| Wednesday, May 13, 2009 | |||
1. S2N: Jeopardy Version (Part 1) Moderators: Speakers: | 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. | ||
| Coffee Break | |||
| Woodrow Wilson Foyer | |||
2. S2N: Jeopardy Version (Part 2) Moderators: Speakers: | 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. | ||
| Reception | |||
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 | |||
| Continental Breakfast | |||
| Woodrow Wilson Foyer | |||
3. Effective Clearing Moderator: Speakers: | 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: Speakers: | 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: Speakers: | 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. | ||
| Coffee Break | |||
| Woodrow Wilson Foyer | |||
6. What's New at the CFTC Moderators: Speakers: | 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. | ||
| Luncheon- Keynote Speaker: Mark Halperin, Editor-at-Large, Senior Political Analyst, TIME | |||
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.” 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. | |||
7. Professional Responsibility Moderator: Speakers: | 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: Speakers: | 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: Speakers: | 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. | ||
| Coffee Break | |||
| Woodrow Wilson Foyer | |||
10. Exchange and SRO Developments Moderator: Speakers: | 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: Speakers: | 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: Speakers: | 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. | ||
| Reception 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 | |||
| Continental Breakfast | |||
| Woodrow Wilson Foyer | |||
13. EFP, EFS, EFRs, APOs and BLOCKs- The ABCs of Transaction Execution Moderators: Speakers: | 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: Speakers: | 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. | ||
15. Financial Services Regulation Under Scrutiny Moderator: Speakers: | 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. | ||
| Coffee Break | |||
| Woodrow Wilson Foyer | |||
16. Developments in OTC Derivatives Moderators: Speakers: | 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. | ||
17. Mitigating Direct Market Access and Other Electronic Trading Risk Moderator: Speakers: | 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. | ||
18. How to Maintain a Compliance Culture in a Declining Profits Environment Moderator: Speakers: | 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? | ||
Cherry Blossom Ballroom