360 Madison Ave.
New York, NY 10017-7111
Tel 646.637.9200
Alt 212.808.1000
Fax 646.637.9126
1399 New York Ave., NW
Washington, DC
20005-4711
Tel 202.434.8400
Fax 202.434.8456
St. Michael's House
1 George Yard
London, EC3V 9DH
Tel 44.20.77.43.93.00
Fax 44.20.77.43.93.01
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The Asset Managers Forum presents
AMF Workshop on Fails Management and Resolution
Thursday, October 12, 2006
Grand Hyatt Hotel
Park Avenue at Grand Central Station
New York, NY 10017
At this Workshop learn how the securities industry manages fails: what you can do to mitigate fails and how you can resolve fails effectively.
Program
8:30 am – 9:00 am
Registration and Breakfast
9:00 am – 9:15 am
Welcome and Introduction
Jason Jesner, Credit Suisse
9:15 am – 10:15 am
Why Do Fails Happen?
This panel session will discuss the most common reasons for failed trades, including inventory issues, incorrect standard settlement instructions, partials and securities lending.
Moderator: Robert Kemp, Morgan Stanley Investment Management
Speakers:
Steve Chittenden, Loomis, Sayles & Company
Fred Lipinski, Nomura Securities International, Inc.
Diane Spagnoli, Investors Bank & Trust
10:15 am – 11:00 am
Rules and Regulations Affecting Fails
What impact does the SEC’s Reg SHO have in connection with fails? What are the capital requirement implications on fails? How do the Buy-in Rules affect fails? This panel will discuss these questions and explain the many regulatory obligations affecting fails.
Moderator: Frank Malarkey, Credit Suisse
Speakers:
Robert Cook, Cleary, Gottlieb, Steen & Hamilton
11:00 am – 11:15 am
Refreshment Break
11:15 am – 12:15 pm
Securities Lending Panel
This panel will discuss the use of Securities Lending programs to facilitate DVP deliveries and shorting stocks and the implications on fails. The panel will also address business practices to ensure that the loan is returned promptly when an asset manager sells their position.
Moderator: Larry Barnett, Wilden Lane Holding Company
Panelists:
Jeffrey Potter, The Northern Trust Company
Albert Roessler, Citigroup Global Markets Inc.
Michael Wyne, Fischer Francis Trees & Watts
Michael Zebrowski, J.P. Morgan Chase
12:15 pm – 12:45 pm
Break for Lunch
12:45 pm – 1:15 pm
Luncheon Speaker
The Luncheon Speaker will discuss why it is important to the Street to work together in connection with all industry-wide risk management programs.
1:15 pm – 2:15 pm
How do Asset Managers Manage Fails
This panel has representation from several buyside firms to discuss how these institutions are organized to manage and handle fails. The panelists will cover issues related to tracking fails, communicating with custodians and broker-dealers, etc.
Moderator: Martella Noda, ABP Investments US, Inc.
Panelists:
Irene Amarena, Morgan Stanley Investment Management
Leonora Everett, Capital Group Companies
John Spicciatie, The Bank of New York
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2:15 pm – 2:30 pm
Refreshment Break
2:30 pm – 3:45 pm
Joint Buyside/Sellside Panel – Industry Best Practices on Preventing Chronic Fails and Resolving Fails
This panel will attempt to answer several questions: “What can the industry as a whole do to mitigate fails?” “What can an individual firm do to mitigate fails?” “What are the best practices for resolving fails?” The panel will also discuss the risks involved in aged fails, such as credit exposure and decreased liquidity and will address issues relating to resolving fails, such buy-in procedures, cash settlement for aged fails, negative-rate repo trading and margining fails. The panelists will also address issues on claims.
Moderator: Paul Parseghian, Prudential Investment Management
Panelists:
William Blatchford, Mellon Global Securities Services
Jim Hraska, Lehman Brothers Inc.
Jason Minkler, J.P. Morgan Asset Management
Andrew Waskow, Goldman, Sachs & Co.
3:45 pm – 4:00 pm
Closing Remarks
For more information regarding this event, or to register, please contact Diane Trupia of the AMF staff at dtrupia@bondmarkets.com or 646-637-9270.
Registration Information
Registration Fees:
Member: $595
Non-Member: $795
Refund Policy: The Association will issue refunds, each subject to a $75 service charge, on cancellations received in writing on or before Wednesday, October 4, 2006. No refunds will be issued on cancellations after this date. Substitutes are welcome at any time.
If you have any questions, please call Debbie Devine at 646.637.9289.
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