FIA Law and Compliance Division Presents:
Conference on the Regulation of Futures, Derivatives and OTC Products
* Program subject to change
Wednesday, May 13, 2009
2:30 PM—4:00 PM
1. S2N: Jeopardy Version (Part 1)

Moderators:
Gary DeWaal, Senior Managing Director & Global General Counsel, Newedge
Ronald Filler, Professor of Law & Director, Financial Services Law, New York Law School
William McCoy, Managing Director, Morgan Stanley

Speakers:
Daniel Driscoll, Executive Vice President & Chief Operating Officer, National Futures Association
Scott Early, Partner, Foley & Lardner
Susan Ervin, Partner, Dechert
Maureen Guilfoile, Director & Senior Counsel, Merrill Lynch Pierce Fenner & Smith
Rosemary Hollinger, Chicago Regional Counsel, Commodity Futures Trading Commission Division of Enforcement
Donald Horwitz, General Counsel, OneChicago
Dennis Klejna, Senior Vice President, MF Global
Gregory Kuserk, Deputy Director, Commodity Futures Trading Commission
Beverly Loew, Assistant General Counsel, Commodity Futures Trading Commission
Nancy Minett, Director, Investigations, CME Group
Ira Polk
William Penner, Deputy Director, Compliance & Registration, Commodity Futures Trading Commission
Steve Ratner, Partner, Proskauer Rose
John Roeser, Assistant Director, Division of Trading & Markets, Securities Exchange Commission
Kenneth Rosenzweig, Partner, Katten Muchin Rosenman
Thomas Sexton, Vice President, Secretary General Counsel, National Futures Association
Robert Sniegowski, Association Director, Market Regulation, Chicago Mercantile Exchange
Grace Vogel, Executive Vice President, Member Regulation, Financial Industry Regulatory Authority

 

Woodrow Wilson Ballroom BCD

Through a game-show format, distinguished panelists and the audience will have an opportunity to review the resolution of practical day to day issues dealt with by compliance and legal personnel of exchanges, clearing houses, FCMs, IBs and CPOs and CTAs, including a review of last year’s legal and regulatory developments and a spotlight on unique issues related to e-trading. Issues emanating from the financial crisis of 2008 will especially be included. This panel is intended for persons unfamiliar with futures, as well as experienced veterans who may be seeking a quick refresher on basics.

4:00 PMCoffee Break
 Woodrow Wilson Foyer
4:15 PM—5:30 PM
2. S2N: Jeopardy Version (Part 2)

Moderators:
Gary DeWaal, Senior Managing Director & Global General Counsel, Newedge
Ronald Filler, Professor of Law & Director, Financial Services Law, New York Law School
William McCoy, Managing Director, Morgan Stanley

Speakers:
Daniel Driscoll, Executive Vice President & Chief Operating Officer, National Futures Association
Scott Early, Partner, Foley & Lardner
Susan Ervin, Partner, Dechert
Maureen Guilfoile, Director & Senior Counsel, Merrill Lynch Pierce Fenner & Smith
Rosemary Hollinger, Chicago Regional Counsel, Commodity Futures Trading Commission Division of Enforcement
Donald Horwitz, General Counsel, OneChicago
Dennis Klejna, Senior Vice President, MF Global
Gregory Kuserk, Deputy Director, Commodity Futures Trading Commission
Beverly Loew, Assistant General Counsel, Commodity Futures Trading Commission
Nancy Minett, Director, Investigations, CME Group
Ira Polk
William Penner, Deputy Director, Compliance & Registration, Commodity Futures Trading Commission
Steve Ratner, Partner, Proskauer Rose
John Roeser, Assistant Director, Division of Trading & Markets, Securities Exchange Commission
Kenneth Rosenzweig, Partner, Katten Muchin Rosenman
Thomas Sexton, Vice President, Secretary General Counsel, National Futures Association
Robert Sniegowski, Associate Director, Market Regulation, Chicago Mercantile Exchange
Grace Vogel, Executive Vice President, Member Regulation, Financial Industry Regulatory Authority

