financial services disrupted: charting the course documents/2019...program book isitc 25th annual...

PROGRAM BOOK

ISITC 25TH ANNUALSECURITIES OPERATIONS SUMMIT

Financial Services Disrupted:Charting the Course

www.isitc.org

March 24 - 27, 2019 The InterContinental Boston HotelBoston, MA

SUNDAY, MARCH 24, 201912:00pm – 7:00pm Conference Registration Open5:30pm – 7:00pm Exhibits Open11:00am – 2:00pm Board of Directors Meeting & Lunch Limited to Board of Directors only Eleanor12:45pm – 1:45pm Co-Chair Meeting Limited to Co-Chairs only Griffin/Robinson2:00pm – 3:00pm Board of Directors & Co-Chair Meeting Limited to Board of Directors & Co-Chairs only Griffin/Robinson3:00pm – 3:30pm Networking Break Rose Kennedy Ballroom Foyer3:00pm – 3:30pm New Member & First Time Attendee Orientation Eleanor3:30pm – 5:30pm SWIFT Innotribe Workshop: Platform Design – Shaping Strategy & Rose Kennedy Ballroom IV &V

New Market OpportunitiesCharles Boniver, SWIFT; Stephen Lindsay, SWIFT; Innes MacLeod, SWIFT; Markos Zachariadis, Warwick Business School

5:30pm – 7:00pm Cocktail Reception in the Exhibit Hall Abigail Adams Ballroom

MONDAY, MARCH 25, 20197:30am – 6:45pm Conference Registration & Exhibits Open7:30am – 8:30am Breakfast and New Member & First Time Attendee Orientation in the Exhibit Hall Abigail Adams Ballroom8:30am – 8:35am Welcoming Remarks Rose Kennedy Ballroom I - III

Kristin Hochstein, Master of Ceremonies, ISITC Vice Chair

8:35am – 8:50am Chair’s Address Rose Kennedy Ballroom I - IIILisa Iagatta, ISITC Chair

8:55am – 9:40am Opening Keynote Address: Financial Services Disrupted: Driving Business Rose Kennedy Ballroom I - IIIChange by Harnessing the Power of DisruptionJohn Plansky, Charles River Development, a State Street Company

9:40am – 10:15am Networking Break in the Exhibit Hall Abigail Adams Ballroom10:15am – 11:00am Technology Trends in Financial Services: Enabling Change & Transformation- Vendor Rose Kennedy Ballroom I - III

Moderator: David Scola, SWIFTGary Chan, JP Morgan; Richard Robinson, Bloomberg, L.P.

11:05am – 11:50am Fintech Meets Securities Operations: Asset Services Disrupted Rose Kennedy Ballroom I - IIIMason Borda,TokenSoft; Artem Korenyuk, DTCC; Jason Ward, Fidelity Investments

11:50am – 1:00pm Lunch in the Exhibit Hall Abigail Adams Ballroom1:00pm – 2:15pm SWIFT Innotribe Workshop: Platform Design – Shaping Strategy & Rose Kennedy Ballroom I - III

New Market OpportunitiesCharles Boniver, SWIFT; Stephen Lindsay, SWIFT; Innes MacLeod, SWIFT; Markos Zachariadis, Warwick Business School

2:20pm – 3:05pm Data Disrupted: What's Changed, What’s New, What’s Next? Rose Kennedy Ballroom I - IIIModerator: John Bottega, EDM Council; Chris Bradford, Goldman Sachs; Genevy Dimitrion, State Street Corporation; Tim Lind, DTCC

3:05pm – 3:30pm Networking Break in the Exhibit Hall Abigail Adams Ballroom3:30pm – 4:15pm Why AI and Robotics? The Allure of Intelligent Automation Rose Kennedy Ballroom I - III

Jason Baldesare, FIS; Gordie Sands, DTCC; Dushyanth Sekhar, S&P Global; Laurie Stiles, Bloomberg, L.P.

4:15pm – 4:25pm Raffle Prize Drawing & Standard of Excellence Award Rose Kennedy Ballroom I - III4:30pm – 5:15pm Closing Keynote Address: U.S. Macro-Economic Outlook - Growth, Rose Kennedy Ballroom I - III

Interest Rates, & Risk of a Recession Satyam Panday, S&P Global

5:15pm – 6:45pm Cocktail Reception in the Exhibit Hall Abigail Adams Ballroom6:45pm Conference Dinner Rose Kennedy Ballroom IV & V

TUESDAY, MARCH 26, 20198:00am – 9:00am Breakfast & Annual Business Meeting Rose Kennedy Ballroom IV & V9:00am – 10:30am Session I - Corporate Actions I Rose Kennedy Ballroom I

- Derivatives Rose Kennedy Ballroom III10:30am – 10:45am Networking Break Rose Kennedy Ballroom Foyer10:45am – 12:15pm Session II - Custodian Rose Kennedy Ballroom I

- Investment Manager Rose Kennedy Ballroom III12:15pm – 1:15pm Lunch Rose Kennedy Ballroom IV & V1:15pm – 2:45pm Session III - Corporate Actions II - Roundtable Rose Kennedy Ballroom II

- Margin & Collateral Rose Kennedy Ballroom III2:50pm – 3:50pm Session IV - Securities Lending Rose Kennedy Ballroom I

- Reference Data & Standards Rose Kennedy Ballroom III3:50pm – 4:00pm Networking Break Rose Kennedy Ballroom Foyer4:00pm – 5:30pm Session V - Corporate Actions III Rose Kennedy Ballroom I

