L&C 2010 Program
* Program subject to change
Wednesday, April 28, 2010
2:30 PM
1. Soup to Nuts (Part 1)

Moderators:
Gary DeWaal, Senior Managing Director and Global General Counsel, Newedge USA
Ronald Filler, Professor of Law, New York Law School

Speakers:
Joseph Adamczyk, Director, Enforcement Counsel, CME Group
Paul Architzel, Partner, Alston Bird
Jessica Bertoldi, Chief Compliance Officer & Assistant General Counsel, ICE Trust U.S.
Trabue Bland, Director of Regulatory Affairs, IntercontinentalExchange
Yvonne Downs, Head of Compliance Americas, Newedge USA
Daniel Driscoll, Chief Operating Officer, National Futures Association
Scott Early, Partner, Foley Lardner
Kevin Foley, Partner, Katten Muchin Rosenman
Maureen Guilfoile, Director and Senior Counsel, Bank of America
Dennis Klejna, Senior Vice President and Assistant General Counsel, MF Global
Nancy Minett, Director, General Investigations, CME Group
Catherine Napolitano, Director & Associate General Counsel, Bank of America
Stephen Obie, Acting Director, Division of Enforcement, Commodity Futures Trading Commission
Lawrence Patent, Of Counsel, K&L Gates
William Penner, Deputy Director, Compliance and Registration, Commodity Futures Trading Commission
Christine Pham, Senior Vice President & Assistant General Counsel, Citigroup Global Markets
Timothy Plews, Partner, Clifford Chance
Stephen Ratner, Partner, Proskauer Rose
John Roeser, Assistant Director, Division of Trading and Markets, U.S. Securities & Exchange Commission
Thomas Sexton, General Counsel, National Futures Association
Grace Vogel, Executive Vice President, Member Regulation, Financial Industry Regulatory Authority

 

National Harbor 10/11

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. This panel is intended for persons unfamiliar with futures, as well as experienced veterans who may be seeking a quick refresher on basics.

4:15 PM
2. Soup to Nuts (Part 2)

Moderators:
Gary DeWaal, Senior Managing Director and Global General Counsel, Newedge USA
Ronald Filler, Professor of Law, New York Law School

Speakers:
Joseph Adamczyk, Director, Enforcement Counsel, CME Group
Paul Architzel, Partner, Alston Bird
Jessica Bertoldi, Chief Compliance Officer & Assistant General Counsel, ICE Trust U.S.
Trabue Bland, Director of Regulatory Affairs, IntercontinentalExchange
Yvonne Downs, Head of Compliance Americas, Newedge USA
Daniel Driscoll, Chief Operating Officer, National Futures Association
Scott Early, Partner, Foley Lardner
Kevin Foley, Partner, Katten Muchin Rosenman
Maureen Guilfoile, Director and Senior Counsel, Bank of America
Dennis Klejna, Senior Vice President and Assistant General Counsel, MF Global
Nancy Minett, Director, General Investigations, CME Group
Catherine Napolitano, Director & Associate General Counsel, Bank of America
Stephen Obie, Acting Director, Division of Enforcement, Commodity Futures Trading Commission
Lawrence Patent, Of Counsel, K&L Gates
William Penner, Deputy Director, Compliance and Registration, Commodity Futures Trading Commission
Christine Pham, Senior Vice President & Assistant General Counsel, Citigroup Global Markets
Timothy Plews, Partner, Clifford Chance
Stephen Ratner, Partner, Proskauer Rose
John Roeser, Assistant Director, Division of Trading and Markets, U.S. Securities & Exchange Commission
Thomas Sexton, General Counsel, National Futures Association
Grace Vogel, Executive Vice President, Member Regulation, Financial Industry Regulatory Authority

 

National Harbor 10/11

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. 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 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.

9:00 PMHospitality Suite
 Baltimore 415, Gaylord National
Thursday, April 29, 2010
8:30 AM
3. An Evolving Customer Asset Protection Regime

Moderator:
Kenneth Rosenzweig, Partner, Katten Muchin Rosenman

Speakers:
Jonathan Ching, Vice President, D.E. Shaw
Lisa Dunsky, Director & Associate General Counsel, CME Group
James McDaniel, Partner, Sidley Austin
Timothy Plews, Partner, Clifford Chance
Robert Wasserman, Associate Director, Division of Clearing and Intermediary Oversight, Commodity Futures Trading Commission

 

Woodrow Wilson C/D

This session will discuss issues relating to customer funds held as margin to trade futures and securities in the global markets, as well as developments in the treatment of customer funds in the context of OTC derivative transactions. Issues to be discussed include the treatment of cleared swaps and implications for the rights of other parties that are clearing futures or other products through an insolvent FCM, and the interplay of SIPC and the FCM bankruptcy rules. The panel will also compare the U.S. and U.K. customer funds protection and bankruptcy regimes and provide an update on the Lehman bankruptcy.

