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Informa
08:30 - 09:00 30 mins
Registration & Welcome Refreshments
09:00 - 09:10 10 mins
Chair's Welcome
  • Deborah Cunningham - CIO, Global Money Markets, Federated Investors
09:10 - 10:10 60 mins
Integrating ESG: Challenges and Opportunities
  • The ESG trend in Europe; key drivers, regulatory developments
    • European Commission’s Action Plan on Sustainable Finance; framework to facilitate sustainable investment, development of harmonized criteria for sustainability, disclosures, benchmarks
  • Impact on the industry
    • Practical implementation of ESG criteria; scoring, portfolio-building
    • Balancing criteria with the regulatory demands of MMFs; liquidity, yield
    • New governance rules for MMF boards
    • Applying ESG to publicly traded cash strategies; investor expectations, regulatory requirements
  • Can sustainable investment principles be meaningfully incorporated whilst following existing MMF requirements? Does the business case for ESG still hold up?
  • Deborah Cunningham - CIO, Global Money Markets, Federated Investors
  • Michael Viehs - Associate Director, Hermes Investment Management
  • Menno van Eijk - Head of Cash Solutions & Investments, NN Investment Partners
  • George Mackenzie - Director, Rabobank
  • David Todd - Head of Global Corporate Credit Research, Invesco Ltd
10:10 - 10:40 30 mins
Networking Coffee Break
10:40 - 11:25 45 mins
The Ratings Agencies' Perspective
  • How are new vehicles rated under the Money Fund Reform?
  • Impact of the Reform on the role of CRAs
  • Internal credit quality assessments for LVNAV and VNAVs;
    • Ratings issued by credit rating agencies may be considered, but not necessarily relied upon
    • The role of regulators, internal credit policy and ratings agencies going forwards
  • Alastair Sewell - Senior Director, Fund & Asset Manager Rating Group, Fitch Ratings
  • Marina Cremonese - Vice President, Senior Analyst, Moody's Investors Service
11:25 - 12:10 45 mins
Key Benchmark Developments: The Road to 2021
  • Transition from LIBOR - where are we now?
  • Transitioning to the revamped Sterling Overnight Index Average (SONIA) and Secured Funding Overnight Rate (“SOFR”)
    • Economic and Interest Rate Outlook
    • Regulatory challenges; moving from backward-looking rates, adapting contractual language
    • Impact on investors, asset managers and issuers
  • Stress-testing and reporting requirements;
    • ESMA guidelines
    • Cost for asset managers; who pays?
  • Impact on the MMF landscape; challenges ahead
  • Steve Bullock - Head Of Benchmark Submission & Supervision, Lloyds Banking Group
  • Deborah Cunningham - CIO, Global Money Markets, Federated Investors
12:10 - 12:55 45 mins
How Are Corporates Managing Short-Term Cash?
  • How are clients navigating the post-reform environment, changing guidelines and product changes? Has investor behaviour changed?
    • Comparing different currencies; euro investors; implications for different product types; investor interest in ultra-short duration bond funds?
    • Has AUM across the industry changed?
  • Increased disclosure and transparency; impact of the Reform’s requirements on providers and investors
    • How has transparency changed the way investors look at / select MMFs?
    • Is there a new trading advantage for bigger clients who have more capacity to make use of new data?
    • What constitutes optimal disclosure and transparency? What would be most beneficial for clients?
  • Jean-Pierre Gomez - Head of Regulatory & Public Affairs, Société Générale Securities Services
  • Dennis Gepp - Managing Director & CIO, Cash, Federated Investors
12:55 - 13:00 5 mins
Chair’s Summary of Conference
  • Deborah Cunningham - CIO, Global Money Markets, Federated Investors
13:00 - 14:00 60 mins
Networking Lunch