UPDATE JUNE 2013

ASSET MANAGERS FORUM

AMF LEADERSHI P
Interview with AMF Chair
Jason Minkler, Executive Director at JP Morgan Asset Man-
agement, has served as the Chair of the AMF Steering Com-
mittee since early 2012, and is preparing to hand over the
AMF chairmanship to a new chair as his term comes to an
end this fall. We wanted to share with the AMF membership
Jasons thoughts on the Asset Managers Forum and why hes
involved. We hope these thoughts inspire other members to
become or continue to be active, vocal and engaged in the
various AMF Committees, Working Groups and events. We
would also like to thank Jason for his dedication, hard work
and for being an insightful and inspiring leader.
Q: HOW DID YOU FIRST BECOME INVOLVED WITH
SIFMAS ASSET MANAGERS FORUM?
A: I started attending AMF events over a decade ago when I
rst entered the investment management operations industry.
Our company was one of the founding members of the AMF
so I was encouraged by my managers. As time went on, I felt
more comfortable and started to participate, becoming more
vocal in working groups and member events.
Q: DO YOU BELIEVE YOUR WORK WITH THE
AMF COMPLIMENTS THE WORK YOU DO AT
JPMORGAN ASSET MANAGEMENT?
A: Absolutely. Being active in the AMF enables me to stay
informed and inuence regulatory reform and other industry
initiatives. It also is a great way to learn best practices and how
peers are handling common issues we are facing.
Q: HOW HAVE ISSUES THE AMF IS FOCUSING
ON, SUCH AS DERIVATIVES OPERATIONS,
COLLATERAL, AND TRI-PARTY REPO DEVELOPED
OVER THE PAST YEAR?
A: Many of the changes from the Dodd-Frank Wall Street
Reform and Consumer Protection Act, which was signed into
law in 2010, transitioned from rule writing to implemented
in 2013. In addition, the recent Treasure Market Practices
Group (TMPG) Agency MBS Margining and Tri-Party Repo
trade conrmations recommendations have created an area
where the AMF can help develop practical solutions under
short timeframes. These items, along with others, are where
the AMF excels by providing thought leadership and guidance
leveraging its broad membership of subject matter experts.
Q: HOW DO YOU BELIEVE THE AMF HAS
CONTRIBUTED TO BUY-SIDE COMMUNITY OVER
THE PAST YEAR?
A: Over the past year, the AMF has focused on working with
the broader SIFMA organization, regulators, and other indus-
try associations to help transform the industry, establish best
practices, and inform its membership.
Q: WHAT WOULD YOU SAY TO FIRMS
CONSIDERING PARTICIPATING IN AMF
COMMITTEES?
A: While the events are well attended and provide a lot of value,
its the committees that meet all year long and really discuss
the details of issues. Having dialog from committee members
really makes them informative and interactive.
Q: HOW DO YOU VIEW THE INCREASED INTEREST
AND PARTICIPATION IN AMF WORKSHOPS AND
EVENTS THROUGH THE YEAR?
A: I am thrilled that the AMF has seen record attendance
at its events. It is a testament to the AMF staff and Steering
Committee organizing relevant timely events that interests its
membership.
SAVE THE DATE FOR AMF
FALL EVENTS
AMF Workshop | October 9, 2013
AMF Member Meeting | October 10, 2013
ASSET MANAGEMENT UPDATE
2
AMF COMMI TTEE UPDATE
STP/Trade Processing Committee
On May 23, the AMF STP/Trade Processing Committee spon-
sored a Peer Discussion Roundtable on STP. During this Round-
table, a group of asset management operations professionals
gathered to discuss the denition of STP; the importance of
STP to asset management organizations; the identication of
the STP gaps - in individual rms as well as industry-wide; the
functions that are difcult to translate to STP; and the role of
STP in the global environment compared to the U.S. operating
model. The Roundtable agreed to collect a list of functions and
security types that cause issues with STP, and then determine
the highest priority items to focus, based on feedback from the
group. The goal of the STP/Trade Processing Committee is to
determine where there are opportunities for STP improvement.