 
4. Position Limits and Hedge Exemptions in Energy and Agriculture

Moderator:
Mark Young, Partner, Kirkland & Ellis

Speakers:
Dan Berkovitz, General Counsel, Commodity Futures Trading Commission
Steven Bunkin, Vice President & Associate General Counsel, Goldman Sachs
Alexandra Guest, Director & Head of Futures, BARX & E-commerce Compliance, Barclays Capital
Elizabeth Hastings, Energy Analyst, McDermott Will & Emery
Kenneth Raisler, Partner, Sullivan & Cromwell

 

Woodrow Wilson B

This session will review recent developments relating to the imposition of position limits and the availability of hedge exemptions in the U.S. energy and agricultural markets, with a focus on legislative and regulatory initiatives to address the role of speculators 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 also consider comparable initiatives in overseas jurisdictions.

 
5. Professional Responsibility

Moderator:
Michael Sackheim, Partner, Sidley Austin

Speakers:
Robert Paul, Executive Director, Nomura Securities International
Howard Schneider, Consultant, Navigant Consulting
Daniel Waldman, Partner, Arnold Porter

 

Baltimore 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.

10:30 AM
6. What's New at the CFTC?

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

Speakers:
Dan Berkovitz, General Counsel, Commodity Futures Trading Commission
Jacqueline Mesa, Director, Office of International Affairs, Commodity Futures Trading Commission
James Moser, Deputy Chief Economist, Commodity Futures Trading Commission
Stephen Obie, Acting Director, Division of Enforcement, Commodity Futures Trading Commission
Ananda Radhakrishnan, Director, Division of Clearing and Intermediary Oversight, Commodity Futures Trading Commission
Richard Shilts, Director, Division of Market Oversight, Commodity Futures Trading Commission

 

Woodrow Wilson A

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 PMKeynote Luncheon
 

Cherry Blossom Ballroom

Speaker: Dr. Frank Luntz, Pollster & Communications Professional

Frank Luntz is one of the most honored communication professionals in America today. “The Nostradamus of pollsters,” said Sir David Frost; Time magazine named him one of “50 of America’s most promising leaders aged 40 and under;” and he is the “hottest pollster” in America according

to the Boston Globe. Frank was named one of the four “Top Research Minds” by BusinessWeek and was a winner of the coveted Washington Post “Crystal Ball” award for being the most accurate pundit. His focus groups have become so influential that presidential candidate Barack Obama had this to say following the PBS presidential debate, “When Frank Luntz invites you to talk to his focus group, you talk to his focus group.”

Luntz has written, supervised, and conducted more than 2,000 surveys, focus groups, ad tests, and dial sessions in over two dozen countries and four continents over the past decade. He has become the go-to consultant when Fortune 100 companies and their CEOs need communication and language guidance. In some capacity he has helped almost 30 Fortune 100 companies navigate the economic climate and connect more closely with consumers.

Luntz is the author of the New York Times best seller Words that Work: It’s Not What You Say it’s What People Hear. Now out in paperback, the book explores the art and science of language creation. His latest book, What Americans Really Want … Really addresses the private hopes, dreams and fears of the American people.

When he is not consulting, Luntz can often be found in front of a classroom. From 1989 until 1996, he was an adjunct professor at the University of Pennsylvania. He has also taught courses at Harvard and George Washington University.

2:00 PM
7. Exchange and SRO Developments

Moderator:
Michelle Broom, Managing Director, Macquarie Futures USA

Speakers:
Karl Cooper, Chief Regulatory Officer, NYSE Liffe U.S.
Edward Dasso, Manager, Market Regulation, IntercontinentalExchange
Thomas LaSala, Managing Director & Chief Regulatory Officer, CME Group
David Mitchell, Partner, Fried, Frank, Harris, Shriver & Jacobson
Carol Wooding, Assistant General Counsel, National Futures Association

 

Woodrow Wilson B

This session will examine exchange and SRO developments since May 2009 with a particular focus on exchange rules governing trade execution and governance, as well as differences in exchange agreements. The session will also discuss legislative and regulatory initiatives relating to the role of SROs and exchange governance.

