29 April 2014
London

SWIFT Business Forum - London 2014

Agenda

29 April 2014 – Doing good business in an era of re-regulation

08:00 – 09:00

Welcome coffee and registration open

09:00 – 09:15

Opening remarks

  • Arun Aggarwal, Managing Director, UK & Ireland, SWIFT

09:15 – 09:25

Keynote – The future of London as a financial centre

  • Fiona Woolf, Lord Mayor of the City of London

09:25 – 10:30

Opening panel - Fighting financial crime: strategies for compliance

In 2012, the updated Financial Action Task Force (FATF) Recommendations raised the bar for effective implementation of the legal, regulatory and operational measures needed to successfully combat money laundering and terrorist financing. Now, FATF’s international standard framework for the measures countries should implement in order to combat financial crime is on its way to being enacted in EU law, as the revised Anti Money Laundering Directive and Funds Transfer Regulation continue their progress through the EU Parliament. How far will these regulatory changes reshape the AML/KYC environment for firms operating in the London market? What are the operational impacts for banks of a tougher regime for fighting financial crime? Is there scope to take a collaborative approach to complying with the more rigorous standards for AML/KYC being put in place – and if so, how could the industry kick-start such a collaboration?

  • Julia Dunn, Chief Compliance Officer, Nationwide
  • Tracey McDermott, Executive Board Member, Director of Enforcement and Financial Crime, FCA
  • Barbara Patow, Global Head of GBM Financial Crime Compliance, HSBC
  • Justine Walker, Director, Financial Crime (Sanctions and Bribery), British Bankers’ Association
  • Paul Lewis, Business Journalist (moderator)

10:30 – 11:00

Coffee break, networking and exhibition open

11:00 – 12:00

Dedicated business streams

Compliance
Fighting financial crime: solutions for compliance

Sanctions compliance and KYC related activities are consuming more and more of financial institutions’ precious resources. The more jurisdictions a business operates in, the bigger the burden. Having measures in place to fight financial crime is a prerequisite for being in business, but it brings no competitive advantage. How do we achieve the right balance between maximum compliance and cost effectiveness? What do financial institutions need in terms of solutions? Do utility approaches make sense? And what will be needed to make them work?

  • Steve Allen, Managing Director, Global Payments, Barclays
  • Ian Horobin, CEO, Omnicision
  • Geraldine Lawlor, Head of Group Financial Crime, RBS
  • Javier Pérez-Tasso, Chief Marketing Officer, SWIFT (moderator)

Investors
T+2 settlement: the impact on investors

The UK and Irish capital markets will move to a shortened T+2 securities settlement timeframe from October 2014, in advance of the anticipated deadline of 1 January 2015 in the EU Central Securities Depositories Regulation (CSD-R). What impact will T+2 have on the investor community? How will collateral and liquidity management requirements change? Will investors need to modify their processes – or will their service providers solve the problem for them? What will be the cost implications, and who will end up paying?

  • Staffan Ahlner, Managing Director, Global Collateral Services, BNY Mellon
  • Ian Cowan, Managing Director, Global Head of Trade Operations, BlackRock
  • Richard Gray, Vice President, Operations, Morgan Stanley
  • Mike Pavey, Head of Group Portfolio Services, Schroders
  • Angus Fletcher, Head of Market Advocacy, Global Transaction Banking, Deutsche Bank (moderator)
     

Market Infrastructures
The evolution of MIs: Meeting the resilience challenge

With the regulators mandating greater use of market infrastructures, what are MIs doing in order to maintain availability and ensure both operational and financial resilience - especially in light of the CPSS-IOSCO requirements? Are MI users comfortable with how their infrastructures are responding in this evolving landscape? And how are MIs dealing with the ever-increasing threat of cyber-crime?