If you would like to join this working group, please contact Elisa
Nuottajarvi of the AMF staff.
SI FMA UPDATE
SIFMA Announces Senator Judd A. Gregg as
New CEO and Appoints Kenneth E. Bentsen, Jr. as President
SIFMA is pleased to announce the appointment of three-term
U.S. Senator Judd A. Gregg as Chief Executive Ofcer of the
Association and the appointment of former U.S. Representa-
tive and SIFMA Acting President & CEO Kenneth E. Bentsen,
Jr. as President of the Association.
It is an honor to join SIFMA as CEO. Americas success and
prosperity depends on a vibrant nancial system providing
access to capital and credit that helps people on Main Streets
across America build on their dreams of opening a small busi-
ness, saving to be able to send their children to college, buying
their rst home or saving for retirement, Gregg said. At the
center of this nancial system is the membership of SIFMA.
Our members provide the resources and expertise that make
the economic engine of America work and create a more
prosperous life for Americans.
Judd will bring a strong voice and leadership to underscoring
the role of nance in fostering capital formation, wealth creation
and jobs and economic development in the United States,
said Bentsen. I look forward to working with Judd and our
members as we promote effective and efcient markets, at
home and abroad, to nance a growing American economy,
said Bentsen.
I NDUSTRY UPDATE
Derivatives News: Banks Get Reprieve on
Swaps Push-Out Rule; Swap Jurisdiction Certainty Act
Passed by the House
The Ofce of the Comptroller of the Currency has given clarity
to seven large U.S. banks active in the derivatives markets.
The agency granted the nancial rms, which include Bank
of America and Citigroup, a two-year extension to move their
swaps operations into separate afliates. Less than a week
ago, the Federal Reserve granted the same extension to foreign
banks doing business in the U.S. The action from the OCC
gives them clarity on what they need to do, and when they
need to take action, to restructure this part of their businesses,
said Kenneth E. Bentsen Jr., president of the SIFMA said in a
statement (www.sifma.org/newsroom/2013/sifma-welcomes-
occ_s-two-year-relief-on-swap-push-out-effective-date/).
Later in the week, SIFMA applauded a bi-partisan majority of
the House of Representatives passed H.R. 1256, the Swap
Jurisdiction Certainty Act. The legislation seeks to address
cross-border application of derivatives regulation under Title VII
of the Dodd-Frank Act by requiring coordination in rulemaking
between the Commodity Futures Trading Commission (CFTC)
and the Securities and Exchange Commission (SEC).
3
AMF COMMI TTEE UPDATE
Derivatives Operations Committee
The AMF Derivatives Operations Committee, which meets
monthly, recently appointed a new co-chair.
Kimberly Dall from StateStreet will now co-chair the Commit-
tee with Michaela Ludbrook of Goldman Sachs Asset Manage-
ment and Ila Eckhoff of BlackRock. The Committee continues
to focus on sharing information regarding mandatory clear-
ing and helping asset management rms prepare for it. Each
meeting features a general regulatory update, most often
given by Gabriel Rosemnberg of Davis Polk, which reviews
recent developments in the rulemaking process, including nal
rules and what they mean for asset managers, as well as any
potential relief on all of the nal rules. Regular agenda items
include: updates on SIFMA Asset Management Group (SIFMA
AMG) advocacy work; the comment letters SIFMA AMG is
currently preparing; and recent developments from the four
major CCPs, including CME, Eurex, ICE and LCH. In the May
Committee meeting, there was a presentation regarding the
Clearing Connectivity Standard (CCS), which was started by
the custodians StateStreet, BNY Mellon and Northern Trust.
