Washington, D.C., Sept. 25, 2009 — The Securities and Exchange Commission today announced the panelists for its September 29 and September 30 roundtable in Washington D.C. to discuss securities lending and short sale issues.
Additional Materials
- Spotlight on Short Sales
- Notice of Roundtable Discussion; Request for Comment
- View comments
- Submit comments
The roundtable will begin at 9:30 a.m. on both days with opening remarks from SEC Chairman Mary L. Schapiro.
"Securities lending was once thought to be a way to earn a few extra points of return, with little or no risk," said Chairman Schapiro. "Events of last year reveal the risk was present. As a result, we need to consider ways to enhance investor-oriented oversight of this multi-trillion dollar market."
Chairman Schapiro added, "We also must focus on a flip-side of securities lending — short selling. That's why the roundtable will also examine potential short sale pre-borrow and hard locate requirements and short sale disclosures."
Panel topics will include discussions of securities lending practices, possible short sale pre-borrowing requirements and additional short sale disclosures.
Roundtable participants will include representatives of corporate issuers, financial services firms, beneficial owner lenders, lending agents, borrowers of securities, self-regulatory organizations, international regulators and the academic community.
The roundtable will be held at the SEC's headquarters at 100 F Street NE in Washington, D.C., and will be open to the public with seating on a first-come, first-served basis. The roundtable also will be webcast on the SEC's Web site.
For additional information about the roundtable, contact the SEC's Division of Trading and Markets at (202) 551-5720.
Agenda and Panelists
September 29, 2009
9:30-9:40 a.m.
Opening Remarks from SEC Chairman Mary L. Schapiro
9:40-10:50 a.m. - Panel 1
Overview of Securities Lending: Participants; Process; Benefits and Pitfalls
- Jerry Davis, New Orleans Municipal Employees' Retirement System
- David Downey, OneChicago
- Irving Klubeck, Pershing LLC
- William Pridmore, William F. Pridmore, Ltd.
- Professor Adam Reed, University of North Carolina
10:50-11 a.m. - Break
11 a.m.-12:30 p.m. - Panel 2
Securities Lending and Investor Protection Concerns: Cash Collateral Reinvestment; Default; Lending Agent Compensation and Fee Splits; Proxy Voting
- Patrick Avitabile, Citigroup
- Ed Blount, Center for the Study of Financial Market Evolution
- Karen Dunn Kelley, Invesco
- Bruce Leto, Stradley Ronon Stevens and Young, LLP
- Kathy Rulong, Bank of New York Mellon Corporation
- Julia Short, RidgeWorth Investments
- Christianna Wood, Internat'l Corporate Governance Network
12:30-1:30 p.m. - Lunch Break
1:30-2:40 p.m. - Panel 3
Improving Securities Lending for the Benefit of Investors: Transparency; Electronic Platforms; Central Counterparties; Accountability
- Gregory DePetris, Quadriserv, Inc.
- Christine Donovan, Brown Brothers Harriman
- Aaron Gerdeman, Sungard
- Chris Jaynes, eSecLending
- Mike McAuley, State Street Corporation
- Jeff Petro, Federated
- Shawn Sullivan, Credit Suisse
2:40-2:50 p.m. - Break
2:50-3:55 p.m. - Panel 4
The Future of Securities Lending and Potential Regulatory Solutions: Market Evolution; SEC's Role; Assessing any Regulatory Gaps
- Mark Faulkner, Data Explorers
- Richard Ketchum, FINRA
- John Nagel, Citadel Investment Group, L.L.C.
- Leslie Nelson, Goldman Sachs
3:55-4 p.m.
Closing Remarks from SEC Chairman Mary L. Schapiro
September 30, 2009
9:30-9:40 a.m.
Opening Remarks from SEC Chairman Mary L. Schapiro
9:40-11 a.m. - Panel 1
Controls on "Naked" Short Selling: Examination of Pre-Borrow and Hard Locate Requirements
- William Conley, Goldman Sachs
- Peter Driscoll, Security Traders Association
- Dr. Frank Hatheway, NASDAQ OMX Group
- William Hodash, The Depository Trust & Clearing Corporation
- Paul Lynch, State Street Corporation
- Michael Mendelson, AQR Capital Management
- Dennis Nixon, International Bancshares Corporation
- William O'Brien, Direct Edge
- Thomas Perna, Quadriserv, Inc.
11-11:10 a.m. - Break
11:10-12:25 p.m. - Panel 2
Making Short Sale Disclosure More Meaningful: Public versus Non-Public Reporting; Consolidated Tape Disclosure; Timeliness of Information
- Professor James Angel, Georgetown University
- David Carruthers, Data Explorers
- Richard Gates, TFS Capital LLC
- Michael Gitlin, T. Rowe Price
- Jesse Greene, IBM
- Joseph Mecane, NYSE Euronext
- Michael Treip, UK Financial Services Authority
12:25-12:30 p.m.
Closing Remarks from SEC Chairman Mary L. Schapiro