Loan Operations Conference - Challenging the Timeline, 6 June 2024

Thursday, 6 June 2024

A&O Shearman, 1 Bishops Square, London E1 6AD

We are pleased to be holding our annual Loan Operations Conference on Thursday, 6 June 2024.

This afternoon session is targeted at decision makers within operations that can influence efficiency within their own institutions and the wider market through change in process, innovation or holding others accountable. The session will look at the market through metrics and seek out opportunities to promote efficiencies, reduce settlement time by analysing the lifecycle of a Loan.

Lunch and registration will open at 12.30 with the session starting at 13.30. The conference will close at 17.20 and will be followed by a networking drinks reception open to all attendees.

Members will first need to have logged on using their individual username and password in order to register.

If you do not have a username and password, click here to create one. If you have forgotten your password, click here.

This event is free of charge and for LMA members only.

This event is in-person only. It will not be live-streamed, nor recorded so it will not be possible to attend remotely.

Duration: Thursday, 6 June 2024

Location: A&O Shearman, 1 Bishops Square, London E1 6AD

Who can attend: Members Only

Price: Free Event

Status: This event is now oversubscribed.

Contact Name: Melissa Vesin

Contact Email: melissa.vesin@lma.eu.com

Morning Session

12:30

Lunch & registration

Lunch is open to afternoon delegates only. Morning delegates will not be allowed to stay for lunch.

13:30

Welcome address and introduction

Scott McMunn, CEO - LMA

13:45

Update on Primary Delayed Compensation

Providing some narrative around the journey of the guidance note. What this means and how to adopt.

Nicholas Voisey, Managing Director - LMA

13:55

Current market view

Looking at the current metrics and the timeline of the secondary trade (Par/Near par). Providing some insight into the objectives of the LMA and market around the reductions of settlement times.

Chair : Nigel Houghton, Managing Director - LMA

Paul Taylor, Director, Loan Operations - LMA

James Irwin, Executive Director - S&P Global Market Intelligence

14:10

Let’s pause on secondary settlements for a moment and discuss the importance of pre trade due diligence

As we prepare ourselves to talk about the timeline from trade date let’s not underestimate any negative impact the lack of pre trade due diligence can have on the settlement times.

Jacqueline Allen, Partner - Mandel, Katz & Brosnan LLP

14:20

Timeline analysis, a deep dive into the milestones. Segment number one “trade entry and trade allocation”

Looking at the time taken to enter a secondary par/near par trade and allocate on a settlement platform. Discuss possible reasons and solutions to reduce the average time taken.

Chair : Nigel Houghton, Managing Director - LMA

Paul Taylor, Director, Loan Operations - LMA

James Irwin, Executive Director - S&P Global Market Intelligence

John Birch, Vice President - J.P. Morgan

Danny Nahum, Head of CLO Operations - Chenavari Investment Managers

14:30

Timeline analysis, a deep dive into the milestones. Segment number two “trade affirmation and trade confirmation”

Looking at the time taken for buyer and settler to agree and execute the trade confirmation. Discuss possible reasons and solution. Is there and opportunity to streamline the process by simplifying the agreement in the form of a written contract.

Chair : Nigel Houghton, Managing Director - LMA

Paul Taylor, Director, Loan Operations - LMA

James Irwin, Executive Director - S&P Global Market Intelligence

John Birch, Vice President - J.P. Morgan

Danny Nahum, Head of CLO Operations - Chenavari Investment Managers

14:45

Timeline analysis Q&A

14:55

Refreshments

Afternoon session

15:25

Timeline analysis, a deep dive into the milestones. Segment number three “transfer certificates completion by lenders (buyer & seller)”

Looking at the time taken for lenders to sign and instruct the agent to proceed (setting Settlement date coordination). What does this mean? Discuss possible reasons and solutions, including the introduction of fault based delayed compensation.

Chair : Nigel Houghton, Managing Director - LMA

Paul Taylor, Director, Loan Operations - LMA

Jason King, Director - PGIM Limited

Manuj Sharma, Head of Client Services - Global Loan Agency Services Limited

Carol Allmond, Senior Vice President - Citigroup Global Markets Limited

15:50

Timeline analysis, a deep dive into the milestones. Segment number four “transfer certificate execution by agent banks”

Looking at the time taken for agents to process, sign and provide an execution date to the transfer document/s. Look into the reasons for this perceived delay and establish the fact pattern around where the responsibility should be. What is in the agents control and what is not. Discuss reasons and possible solutions.

Chair : Nigel Houghton, Managing Director - LMA

Paul Taylor, Director, Loan Operations - LMA

Louise Acha, Vice President - J.P. Morgan

Louise Blake, Head of Agency Administration Europe - Wilmington Trust (London) Ltd.

16:15

Timeline analysis Q&A

16:25

Transfer documents executed; pricing letter signed does this equate to completion of the transaction.

A look at the obligations both buyer and settle have towards each other and the agent on settlement date and beyond. Counterparty risk due to non-payment and what does this mean for the impacted party (transfer irrevocable and no concept of DVP). Responsible party has an obligation to pay the contractual transfer fee.

Iden Asl, Partner - Brown Rudnick LLP

16:40

Greater Liquidity: is tech the enabler?

A discussion to determine what members should be focusing on as they look to the future. How can members become future proof and fully utilize the efficiency saves provided by technology. Does more tech equate to greater market liquidity. What does the future look like for the loans market and what are the consequences if left behind?