The CCS was developed to help with reporting and commu-
nications between custodians, asset managers, CCPs, and
FCMs in the new mandatory clearing environment. Sapient
was named as the project manager, and ISDA is the indus-
try governing body for the standard. CCS will help connectiv-
ity and automation between the various systems and parties
of the clearing process, and will help in reconciliation of the
information between parties. The standard currently covers
cleared IRS, CDS and NDF trade, position, margin and col-
lateral data, CME, ICE and LCH products. The account level
summary is nalized, and the implementation effective date
was June 10, 2013. The Committee will continue to support
and follow the development of the CCS. If you would like to join
the AMF Derivatives Operations Committee, please contact
Elisa Nuottajarvi of the AMF staff.
AMF COMMI TTEE UPDATE
Collateral Committee
The AMF Collateral Committee, chaired by Steve Wisneski of
Franklin Templeton, continues to meet monthly to discuss the
two main items currently onn the Committees agenda, agency
MBS margining, and collateral messaging. In the Committees
May meeting, Nick Botta of DTCC discussed a proposed MBS
margin calculation service that would be focused on the agree-
ment of portfolio/transaction details and the counterparty
exposure calculation. The monthly meeting featured updates
on the ISDA Collateral Committee, and developments in con-
nection with collateral messaging. The Committee appreciates
Jason Brasile of StateStreet for being instrumental in keeping
the Committee up-to-date regarding the push to use standard
messaging formats in order to enable automation and to make
downstream processing easier. The next AMF Collateral Com-
mittee will provide a deep dive into the Margin Transit service
DTCC is preparing, and will develop buy-side feeback on the
service.
Focus on Agency MBS Margining: The AMF Collateral Com-
mittee discussed extensively the TMPG recommendation for
agency MBS margining, and will continue to participate in
the process of dening procedural guidance regarding the
operational aspects of the agency MBS collateral process.
On April 29th, AMF members participated in SIFMAs 40th
Annual Operations Conference & Exhibit panel discussion on
operational aspects of implementing MBS margining. AMF
organized a similar panel discussion for the June 19th Buy
Side Academy. On June 27, SIFMAs Securitization Group
will host a Spotlight Session: TMPG Margining Implementa-
tion in New York. The SIFMA event will feature two panels,
the rst discussing operational implementation concerns; and
the second discussing vendor solutions to help with the mar-
gining process. Register for the event at: http://www.sifma.
org/2013spotlight-tmpg/.
WELCOME NEW SIFMA ASSET
MANAGERS FORUM MEMBERS
DE Shaw & Co.
Hartford Investment Management
SIX Financial (Associate Member)
ASSET MANAGEMENT UPDATE
4
EVENTS
AMF Buy Side Academy Agenda
WEDNESDAY, JUNE 19, 2013 | HILTON NEW YORK | HELD IN CONJUNCTION WITH THE SIFMA TECH EXPO
8:00 A.M. 9:00 A.M.
REGISTRATION & CONTINENTAL BREAKFAST
9:00 A.M. 9:10 A.M.
Opening Remarks Tim Cameron, SIFMA
9:10 A.M. 10:20 A.M.
Derivatives Central Clearing The Sequel
Although we have been discussing derivatives and central
clearing for some time, the year 2013 can be viewed as the year of
implementation for Title VII of Dodd-Frank. The environment in which
buy side rms operate is changing signicantly, and there is much
to consider from interacting with Swap Data Repositories to clearing
brokers and CCPs for their OTC trade, to moving closer to executing
on SEFs. This interactive panel session will touch on a variety of
topics that the buy side is addressing today.
Pre-ight check for regulatory requirements
Central clearing how is it working?
Global landscape of clearing
Moderator: Michaela Ludbrook, Goldman Sachs Asset Management
Speakers: Corry Bazley, ICE
Amy Caruso, Babson Capital Management
John Grifn, HIMCO
Ted Leveroni, Omgeo
Robert Kolpin, MarkitSERV
Cassandra Tok, Goldman Sachs
10:20 A.M. 10:40 A.M. BREAK
10:40 A.M. 11:40 A.M.