 

Woodrow Wilson Ballroom BCD

 

Through a game-show format, distinguished panelists and the audience will have an opportunity to review the resolution of practical day to day issues dealt with by compliance and legal personnel of exchanges, clearing houses, FCMs, IBs and CPOs and CTAs, including a review of last year’s legal and regulatory developments and a spotlight on unique issues related to e-trading. Issues emanating from the financial crisis of 2008 will especially be included. This panel is intended for persons unfamiliar with futures, as well as experienced veterans who may be seeking a quick refresher on basics.

5:30 PM—7:00 PMReception
 

Orchard Terrace, Gaylord National Harbor

Say hello to friends and colleagues at the Opening Reception immediately following the conclusion of the S2N session. We invite you outdoors to enjoy drinks and light snacks overlooking the historic Potomac River.

Thursday, May 14, 2009
7:30 AMContinental Breakfast
 Woodrow Wilson Foyer
8:30 AM—10:00 AM
3. Effective Clearing

Moderator:
Bonnie Litt, Managing Director & Associate General Counsel, Goldman Sachs

Speakers:
Anthony Belchambers, Chief Executive Officer, Futures and Options Association
Jessica Bertoldi, Assistant General Counsel, The Clearing Corporation, Chief Compliance Officer & Assistant General Counsel, ICE U.S. Trust
Timothy Doar, Managing Director, Risk Management, CME Group
John Lawton, Deputy Director and Chief Counsel, Clearing and Intermediary Oversight, Commodity Futures Trading Commission
Edward Rosen, Partner, Cleary, Gottlieb, Steen & Hamilton

 

Annapolis Ballroom 1/2

 

This session will focus on issues relating to the clearing of derivatives products, with a special emphasis on the clearing of over-the-counter products such as credit derivatives and OTC agricultural swaps. Issues to be discussed include the treatment of cleared swaps in segregation and implications for the rights of parties with futures contracts. Issues relating to the margining of short options, criticism of the use of VAR as a valuation methodology and the future of portfolio margining initiatives in a credit constrained world.

 
4. International Compliance and Regulation

Moderator:
Michelle Broom, Managing Director, Treasury & Commodities Compliance, Macquarie Futures USA

Speakers:
Robert Finney, Partner, Financial Markets, Denton Wilde Sapte
Christopher Fowles, Partner, Torys
Jacqueline Mesa, Director, Office of International Affairs, Commodity Futures Trading Commission
Richard Parlour, Principal, Financial Markets Law International
Richard Seaman, Director, Compliance & Legal, MF Global UK Limited

 

Annapolis Ballroom 3/4

This session will address compliance issues relating to Anti-Money Laundering Rules, OFAC, FCPA and other U.S. and non-US laws and regulations applicable to conducting a global business, including a discussion of the obligation of firms to have effective compliance programs. The panel will also discuss developments, particularly in Canada and the European Union, to harmonize regulatory approaches, as well as the many legal challenges of obtaining access to emerging markets outside the United States. Topics to be discussed include cross-border compliance, supervision issues, and conflicting US and non-US requirements (e.g., FBOT doing business in the US) for intermediaries (including FCMs, Broker-Dealers and their affiliates), doing business in emerging markets.

 
5. New Account Documentation: Effective Negotiation

Moderators:
Tammy Botsford, Vice President & Assistant General Counsel, Futures Industry Association
Maureen Guilfoile, Director & Senior Counsel, Merrill Lynch Pierce Fenner & Smith

Speakers:
Tracey Jordal, Senior Vice President & Attorney, Pacific Investment Management Company
Christian Kemnitz, Partner, Katten Muchin Rosenman
David Mitchell, Partner, Fried, Frank, Harris, Shriver & Jacobson

 

Baltimore Ballroom 1/2

 

While we all know the standard language in a customer agreement, how does one deal with a difficult negotiation? In negotiating changes to a standard clause, which ones would pose a regulatory or compliance issue if significantly amended or deleted, and which ones would pose a significant shifting of risk as between the intermediary and the customer? This session will discuss the regulatory and legal risk issues to be addressed as part of the new account opening process, including CFTC, exchange and NFA requirements, bankruptcy issues, and capacity and authority requirements. What happens in an enforcement action or a civil litigation without a standard clause? This discussion will be a refresher for some, centering around current case law and the legal basis for what is generally found in customer agreements.

