Assistant Treasury Secretary Ryan Addresses Liquidity
On Tuesday, January 28, 2008, Treasury Assistant Secretary for the Financial Markets Anthony Ryan discussed the benefits and challenges resulting from the "incoming or receding tides of liquidity" and "their distinct properties and transmission mechanisms." Assistant Treasury Secretary Ryan stated that liquidity is vital sign of capital markets in that it facilitates economic growth and it simulates competition and innovation.
Click here to read Assistant Treasury Secretary Ryan's Remarks
Information Session on the Trade Information Warehouse for Derivatives
The Asset Managers Forum hosted a conference call on January 23 to update its members on the Trade Information Warehouse progress in 2007 and plans for 2008. Frank DeMaria and Marisol Collazo of DTCC reviewed the accomplishments during the past year including, implementing settlement services through CLS and piloting an improved novation protocol. A summary of planed initiatives for 2008 is included in a PowerPoint (link provided below). The AMF agreed to form a new Working Group of asset managers and custodians under its Derivatives Operations Committee to work to promote the efficient backloading of trades among the buy side and to encourage custodians to use the Warehouse for reconciliation and payments. The AMF will host additional buy side and custodian information sessions on industry advancements in derivatives processing throughout 2008. For additional information on the 1/23/08 Information Session, please click on two links to the conference call presentations.
Payment Calculations & Settlement Processing
AMF Presents at Operations Meeting
The Asset Managers Forum participated in the SIFMA Operations Committee Offsite Meeting on January 30 & 31. At the meeting, AMF Steering Committee member & Treasurer, Steve Chittenden of Loomis Sayles and staff provided an updated on the six major buy side operations initiatives which include:
-- derivatives processing
-- corporate actions
-- collateral management
-- standardized fail reporting
-- overdrafts prevention and resolution
-- enhancing STP
The major follow-up items for AMF include:
-- continuing to work with the Corporate Actions Division on U.S., then global, corporate actions processing matters
-- presenting the finalized Standard Fail Report to the Operations Committee
-- continuing to support industry efforts to eliminate paper confirms
-- updating the Operations Committee on buy side and custodian derivatives processing matters at a future meeting
The AMF appreciates the opportunity to meet with the SIFMA Operations Committee and looks forward to continuing the dialogue at future meetings. Norman Eaker of Edward Jones serves as Chair of the Operations Committee. Lisa Ilaria of New York Life Investment Management serves as Chair of The Asset Managers Forum.
Note: The Asset Managers Forum ("AMF") is the operations-oriented affiliate of the Asset Management Group ("AMG") of SIFMA. The AMF was formed in 1997 by securities processing professionals at major asset management firms. The Forum is a response to a long-standing need on the Street; namely, the opportunity for buy side, sell side, custodian bank and service provider professionals to jointly pursue the development of industry-wide processing and operations best practices, mutual challenges such as STP, Fails and Corporate Actions, and development of processes for new products and OTC derivatives. While the AMG remains focused on broad policy matters, the AMF is focused on nuts-and-bolts operations matters.
Important Publications:
SIFMA Update
Washington Weekly
Weekly Report of the American Securitization Forum
SIFMA SmartBrief (past five issues)