ISLA Americas 3rd Annual Securities Finance & Collateral Management Conference

Join us for Food, Drinks, Monday Night Football & MLB Play-Offs.

This closed-door session is reserved exclusively for beneficial owners, i.e. pension funds, sovereign wealth funds, endowments, registered funds, and insurance companies participating in securities lending and collateral management programs. Vendors, service providers, and intermediaries will not participate. Topics will be curated by those registered attendees, and the session will enforce Chatham House rule. Potential topics include program governance, agent lender relationships and fee structures, collateral eligibility, indemnification, and how peers are thinking about securities finance within their broader investment and liquidity frameworks. The intent is to create a space where beneficial owners can speak candidly about what is and isn’t working as well as what they need from their agents and the wider market.

Light Lunch & Refreshments 

Our trade associations exist to serve the industry at its most consequential moments - when regulation requires a unified voice, when market structure demands coordinated action, and when the pace of change moves faster than what any single firm can navigate alone. This session will act as our barometer in terms of progress for our members - the advocacy pursued, the standards advanced, the regulatory relationships built, and the work still underway. The market being built today looks different from three years ago, and the one taking shape now will look different again. Members will hear directly from ISLA Americas and ISLA leadership on where resources have been deployed, what has been achieved, and where the industry's most important conversations are heading.

Before the industry debates where it is going, it needs to agree on where it stands. This focused data presentation will deliver the metrics that most accurately define the current state of securities finance and collateral management. Utilization rates, collateral composition, repo volumes, balance sheet trends, and beneficial owner program economics are shifting in ways that are not universally understood. This session will level-set the audience in shared facts so that every conversation that follows starts from the same place.

Latin America is undergoing significant transformation as regulators, market infrastructures, and industry participants work to expand securities finance activity and attract greater international participation. Developments in Brazil, Mexico, and the NUAM markets are opening new opportunities while addressing long-standing operational, legal, and tax challenges. This session examines the reforms underway, the lessons being learned across the region, and what is required to unlock sustainable growth. Panelists will discuss where the greatest opportunities and obstacles remain for global investors looking to participate in one of the market's most active growth stories.

Saudi Arabia and markets across Asia-Pacific, including Taiwan, South Korea, and Singapore, are expanding their securities lending, repo, and collateral ecosystems, and attracting growing interest from global market participants. As regulatory frameworks evolve and market infrastructure matures, these regions are becoming increasingly important sources of liquidity, lendable supply, and investment activity. This session will explore the developments driving market growth, the realities of cross-border participation, and the implications for beneficial owners, borrowers, and intermediaries.

Innovation in securities finance is abundant; transformation is rare. This session will shine a spotlight into the world or solutions, value creation and scalability. In the first half, firms building market infrastructure - matching engines, settlement layers, and connectivity, face the room's senior participants with a direct question: as the industry becomes more complex, what are the next generation solutions the industry can leverage? In the second half, firms focused on increased transparency, price discovery and negotiation take to the floor. How does the industry balance increased efficiency with deep connectivity? Two cohorts, one challenge, and no easy answers.

Through certain bespoke use cases, the industry has proven digital assets and tokenized instruments can operate within securities finance markets. Technology is no longer the question but deploying the technology at scale is. This panel will discuss the different tools offered, true adoption across custody, execution, collateralization, and the maintenance they truly require. We will debate the structural, economic, and institutional barriers to scale, as well as examine where adoption is and isn’t gaining traction, and whether securities finance will look fundamentally different in the near future.

Regulatory reform and market structure change are now inseparable, and no firms feel that weight more directly than the broker dealers whose balance sheets sit at the center of the system. From Basel III Endgame and Rule 15c3-3 to Rule 10c-1a, expanded clearing requirements, and infrastructure modernization - the cumulative pressure is reordering how broker dealers price risk, allocate balance sheet, and engage with clients across securities lending, repo, and financing markets. The question is no longer how firms comply, but how participants make strategic decisions around market structure going forward. This panel brings the full intermediation chain into the conversation - the firms deploying capital, the agents managing supply, and the clients whose access to liquidity depends on both.