10:00 AMCoffee Break
 Woodrow Wilson Foyer
10:30 AM—12:00 PM
6. What's New at the CFTC

Moderators:
Bonnie Litt, Managing Director & Associate General Counsel, Goldman Sachs
Barbara Wierzynski, Executive Vice President & General Counsel, Futures Industry Association

Speakers:
Terry Arbit, General Counsel, Commodity Futures Trading Commission
Jeff Harris, Chief Economist, Commodity Futures Trading Commission
Robert Holifield, Acting Director, External Affairs, Commodity Futures Trading Commission
John Lawton, Deputy Director and Chief Counsel, Clearing and Intermediary Oversight, Commodity Futures Trading Commission
Jacqueline Mesa, Director, Office of International Affairs, Commodity Futures Trading Commission
Stephen Obie, Acting Director, Division of Enforcement, Commodity Futures Trading Commission
Richard Shilts, Director, Division of Market Oversight, Commodity Futures Trading Commission

 

Woodrow Wilson Ballroom BCD

 

This panel will include representatives of the different divisions and offices of the CFTC who will discuss recent regulatory initiatives, rule-makings, enforcement actions during the past year and possible agenda items for the next year.

12:00 PM—1:45 PMLuncheon- Keynote Speaker: Mark Halperin, Editor-at-Large, Senior Political Analyst, TIME
 

 Cherry Blossom Ballroom

Mark Halperin, editor-at-large and senior political analyst for TIME, covers politics, elections and debates for the magazine and TIME.com. Halperin is also the creator and author of TIME.com’s The Page, a news and analysis tip sheet that gathers and edits the latest political stories, campaign ads, TV clips, videos and campaign reactions from every news source, along with Halperin’s own analysis.

The Page was featured in an April 21, 2008 New York Times story, in which Howard Wolfson, communications director for Hillary Rodham Clinton, said, “Four years ago, Mark defined the political zeitgeist and set the agenda with The Note … Now he has done it all over again from scratch with The Page. It’s absolutely essential.”


Prior to joining TIME in April 2007, Halperin worked at ABC News for nearly 20 years, where he covered five presidential elections and served as political director from November 1997 to April 2007. In that role, he was responsible for political reporting and planning for the network’s television, radio and Internet political coverage. He also appeared regularly on ABC News TV and radio as a correspondent and analyst, contributing commentary and reporting during election night coverage, presidential inaugurations and State of the Union speeches.

At ABC, Halperin reported on every major American political story, including working as a full-time reporter covering the Clinton presidential campaign in 1992 and the Clinton White House. He also covered major non-political stories, such as the O.J. Simpson criminal trial and the Oklahoma City bombing.

 

Additionally, Halperin founded and edited the online publication The Note on abcnews.com, which has been characterized as the most influential daily tipsheet in American politics by publications including The New Yorker, the New York Times, the Wall Street Journal and Vanity Fair. In May 2008, the Telegraph (UK) named him the 10th most influential U.S. political pundit.

He remains a political analyst for ABC News, and is the author of The Undecided Voter’s Guide to the Next President (Harper Perennial, 2007) and the co-author of The Way to Win: Taking the White House in 2008 (Random House, 2006). Halperin received his B.A. from Harvard University.

