Agenda - ISLA Americas U.S. Treasury Clearing Briefing

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 & 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
Michael Kelley, Managing Director

Bank of America Securities Inc
Curt Murphy, Portfolio Manager

State Street Global Advisors
Donald Regan, Vice President Liquidity Trade Management

Goldman Sachs

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
Michael McAuley, Managing Director

BNY
Robert Toomey, Head of Capital Markets, Managing Director

SIFMA
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 (Chair, TMPG - Treasury Markets Practices Group)

5:00–7:00 PM

ISLA Americas Connects Reception

Kindly Sponsored By:

BNY
GLMX