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