The securities finance market has seen an increase in complexity, regulations and technology. As the lines between the various participants in the industry become increasingly blurred, are you engaged with all the issues? Join the world’s most influential securities lending professionals beneficial owners, hedge funds, prime brokers and regulatory experts to engage in discussions that will help define and drive the future of securities financing.

RBC Dexia - On the agenda

Panel session: Risk vs. reward – agency lending two years on

Reeve Serman - Director, Securities Lending Trading & Market Execution

Moderator - Jackie Noblett, Reporter, Ignites Magazine - A Financial Times Publication

In this panel discussion, participants will discuss several key securities lending topics: agency lending; indemnification; cash reinvestment and fees:

• While agency lending is the dominant model, is it what beneficial owners want? Is Agent Lender Disclosure placing the smaller beneficial owners at a disadvantage? Are different types of agency lending taking shape to meet customer demand?
• Indemnification: How has this changed since the financial crisis? Is it offered across all markets or just some? Do the majority of beneficial owners still insist upon indemnification? How is the risk versus the reward in securities lending being managed?
• Cash reinvestment: The majority of collateral remains cash so how is it currently being reinvested? How common is it for beneficial owners to manage this cash collateral themselves
• Fees: In an era of low interest rates, subdued demand and few specials, what is the impact of squeezing every last drop out of the intrinsic lending fee?

Reeve Serman’s biography

Reeve Serman is Director, Securities Lending Trading and Market Execution for RBC Dexia Investor Services. Mr. Serman has global responsibility for this function.

Reeve Serman began his career in 1991 with Morgan Stanley Trust Company in New York, first with the Prime Brokerage business and later with the Securities Lending business unit. He went on to join Zurich Capital where he was instrumental in successfully launching a directed lending program. He later joined Royal Trust Corporation in Canada, a predecessor business of RBC Dexia Investor Services, as head of the North American trading desk.

Reeve holds a Bachelor of Commerce and Masters in Business Administration from Fordham University, New York

Meet our people

Meet our RBC Dexia representatives during this one-day conference:

Reeve Serman - Director, Securities Lending Trading & Market Execution
Bill Foley - Director, Securities Lending Sales
Kevin Bell - Director, Foreign Exchange Sales
Yvonne Wyllie - Head, Securities Lending

Thinking ahead

RBC Dexia’s innovative industry guides provide insight and analysis of the latest market trends, challenges and opportunities—designed to help you refine your business strategies and realise your ambitions. To download our latest publications and reports, please access the links below.

Securities Lending Market Update – Q1 2011

How did global markets perform over the quarter? Are there any hot issues or sectors to be aware of? RBC Dexia’s quarterly market update provides a timely review and assessment of global market highlights, as well as insights on trends specific to securities lending—to help you make informed investment decisions. Featuring commentary from our trading desks around the world, we share our view of ‘in demand’ issues as well as sector-specific trends. Read more.

Tracking the trends What’s driving our investment future?

The April 2011 edition of Perspectives provides compelling views on the top trends influencing institutional investors. Our worldwide coverage includes commentary on alternatives and ETFs as well as sovereign wealth funds and demographic influences—which have both social and economic implications. And our feature Q&A with Maha Al-Ghunaim explores opportunities in Middle Eastern markets. Read more.

Turn UCITS IV into opportunity
	Why UCITS IV? Which opportunities could benefit you? How to comply with KII requirements? Are Europe’s markets prepared? Find out more in our dedicated UCITS IV feature section.

Access our full range of RBC Dexia publications at ic.rbcdexia.com.

Useful information

Main conference:		Securities Financing Forum May 26, 2011
Venue:		Four Seasons Hotel, New York 57 East 57th Street, New York, New York, U.S.A. 10022 Tel. 1 212 758 5700
We look forward to seeing you in New York.
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