 

 

2:00 PM—3:30 PM
7. Professional Responsibility

Moderator:
Michael Sackheim, Partner, Sidley Austin

Speakers:
Alexandra Guest, Compliance Officer, Barclays Capital
Peter Malyshev, Counsel, Winston & Strawn
Richard Nathan, Principal, Nathan Law Office
Michael Spafford, Partner, McKee Nelson

 

Annapolis Ballroom 1/2

This panel will facilitate a discussion, with hypothetical examples, concerning the professional responsibility and ethical obligations of lawyers for derivatives issuers under the ABA’s Model Rules of Professional Responsibility and the SEC’s Attorney Conduct Rule for Issuer’s Counsel.

 
8. Shock and Awe: Hedge Funds Facing a New World

Moderator:
Bruce Beatus, Managing Director & General Counsel, Crédit Agricole Asset Management Alternative Investments

Speakers:
Stuart Kaswell, Executive Vice President & General Counsel, Managed Funds Association
Patrick Mellon, Associate, Sidley Austin
Rita Molesworth, Partner, Wilkie Farr & Gallagher
Scott Montpas, General Counsel & Chief Compliance Officer, Aurora Investment Management

 

Annapolis Ballroom 3/4

 

This session will address issues relating to the evolving role of hedge funds after a year of significant losses and how the funds have dealt with the high level of redemptions and the illiquidity of the underlying investments, such as the imposition of lock-up periods, gates, redemption suspensions, changes in advisory fees and the creation of “side pocket” investments. The panel will also address valuation issues, as well as calls for greater transparency and for regulation and registration of hedge fund managers.

 
9. Customer Funds and Bankruptcy: Where is My Money?

Moderator:
Ronald Filler, Professor of Law & Director, Financial Services Law, New York Law School

Speakers:
G. Timothy Plews, Partner, Clifford Chance
Kenneth Rosenzweig, Partner, Katten Muchin Rosenman
Randall Roy, Branch Chief, Division of Trading and Markets, U.S. Securities and Exchange Commission
Josephine Wang, General Counsel, Securities Investor Protection Corporation
Robert Wasserman, Associate Director, Division of Clearing and Intermediary Oversight, Commodity Futures Trading Commission

 

Baltimore Ballroom 1/2

 

This session will discuss issues relating to customer funds placed with a combined Broker-Dealer/FCM that are used to trade futures and securities in the global markets. The panel will discuss the interplay of SIPC and the FCM bankruptcy rules and will compare customer protection regimes in the U.S. and U.K. with respect to customer funds in the context of the respective bankruptcy regimes. This session will address the issues that arose in connection with the sale of Bear Stearns and the Lehman bankruptcy, as well as the Sentinal and Reserve Fund matters.

3:30 PMCoffee Break
 Woodrow Wilson Foyer
4:00 PM—5:30 PM
10. Exchange and SRO Developments

Moderator:
Yvonne Downs, Head of Compliance- Americas, Newedge USA

Speakers:
Mark Fabian, Vice President, Market Regulation, ICE Futures U.S.
Kevin Foley, Partner, Katten Muchin Rosenman
Gary Goldsholle, Vice President, Associate General Counsel, Financial Industry Regulatory Authority
Dean Payton, Managing Director, Chief Regulatory Officer, CME Group
Regina Thoele, Senior Vice President, Compliance, National Futures Association

 

Annapolis Ballroom 1/2

 

This session will examine exchange and SRO developments with a particular focus on the harmonization of exchange rules, and addressing differences in exchange agreements. The session will also discuss legislative and regulatory initiatives relating to the role of SROs and exchange governance.