 
8. International Compliance and Regulation

Moderator:
Eric Kunkes, Executive Director & Assistant General Counsel, J.P. Morgan Futures

Speakers:
Anthony Belchambers, Chief Executive, Futures & Options Association
Ann Cresce, General Counsel & Head of Compliance, Hong Kong Mercantile Exchange
Terence Doherty, Senior Associate, Stikeman Elliott
Patricia Keller, European Chief Compliance Officer, MF Global UK Limited
Jacqueline Mesa, Director, Office of International Affairs, Commodity Futures Trading Commission

 

Baltimore 1/2

This session will address compliance issues relating to U.S. and non-U.S. laws and regulations applicable to conducting a global business, including a discussion of the obligation of firms to have effective compliance programs. Emphasis will be given to recent regulatory developments in Canada and the European Union, as well as the many legal challenges of obtaining access to foreign markets. Additional topics to be discussed include cross-border compliance, supervision issues and conflicting U.S. and non-U.S. requirements (e.g., FBOT doing business in the U.S.) for intermediaries (including FCMs, Broker-Dealers and their affiliates).

 
9. The Regulation of OTC Derivatives, Swaps Dealers and MSPs

Moderator:
William McCoy, Managing Director, Morgan Stanley

Speakers:
Warren Davis, Of Counsel, Sutherland Asbill & Brennan
Armand Nakkab, Executive Director, Legal & Compliance, J.P. Morgan Chase
Ronald Oppenheimer, General Counsel, Vitol
Lawrence Patent, Of Counsel, K&L Gates
Athena Velie, Partner, McDermott Will & Emery

 

Woodrow Wilson C/D

After providing a basic introduction to OTC derivatives, this session will discuss the evolving regulatory and legislative landscape for OTC derivatives, swap dealers and major swap participants. Issues will be addressed in connection with compliance requirements relating to swap dealers’ and MSPs' reporting obligations. The panel will also address legislative developments in connection with other duties imposed upon swap dealers and MSPs such as registration requirements, capital and margin requirements, the need for standards of conduct for risk disclosure and fair dealing, the application of making appropriateness or suitability determinations, and statutory disqualifications.

4:00 PM
10. Developments for Hedge Funds and Investment Managers

Moderator:
Bruce Beatus, Managing Director and General Counsel, Amundi Alternative Investments

Speakers:
Susan Ervin, Senior Advisor to the Director of the Division of Invesment Management, Securities and Exchange Commission
Jennifer Wu Han, Assistant General Counsel, Managed Funds Association
Bradley Howard, Partner, Sidley Austin
Rita Molesworth, Partner, Willkie Farr & Gallagher
Greg Robbins, Managing Director and General Counsel, Mesirow Advanced Strategies

 

Baltimore 1/2

This session will provide an overview of U.S. and international regulatory and legislative initiatives and their impact on investment advisers and commodity pool operators. Issues that will be addressed include questions concerning the newly amended SEC custody rule; the proposed EU Directive on hedge funds; current U.S. legislative proposals including private fund adviser registration, systemic risk reporting and OTC derivatives potentially impacting hedge funds; new CFTC rules for account and financial statements; update on new NFA rules concerning reporting, loan prohibitions and social networking; CFTC/SEC harmonization; and industry trends relating to managed account platforms, transparency, fees and risk controls.

 
11. Litigation and Enforcement

Moderator:
Scott Early, Partner, Foley Lardner

Speakers:
Cynthia Cain, Managing Director, Compliance, National Futures Association
Dennis Klejna, Senior Vice President and Assistant General Counsel, MF Global
Gregory Mocek, Partner, McDermott Will & Emery
William Nissen, Partner, Sidley Austin
Stephen Obie, Acting Director, Division of Enforcement, Commodity Futures Trading Commission

 

Woodrow Wilson B

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.

 
12. The Clearing of Listed and OTC Derivatives Products

Moderator:
Maria Chiodi, Director & Counsel, Legal & Compliance, Credit Suisse Securities USA

Speakers:
Christopher Bowen, Managing Director, Chief Regulatory Counsel, CME Group
Alessandro Cocco, Managing Director, J.P. Morgan Chase
Geoffrey Goldman, Partner, Shearman & Sterling
Richard Kim, Associate, Cleary, Gottlieb, Steen & Hamilton
John Lawton, Deputy Director and Chief Counsel, Commodity Futures Trading Commission
Iona Levine, Group General Counsel, LCH.Clearnet

 

Woodrow Wilson C/D

This session will focus on recent developments 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. The various industry models relating to cleared CDS will be discussed. The panel will analyze the similarities and differences of the rights and duties of a futures commission merchant clearing a client’s futures and OTC derivatives transactions.