- Settlements Rose Kennedy Ballroom III

WEDNESDAY, MARCH 27, 20197:45am – 9:00am Women’s Breakfast: How ‘Fearless Girl’ Gave Rise to Greater Gender Diversity Rose Kennedy Ballroom IIIPresentation: Dominica Ribeiro, State Street Global Advisors8:15am – 9:00am *Everyone is welcome to join

9:00am – 10:00am Session VI - Regulatory Rose Kennedy Ballroom I10:05am – 12:05pm Session VII - Marketing Committee & Vendor/Utility Forum Rose Kennedy Ballroom I

AGENDA AT A GLANCE*All times, speakers and sessions are tentative and subject to change

3ISITC 25th Annual Securities Operations Summit

Welcome to ISITC’s 25th Annual Securities Operations Summit

Since 1991, ISITC has served as a hub for industry leaders to collaborate and solve the issues and challenges facing financialservices operations. We have developed best practices, shared leading-edge insights, and encouraged engagement and anopen exchange of ideas. We’re proud of what has been achieved and the reputation we have earned as an organization committedto the advancement of innovation and efficiency in our industry.

This past year, ISITC partnered on several initiatives with other industry organizations to leverage our collective subject matter expertise and explore key trends and issues. We focused significant effort on data modeling and definitions, an especially important undertaking as new data is created daily and requires increased flexibility. Regulations like GDPR and Brexit will also remain on our radar as we consider the implications and consequences to our member firms and financial services, as a whole.

Our Annual Securities Operations Summit theme for this year— Financial Services Disrupted: Charting the Course— connects to everything we’re seeing in our ever-evolving world. To thrive, firms will need to future-proof their organizations and keep close attention to the latest trends, developments, and opportunities. Opening the discussion at our conference, John Plansky, EVP,State Street Global Markets, Global Exchange will share his insights on how the industry should adapt to harness the power of disruption. SWIFT’s David Scola, Head of North America, will explore technologies that will be most impactful in the face of industrytransformation. To close out the General Session day, Satyam Panday, Senior Economist at S&P Global will discuss how macro-economic trends are shaping our industry. For our final day together, join us at our Women’s Breakfast featuring Dominica Ribeiro,Head of Institutional Marketing at State Street Global Advisors as she offers her perspectives on the hot-button issue of diversity and inclusion in financial services. Throughout the conference, you will hear from other preeminent industry experts on data management, API strategy, and the up-and-coming technologies influencing and shaping our industry.

On behalf of ISITC, my sincerest thanks to all who have dedicated so much of themselves to ensure the success of this Summit. To our valued working groups and forums, sponsors and exhibitors, board members, and event attendees— it is your unwaveringparticipation and commitment to ISITC that enables our organization and this event to grow stronger each year and for that, we aredeeply appreciative.

For 25 years, our Securities Operations Summit has provided a forum for members to come together, address industry challengesand discover practical solutions. We hope you enjoy your time here and invite your questions and comments. Thank you again foryour continued support of ISITC and its mission to lead financial services operations into the future!

Sincerely,

Lisa Iagatta

ISITC Chair

Marketing CommitteeExecutive Sponsors

Ted Anastasi, Fidelity Corporate Actions SolutionsMichael Burg, State Street CorporationCo-Chairs

Diane Damphousse, State Street CorporationEsmeralda Estrella, DTCC

Vendor ForumExecutive Sponsors

Paul Fullam, Fidelity Information Services, LLC (FIS)Ana Lotharius, DTCCCo-Chairs

Thomas Baldinger, BloombergAdam Brill, Fidelity Information Services, LLC (FIS)

Stay on top of the industry’s latest news and association’s happenings by following @ISITC!

Tweets surrounding this year’s Securities Operations Summit will be tagged with #ISITCBoston2019 - join the discussion!

Follow Us on Twitter

25th ANNUALSECURITIES OPERATIONS SUMMIT

4 ISITC 25th Annual Securities Operations Summit

TABLE OF CONTENTS

Conference Agenda . . . . . . . . . . . . . . . . . . . . . . . . . . .7-10

Hotel Floor Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

Exhibitor Floor Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13

ISITC Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . .15

Forum Agendas

Custodian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17

Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

Regulatory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

Working Group Agendas

Corporate Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

Margin & Collateral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

Reference Data & Standards . . . . . . . . . . . . . . . . . . . . . . .24

Securities Lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25

Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26

Committee Agenda

Marketing & Vendor/Utility Forum . . . . . . . . . . . . . . . . .28

Speaker Biographies . . . . . . . . . . . . . . . . . . . . . . . . . .30- 34

Anti-Trust Guidelines and Press Policy . . . . . . . .37 - 38

Conference Sponsors . . . . . . . . . . . . . . . . . . . . Back Cover

ADVERTISERS

CUSIP Global Services . . . . . . . . . . . . . . . . . . . . . 29DTCC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5Fiserv . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16Murex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36OpenFIGI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14SWIFT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11SWIFT U.S. National Group . . . . . . . . . . . . . . . . .20Refinitiv . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6T-Scape . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39Taskize Limited . . . . . . . . . . . . . . . . . . . . . . . . . . .27Tradeheader . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35

Now, more than ever, one organization can create a shared dataset of operation principlesand best practices to meet the accelerating demands of the securities market.

ISITC is that organization.