Mortgage Trade Life Cycle
This session will cover the life cycle of the mortgage backed
securities market, the various utilities and services currently being
used and available to market participants, and will ask the very
important question: Are you ready for Agency MBS margining?
Moderator: Christopher Fiorelli, JP Morgan Asset Management
Speakers: Michael Acevedo, Broadridge Financial Solutions
Nick Botta, DTCC
Frank Malarkey, Credit Suisse
Steve Wisneski, Franklin Templeton
11:40 A.M. 12:15 P.M.
Featured Presentation: Asset Safety --- Where
Are Your Hidden Risks in Clearing in Europe?
Speaker: Janet Wynn, Senior Advisor U.S., Thomas Murray
The EMIR requirements for Mandatory Clearing and Trade
Reporting are fast approaching. How well does your Dodd
Frank implementation prepare you for meeting these European
obligations? What are the different Asset Safety models used
in Europe as compared with the U.S.? How do the capital
requirements for European CCPs compare with the U.S.? What
information should you have about your Clearing Brokers and the
CCPs they are using?
12:15 P.M. 1:15 P.M.
Networking Luncheon / Visit the SIFMA Tech
Expo
1:15 P.M. 2:15 P.M.
Documentation Its Not Just for Lawyers
What do operations professionals need to know about
documentation? This discussion will cover documentation with
FCMs, CCPs, and standard documentation with counterparties that
contain negotiated terms such CSAs, MSFTAs, etc.
Moderator: Lansing Gatrell, Markit Documents Exchange
Speakers: Frances Han, Vanguard
David Hasleman, Franklin Templeton
Omar Medina, UBS
Jeff Sloan, DTCC
2:15 P.M. 3:15 P.M.
Market and Regulatory What Can We Expect
Next?
It is critical that asset managers understand and respond to the
global regulatory requirements. This session will provide a road
map of the current and upcoming regulatory deadlines, as well as
give some hint to as to what is expected still in the pipeline. The
round-up will be organized chronologically as well as geographically.
The discussion will also touch on the changes in the market
infrastructure based on regulatory reform.
Moderator: Matt Nevins, SIFMA Asset Management Group
Speakers: Michael Barnes, Ernst & Young
Mark Bramante, DTCC
David Marcus, Deutsche Bank
Gabe Rosenberg, Davis Polk
Jeff Zoller, T Rowe Price
3:15 P.M. 3:30 P.M. BREAK
3:30 P.M. 4:30 P.M.
Efcient Data Management
This session will discuss the challenges and opportunities of
managing information in the asset management industry, where
everything we do is only as good as the data we have. The sheer
volume of information, including product and pricing data, and
5
knowing how to manage, mine, and process that information, is key
to success. This seminar will highlight some solutions required for
efcient data management and clarify the criticality of data integrity.
Speakers: Koushik Chakrabarty, Omgeo
John Farris, RIMES Alex
Mary Harris, TriOptima
Olson, Kingland Systems
John Yelle, DTCC
4:30 P.M. 4:40 P.M.
Closing Remarks
Michaela Ludbrook, Goldman Sachs Asset Management
4:40 P.M. 6:00 P.M.
Visit the SIFMA Tech Expo
AMF RESOURCES
Matrices to Help with Central Clearing
Article by Sam Ely, Partner, Gamma Derivatives Solutions
The CCP Matrix, originally published by the AMF Derivatives
Operations Committee in early 2012, was updated earlier this
year, and the FCM matrix was produced. The Committee com-
piled the matrices based on a market need for a consolidated
view to make comparisons easier. There has been a wealth of
information available from many different sources, but with all
the different decks and material it was difcult to understand
the similarities and differences between the offerings. There-
fore the matrices were produced and are designed to enable
AMF member rms to compare offerings from both the CCPs
and FCMs on a like for like basis. As detailed below:
CENTRAL CLEARING COUNTERPARTY (CCP)
MATRIX
As new derivatives regulations mandate central clearing, asset
managers will need to select a central clearing counterparty
(CCP). The CCP Matrix compares and contrasts the offer-
ings of several platforms, including: ICE Clear Credit, Ice Clear
Europe, Eurex Credit Clear, CME Credit, CME Rates, and
Eurex OTC Clear IRS. The CCP Matrix also includesresponses
to specic questions from the AMF Derivatives Operations
Committee covering: product offerings; offering status; trade
procedure; systems; pricing; risk; margin/collateral; market/
credit events; default process; legal; membership and more.
