ISLA Americas U.S. Treasury Clearing Briefing

  • 7 April 2025
  • New York City, USA

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    04/7/2025 12:45 PM 04/7/2025 07:00 PM America/New_York ISLA Americas U.S. Treasury Clearing Briefing On Monday, April 7, 2025, for the ISLA Americas U.S. Treasury Clearing Briefing to be held at Bank of New York (BNY), 240 Greenwich Street, New York. New York City, USA

Hosted By

  • BNY

    BNY

  • GLMX

    GLMX

12:30 – 12:45 PM

Arrival & Refreshments

12:45 – 1:00 PM

Welcome & Opening Remarks

Our welcome session will provide a brief overview of the new U.S. Treasury clearing rules and set the stage by asking 'Why these changes matter for the securities Lending industry?'

Speakers

  • Fran Garritt, Chief Executive Officer

    ISLA Americas

  • Nehal Udeshi, Global Head of Securities Finance

    BNY

1:00 – 1:45 PM

Understanding the New Treasury Clearing Rules & Their Implications

Our first panel of the day will explore in detail the new clearing rules including:

· Overview of the new rules and their objectives (e.g., enhanced transparency, risk mitigation).

· Key timelines and milestones, including the FICC repo clearing go live date and related on advocacy.

· Impact on the market, market liquidity, and market participants.

· Regulatory perspectives and potential enforcement implications. 

Moderator

  • Nate Wuerfel, Head of Market Structure,

    BNY

Speakers

  • Glenn Havlicek, Chief Executive Officer

    GLMX

  • Susan Hill, Portfolio Manager

    Federated Investors, Inc.

  • Jim Hraska, Managing Director, Head of Client Solutions, Clearing and Settlement Services

    DTCC

  • Bill Martinez, Portfolio Manager

    PIMCO

  • Barrie Ringelheim, Managing Director

    Citigroup

1:45 – 2:30 PM

ISLA Americas Working Group – Agent Repo/Cash Desk Readiness and Beneficial Owner Impact

This session will explore key discussion points from the ISLA Americas Working Group, including:

How are the cash desks preparing for the transition.

Trading, trade types, set-up, onboarding, and account readiness concerns.

What does UST Clearing mean for the beneficial owners and how they begin preparing.

The voice of the industry

Moderator

  • Bradley Fryer, Executive Director

    JPMorgan

Speakers

  • Robert Fort, Director of Global Growth Initiatives, Securities Lending,

    BNY

  • Joseph Gillingwater, Global Head of Fixed Income Securities Finance Trading

    Northern Trust

  • Curt Murphy, Portfolio Manager

    State Street Global Advisors

2:30 – 3:00 PM

Afternoon Refreshment Break

3:00 – 3:30 PM

Fireside Chat Discussion with Manmohan Singh, IMF – Assessing the Impact on Global Plumbing for U.S. Treasuries

Join Fran Garritt, CEO of ISLA Americas, as he engages Dr. Manmohan Singh, Senior Economist at the IMF in a thought-provoking discussion on the implications of U.S. Treasury clearing rules for the global financial system's "plumbing" for U.S. Treasuries. Together, they will compare the U.S. framework with repo clearing mechanisms and collateral reuse, in Europe and other jurisdictions, drawing on lessons from markets where CCP clearing has been adopted for repo and securities lending. This dialogue will explore how these rules shape cross-border liquidity, market stability, and the broader economic landscape, offering actionable insights for policymakers and market participants. Whether integrated into the Economic Impact discussion or presented as a standalone segment, this conversation promises to shed light on the evolving role of U.S. Treasuries in the global financial ecosystem.

Speakers

  • Fran Garritt, Chief Executive Officer

    ISLA Americas

  • Dr. Manmohan Singh, Senior Economist

    IMF

3:30 – 4:15 PM

Documentation Readiness – Preparing for UST Clearing

The penultimate session will explore just how ready the industry is for the upcoming changes:

· Key challenges for documentation, legal agreements, and compliance.

· Can we streamline the documentation process – where can we find future efficiencies.

· Are all sides to the trade represented in the legals?

· Strategies to meet timelines with a positive outlook. 

Moderator

  • Rebecca Goldenberg, Vice President

    JPMorgan

Speakers

  • Brandon Hammer, Partner

    Cleary Gottlieb Steen & Hamilton LLP

  • Larry Kornreich, Managing Director

    Goldman Sachs

  • Robert Toomey, SIFMA

    Head of Capital Markets, Managing Director

  • Dina Yavich, Assistant General Counsel

    JPMorgan

4:15 – 5:00 PM

Economic and Market Impact Under the New Rules

Our final session will look at the near and long term impacts of the new rules and what they could mean for you.

· Analysis of potential impacts on funding rates, liquidity, and pricing for agent lenders, borrowers, and repo desks.

· Evaluation of proposed models and impact on margin, capacity and financing spreads.

· Money market participants in FICC and near-term growth projects.

· Challenges for the market to get to 100% clearing 

Moderator

  • Brett Davis, Director

    BlackRock

Speakers

  • Michael Cloherty, Director

    UBS

  • John Falcone, Managing Director, Head of North American Funding

    Garda Capital Partners LP

  • Saad Rehman, Executive Director

    J.P. Morgan Asset Management

  • Casey Spezzano, Managing Director, Head of Customer Sales and Trading

    NatWest Markets Securities Inc. (Vice Chair, TMPG - Treasury Markets Practices Group)

5:00–7:00 PM

ISLA Americas Connects Reception

Kindly Sponsored By:

  • BNY

    BNY

  • GLMX

    GLMX

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