MISSION STATEMENTThe mission of ISITC is to engage the collective expertise of its global community of securities operations and technologyprofessionals to create a platform to collaborate on key initiatives in financial services operations. Through the work of its members, ISITC strives to develop, publish, and promotemarket practices and thought leadership that move the financialservices industry forward, reducing capital markets risk and increasing operational efficiency.

JOIN ISITCISITC invites you to participate with operations professionalsfrom custodian banks, investment managers, broker/dealers,vendors, and industry utilities in crafting the vision for the industry’sfuture. Thousands of securities industry professionals from hundreds of organizations worldwide actively participate inISITC. The strength of this organization springs from thedepth and expertise of its membership.

To apply for membership, visit www.isitc.org, call (908) 359-1184 or email [email protected].

ANNUAL EVENTS2019 Fall Forum

September 15 - 17, 2019Four Seasons HotelBaltimore, MD

2019 Winter ForumDecember 8 - 10, 2019Four Seasons HotelPalm Beach, FL


MEETING AGENDA

SUNDAY, MARCH 24, 2019Business Casual Attire Requested

MONDAY, MARCH 25, 2019Business Attire Requested

12:00 – 7:00pm Conference Registration Open Rose Kennedy Ballroom Foyer

5:30 – 7:00pm Exhibits Open Abigail Adams Ballroom

11:00am – 2:00pm Board of Directors Meeting & Lunch Eleanor, 3rd FloorAttendance limited to Board of Directors only.

12:45 – 1:45pm Co-Chair Meeting Griffin/Robinson, 2nd FloorAttendance limited to Co-chairs only.

2:00 – 3:00pm Board of Directors & Co-Chair Meeting Griffin/Robinson, 2nd FloorAttendance limited to Board of Directors & Co-chairs.

3:00 – 3:30pm Networking Break Rose Kennedy Ballroom Foyer, 3rd Floor

3:00 – 3:30pm New Member & First Time Attendee Orientation Eleanor, 3rd FloorAll new members and first time attendees welcome!

3:30 – 5:30pm SWIFT Innotribe Workshop: Platform Design – Shaping Rose Kennedy Ballroom IV & V,Strategy & New Market Opportunities 3rd FloorCharles Boniver, Senior Securities Expert, Standards, SWIFTStephen Lindsay, Head of Standards, SWIFTInnes MacLeod, Innovation Manager, SWIFTMarkos Zachariadis, Visiting Prof. of FinTech at Ivey Business School & Associate Professor in Information Systems Management at Warwick Business School

Launched in 2009, SWIFT Innotribe was created to identify the emerging technologies and innovative trends surrounding the financial services industry and generate discussions on their potential impact movingforward. Benefitting from SWIFT’s central position, Innotribe provides a platform to the global financial community to understand the dynamics behind technology changes and to help focus on the opportunities for transformation rather than the threats to current market practices.

In the last couple of years, the impact of “platforms” has been discussed from many angles as businesses realize they will succeed based on their ability to captivate third parties and connect them to each other through creative interactions. There is a real appetite from the financial industry to explore how platform companies create radical adjacencies and new horizontal markets, and how they fit in the overall digital frame.

In this facilitated workshop, SWIFT Innotribe will provide an overview into the thinking behind the platform economy, and guide participants through a journey from a pain-point to a potential solution. By using components, processes and potential platform market players, the aim is to capture common industry requirements that are not a source of competitive differentiation and would fit a shared platform or utility solution – mutualizing development and operational costs to improve efficiency at a market or industry level.At the end of the workshop, groups will have the opportunity 'pitch' their solutions to a panel of experts.

5:30 – 7:00pm Cocktail Reception in the Exhibit Hall Abigail Adams Ballroom, 2nd Floor

7:30am – 6:45pm Conference Registration and Exhibits Open

7:30 – 8:30am Breakfast and New Member & First Time Attendee Orientation Abigail Adams Ballroom,in the Exhibit Hall 2nd Floor

Tweet us using

#ISITCBoston2019 - join the discussion!

Sponsored by

Sponsored by


MEETING AGENDA

MONDAY, MARCH 25, 2019 continuedBusiness Attire Requested

8:30 – 8:35am Welcoming Remarks Rose Kennedy Ballroom I - III, 3rd FloorKristin Hochstein, Master of Ceremonies, ISITC Vice Chair

8:35 – 8:50am Chair’s Address Rose Kennedy Ballroom I - III, 3rd FloorLisa Iagatta, ISITC Chair

8:55 – 9:40am Opening Keynote Address: Financial Services Disrupted: Rose Kennedy Ballroom I - III, 3rd FloorDriving Business Change by Harnessing the Power of DisruptionJohn Plansky, Chief Executive Officer, Charles River Development, a State Street Company

The pace of industry change remains unrelenting. Regulation, cost and fee pressures, advanced technologies, and new forms of competition are all combining to force industry participants to adapt or wither. Incumbents continue to hold a meaningful advantage due to their client relationships and distribution reach, their operational and technology scale, and their data. However, they cannot stand pat, and they’ll need to accelerate their change, adapt their business models, and take a moreopen architecture / ecosystem-oriented approach to their businesses, including how they work with smaller FinTech firms. Those who emerge successfully will maintain a strong sense of urgency in driving business change to help their clients attract more assets, enhance investment returns, manage risk and compliance, and increase operational efficiency. Join us to hear John’s unique industry perspectives on industry change and the need for adaptation, based on his experience as a start-up founder, industry consultant and most recently as the CEO of Charles River Development and architect of State Street’s “front-to-back” strategic initiatives.