 

  • James Barclay, Executive Director Global Market Infrastructures, J.P. Morgan
  • Mark Hale, Director of Business and Operations, CHAPS Co
  • John Trundle, Chief Executive Officer, Euroclear UK and Ireland
  • Coen Voormeulen, Division Director, Cash and Payment Systems, De Nederlandsche Bank
  • Harry Newman, Head of Market Initiatives EMEA, SWIFT (moderator)

11:00 – 12:00

Special interest sessions

T2S: Reaping the benefits
In partnership with BNP Paribas Securities Services

 
With testing starting this year and the first live usage scheduled for 2015, TARGET2-Securities (T2S) is rapidly moving from theory to reality. For all players involved in securities settlement in Europe, 2014 is a crucial year for decision-making related to T2S. Do you fully understand how T2S will impact your business model and your operations? Do you have a clear picture of the services you will require in the post-T2S environment? Are your chosen service providers giving you enough of the right information about how they can help and what you need to do when? This session will explore what you need to know - and do - in 2014 in order to be sure of reaping the benefits of T2S in your business going forward.

  • Alex Dockx, Executive Director, Product Strategy, Regulations and Market Infrastructures, IJ.P. Morgan
  • Warren Alsop, Director, Head of Network Management & Market Infrastructure, Bank of America Merrill Lynch
  • Philippe Castelanelli, Global Head of Network Management and Market Intelligence, HSBC
  • Philippe Ruault, Head of Products Clearing, Settlement, Custody, Trade and Market Services, BNP Paribas Securities Services (moderator)

The new, changing digital landscape
In partnership with Lloyds Bank


Financial institutions are making significant investments and technology upgrades in response to the changing digital landscape. This session will explore how these will create competitive edge and increase efficiency. What is the current state of play with mobile payments, and what further developments are under way to drive adoption and usage of mobile technology? The card industry may still centre around credit and debit cards, but this session will explore how new virtual and digital developments are re-shaping the ways in which consumers pay - and how quickly we will see a move from plastic cards. In addition to the benefits of convenience and reliability, the session will examine the evolving security and privacy issues providers of new payment technologies must consider.

  • Peter Cousins, CTO, Bottomline
  • Sean Gilchrist, Channels & Commercial Digital Director, Global Transaction Banking, Lloyds Bank Commercial Banking
  • Paul Taylor, Managing Director, Banks, Lloyds Bank Commercial Banking
  • Ian Footit, Partner, Deloitte (moderator)

12:00 – 13:30

Lunch, networking and exhibition open

13:30 – 14:30

Dedicated business streams

Compliance
On the alert: mining Big Data for compliance

Faced with an ever-increasing need to monitor risk to meet compliance obligations, banks need a consolidated view of their business activities. Local activities can to cause global headaches - so how can organisations be sure that boardroom policies are supported by back office activities? How can advances in big data availability and management be exploited to create insights here, and is it possible – or even advisable – to develop industry standards and best practices in this area? How far is the industry prepared to go to shed more light on areas of concern?

  • James Cadwallader, Global Head of Intelligence & Analysis, Financial Crime Risk, Standard Chartered
  • Patrick Craig, Partner, EMEA Financial Services Advisory, Ernst & Young
  • David Porter, Head of Fraud Strategy, SAS
  • Brigitte De Wilde, Compliance Analytics & Services, SWIFT (moderator)

Investors
The regulation challenge: outsource or DIY?

AIFMD, RDR, MiFID… How many more? The onslaught of regulation impacting investment managers continues. Is it a valid option for asset managers to outsource their compliance responsibilities to their service providers – and what are the pros and cons of this approach? With regulators preoccupied with the potential impact of the failure of major outsourcers, what does the investment community need to do to mitigate this risk? Are the increasing costs of regulatory compliance affecting fund performance, or is this just a rounding error? And as global funds move from West to East how much does the obligation to comply in multiple jurisdictions compound the compliance challenge for investors?

  • Ronnie Griffin, Global Head of Trustee & Fiduciary Services, HSBC Securities Services 
  • Angus Milne, Head of Compliance, TCI Fund Management
  • Terri Van Praagh, Senior Vice President, Head of Investment Operations, Northern Trust
  • Susan Wright, Senior Regulatory Advisor, Investment Management Association
  • Dominic Hobson, Founder, COO Connect (moderator)
      

Market Infrastructures
Payments MIs: Managing speed with safety

Payments Market Infrastructures (PMIs) concentrate payment, clearing, and settlement activities and trade data in order to manage risk better and to reduce costs and delays. By performing centralised activities, however, PMIs also concentrate risks and create interdependencies. In a landscape being fundamentally changed by more intense regulatory scrutiny, ever-faster payments and the emergence of new entrants, to what extent are new players disrupting the market and transforming the payments paradigms, how is the business and risk management picture for PMIs changing? How is this impacting their communities? And how well are PMIs evolving in line with these changes?

