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Program

Conference Co-Chairs:
Philip Cedar, Senior Managing Director, Bear, Stearns & Co. Inc.
Robyn Huffman, Managing Director, Goldman, Sachs & Co.

7:00-7:45 a.m.
Registration & Breakfast

Exhibitor Hall Open

7:45-8:30 a.m.
Welcome and Introduction

Featured Speaker:

William Dudley, Executive Vice President,
Federal Reserve Bank of New York

8:30-9:30 a.m.
The Changing Environment

An up-to-the minute discussion of the new landscape for fixed income markets, including both the changing product mix (e.g., CDS) and the evolving trading environment, as well as increasing regulatory scrutiny (e.g., Congress, the Treasury Department and others).

Moderator: Brandon Becker, Partner, WilmerHale

Panelists:
Adam Cooper, Senior Managing Director & General Counsel, Citadel Trading Group LLC
E. Gerald Corrigan, Managing Director, Goldman, Sachs & Co.
Gillian Tett, Capital Markets Editor, Financial Times

9:30-10:45 a.m.
Fixed Income Regulation

Members of the SEC, NASD, NYSE and OCC will present an overview of recent initiatives affecting the fixed income markets, and discuss current topics involving regulation of the bond markets. Topics include mark-up and best execution, trade reporting, transactions with retail customers, fixed income research, exchange-traded debt securities and the Interagency Statement on Complex Structured Finance Activities.

Moderator: Stephen Cutler, Executive Vice President, General Counsel, JPMorgan Chase & Co.

Panelists:
Kathryn Dick, Deputy Comptroller for Credit and Market Risk, Office of the Comptroller of the Currency
Catherine McGuire, Chief Counsel in the Division of Market Regulation, U.S. Securities and Exchange Commission
Marc Menchel, Executive Vice President & General Counsel, NASD
Grace Vogel, Executive Vice President, New York Stock Exchange

10:45-11:00 a.m.
Refreshment Break

11:00-12:00 p.m.
Concurrent Sessions

Primary Market Issues

This panel will discuss current issues affecting primary offerings of fixed income securities. Topics include implementation concerns surrounding Securities Offering Reform Rule 159 and the impact of XBRL on dilligence.

Moderator: Bruce Bennett, Partner, Covington & Burling LLP

Panelists:
Stuart Fishman, Executive Director & Assistant General Counsel, JPMorgan Chase & Co.
Isaac Osaki, Managing Director & Associate General Counsel, Banc of America Securities
Norm Slonaker, Partner, Sidley Austin LLP

Treasury/Repo Securities

This panel will discuss how firms are addressing legal and compliance issues in the repo market in conformity with the recently published "Treasury Market Best Practices." Market professionals will discuss how the compliance and legal function is integrated into the business operations and how firms look for possible questionable behavior to minimize legal and reputational risk. Panelists will also discuss industry efforts to minimize widespread fails in the Treasury securities market.

Moderator: Robert Cook, Partner, Cleary, Gottlieb, Steen & Hamilton LLP

Panelists:
Ranada Fergerson, Managing Director and Associate General Counsel, Bank of America
Rose-Anne Richter, Managing Director, Fixed Income, Commodities and Futures Compliance, Morgan Stanley
Andrew Waskow, Vice President, General Counsel, Goldman, Sachs & Co.

12:00-1:00 p.m.
Concurrent Sessions

Compliance Roundtable

This panel will address the needs, challenges and possible solutions for compliance professionals in fixed income markets today.

Moderator: Stuart Wexler, First Vice President, Merrill Lynch

Panelists:
Mark Catana, Executive Director and Assistant General Counsel, JPMorgan Chase & Co.
Anahaita Kotval, Deputy General Counsel, RBS Greenwich Capital
Malcolm Northam, Director of Fixed Income Securities, National Association of Securities Dealers
Donna Powell, Head of Fixed Income Compliance, Credit Suisse

Municipal Securities

A panel including representatives of the SEC, MSRB and NASD will discuss current issues in the municipal market, including trade reporting, access equals delivery, and recent municipal enforcement matters.

Moderator: Pamela Peterson, Director, Senior Attorney, UBS Securities LLC

Panelists:
Carol L. Lew, President of the National Association of Bond Lawyer, and Shareholder, Stradling, Yocca, Carlson & Rauth, Newport Beach, California
Martha Mahan Haines, Chief, Office of Municipal Securities & Assistant Director, Division of Market Regulation, Securities and Exchange Commission
Robert E. Henn , Manager, Tax Exempt Bond Field Operations, Internal Revenue Service
E. Randolph Hooks, Executive Director and Assistant General Counsel, JPMorgan Chase & Co.
Diane Klinke, General Counsel, Municipal Securities Rulemaking Board

1:00-2:00 p.m.
Lunch & Featured Speaker: David Gergen

David Gergen Presidential Adviser, Harvard Professor and Author

2:00-3:00 p.m.
Material Nonpublic Information

A discussion of current issues related to confidential and material nonpublic information including interactions between investment banking personnel with sales and trading, vendor subscription information containing MNPI, providing "market color", loan level disclosures, trading desk involvement in reorganizations and restructurings, and proprietary trading.

Moderator: Robyn Huffman, Managing Director, Goldman, Sachs & Co.

Panelists:
Peter Chase, Director, Barclays
Gary M. Rosen, Director of Fixed Income Compliance, Lehman Brothers Inc.
Michele Siano, Managing Director, Citigroup
Robert F. Wise, Partner, Davis, Polk & Wardwell

3:00-4:00 p.m.
Concurrent Sessions

Litigation and Enforcement Update

A report of critical litigation and enforcement issues of interest to bond market practitioners including bankruptcy, and recent class-action suits.

Moderator: Edward Turan, Managing Director, Citigroup Global Markets

Panelists:
W. Hardy Callcott, Partner, Bingham McCutchen
Seth Grosshandler, Partner, Cleary Gottlieb Steen & Hamilton LLP
Robert Pietrzak, Partner, Sidley Austin LLP
Mark F. Pomerantz, Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP

MBS/Structured Products

This panel will focus on the continued development in practice under Reg. AB including servicing assessments and an overview of how 144A practice has been influenced by Reg. AB and offering reform. Panelists will also discuss legal, regulatory and legislative updates on mortgage origination, securitization, and the role of the secondary market in subprime lending initiatives.

Moderator: Phil Cedar, Senior Managing Director, Bear, Stearns & Co. Inc.

Panelists:
Myongsu Kong, Director & Counsel, Citigroup Global Markets Inc.
Stephen S. Kudenholdt, Partner, Thacher Proffitt & Wood LLP
Larry Platt, Partner, K&L Gates

4:00-4:15 p.m.
Refreshment Break

4:15-5:15 p.m.
Developing New Products and Services

This panel will discuss the role of legal and compliance professionals in the development of new products and services, using in part the development of structured products designed for retail as a case study. The panel will discuss existing guidance including the Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Transactions, NASD Notices To Members 05-26 and 05-59, Counterparty Risk Management Policy Group II and the OCC Bulletin 2004-20.

Moderator: John Ramsay, Managing Director, Citigroup

Panelists:
Catherine M. Clarkin, Partner, Sullivan & Cromwell LLP
Andres Vinelli, Chief Economist, National Association of Securities Dealers
Katherine Zrike, Managing Director, Merrill Lynch

5:15 p.m.
Cocktail Reception

Please visit this site for program updates.

Lynnette Hotchkiss
lhotchkiss@sifma.org
646.637.9218

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jfreimauer@sifma.org
212.618.0592