel: Compliance with Investment Guidelines and Risk Management

Moderator:  Marcia Clark, PIMCO
AMF Swaps Compliance Subcommittee Chair

Panelists:

David Krauss, Goldman Sachs Asset Management

Michael Lustig, BlackRock

Carolyn Schiffels, Northern Trust

Marcia Clark will led a panel discussion among market participants on compliance and risk management concepts outlined in the best practice recommendations and how they can help solve for many operations and reporting challenges. Specifically, the panel will comment on what changes asset managers and custodians will need to undertake in order to help manage risk for clients.

Hedge Fund Panel on Automation Opportunities for Swaps 

Moderator:  Michael Koenig, Morgan Stanley Investment Management

Panelists:

Sunhee Bang, Western Asset Management Company

Stephanie Davis, Citadel Investment Group

Brad Payne, State Street Corporation

Dorothy Rule, Citigroup

Matthew Seedorf, Citigroup

There is no doubt that hedge funds and prime brokers are major players in the swaps market. Michael Koenig will moderate a panel that describes automation opportunities and electronic solutions that are currently being used by hedge funds and how these models can be used by asset management firms to implement the best practices being put forth by the AMF. Specifically, the hedge funds can now pull pricing data “on demand” that can be used for reconciliation of positions and trade valuations.

Implementation Steps: Oversight by AMF and AMF Staff

Speaker:  Joseph Sack, The Asset Managers Forum

Joseph Sack will provide an update on current items that relate directly to the implementation of the swaps best practices. He will offer a presentation on the formation of a Governance Committee that would oversee the implementation of the recommendations that will ultimately enhance the trading and processing of swaps.

Keynote Speaker

Raymond Iwanowski, Goldman Sachs Asset Management

Raymond Iwanowski will speak from a buy side portfolio management perspective on the background of some of the portfolio management strategies which have grown to utilize swaps over the years. Mr. Iwanowski will discuss some of the reasons why swaps are utilized to gain exposure as opposed to other products. Mr. Iwanowski will also address, from a portfolio management perspective, why it is important that asset managers, broker dealers, custodians and other interested parties continue to work together on standards, automation, and enhancing controls.

Recent Developments in Assignments/Novations for CDS (Credit Default Swaps)

Speaker: Janet Wynn, DTCC Managing Director & General Manager

With the acceleration of growth in the CDS market, many buy side firms are trading out of their holdings using assignments or novations to reduce ongoing portfolio support requirements. Janet Wynn will discuss developments facilitating the automation of this complex three sided process. This presentation will describe current activities among industry players with respect to evolving operating protocols and automated services.

Networking Reception