9:40 – 10:15am Networking Break in the Exhibit Hall Abigail Adams Ballroom, 2nd Floor

10:15 – 11:00am Technology Trends in Financial Services: Enabling Change Rose Kennedy Ballroom I - III,& Transformation 3rd FloorModerator: David Scola, Head of North America, SWIFTGary Chan, Managing Director, JP MorganRichard Robinson, Senior Executive, Bloomberg, L.P.

The transformation of financial services is underway – driven by the emergence of new technologies, increasing customer demands and regulatory pressures. But how can firms respond to the pace of change and transform their businesses to remain relevant and competitive? Which technologies hold the promise of truly transforming financial services and which are less likely to live up to the hype? Join this interactive session, where senior leaders from across the financial services industry will assess thethreats and opportunities in store for the financial industry in the years to come.

11:05 – 11:50am Fintech Meeting Securities Operations: Asset Services Disrupted Rose Kennedy Ballroom I - III,Mason Borda, CEO, TokenSoft 3rd FloorArtem Korenyuk, Executive Director, Business Development and Fintech Strategy, DTCCJason Ward, Vice President, Business Architecture in FPCMS division, Fidelity Investments

Join ISITC for an in-depth panel discussion to hear perspectives from securities operations and industry experts regarding how distributed ledger technology, blockchains and associated cryptoassets may impact asset services. The discussion will explore the spectrum of opportunities from operational efficiency plays to the evolution of new business models enabled by these emerginginnovative technologies.

11:50am – 1:00pm Lunch in the Exhibit Hall Abigail Adams Ballroom, 2nd Floor

Sponsored by

Sponsored by


MEETING AGENDA

MONDAY, MARCH 25, 2019 continuedBusiness Attire Requested

1:00 – 2:15pm SWIFT Innotribe Workshop: Platform Design – Shaping Rose Kennedy Ballroom I - III,Strategy & New Market Opportunities Continued 3rd FloorCharles Boniver, Senior Securities Expert, Standards, SWIFTStephen Lindsay, Head of Standards, SWIFTInnes MacLeod, Innovation Manager, SWIFTMarkos Zachariadis, Visiting Prof. of FinTech at Ivey Business School & Associate Professor in Information Systems Management at Warwick Business School

See abstract on page 7.

2:20 – 3:05pm Data Disrupted: What's Changed, What’s New, What’s Next? Rose Kennedy Ballroom I - III,Moderator: John Bottega, Executive Director, EDM Council 3rd FloorChris Bradford, Senior Leader for Investment Management Division Operations, Goldman SachsGenevy Dimitrion, Senior Vice President, State Street CorporationTim Lind, Managing Director, DTCC

Data has emerged from the back office and is now front-and-center as a strategic asset - to be used to discover insights in the market, better understand customer preferences and behaviors, and to provide new and innovative products and services. But what does this mean to the way business is (or should be) run? Is data (and data management) truly becoming part of the fabric of organizations? How has this discipline evolved over the past 10-12 years since the first Chief Data Officer emerged? How is AI/ML changing the industry? How has data management impacted and/or created new careers? How are data providers modifying their business models to address these changing conditions? This panel will explore these questions and give insights into what’s next.

3:05 – 3:30pm Networking Break in the Exhibit Hall Abigail Adams Ballroom, 2nd Floor

3:30 – 4:15pm Why AI and Robotics? The Allure of Intelligent Automation Rose Kennedy Ballroom I - III,Jason Baldesare, Director, Strategy and Solutions Management, FIS 3rd FloorGordie Sands, Executive Director, IT Architecture and Office of FinTech Strategy, DTCCDushyanth Sekhar, Senior Director, Center for Automation, Robotics & Extraction, S&P GlobalLaurie Stiles, Global Head of Data Management, Bloomberg, L.P.

As the discussion on Machine Learning, Artificial Intelligence and Robotics continues its marathon the financial community tries to connect the dots. Robotics is giving firms the innovation they need to adopt intelligent automation across departments seeking to increase efficiency and accelerate workflows. Although Machine Learning continues to intrigue the community, there is still a lot to uncover. What is the strategy, where does artificial intelligence it fit? Why are firms investing in robotics?How do they handle risk? How do organizations make these capabilities available to all employees? The potential to reduce operational risk and improve efficiencies while contributing to the industry’s commitment to take on emerging technology can be alluring. With the promising focus on automatingtasks and not jobs, it's clear that intelligent automation has its advantages — and challenges.

4:15 – 4:25pm Raffle Prize Drawing & Standard of Excellence Award Rose Kennedy Ballroom I - III, 3rd Floor

4:30 – 5:15pm Closing Keynote Address: U.S. Macro-Economic Outlook: Rose Kennedy Ballroom I - III,Growth, Interest Rates, & Risk of a Recession 3rd FloorSatyam Panday, Senior Economist, S&P Global

Dr. Panday will provide an overview of the current US economic landscape, including GDP growth, unemployment rate, and interest rate prospects. He will also discuss key near-term and long-term risksto the economic outlook, including risks from trade policy, monetary policy, and fiscal policy.