  • Francesco Burelli, Partner, Value Partners 
  • Mark Curran, Payment Technical Services Director Global Payments, Lloyds Banking Group 
  • Adrian Kamellard, Chief Executive Officer, UK Payments Council
  • Carlos Sanchez, Chief Executive Officer, ipagoo
  • Chris Skinner, Chair, the Financial Services Club (moderator)

13:30 – 14:30

Special interest sessions

The future of cash and securities processing: Is 24/7 possible and desirable?
In partnership with Clearstream Banking

Given the very positive developments following the extension of the processing day into the Asian time zone, extending the processing day into the US time zone is the natural and logical next step. What impact would this have on your internal processing and your current activities in Europe, Asia and the Americas? How would you benefit from such an extension? This session will explore what institutions what institution would need to do to accommodate 24/7 processing and how this might change the competitive landscape.

  • Ross Dillworth, Head of Liquidity, Collateral and Network, Barclays
  • Richard Glen, Head of GSF Sales and Relationship Management UK and Americas, Clearstream  
  • Ben Parker, EMEA Head of Clearing and Settlement, UBS Investment Bank
  • Gerard Smith, Head of Product Development Collateral Services, LCH.Clearnet
  • Bob Currie, Editorial Director and Co- Founder of Financial Services Research

Trade reporting: Now and in the future
In partnership with CME European Trade Repository

EMIR reporting requirements for positions and trades for over-the-counter and exchange traded derivatives began on 12 February 2014. This session will summarise the developments to date, discuss the shortfalls of reporting, and provide an open forum to debate the future of trade repositories.  Focusing on what has happened since 12 February, the session will look at efficient and simplest reporting mechanisms, delegated reporting alternatives, the competitive landscape and lessons learned, and porting transactions. Looking forward to 11 August, topics up for discussion will include collateral and valuation reporting and AIFMD reporting requirements and impacts. Focusing even further ahead, the session will explore what the future looks like for trade repositories, in light of MiFID II, ARM reporting and REMIT.

  • Daniel Corrigan, CEO, CME European Trade Repository, CME Group
  • Daniel Jude, Global Head of Business Development, Repository Services CME Group
  • Ed Newman, Senior Manager, Business Risk Services, Grant Thornton
  • John Saffrett, Managing Director, Head of Change Management, Newedge UK Financial
  • Allan Yip, Partner, Simmons & Simmons

14:30 – 15:30

Dedicated business streams

Compliance
In the spotlight: shadow banking

As part of their ongoing reform of the banking sector, EU regulators are turning their attention to shadow banking activities, specifically securities financing. Their aim is to improve the transparency of securities lending and repo transactions, ensuring that authorities and all market actors get an appropriate understanding of how the markets work and the magnitude and nature of any potential risks. As a result, market participants involved in securities financing will need to comply with new rules around transaction reporting, adding further to the already heavy regulatory compliance burden for financial institutions. What is the timeline for the legislation impacting shadow banking? What is the value of regulating this part of the market? What implications will it have at the business and operational levels for financial institutions? Does the regulation of shadow banking have any implications for competition between different types of market players? Can firms leverage the investments they have already made to comply with regulation such as EMIR? And what do market participants need to do this year to prepare for this next frontier of regulatory focus?

  • Daniel Corrigan, CEO, CME European Trade Repository, CME Group
  • Godfried DeVidts, Director of European Affairs, ICAP
  • Barrie Wilkinson, Partner and Co-Head of Finance & Risk practice, EMEA, Oliver Wyman
  • Natasha De Teran, Head of Corporate Affairs, SWIFT (moderator)


Investors

The future of fund distribution: evolving business models to adapt to the new normal

The European fund distribution landscape is changing, as drivers like the Retail Distribution Review and MiFID2 force the emergence of new business models. So what is the new normal for European fund distribution? How are fund managers reviewing their distribution strategies and weighing up the benefits of active versus passive approaches? Is the industry still reaching smaller investors? What will be the impact of the generational shift away from risk assets, and is there a need to focus on emerging markets in order to survive?