FUTURES COMMISSION MERCHANT (FCM) MATRIX
As new derivatives regulations mandate central clearing, asset
managers will need to select a futures commission merchant
(FCM). The FCM Matrix compares and contrasts the offerings
of several platforms, including: Bank of America Merrill Lynch,
Barclays, Citigroup, Credit Suisse, Morgan Stanley, Newedge,
Nomura, and UBS. The FCM Matrix covers general qualica-
tions, including: legal jurisdiction; regulatory regime; and key
nancial metrics (e.g. market cap, credit rating and regula-
tory capital ratios). The FCM Matrix also covers the specic
solution offering, including: services offered; supported clear-
ing houses; supported products; supported middleware (e.g.
afrmation platforms); supported electronic execution venues
(SEFs / MTFs); technology platforms leveraged, and related
service offerings including ETD / prime / custody / collateral.
The matrices are available at sifma.org/amf/resources/.
In continuation from the CCP and FCM selection process
there have been many questions about Middleware. This is
the logical progression for organizations trying to understand
the optimal TOM (target operating model) to implement. There
are numerous solutions available from established providers
as well as new entrants to consider. Market utilities are well
positioned to supply services to all the participants and lower
the cost and effort by centralizing the functions. It is worth
recognizing the many elements to the traditional Middleware
space. These functions include: connectivity, pre-trade credit
check, collateral messaging, as well as the traditional compres-
sion, conrmation and warehouse services. For organizations
to leverage these middleware providers there is a potential to
lower cost and increase efciency signicantly. In the current
environment of regulatory ux and high costs, many organiza-
tions cannot afford to try and support internally these func-
tions, which are non-value add and not a differentiator.
Looking forward with the CFTC releasing the SEF rulings,
understanding how to implement the new execution rules will
be imperative to both the pre-trade, trade and post trade pro-
cesses. Watch for future more formal research on Middleware
and SEFs over the coming weeks. Any questions or comments
feel free to contact me at sje@gammads.biz
ASSET MANAGEMENT UPDATE
6
EVENTS
AMF Member Meeting Agenda
THURSDAY, JUNE 20, 2013 | SIFMA CONFERENCE CENTER, 120 BROADWAY, NEW YORK CITY
8:30 A.M. 9:00 A.M. REGISTRATION AND BREAKFAST
9:00 A.M. 9:10 A.M.
Opening Remarks Al Morabito, Federated
Investors
9:15 A.M. 9:50 A.M.
Featured Presentation: How do I get the Most
Value out of my Technology Investments?
Speakers: Anupam Kundu & Manu Tandon, Thoughtworks
Today technology is a critical part of not only surviving in the
asset management industry but essential for growth and seizing
on global opportunities. We nd organizations struggling to make
the most of their technology investment because the relationships
between business and IT are frayed or non existent. Given that,
how do SIFMA/AMF members make the most of their technology
investments?
This talk will provide audience specic pointers that will enable them
to have a constructive dialog with their technology organizations.
It will also equip them with know-how to inuence their technology
counterparts and align their behaviors to meet business needs. As
part of the presentation, we will dene and understand the usage of:
The differences between Strategic IT and Utility IT
Time to Market
Value vs. Waste (feature vs defect)
Roadmap planning
9:50 A.M. 10:50 A.M.
