SEC & AMF Update on STP
At an AMF Lunch and Learn Event held at the Global Financial Markets Conference Center in New York, over 100 industry professionals gathered to hear a panel moderated by Brad Levy of Goldman Sachs on the future of STP in the fixed income markets. At the event, Jeffrey Mooney of the SEC provided an update on the Commission's progress in its review of the comments received relating to the STP Concept Release. Michael Wyne of Fischer Francis Trees & Watts and Julie Warren of New York Life Investment Management reaffirmed the buyside's commitment to developing best practices. On the sellside, Greg Burnes of Credit Suisse First Boston and Brad Levy discussed the common concerns that broker/dealers face in light of a possible SEC rule and stated their support for a best practices approach. In addition, John Burchenal of TradeWeb spoke about STP from the vendor perspective.
Brad Levy, Goldman Sachs
As moderator of the STP Lunch and Learn Event, Mr. Levy describes that the goal of the panel is to discuss the state of STP in the fixed income market. He states that the goal of STP is to increase efficiency and ultimately reduce risk.
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Jeffrey Mooney, Securities and Exchange Commission
SEC spokesperson and Senior Special Counsel Jeffrey Mooney offers a description (from a regulatory perspective) on STP and the Commission's Concept Release. Mr. Mooney summarizes the general industry response to the Securities Transactions Settlement Concept Release and explains that the industry's comments will provide a good framework for how the Commission will proceed.
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Greg Burnes, Credit Suisse First Boston
Mr. Burnes offers sellside insights into STP matters and states that best practices should be a goal for the industry and that best practices are necessary before any regulatory mandate.
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Michael Wyne, Fischer Francis Trees & Watts
Julie Warren, New York Life Investment Management
AMF Steering Committee members Julie Warren and Michael Wyne, explain the buyside's position on STP, which advocates confirming trades at the block level on trade date through industry best practices in order to reduce "pre-confirmation" risk. With regard to moving to T+1, the panelists cite concern that the benefits may not outweigh the costs.
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John Burchenal, TradeWeb
As part of the vendor community, John Burchenal describes the vendor options for facilitating STP and cites that an STP regulatory mandate could create challenges for small and medium size firms.
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