SEC Announces Panelists for Securities Lending and Short Sale Roundtable

SEC Announces Panelists for Securities Lending and Short Sale Roundtable
FOR IMMEDIATE RELEASE2009-207
Washington, D.C., Sept. 25, 2009 — The Securities and Exchange Commission today announced the panelists for its September 29 and September 30 roundtable in Washington D.C. to discuss securities lending and short sale issues.
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Spotlight on Short Sales
Notice of Roundtable Discussion; Request for Comment
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The roundtable will begin at 9:30 a.m. on both days with opening remarks from SEC Chairman Mary L. Schapiro.
"Securities lending was once thought to be a way to earn a few extra points of return, with little or no risk," said Chairman Schapiro. "Events of last year reveal the risk was present. As a result, we need to consider ways to enhance investor-oriented oversight of this multi-trillion dollar market."
Chairman Schapiro added, "We also must focus on a flip-side of securities lending — short selling. That's why the roundtable will also examine potential short sale pre-borrow and hard locate requirements and short sale disclosures."
Panel topics will include discussions of securities lending practices, possible short sale pre-borrowing requirements and additional short sale disclosures.
Roundtable participants will include representatives of corporate issuers, financial services firms, beneficial owner lenders, lending agents, borrowers of securities, self-regulatory organizations, international regulators and the academic community.
The roundtable will be held at the SEC's headquarters at 100 F Street NE in Washington, D.C., and will be open to the public with seating on a first-come, first-served basis. The roundtable also will be webcast on the SEC's Web site.
For additional information about the roundtable, contact the SEC's Division of Trading and Markets at (202) 551-5720.
Agenda and Panelists
September 29, 2009
9:30-9:40 a.m.Opening Remarks from SEC Chairman Mary L. Schapiro
9:40-10:50 a.m. - Panel 1Overview of Securities Lending: Participants; Process; Benefits and Pitfalls
Jerry Davis, New Orleans Municipal Employees' Retirement System
David Downey, OneChicago
Irving Klubeck, Pershing LLC
William Pridmore, William F. Pridmore, Ltd.
Professor Adam Reed, University of North Carolina
10:50-11 a.m. - Break
11 a.m.-12:30 p.m. - Panel 2Securities Lending and Investor Protection Concerns: Cash Collateral Reinvestment; Default; Lending Agent Compensation and Fee Splits; Proxy Voting
Patrick Avitabile, Citigroup
Ed Blount, Center for the Study of Financial Market Evolution
Karen Dunn Kelley, Invesco
Bruce Leto, Stradley Ronon Stevens and Young, LLP
Kathy Rulong, Bank of New York Mellon Corporation
Julia Short, RidgeWorth Investments
Christianna Wood, Internat'l Corporate Governance Network
12:30-1:30 p.m. - Lunch Break
1:30-2:40 p.m. - Panel 3Improving Securities Lending for the Benefit of Investors: Transparency; Electronic Platforms; Central Counterparties; Accountability
Gregory DePetris, Quadriserv, Inc.
Christine Donovan, Brown Brothers Harriman
Aaron Gerdeman, Sungard
Chris Jaynes, eSecLending
Mike McAuley, State Street Corporation
Jeff Petro, Federated
Shawn Sullivan, Credit Suisse
2:40-2:50 p.m. - Break
2:50-3:55 p.m. - Panel 4The Future of Securities Lending and Potential Regulatory Solutions: Market Evolution; SEC's Role; Assessing any Regulatory Gaps
Mark Faulkner, Data Explorers
Richard Ketchum, FINRA
John Nagel, Citadel Investment Group, L.L.C.
Leslie Nelson, Goldman Sachs
3:55-4 p.m.Closing Remarks from SEC Chairman Mary L. Schapiro
September 30, 2009
9:30-9:40 a.m.Opening Remarks from SEC Chairman Mary L. Schapiro
9:40-11 a.m. - Panel 1Controls on "Naked" Short Selling: Examination of Pre-Borrow and Hard Locate Requirements
William Conley, Goldman Sachs
Peter Driscoll, Security Traders Association
Dr. Frank Hatheway, NASDAQ OMX Group
William Hodash, The Depository Trust & Clearing Corporation
Paul Lynch, State Street Corporation
Michael Mendelson, AQR Capital Management
Dennis Nixon, International Bancshares Corporation
William O'Brien, Direct Edge
Thomas Perna, Quadriserv, Inc.
11-11:10 a.m. - Break
11:10-12:25 p.m. - Panel 2Making Short Sale Disclosure More Meaningful: Public versus Non-Public Reporting; Consolidated Tape Disclosure; Timeliness of Information
Professor James Angel, Georgetown University
David Carruthers, Data Explorers
Richard Gates, TFS Capital LLC
Michael Gitlin, T. Rowe Price
Jesse Greene, IBM
Joseph Mecane, NYSE Euronext
Michael Treip, UK Financial Services Authority
12:25-12:30 p.m.Closing Remarks from SEC Chairman Mary L. Schapiro
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http://www.sec.gov/news/press/2009/2009-207.htm