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ISLA 32nd Annual Securities Finance & Collateral Management Conference

  • 17-19 June 2025
  • Madrid, Spain

Please note that the agenda timings are in CEST.

Tuesday 17th June

09:00 - 12:30

Beneficial Owner Briefing (Closed-Door)

We are delighted to invite all of our qualifying beneficial owner delegates to an exclusive morning session, co-hosted by industry leaders Matt Brunette, Global Head of Financing, NBIM and Tommaso Sechi, Head of Securities Finance, GIC.

What should attendees expect:

  • A dedicated session to address the specific challenges and opportunities facing beneficial owners in today’s market
  • An opportunity to meet with peers and discuss key topics in a closed-door setting
  • An in-depth focus on key trends impacting beneficial owners such as the evolution of synthetic trading structures as well as other considerations impacting securities lending supply and demand

If you would be interested in attending, please make sure you register for the main conference below and then RSVP for the closed-door session via events@islaemea.org. A reminder that qualifying Beneficial Owners can attend the conference for FREE!

In Partnership with;

12:00 - 13:15

ISLA Connects Networking Lunch (By Invitation Only)

13:00 - 13:30

Registration

13:30 - 13:50

Welcome Remarks & ISLA Strategic Priorities 2025

ISLA CEO, Andrew Dyson will outline the strategic priorities and collaborations for the Association in 2025, including the continued expansion of activities across ISLA Americas, the increased focus on developing and emerging securities lending markets, such as Spain, the Middle East and Africa, and the ever-evolving global regulatory agenda that promises to offer further twists and turns whilst influencing the evolution of our markets.

Speaker

Andrew Dyson Chief Executive Officer ISLA

13:50 – 14:15

From the Parliament to the Purse: The Influence of Global Politics on the Economy

Following a year of market-influencing global elections (including ‘Trump 2.0’), recent events have truly epitomised the phrase ‘expect the unexpected’. This session will examine the ever-close interplay between macroeconomics and geo-politics, and the factors that may shape the remainder of the year.

Speaker

Marion Laboure Senior Economist Deutsche Bank

14:15 – 14:50

Primed for Growth: Exploring the Competitiveness of the Spanish Capital Markets

As host nation of this year’s conference, this session will explore the current and future aspirations for the Spanish securities lending market, and how recent changes in economic policy coupled with regulatory developments may finally boost the competitiveness of the domestic capital market within the regional and global landscape.

Moderator

Elisa Ricón Holgueras Director General INVERCO

Speakers

Jesús Benito Chairman of REGIS-TR; Chief Executive Officer, IBERCLEAR; Head Domestic Custody & TR Operations SIX

Victor Rodríguez Quejido Director General of Policy and International Affairs Comisión Nacional del Mercado de Valores (CNMV)

14:50 – 15:20

Networking Refreshment Break

15:20 – 16:20

ISLA Global Advocacy, Regulatory & Legal Highlights

An overview of the in-flight and imminent regulatory hurdles and milestones impacting market participants after a year of global electoral change, a focus on competitiveness, and a shift in legislative priorities. This session will explore ISLA’s proactive advocacy efforts across a range of policy areas from, digital, to tax, with a spotlight on prudential policy to champion the industry’s crucial role in empowering capital markets. Amongst other things, this session will also cover legal initiatives that the Association is prioritising for 2025, including any further updates to the GMSLA documentation suite as well as new netting jurisdictions.

Moderator

Alistair Griffiths Director, Business Development ISLA

Speakers

Tina Baker Head of Legal Services, ISLA Connects Lead ISLA

Adrian Dale Head of Regulation & Markets ISLA

Fran Garritt Chief Executive Officer ISLA Americas

Farrah Mahmood Director, Regulatory Affairs ISLA

16:20 - 16:40

Comfort Break

Delegates will be invited to take a short comfort break and grab a refreshment before returning to the main conference room for the thematic discussions.

Thematic Discussions

This year, ISLA will hold two interactive thematic discussions back-to-back, giving delegates the opportunity to attend both sessions. The discussions are designed to encourage a healthy debate and exchange of views between speakers and participants for a deeper dive into two of the key themes expected to shape our market over the coming years.

Pre-registration is required so we can assemble smaller groups for this part of the agenda. Registration is now closed, however, conference delegates can request to be added to a waitlist by contacting us at events@islaemea.org.

16:40 – 17:25

Thematic Discussion I: Accessing Retail Liquidity

While retail lending is not new, recent ‘tech-first’ entrants have injected new impetus into the space, with retail investors accessing securities lending via a range of platforms, aggregators, and neo-broker-type institutions. In this thematic session, and ahead of the panel on the 18th entitled, An Evolving Playbook: The Future of Securities Financing, that will cover this supply-source given the shift in momentum and recognition, we will do a deep dive into the landscape. Amongst other things, we will explore the stakeholders that are involved, the various models that exist today, as well as some of the opportunities, benefits and best practice considerations to accessing this source of liquidity.