Panel Discussion on Bank Loans
This panel will discuss the recent developments and industry
initiatives taking place in the bank loans space. Topics will include:
Markit Clear
MEIs for multiple portfolios
FPML
Settlement times
Amendments/Cashless Rolls
Cusips
Speakers: Sandra Stulberger, BlackRock
Murphy McCann, PIMCO
Ellen Hefferan, LSTA
Scott Kostyra, Markit
Paul Woods, StateStreet
10:50 A.M. 11:00 A.M. BREAK
11:00 A.M. 12:00 P.M.
Break-out Committee Meetings:
Collateral Committee
Custodian Committee
12:00 P.M. 1:15 P.M.
LUNCHEON SPONSORED BY ERNST & YOUNG
Luncheon Presentation and Panel Discussion:
Traversing the Changing World of Global
Regulatory Reporting
Asset management rms face an unprecedented increase in global
regulatory scrutiny - and the frequency and complexity of information
required by regulators and other entities will only continue to increase.
An integrated regulatory reporting framework is critical to ensure asset
managers navigate the changing regulatory environment successfully
and efciently, while maintaining their competitive advantage. Michael
Barnes of Ernst & Young will set the stage with a brief introductory
presentation on this topic, and the panelists will then offer actionable
commentary on the latest global regulatory developments affecting
the industry and how asset management organizations are
approaching the new requirements. Panel topics will include:
Rationalizing regulatory reporting requirements (Form ADV, Form
PF, Form CPO-PQR, AIFM risk reporting, Takeover panel, Section
13, TIC reporting)
Maximize technology and operational efciencies to enable better
synergies, cost and risk management
Increase market share by leveraging regulatory reporting
platforms to meet investor reporting expectation
Presenter & Moderator: Michael Barnes, Ernst & Young
Speakers: Scott, Becchi, Ernst & Young
Brian Fortson, Goldman Sachs Asset Management
Richard Tyson, PIMCO
1:15 P.M. 2:15 P.M.
Break-Out Committee Meetings:
Operational Risk Committee
Derivatives Operations Committee
2:15 P.M. 2:30 P.M. BREAK
2:30 P.M. 3:30 P.M.
Industry Updates
Tri-Party Repo John Morik, BNY Mellon; and Michael Katz, JP
Morgan Chase
Update on TMPG Recommendation on MBS Agency Margining
Shortened Settlement Cycle Elena Staloff, DTCC
SIFMA Operations Committees & Opportunities to Connect Tom
Price/Charles DeSimone, SIFMA
7
DERI VATI VES
Market Agreed Coupon Contract
The Asset Management Group worked in collaboration with
ISDA to develop a new interest rate swap (IRS) contract struc-
ture with pre-dened, market-agreed terms called Market
Agreed Coupon (MAC) contracts. These contracts have a set
of dened IRS contract specications, including start and end
dates and xed coupon rates, which will be available for use
by all swap counterparties on a voluntary basis. MAC con-
tracts are meant to compliment bespoke IRS and deliverable
interest rate futures.
The rst set of MAC coupons has been recommended by
AMGs MAC Sub-Committee for the June 2013 and Septem-
ber 2013 MAC contracts in USD, EUR, GBP, CAD, AUD and
JPY for 1, 2, 3, 4, 5, 6, 7, 8, 10, 15, 20, 25, and 30 years.
The coupons are available on SIFMAs MAC website: http://
www.si fma.org/ser vi ces/stan-
dard-forms-and-documentation/
swaps/. The coupons are set
close to par, based on the three-
or six-month forward curve, and
rounded to the nearest 25 basis
point increment. Coupons will be
reset when the market moves by
100 basis points up or down. Any
changes to coupons and future
coupons will be published period-
ically on the SIFMA MAC website.
