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U.S. Securities and Exchange Commission

SEC Announces Panelists for Securities Lending and Short Sale Roundtable


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.

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 1
Overview 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 2
Securities 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 3
Improving 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 4
The 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 1
Controls 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 2
Making 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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Modified: 09/28/2009