5:15 – 6:45pm Cocktail Reception in the Exhibit Hall Abigail Adams Ballroom, 2nd FloorRaffle Winners Announced at 6:15pm

6:45pm Conference Dinner Rose Kennedy Ballroom IV & V, 3rd Floor

Sponsored by

Sponsored by

Sponsored by


MEETING AGENDA

TUESDAY, MARCH 26, 2019Business Casual Attire Requested

8:00 – 9:00am Breakfast & Annual Business Meeting Rose Kennedy Ballroom IV & V, 3rd Floor

9:00 – 10:30am Session I- Corporate Actions I Rose Kennedy Ballroom I, 3rd Floor- Derivatives Rose Kennedy Ballroom III, 3rd Floor

10:30 – 10:45am Networking Break Rose Kennedy Foyer, 3rd Floor

10:45am – 12:15pm Session II- Custodian Rose Kennedy Ballroom I, 3rd Floor- Investment Manager Rose Kennedy Ballroom III, 3rd Floor

12:15 – 1:15pm Lunch Rose Kennedy Ballroom IV & V, 3rd Floor

1:15 – 2:45pm Session III- Corporate Actions II - Roundtable Rose Kennedy Ballroom II, 3rd Floor- Margin & Collateral Rose Kennedy Ballroom III, 3rd Floor

2:50 – 3:50pm Session IV- Securities Lending Rose Kennedy Ballroom I, 3rd Floor- Reference Data & Standards Rose Kennedy Ballroom III, 3rd Floor

3:50 – 4:00pm Networking Break Rose Kennedy Foyer, 3rd Floor

4:00 – 5:30pm Session V- Corporate Actions III Rose Kennedy Ballroom I, 3rd Floor- Settlements Rose Kennedy Ballroom III, 3rd Floor

WEDNESDAY, MARCH 27, 2019Business Casual Attire Requested

7:45 – 9:00am Women’s Breakfast: How ‘Fearless Girl’ Gave Rise Rose Kennedy Ballroom III, 3rd FloorPresentation: to Greater Gender Diversity8:15 – 9:00am Dominica Ribeiro, Head of Institutional Marketing, State Street Global Advisors

In just 12 hours after her placement in New York City’s financial district, Fearless Girl generated more than one billion impressions on Twitter alone. Hear from Dominica Ribeiro, Head of Institutional Marketing, North America at State Street Global Advisors, about how ‘Fearless Girl’ helped the firm – one of the largest asset managers in the world – take bold action to promote greater gender diversity in senior leadership. Learn about the innovative thinking that gave rise to ‘Fearless Girl’, and how the firm measured her business impact.*Everyone is welcome to join

9:00 – 10:00am Session VI- Regulatory Rose Kennedy Ballroom I, 3rd Floor

10:05am – 12:05pm Session VII- Marketing Committee & Vendor/Utility Forum Rose Kennedy Ballroom I, 3rd Floor

Sponsored by

Sponsored by

Sponsored by

Sponsored by

HOTEL FLOOR PLAN

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ABIGAIL ADAMS BALLROOM

Exhibit Hall

2nd Floor Meeting Space

3rd Floor Meeting Space


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Sa lon I V

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Dartmouth

EleanorCoat Room

Escalators

ROSE KENNEDY BALLROOM

Speaker ReadyRoom

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EXHIBITOR FLOOR PLAN

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Abigail Adams Ballroom

ENTRANCE ENTRANCE ENTRANCE

WINDOWTO

BOSTONHARBOR

1 T-Scape

2 GlobeTax

3 SS&C Technologies

4 Fidelity Corporate Actions Solutions

5 ISITC Table

6 FTF News

7 CUSIP Global Services

8 EDM Council

RAFFLEEnter to win great prizes!

All attendees will receive a raffle ticket upon registration. To participate in the raffle, have your ticketstamped by at least 8 of our vendors and drop it in the designated box in the Exhibit Area!

Winners will be announced in the Exhibit Hall on Monday, March 25, 2019 at 6:15 pm.


9 BackBay Communications

10 Taskize Limited

11 SmartStream Technologies, Inc.

12 FIS

13 Fiserv

14 DTCC

15 Duco

2019 BOARD OF DIRECTORS

ChairMs. Lisa IagattaReconciliation & ReportingExec SponsorFiserv184 Liberty Corner Warren, NJ 07059(781) 828-2355

Vice ChairMs. Kristin HochsteinReference Data & StandardsExec SponsorRegulatory Exec SponsorRefinitiv8055 East Tufts AvenueDenver, CO 80237(646) 734-2215

Second Vice ChairMr. Richard RobinsonReference Data & StandardsExec SponsorBloomberg, L.P.100 Business Park DriveSkillman, NJ 08558(609) 279-3467

TreasurerMr. Bryan VivaldoFinance Committee ChairVanguard 400 Admiral Nelson Dr. Malvern, PA 19355(610) 669-3097

SecretaryMs. Salome WingeCustodian Exec SponsorSecurities Lending Exec SponsorNorthern Trust Company801 South Canal StreetChicago, IL 60607(312) 630-1493

Immediate Past ChairMs. Erica BorghiBrown Brothers Harriman & Co.50 Post Office SquareBoston, MA 02109(617) 772-1437

Mr. Ted AnastasiMarketing Committee Exec SponsorFidelity Corporate Actions Solutions200 Seaport BoulevardBoston, MA 02210(617) 563-4224

Mr. Jason BrasileMargin & Collateral ExecSponsorReconciliation & ReportingExec SponsorSettlements Exec SponsorState Street Corporation1290 Avenue of AmericasNew York, NY, 10104(917) 790-4199