 
11. Energy and Agriculture: Speculation, Manipulation and Regulation

Moderator:
William McCoy, Managing Director, Morgan Stanley

Speakers:
Eric Juzenas, Chief of Staff, Office of Acting Chairman Dunn, Commodity Futures Trading Commission
Ronald Oppenheimer, General Counsel, Merrill Lynch Commodities
Paul Pantano, Partner, McDermott Will & Emery
Robert Pease, Director of Investigations, Federal Energy Regulatory Commission
Peter Rodgers, Partner, Sutherland

 

Annapolis Ballroom 3/4

 

This session will review recent developments in the U.S. energy and agricultural markets, with a focus on legislative and regulatory initiatives to address the role of speculators, index trading and investors. Topics will include the obligations of the speculators and the intermediary, whether it be an FCM in a futures market or an OTC swaps dealer. The panel will address regulatory and enforcement efforts by the CFTC, Federal Energy Regulatory Commission, and the Federal Trade Commission with respect to their respective market manipulation rules. The panel will also discuss bank regulatory issues relevant to participants in the over-the-counter commodities markets.

 
12. Crisis Management

Moderator:
Eileen Flaherty, General Counsel, DRW Holdings

Speakers:
Andrea Corcoran, Principal, Align International
Stacie Hartman, Partner, Schiff Hardin
Mary Irwin, Senior Counsel, Executive Director, UBS
Armand Nakkab, Executive Director, Compliance, JP Morgan Futures
Stephen Obie, Acting Director, Commodity Futures Trading Commission
Kenneth Raisler, Partner, Sullivan & Cromwell

 

Baltimore Ballroom 1/2

 

This session will use hypotheticals based on practical issues of how to respond to a crisis at an intermediary such as a potentially significant regulatory breach. The issues discussed will also include situations such as the default of a clearing member, the refusal of a firm to accept a give-up, and an error on an electronic trading facility. The session will discuss which crisis issues require notification to regulatory authorities and related obligations.

7:00 PM—9:00 PMReception and Dinner
 

Rosa Mexicano

153 Waterfront Street

National Harbor, MD

Please join your fellow conference delegates as guests of the Law & Compliance Division for dinner and drinks at Rosa Mexicano. Located just one block from the conference venue, Rosa Mexicano offers an elevated version of mexican cuisine. A relaxed evening of networking and good food await you.

Friday, May 15, 2009
7:30 AMContinental Breakfast
 Woodrow Wilson Foyer
8:30 AM—10:00 AM
13. EFP, EFS, EFRs, APOs and BLOCKs- The ABCs of Transaction Execution

Moderators:
Thomas Cohen, US Chief Compliance Officer, MF Global
Christine Pham, Senior Vice President & Counsel, Citigroup Global Markets

Speakers:
Joseph Hawrysz, Director, Market Surveillance, CME Group
Donald Horwitz, Managing Director, General Counsel & Secretary, OneChicago
Thomas LaSala, Managing Director, NYMEX Chief Regulatory Officer, CME Group
Alan Seifert, Derivatives Regulatory Consultant
Adam Wernow, Director, Deutsche Bank Securities

 

Annapolis Ballroom 1/2

 

This panel will cover the basic regulatory requirements of order handling and trade execution, with an emphasis on cross trades, pre-execution discussions, block trades, EFPs, EFSs, and bunched orders, as well as issues and requirements particular to orders that will be executed electronically versus “in the pit.” The panel will also discuss CFTC Rule 1.38 and Core Principle 9, as well as other CFTC and exchange initiatives relating to “non-competitive” transactions.

 
14. Litigation and Enforcement

Moderators:
Dennis Klejna, Senior Vice President, MF Global
Charles Mills, Partner, K&L Gates

Speakers:
Scott Early, Partner, Foley & Lardner
Vincent McGonagle, Senior Deputy Director, Commodity Futures Trading Commission
Gregory Mocek, Partner, McDermott Will & Emery
William Nissen, Partner, Sidley Austin
Daniel Waldman, Partner, Arnold and Porter

 

Annapolis Ballroom 3/4

This session will summarize significant futures and derivatives industry case law and enforcement actions since May 2008. The panel will discuss whether futures and derivatives industry participants should consider changing how they operate in light of these actions.