Moderator

Sarah Nicholson Director Consolo Ltd

Speakers

Patrick Archenhold ISLA Board Member, Executive Director, Prime Financing – EMEA Head of Inventory Supply Morgan Stanley

Jalal Faruki Head of Custody & Securities Services SNB Capital

Jemma Finglas Head of Business Development, Execution Services EMEA Citi

Kirishan Srivaratharajah Group Business Performance Director and MD Securities Lending Titan Wealth

17:30 - 18:15

Thematic Discussion II: T+1: A View from the Trading Desk

With the go-live date edging closer for the EU and UK transition to T+1, this thematic session will draw on learnings from the US transition and explore the practicalities of implementing T+1 across these more nuanced and fragmented markets. With one eye on profitability, and the other on balancing different counterparties, synchronising across time zones, and managing geographically diverse teams, we will consider all the facets of migrating to T+1 and how these may impact trading behaviours. How might traders navigate global relationships, local commitments, and internal hurdles to preserve P&L, whilst remaining competitive pre- and post- migration.

Co-Moderators

Tony Holland Director, Market Practice ISLA

Roy Zimmerhansl Head of Capital Markets WTS Hansuke

Speakers

Monique Baines Director, Securities Lending & Collateral Optimisation Scotiabank

Andreas Biewald Managing Director, Senior Advisor Cash and Collateral, Treasury Department Commerzbank

Giovanni Sabatini Independent Chair EU T+1 Industry Committee

18:15 – 20:15

Welcome Networking Reception

To close day one of this year’s conference, we invite registered conference delegates to attend an evening networking reception at the Hotel Puerta America. This is an ideal opportunity to engage with industry peers!

Kindly Sponsored By:

Wednesday 18th June

08:30 – 09:30

Networking Breakfast & Registration

09:30 – 09:45

Welcome Remarks & Recap

Co-Chair

Adnan Hussain ISLA Board Member, Managing Director, Global Head of Treasury and Securities Lending HSBC Securities Services

09:45 – 10:15

Opening Keynote Address

Keynote Speaker

Rodrigo Buenaventura Secretary General IOSCO

10:15 – 11:10

Leaders’ Perspectives & Predictions

The need to balance domestic priorities with global ambition is emblematic of today’s business landscape. We invite leading industry representatives to share their insights and delve into the intricacies of implementing global trading and product strategies, against the backdrop of varying regional dynamics. This session will consider, for instance, how global regulatory frameworks play out in regional settings, what this means for critical resource allocation and business management, the increasing requirement for holistic financing and liquidity solutions, operating seamlessly across multiple financing models encompassing securities lending, repo and derivatives, and the adoption of new technologies and tools, such as AI.

Moderator

Andrew Dyson Chief Executive Officer ISLA

Speakers

Lauren Degney Global Head of Equity Finance Citi

Thomas Hansen Global Head of Securities Finance Banco Santander

Eileen Herlihy Global Head of Trading Services Sales J.P. Morgan

Tommaso Sechi Head of Securities Finance GIC

Nehal Udeshi Managing Director, Global Head of Securities Finance BNY

11:10 – 11:40

Networking Refreshment Break

Kindly Sponsored By:

11.40 - 12:10

Guest Keynote Address

Keynote Speaker

Janan Ganesh Political Columnist FT

12:10 – 13:00

An Evolving Playbook: The Future of Securities Financing

A look to the future of securities financing and the increasing influence of new entrants, including fintech companies, on traditional flows as well as alternative structures, including synthetics, futures, central clearing, and the re-emergence of principal trading. The panel will explore what opportunities they bring, as well as considerations vis-a-vis the current market framework and existing operating models. Factors such as the imminent regulatory focus on Non-Bank Financial Institutions for instance, may impact existing liquidity. Equally, the role of technology and the period of digital transformation, will inevitably create an uneven landscape.

Moderator

Harpreet Bains ISLA Board Member, Managing Director - Global Head of Trading Services Digital and Agency Securities Finance Product J.P. Morgan

Speakers

Alessandro Cozzani ISLA Board Vice Chair, Head of Equity Funding Bank of America

Joseph Gillingwater Senior Vice President, Global Head of Fixed Income Securities Finance Trading Northern Trust

Stuart Heath Director, Derivatives Products and Markets Eurex

Romuald Orange Co-Head of GSF Sales & Structuring Natixis

David Raccat Co-founder and CRO WeMatch.live

13:00 – 13:45

Embracing New Frontiers

As the search for growth intensifies, this panel discussion will explore the evolving landscape of securities lending in key emerging markets including Africa, Latin America and the Middle East.