It is the intent and expectation
of SIFMA AMG that MAC swaps
will improve price transpar-
ency, promote liquidity, facilitate
request-for-quote (RFQ) trading
and enhance reset maintenance,
line item control, and portfolio compression. Compression is
naturally simplied when the terms for two swaps are iden-
tical in all ways except the direction, as would be the case
with MAC swaps; and is further simplied in a cleared environ-
ment where trading in opposite directions organically reduces
parties open interest in any one MAC swap (i.e., does not
create a new line item). MAC contracts should reduce or elimi-
nate time-consuming unwind processes and market inef-
ciencies and improve transparency associated with bid/ask
spread risk. MAC contracts should also help keep the iden-
tity of end users and trading strategies private. Additionally,
MAC contracts will help streamline execution and improve the
process for choosing a cash unwind, a roll to a future start
date or a simple continuation of the physical swap upon the
effective date.
3:30 P.M. 4:15 P.M.
A Panel Discussion on ETFs
This panel discussion will provide an introduction to ETFs, and
discuss the processing landscape in connection with ETFs, including
industry automation that has taken place, and remaining challenges.
Moderator: Al Morabito, Federated Investors
Speakers: Hank Belusa, DTCC
Louis Rosato, BlackRock
Michael Prendergast, StateStreet
4:15 P.M. 4:45 P.M.
Industry Education: Presentation on Claritas
Investment Certicate
Speaker:
Fran Melville, CFA Institute
4:45 5:00 P.M.
Closing Remarks
SAVE THE DATE:
NOVEMBER 11-12
MARRIOTT MARQUIS | NYC
New York | Washington | www.SIFMA.org
JOIN THE AMF AND AMG
The AMF/AMG is now
accepting applications for
membership from asset
managers, custodian banks
and vendors.
For more information on
joining the Forum, please
contact Diane Trupia at
212-313-1170 or
dtrupia@sifma.org
ASSET MANAGERS
FORUM
www.sifma.org/amf
SIFMA
120 Broadway
New York, NY 10271
AMF/AMG
PROFESSIONAL STAFF
Tim Cameron
Matt Nevins
Elisa Nuottajarvi
Peter Ryan
Diane Trupia
212-313-1100
AMF HOUSEKEEPI NG
Housekeeping:
Call for Nominations
The AMF Steering Committee nominations process is now open. The Steering Committee
plays an important role in setting the direction for the AMF. The Steering Committee strives
to meet the needs of AMF member rms by providing timely information on asset manage-
ment operations and related issues, while engaging the nancial services community to
identify and develop efcient and effective operations solutions.
The Steering Committee oversees the various Committees, Working Groups, and industry
initiatives under the AMF umbrella and creates the agenda for AMF educational events,
workshops and member meetings. The Steering Committee consists of dedicated AMF
members, who are senior level asset management industry operations professionals.
These members are committed to actively pursuing the Steering Committees goals and
help lead events and initiatives.
Currently, the Steering Committee has several positions open for nominations. The nomi-
nation process will begin immediately, and the AMF Governance Committee (which also
acts as the Nominating Committee) plans to ll these seats at the October AMF Member
Meeting. Please contact Elisa Nuottajarvi for more details about serving on the AMF Steer-
ing Committee and/or if you would like to nominate an individual
SECURITIZATION SPOTLIGHT SESSION
JUNE 27, 2013 | 3:00PM 6:30PM
SIFMA CONFERENCE CENTER | NYC
TMPG Margining Implementation
In November 2012, the Treasury Market Practices Group (TMPG)
recommended bilateral margining of forward settling Agency MBS
transactions to reduce counterparty and systemic risks.
The SIFMA Securitization Group (SSG) will be hosting a Spotlight
Session on Thursday, June 27th, featuring two panels that will
discuss the operational considerations and challenges related to
the implementation of this recommendation.
REGISTER TODAY
Panel 1 will address issues
including documentation,
setting up the
margining process, and
leveraging the existing
collateral management
infrastructure.
Panel 2 will provide an
overview of the products
their rms will be
ofering to assist with the
implementation of the
margining best practice.
NETWORKING RECEPTION DIRECTLY FOLLOWING THE SEMINAR
THANK YOU TO
OUR SPONSOR