8:30 AM
15. Financial Services Regulation Under Scrutiny

Moderator:
Robert Klein, Managing Director & Associate General Counsel, Citigroup Global Markets

Speakers:
Dan Berkovitz, Counsel, Permanent Subcommittee on Investigations, U.S. Senate
Penny Fabien, Executive Director & Assistant General Counsel, J.P. Morgan Securities
Douglas Harris, Managing Director, Promontory Financial Group
Mark Young, Partner, Kirkland & Ellis

 

Baltimore Ballroom 1/2

 

Whether it's understanding the role of passive investors and speculators in the commodities market, limiting the impact of credit derivatives in the capital markets, transparency for OTC markets, the failure to uncover the Madoff ponzi scheme, or the transformation of Wall Street firms to bank holding companies, the federal regulatory agencies and self regulatory organizations have been under greater scrutiny than ever this past year. This session will discuss the public debate for significant reform of the U.S. regulatory framework, with a focus on regulatory goals and the functional differences among key U.S. regulators.

10:00 AMCoffee Break
 Woodrow Wilson Foyer
10:30 AM—12:00 AM
16. Developments in OTC Derivatives

Moderators:
Maria Chiodi, Director & Counsel, Legal & Compliance, Credit Suisse Securities
Susan Ervin, Partner, Dechert

Speakers:
Warren Davis, Of Counsel, Sutherland
Kenneth Kopelman, Partner, Bingham McCutchen
Christopher Ramsay, Director & Associate General Counsel, Citadel Investment Group
Lauren Teigland-Hunt, Managing Partner, Teigland-Hunt
David Van Wagner, Chief Counsel, DMO, Commodity Futures Trading Commission

 

Annapolis Ballroom 1/2

 

This session will discuss the evolving regulatory landscape for OTC derivatives, including the compliance requirements relating to the new reporting obligations in connection with OTC derivatives. The panel will also discuss the legal issues and recent developments involving OTC derivatives, with particular focus on issues involving bankruptcies and credit-related issues. Topics will include a discussion of the termination events caused by bankruptcies and the applicability of ISDA protocols for various credit-related events, as well as treatment of market interruption events.

10:30 AM
17. Mitigating Direct Market Access and Other Electronic Trading Risk

Moderator:
Carl Gilmore, General Counsel, Penson GHCO

Speakers:
James Moran, Director, Market Regulation, CME Group
Mike Ryan, General Counsel, Trading Technologies
Kathryn Trkla, Partner, Foley & Lardner
Gloria Wadsworth, Compliance Director, Merrill Lynch Pierce Fenner & Smith

 

Annapolis Ballroom 3/4

 

This session will review the approach to documenting e-trading relationships and direct market access, as well as the potential liability of participants when systems go down. There will be a discussion regarding the controls in trading systems and the legal and practical implications of compliance and risk monitoring by an intermediary that provides a front-end trading system or direct links between a customer and an exchange. There will also be a discussion of the exchange’s and an intermediary’s duty to train customers in the use of electronic trading systems.

10:30 AM—12:00 AM
18. How to Maintain a Compliance Culture in a Declining Profits Environment

Moderator:
Barbara Bishop, Attorney at Law

Speakers:
Gary Distell, Partner, Katten Muchin Rosenman
Barbara Lorenzen, Associate Regional Director for Examinations, Securities & Exchange Commission
Veronica Rendon, Partner, Arnold & Porter
Mary Beth Rooney, Director, Citigroup Global Markets
Tracy Lowery Whille, Global Director of Compliance, MF Global

 

Baltimore Ballroom 1/2

 

This session will discuss the challenges of developing an effective compliance program as firms are under pressure to cut costs across the board. The panel will discuss where the compliance department belongs in an organization: reporting to a chief risk officer, a general counsel or the chief executive officer. How effective is the use of technology to provide for training of employees compared to tailored, in-person compliance training programs? Do regulators and/or the firms themselves have concerns that there has been a general decline in ethics among financial services personnel?

FIA
2001 Pennsylvania Avenue N.W.
Suite 600
Washington, D.C.20006
(202) 466-5460 phone
(202) 296-3184 fax
www.futuresindustry.org