  • Stewart Cazier, Managing Director, Henderson Global Investors
  • Rhodri Mason, Head of Investment Solutions & Product Strategy, Hermes Fund Managers 
  • David Moffat, Group Executive, International Financial Data Services
  • Stephen Mohan, Head of UK & Ireland, Allfunds Bank UK
  • Bill Wrest, Head of Business Innovation Corporate, Non-bank Financial Institutions, Barclays
  • Edward Glyn, Managing Director, Calastone (moderator)


Market Infrastructures
Securities MIs:  building on harmonisation

Regulation such as Dodd-Frank and CSD-R and harmonisation initiatives such as T2S are fundamentally reshaping the environment for securities market infrastructures – and their communities. New MIs – trade repositories, new CSDs - are being created, and existing providers are being forced to look at new services in order to compete. Meanwhile, MI communities need to formulate coherent strategies to accommodate interactions with these new infrastructures – from both a process and technology perspective. Are MIs doing enough to help their communities to streamline their communications with their infrastructures? And are they working successfully with their users to capitalise on this move to standardisation across all of their activities – from reporting, clearing, settlement and asset servicing?

  • Thilo Derenbach, Executive Director, Customer Relations and General Manager, Clearstream Banking London
  • Goran Fors, Head of Custody Services, SEB
  • Eric de Gay de Nexon, Head of Strategy for Market Infrastructures, Societe Generale
  • Alberto Pravettoni, Chief Executive Officer, Repo & Exchanges, LCH
  • Juliette Kennel, Head of Market Infrastructures, SWIFT (moderator) 

14:30 – 15:30

Special interest sessions

Extended Remittance Information: Leveraging investments to improve automation and drive revenues
In partnership with HSBC

Corporates of all sizes are always looking for more streamlined accounts receivables processes , and many have chosen to use ACH payments to reduce costs – but ACH payment systems were not designed to carry large amounts of remittance data. This is creating a reconciliation problem. This session will explore how banks and corporates must leverage the huge investments made in new XML formats to provide more value-added information – to further automate the reconciliation process and create new business opportunities. Hear from corporates about their proof of concept experiences of the new solution, the value derived and what they want from their banks in this area. And hear from banks about how the Extended Remittance scheme enables them to increase customer loyalty and build a foundation for additional services.

Bringing it all together: Behavioural monitoring to protect innovation
In partnership with Fiserv

A commercial banking client uses your latest tablet app to initiate an unusually large wire transfer to a new counterparty in a foreign jurisdiction. Legitimate transaction, or something else? Before that message completes (or even starts) its journey, the bank needs to address a growing myriad of security and integrity risks, ranging from identity theft and internal fraud to money laundering and sanctions violations. This session explores the worrisome state of behavioral monitoring software implementations as a means to keep up with regulators and criminals, but also with innovation in digital channels and (payment) infrastructures. Can risk technology get it right and bring a competitive advantage?

  • Jeroen Dekker, Senior Product Manager, Financial Crime Risk Management, Fiserv

15:30 – 16:00

Coffee break, networking and exhibition open

16:00 – 16:45

Closing panel

Cyber: The battle continues

The threat to cyber security is growing ever more intense. As attacks become more sophisticated, are our industry’s defence mechanisms keeping up? What do financial services players need to do from a strategic and an operational/technology perspective to stay ahead of the cyber attackers and protect their businesses and their customers? And is there enough collaboration between players to fend off this common threat?

  • Vas Rajan, Chief Information Security Officer, CLS
  • Michael Fish, Chief Information Officer, Head of Information Technology and Operations, SWIFT
  • Chris Perretta, Executive Vice President and Chief Information Officer, State Street
  • Bryan Glick, Editor in Chief, Computer Weekly (moderator)

16:45 – 17:00

Closing remarks

  • Alain Raes, Chief Executive EMEA and Asia Pacific, SWIFT

17:00 – 18:30

Cocktail, networking and exhibition open