Mr. Michael BurgDerivatives Exec SponsorMarketing Committee ExecSponsorState Street Corporation One Lincoln StreetBoston, MA 02111(412) 298-5160

Mr. Gary ChanMembership Committee ChairJ.P. Morgan Securities, Inc. 383 Madison AvenueNew York, NY 10179(212) 834-8405

Mr. Paul FullamCorporate Actions ExecSponsorVendor/Utility Exec SponsorFidelity Information Services,LLC (FIS)545 Washington BlvdNew York, NY 07310(646) 300-4818

Ms. Evelyn GaleanoMiddle Office Exec SponsorStandard Chartered Bank1095 Avenue of AmericasNew York, NY 10036(646) 845-1091

Mr. Cihan KasikaraInvestment Manager ExecSponsorSecurities Lending ExecSponsorFranklin Templeton Investments101 John F Kennedy Parkway Short Hills, NJ 07078(973) 912-2070

Ms. Ana LothariusRegulatory Exec SponsorVendor/Utility Exec SponsorDTCC55 Thomson PlaceBoston, MA 02210(617) 880-6654

Mr. Paul McSherryMiddle Office Exec SponsorLiquidnet Inc.620 8th AvenueNew York, NY 10018(646) 660-8058

Mr. Charles MottingerInvestment Manager ExecSponsorState Street Global AdvisorsOne Lincoln StreetBoston, MA 02111(617) 664-3292

Mr. Louis RosatoInvestment Manager ExecSponsorBlackRock, Inc.100 Bellevue ParkwayWilmington, DE 19809(302) 797-2145

Ms. Krista R. ScharfenbergerCustodian Exec SponsorSettlements Exec SponsorBNY Mellon135 Santilli HighwayEverett, MA 02149(617) 382-6628

Mr. Jason WardInvestment Manager ExecSponsorFidelity Investments1 Spartan WayMerrimack, NH 03110(603) 791-5938

Ms. Carissa WarnerDerivatives Exec SponsorMargin & Collateral ExecSponsorMorgan Stanley1585 BroadwayNew York, NY 10036(212) 761-0218



FORUM AGENDAS

CUSTODIAN

CUSTODIAN MISSION STATEMENT: The mission of the Custodian Forum is to provide common approaches to identifying and resolving custodianbank issues, and to recommend and implement solutions with other ISITC and industry participants with the ultimate goal of achieving STP. We interact with the other constituency forums to educate institutions on the issuesimpacting global custodians and to achieve the most effective solutions to commonly acknowledged goals.

CUSTODIAN EXECUTIVE SPONSORS:Krista Scharfenberger Salome WingeBNY Mellon Northern Trust [email protected] [email protected](617) 382-6628 (312) 630-1493

CUSTODIAN CO-CHAIRS: Dannette Fleming Lisa Seibold Stanley MarshallNorthern Trust Company JP Morgan BNY [email protected] [email protected] [email protected](312) 444-2414 (718) 242-0428 (617) 382-4081

MEETING DATE AND TIME:Tuesday, March 26, 2019 10:45 am – 12:15 pm

AGENDA:1. SWIFT Update – Juliette Kennel and Charles Bonivera. API: What is SWIFT doing with APIs.b. Securities 2020 strategy:

i. GPI for securitiesii. Financial Crime and Complianceiii. Data analyticsiv. APIv. ISO 20022

2. Single Security Readiness3. 2018 Accomplishments4. Overdraft Policy5. June Session

FORUM AGENDAS

INVESTMENT MANAGER


INVESTMENT MANAGER MISSION STATEMENT: The mission of the Investment Manager Forum is to deliver value to the Investment Management constituents by facilitating collaboration within the industry and foster innovative solutions for the challenges faced by the community.The forum will help members establish meaningful and relevant business relationships, and will deliver education,communication, and information for the advancement of member firms.

INVESTMENT MANAGER EXECUTIVE SPONSORS:Cihan Kasikara Charles MottingerFranklin Templeton Investments State Street Global [email protected] [email protected](973) 912-2070 (617) 664-3292

Louis Rosato Jason WardBlackRock, Inc. Fidelity [email protected] [email protected](603) 791-5938 (603) 791-5938

INVESTMENT MANAGER CO-CHAIRS: Paul Brooks Grace Kang Livia SassonFidelity Investments The TCW Group, Inc. Franklin Templeton [email protected] [email protected] [email protected](603) 791-7234 (213) 244-0732 (954) 847-2269

MEETING DATE AND TIME:Tuesday, March 26, 2019 10:45 am – 12:15 pm

AGENDA:1. Freddie Mac Single Security Initiative: An update on new developments2. Overview of DXM and OASYS presentation from February 20th call3. Security Token Markets: Open Discussion4. SWIFT strategic direction (hosted by Charles Bonivier)5. Open discussion

FORUM AGENDAS

REGULATORY


MISSION STATEMENT: The mission of the Regulatory Forum is to increase understanding of new regulations across our constituency andpartner with regulators and industry standards organizations to define best practices.