Collateral has become the common language of modern securities finance, and broker dealers are among its most active translators. As high-quality liquid assets become scarcer and regulatory constraints tighten, the firms that intermediate collateral flows face increasingly complex decisions about how inventory is sourced, transformed, and deployed, and how the risks embedded in those decisions are priced and managed. Counterparty exposure, wrong-way risk, and concentration risk are no longer separate from collateral optimization; they are part of the same calculation. Triparty platforms, optimization technology, and cross-border mobility are redrawing the economics of how broker dealers, beneficial owners, and hedge funds interact and who captures value at each step. This panel examines how broker dealers are balancing efficiency with risk discipline, what beneficial owners are demanding in return, and what the pressure on margins mean for how collateral will be priced, moved, and optimized.

The S&P 500 is not just a performance benchmark; it is a real-time signal about where capital is flowing, which sectors are gaining or losing institutional weight, and how the largest pools of money in the world are positioning for what comes next. For an industry whose daily activity is shaped by supply, demand, and the movement of institutional portfolios, understanding what equity markets are signaling is not background context - it is front and center intelligence. There will be an unfiltered view of where US equities are headed, which themes are driving institutional reallocation, and what the resulting shifts in portfolio composition mean for securities lending supply, collateral dynamics, and the financing decisions of beneficial owners, broker dealers, and hedge funds. 

Cliff Drysdale Tennis Courts, The Ritz Carlton Key Biscayne

The talent question in securities finance is not simply about succession; it is about conflict. Senior leaders are being pulled in directions that work in opposing directions - developing the next generation while AI transforms the skills that generations will need, retaining institutional knowledge while the tools being deployed are designed to systematize it, building a more efficient workforce while the people who make the market function today are the ones most affected by that efficiency. This session will debate this conflict on and examine what it means for how firms are organized, how talent is developed, and what kind of leadership this market will require in 2035.

The repo market is undergoing one of the most significant structural transformations in decades. Expanded U.S. Treasury clearing requirements, the growth of sponsored repo, evolving CCP access models, and ongoing balance sheet constraints are reordering how liquidity is sourced, financed, and distributed, with consequences that extend from how banks fund their balance sheets overnight to how financing desks price and extend credit to their most active counterparties. For pension funds, endowments, and insurance companies managing cash collateral reinvestment programs alongside lending returns, the changing architecture of repo markets is a program-level decision, not a back-office consideration. This panel examines how market participants across the full spectrum, from beneficial owners and agent lenders to broker dealers and CCPs, should be adapting as the industry's liquidity infrastructure takes shape.

The answer has always been straightforward: beneficial owners, pension funds, sovereign wealth funds, endowments, and insurance companies whose portfolios form the foundation of the securities lending market. But that foundation is shifting. The growth of ETFs, fully paid lending programs, retail participation, and digital distribution models have introduced new pools of inventory. The change in supply directly affects how beneficial owners think about their programs, agent relationships, collateral parameters, and return expectations. This session puts beneficial owners at the center, examining the strategic choices they are making and what the evolution of the lending market means for the institutions whose assets make it function. 

Over three days, this conference will exam the regulatory forces, capital flows, funding pressures, talent challenges, and technological shifts collectively rewriting the rules of securities finance and collateral management. This closing forum will build on those conversations with a single question - what decisions need to be made, and by whom, before this industry looks the way it needs to look? The answer cannot come from intermediaries alone. The beneficial owners whose capital underwrites the market, the hedge funds whose demand drives it, the broker dealers whose balance sheets intermediate it, the agent lenders who connect supply to demand, and the technology firms building its infrastructure each hold a different and necessary piece. This is where those perspectives come together, not to summarize what has been said, but to decide what the industry is going to do about it.

Crandon Golf at Key Biscayne (Transportation will be provided).