From building robust regulatory and legal frameworks to managing to operational complexities, this session will consider the critical role of collaboration across association members, government and industry bodies, as well as legal partners for success. It will also offer practical insights into the strategies needed to build a successful securities lending business in these key and growing markets.

Moderator

Olivier Lefranc Director - Business Development - Financing & Collateral Euroclear

Speakers

Sarah Alothman Managing Director, Securities Services Dept Riyad Capital

Fran Garritt Chief Executive Officer ISLA Americas

Stephen Howard Chief Executive Officer PASLA

Enrique Verdu Managing Director, Securities Finance Banco Santander

13:45 – 15:00

Networking Lunch

Kindly Sponsored By:

17:00 – 19:30

Networking Reception

Following a day of formal keynotes, panels and presentations, we will be hosting a networking reception for all registered conference delegates at the Hotel Puerta America.

Kindly Sponsored By:

Thursday 19th June

08:30 – 09:30

Networking Breakfast & Registration

09:30 – 09:45

Welcome Remarks & Recap

Co-Chair

Géraldine Trippner ISLA Board Member, Managing Director, Head of Financing Solutions and Client Profitability Société Générale

09:45 – 10:45

Post-Trade Alpha – A Commercial Differentiator?

The relationship between the front office and post-trade operations has never been more important or closely aligned. The landscape is undergoing a dramatic transformation, driven by regulatory shifts, technological advancements, and evolving market demands to clear, settle and manage across multiple time-zones. The situation is further compounded by the need to manage multiple legal entities in different jurisdictions, including the mobilisation of collateral. Drivers behind this change include the move to T+1, the rolling impact of SFTR, and the operational impacts of the Basel framework. This panel discussion will explore the key trends shaping the future of post-trade.

Moderator

Brooke Gillman Managing Director, Global Head of Client Relationship Management eSecLending

Speakers

Ben Challice President & Chief Strategy Officer Pirum

Nick Delikaris Chief Product Officer EquiLend

Jethro Hancock Head of Funding Markets Lloyds Bank Corporate Markets

Andy Orr Head of EMEA & APAC Securities Lending Trading BlackRock

Simon Squire Global Head of Product Management - Clearance & Collateral Management BNY

10:45 – 11:30

Are You Prepared? A Deep Dive into Operational Resilience, Cyber Security & Third-Party Risk

The threat of cyber-attacks alongside the rise in operational focused regulation has highlighted the need for more robust third-party operational risk management strategies.

In this session, we will address critical vendor relationships, cybersecurity vulnerabilities, and best practices for managing third-party risks to remain operational, agile, and adaptable in the face of current threats.

Moderator

Iván Manso Arenal Financial Services Strategy Manager, Digital Assets & Capital Markets KPMG

Speakers

Kelly Hagedorn Partner, Privacy, Cyber & Data Strategy Alston & Bird LLP

Juan Luis Lavandera Chief Technology Officer Santander Corporate and Investment Banking

Rosa Pena Ortega Incident Response Readiness and Retainer Manager CrowdStrike

Abelardo Vecino Legal Attaché, U.S. Embassy, Madrid Federal Bureau of Investigation (FBI)

11:30 – 12:00

Networking Refreshment Break

12:00 – 12:45

Whose Token is it Anyway? The Changing Digital Asset Landscape

This final session of this year’s conference will bring together many of the stands from earlier sessions around innovation and the future direction of our markets and financial services more broadly. The session will debate how digital technologies are key drivers behind achieving the efficiencies that specific regulatory initiatives such as T+1 demand.

With an increasing focus from Central Banks on native issuance, it is important to understand how we develop liquidity on the various platforms that sit behind these issuances, and create market access for the Buyside, who are at the interface of the traditional analogue, and new digital frontiers. Is interoperability the answer or will we need to see consolidation? With tokenisation reshaping how we think about collateral, what does this mean for the traditional often static views of its role, and how do we see the benefits of greater asset mobilisation manifesting itself for the benefit of the market more broadly?

Moderator

Adriana Ennab Executive in Residence Global Digital Finance (GDF)

Speakers

Gergely Koczan Senior Team Lead, DG Market Infrastructure and Payments European Central Bank (ECB)

Abeetha Pitigala Vice President, Digital Assets Goldman Sachs

Guido Stroemer CEO HQLAᵡ

Marton Szigeti Global Head of Collateral, Lending & Liquidity Solutions Clearstream

12:45 – 13:00

Closing Remarks

Speaker

Ina Budh-Raja ISLA Board Chair, ISLA Americas Board Member, Global Head of Securities Finance Regulatory Strategy, Public Policy & Industry Affairs BNY

13:00 – 14:30

Networking Lunch

Kindly Sponsored By:

Agenda

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