EXECUTIVE SPONSORS:Kristin Hochstein Ana Lotharius Refinitiv [email protected] [email protected](646) 734-2215 (617) 880-6654

CO-CHAIRS: Jennifer Diggin Walter PalmerBrown Brothers Harriman BNP Paribas Securities [email protected] [email protected](617) 772-1688 (201) 850-6976

Roger FahyCUSIP Global [email protected](212) 438-4221

MEETING DATE AND TIME:Wednesday, March 27, 2019 9:00 am - 10:00 am

AGENDA:1. Key Regulatory Challenges for 2019 and Beyond Amy Merrill, Ernst & Young2. CSDR and Other Globally Impactful Regulations Emanating Co-Chairsfrom Europe

3. Treatment of Cannabis-based Securities Walt Palmer

WORKING GROUP AGENDAS

CORPORATE ACTIONS


MISSION STATEMENT: The U.S. Corporate Actions Working Group mission is to examine business processes throughout the life cycleof a corporate action. Our goal is to define standards for the US market and examine variances with global market practice for the purpose of harmonizing corporate action messaging standards and move toward increasing automation and achieving greater STP throughout the industry. The Working Group recommends enhancements/modifications to the ISO corporate action message standards to ensure they meet the needs of the market. The Working Group is also the forum for discussing and recommending enhancements to business processes and collaborating with other industry groups in addressing new business processes withincorporate actions.

EXECUTIVE SPONSOR:Paul Fullam Fidelity Information Services, LLC (FIS)[email protected](646) 445-8356

CO-CHAIRS: Jennifer Baker Jeff PanarelliBNY Mellon Wellington Management [email protected] [email protected](412) 234-1382 (508) 486-2982

Steven Gale Steve SloanNorthern Trust Company [email protected] [email protected](312) 444-4799 (972) 471-5262

MEETING DATE AND TIMES:Tuesday, March 26, 2019 9:00 – 10:30 am

1:15 – 2:45 pm4:00 – 5:30 pm

AGENDA:Session I

1. Executive Board Update2. Review Dec 2018 Conference Minutes3. Q2 2019 Conference Call Schedulea. April 10th & 24th, May 8th & 22nd, June 5th & 19th

4. SR 2020 Change Requests5. Roadmap to Accomplish 2019 Goals

Session II 1. Roundtable Discussion

Session III 1. IM Perspectives2. SWIFT Update3. Market Practice Update 4. DTCC Transformation Project Update


DERIVATIVES


MISSION STATEMENT: The mission of the Derivatives Working Group is to work in conjunction with the AMF and other industry groupsto create market practice standards around derivatives processing, focusing on trade notification, reconciliation,collateral movements, and interest payments (resets).

EXECUTIVE SPONSORS:Michael Burg Carissa WarnerState Street Corporation Morgan [email protected] [email protected] (412) 298-5160 (212) 761-0218

CO-CHAIRS: Ky Dong Brian ManningFranklin Templeton Investments State Street [email protected] [email protected](916) 463-1405 (617) 985-2651

Eric Jiobu John MontgomeryNorthern Trust Company [email protected] [email protected](312) 557-8719 (610) 669-552

MEETING DATE AND TIME:Tuesday, March 26, 2019 9:00 – 10:30 am

AGENDA:1. New Co-Chair Welcome2. Panel discussion: Data and the Derivatives Value Chain

a. Marc Gratacos – TradeHeaderb. Karel Engelen – ISDAc. John Montgomery – Vanguard

3. Derivatives Data Modeling Exercise4. Regulatory Update

a. Brexitb. LIBOR

5. ANNA DSB


MARGIN & COLLATERAL

MISSION STATEMENT: The Margin & Collateral Working Group will serve to provide subject matter expertise and thought leadership tomembers including regulatory jurisdiction rules and timelines. Key focus areas include:• Operational best practices for collateral management processing.• Messaging standards covering collateral calls, dispute resolution, margining, and asset movement/segregationsupporting all collateralized instruments.

EXECUTIVE SPONSORS:Jason Brasile Carissa WarnerState Street Corporation Morgan [email protected] [email protected](917) 790-4199 (212) 761-0218

CO-CHAIRS: Amy Caruso Wayne ForsytheInternational Swaps and Derivatives State Street CorporationAssociation, Inc. (ISDA) [email protected]@isda.org (949) 932-4668(212) 901-6044

Michael DaleyLoomis, Sayles & [email protected](617) 310-3605

MEETING DATE AND TIME:Tuesday, March 26, 2019 1:15 - 2:45 pm

AGENDA:1. Industry/Regulatory Update – Wayne Forsythe2. IM UMR Readiness for 2020: Industry experts will share their insights regarding buyside readiness for 2020 with a special emphasis on segregation structures, documentation, and operational workflows.



REFERENCE DATA & STANDARDS

MISSION STATEMENT: The mission of the Reference Data & Standards Working Group is to advance critical dialog and solutions on issues impacting financial reference data and provide insight and education into the technologies and bestpractices that deliver more seamless and successful transaction lifecycle results to the securities industry.

EXECUTIVE SPONSORS:Kristin Hochstein Rich RobinsonRefinitiv Bloomberg, [email protected] [email protected](646) 734-2215 (609) 279-3467

CO-CHAIRS: Koushik Chakrabarty Peter SmithState Street Corporation IHS [email protected] [email protected](617) 664-0472 (646) 679-3227

Peter McNallyCUSIP Global [email protected](212) 438-6580

MEETING DATE AND TIME:Tuesday, March 26, 2019 2:50 – 3:50 pm

AGENDA:1. SWIFT API update 2. Roundtable discussion on multiple financial languages - specialist vocabularies, jargon, linguistic variation,change and related topics



SECURITIES LENDING

MISSION STATEMENT: The Securities Lending Working Group’s mission is to establish comprehensive market practice standards for allsecurities lending related activity.

