Joint Association Call-in: July 26th
Update on Recent Industry Advancements for Credit Derivatives
The Asset Managers Division ("AMD") of The Bond Market Association is hosting a call in cooperation with Managed Funds Association ("MFA") and the International Swaps and Derivatives Association ("ISDA") to update the buyside and other market participants on recent industry progress for credit derivatives. The AMD and MFA and ISDA have regular meetings with the Major Dealers on initiatives that enhance the trading and processing of Credit Derivatives. The Major Dealers have heard feedback from the buyside and have reported back to regulators.
Click here to view and print full Call-in Announcement
Call-in Details are as follows:
Date: Wednesday, July 26, 2006
Times: 10:00 a.m. - 11:15 a.m. (New York)
3:00 p.m. - 4:15 p.m. (London)
7:00 a.m. - 8:15 a.m. (California)
Call in: 1 (800) 289-0544 (United States)
1 (913) 981-5533 (International)
Passcode: 527-2412
If you plan to participate in this call-in event, please dial the above number approximately 15 minutes before meeting start time.
The three associations would like to raise the industry's awareness on their recent discussions and on the items which are a focus for dealers in 2006.
We have arranged a panel of speakers as part of this Call-in, as follows:
George Reis, Industry Consultant, The Bond Market Association (Call Moderator)
Tom Benison, J.P. Morgan Chase (Spokesperson for Major Dealers)
Terry Berland, Bear Stearns (Spokesperson for Major Dealers)
Ann Marie Davis, Citadel (Member of Senior Oversight Group)
Karel Engelen, International Swaps and Derivatives Association
David Inggs, Morgan Stanley (Spokesperson for Major Dealers)
James Glynn, Amaranth Advisors (Member of Senior Oversight Group)
Marjorie Gross, The Bond Market Association
James Keller, PIMCO (Member of Senior Oversight Group) (Invited)
Andrea Kirk, Goldman Sachs (Spokesperson for Major Dealers)
Stephanie Preis, Managed Funds Association
James Wallin, Alliance Capital (Executive Committee Member of the Asset Managers Division and Member of the Senior Oversight Group)
The specific call-in topics and questions to be addressed include:
1) The Group of 14's next goals and how the buyside can continue to help meet these goals.
2) Status on the Trade Warehouse
3) Update on the novation process
4) Discussion on working with vendors to promote automation
Q & A involving callers and panelists will follow direct presentations.
Should you have any questions concerning this call-in event, please contact Douglas Taggart at 646-637-9273 or dtaggart@bondmarkets.com or Deirdre Leahy at 212-901-6021 or dleahy@isda.org.
AMD to Discuss SEC Release at Executive Committee Meeting
On July 18, 2006, the SEC issued its final interpretive guidance (the "Release") regarding the meaning of the phrase "brokerage and research services" in Section 28(e), the eligibility criteria for "research" services, the eligibility criteria for "brokerage" services, and the appropriate treatment of "mixed-use" items and commission sharing arrangements. The Release also discusses a money manager's statutory requirement to make a good faith determination that commissions paid are reasonable in relation to the value of brokerage and research services received, and once again emphasizes that third party research arrangements and proprietary research arrangements are treated equally under the Section 28(e) safe harbor.
The Asset Managers Division will discuss the Release and it requirements as they relate to the business activities of asset managers at the Executive Committee meeting on July 27, 2006.
Click here to read Interpretive Release.