7:00 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.

9:00 PMHospitality Suite
 Baltimore 415, Gaylord National
Friday, April 30, 2010
8:30 AM
13. A Futures Compliance Update

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

Speakers:
Edward Dasso, Manager, Market Regulation, IntercontinentalExchange
Dean Payton, Managing Director and Deputy Chief Regulatory Officer, CME Group
Mary Beth Rooney, Director of Compliance of North American Futures, Citigroup Global Markets
Kathryn Trkla, Partner, Foley Lardner

 

Woodrow Wilson B

This panel will discuss recent changes in the regulations regarding various types of transactions, including: EFFs, EFPs, EFRs, Block Trades, and Order Handling Rules related to open outcry versus electronic executions. It will also discuss what the parameters for establishing the prices of these transactions may be (i.e., APS/market versus daily trading limits). The panel will also discuss what tools firms and exchanges, alike, use to monitor trading activity and the open positions that result from that trading. Additionally, it will discuss the training of traders, middle and back office alike, on these rules.

 
14. Environmental Markets

Moderator:
Paul Pantano, Partner, McDermott Will & Emory

Speakers:
Jose Ibietatorremendia, Vice President & General Counsel, APX
Philip Levy, Executive Director, Morgan Stanley
Eric Nield, Senior Vice President & General Counsel, Chicago Climate Exchange
Lorie Schmidt, Senior Counsel - Energy and Commerce, U.S. House of Representatives Subcommittee on Energy and Environment

 

Baltimore 1/2

This session will review recent developments in new commodities markets such as renewable energy products (e.g., RECs and S-RECS) and carbon trading in the U.S. and overseas. The panel will discuss recent legislative and regulatory initiatives, including issues related to overlapping jurisdiction of regulatory agencies, and the emergence of new platforms to trade, register and/or manage the risks associated with renewable energy commodity transactions. The panel will also address developments in the bio-diesel, solar, wind and other alternative energy markets.

 
15. The Future of Intermediation: The Next Generation

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

Speakers:
Robert Colby, Counsel, Davis Polk & Wardwell
Penny Fabien, Executive Director & Assistant General Counsel, J.P. Morgan Securities
Walt Lukken, Chief Executive Officer, New York Portfolio Clearing
Michael Philipp, Partner, Winston & Strawn

 

Woodrow Wilson C/D

This session will examine the changing role of the intermediary as the financial markets evolve, particularly in the context of futures, securities and OTC derivatives. The panel will consider the practical implications for a joint broker-dealer/FCM offering products across borders in compliance with CFTC Part 30 and SEC Rule 15a-6. The panel will discuss the internalization of trades and the prospects for portfolio margining in competing and developing regimes.

10:30 AM
16. SEC and FINRA Regulatory Hot Issues Update

Moderator:
Charles Mills, Partner, K&L Gates

Speakers:
Brandon Becker, Executive Vice President and Chief Legal Officer, TIAA-CREF
Bradley Bondi, Counsel to Commissioner, Securities and Exchange Commission, and Adjunct Professor of Law, Georgetown Law Center and George Mason School of Law
Eugene Goldman, Partner, McDermott Will & Emery
Gary Goldsholle, Vice President and Associate General Counsel, Financial Industry Regulatory Authority
David Shillman, Associate Director, Division of Trading and Markets, U.S. Securities Exchange Commission

 

Woodrow Wilson C/D

This session will discuss significant developments in the past year relating to various securities regulatory issues faced by broker dealers. The discussion will include issues in connection with rule-making initiatives and enforcement matters of the SEC and FINRA. Among the topics to be addressed are proprietary trading, FOREX leverage limitations, “naked access”, dark pools and flash trading, insider trading and short sales.

 
17. New Account Documentation

Moderator:
Adam Wernow, Director, Global Markets Compliance, Deutsche Bank Securities

Speakers:
Thomas Cohen, U.S. Chief Compliance Officer, MF Global
Christian Kemnitz, Partner, Katten Muchin Rosenman
Corinne Samon, Executive Director, J.P. Morgan Futures
Susan Schultz, Managing Director & Deputy General Counsel, Newedge USA

 

Woodrow Wilson B

This session will discuss issues relating to FCM documentation for futures and cleared OTC derivatives. The panel 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. 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.

FIA
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Washington, D.C.20006
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www.futuresindustry.org