EXECUTIVE SPONSORS:Cihan Kasikara Salome WingeFranklin Templeton Investments Northern Trust [email protected] [email protected](973) 912-2070 (312) 630-1493

CO-CHAIRS: Jennifer Hinderscheid Juan NunezState Street Corporation Citibank, [email protected] [email protected](617) 985-2074 (212)-723-5060


AGENDA:1. Review of Buy In Best Practice Business Case Update 2. Continued discussion of Business Case for Sec Lending Specific SPO Cash purpose tag 3. Other Business



SETTLEMENTS


MISSION STATEMENT: The mission of the Settlements Working Group is to define best practices for the communication of settlement instructions and confirmation messages for all securities-related financial instrument types; third party and bank for foreign exchange transactions; collateral messaging and currency movements. This group works collaboratively with other industry and ISITC Working Groups.

EXECUTIVE SPONSORS:Jason Brasile Krista ScharfenbergerState Street Corporation BNY [email protected] [email protected](917) 790-4199 (617) 382-6628

CO-CHAIRS: Gary Heald Aundrea JarvisLoomis, Sayles, & Company, L.P Brown Brothers Harriman & [email protected] [email protected](617) 748-1708 (617) 772-1767


AGENDA:1. Welcome and introductions2. Accomplishments since last conference – review of conference calls and Market Practice updates3. Update on Market/CSD mandates4. SR2019 Release 5. Open Business Cases 6. Update on documented open issues7. Hot Topic Reviews:a. China Bond Connect recommendationsb. Single Security (UMBS) messaging recommendations

COMMITTEE & FORUM AGENDA


MARKETING & VENDOR /UTILITY

MARKETING MISSION STATEMENT: The mission of the Marketing Committee is to plan, promote and execute events that keep the ISITC membershipinformed and make an impact on the securities industry. This includes developing and organizing conferences,discussion forums, workshops, seminars and on-going public relations initiatives.

VENDOR/UTILITY MISSION STATEMENT: The mission of the Vendor/Utility Forum is to deliver value to the Vendor/Utility constituents by facilitating collaboration within the industry and foster innovative solutions for the challenges faced by the community. Theforum will help members establish meaningful and relevant business relationships, and will deliver education,communication, and information for the advancement of member firms.

MARKETING EXECUTIVE SPONSORS:Ted Anastasi Michael BurgFidelity Corporate Actions Solutions State Street [email protected] [email protected](617) 563-4224 (412) 298-5160

VENDOR/UTILITY EXECUTIVE SPONSORS:Paul Fullam Ana LothariusFidelity Information Services, Inc. (FIS) [email protected] [email protected](646) 445-8356 (617) 880-6654

MARKETING CO-CHAIRS: Diane Damphousse Esmeralda EstrellaState Street Corporation [email protected](617) 662-7240

VENDOR/UTILITY CO-CHAIRS: Thomas Baldinger Adam BrillBloomberg Fidelity Information Services, Inc. (FIS)[email protected] [email protected](609) 279-3813 (617) 717-3260

MEETING DATE AND TIME:Wednesday, March 27, 2019 10:05 am – 12:05 pm

AGENDA:1. March 2019 Annual Securities Operations Summit: a. PMA Updateb. Outreach: Feedback c. Social Media Effectivenessd. Program Book & Advertising: Feedbacke. Sponsorships: What worked well and opportunities for improvementf. First Time Attendee Engagement: Feedbackg. Exhibit Area: What worked well and opportunities for improvementh. Exhibitor Survey: Initial feedback resultsi. Day One Agenda: What worked well and opportunities for improvement j. InnoTribe: Feedbackk. Raffle Giveaways: Feedbackl. Video, photography: what worked well, etc.m. Student Participation – What worked well, etc.n. Other Opportunities for Improvement for the March 2020 event

2. BackBay Communications:a. 2018-2019 PR recap b. 2019 PR plan and upcoming initiatives

3. Other Business


SPEAKER BIOGRAPHIES

Jason BaldesareDirector, Strategy and Solutions Management, FISJason Baldesare is director of strategy and solutions management for FIS’s Institutional and Wholesale business. With over 15years’ experience in financial services, Jason’s domain experience spans the middle and back office areas of asset management

and servicing firms, including cross-asset, private equity, hedge funds, insurance, and sovereign wealth funds. He is responsible for helping toidentify the global market challenges and trends that drive strategy and empower our clients’ growth goals. Jason is known for his pragmatic approach that makes the complex simple and for being a responsive and reliable client champion.

Charles-Raymond BoniverSenior Securities Expert, Standards, SWIFTCharles is working in the SWIFT securities standards department. He has a global responsibility to strengthen Standards’ engagement with the market and the rest of the Marketing division. Charles is involved in several industry groups (ISO TC68, vice

convenor of the ISO 20022 securities Standards Evaluation Group (SEG), programme director at the SMPG (securities market practice group),member of ISITC). Prior to joining SWIFT, Charles was a senior manager with the Royal Bank of Canada (RBC I&TS) where he was responsible for ensuring that RBC I&TS followed the international standards, leveraging the various products that SWIFT is developing for the community.Charles holds a MBA from McNeese State University in LA, USA.

Mason BordaCEO & Co-founder, TokenSoftMason is a technology entrepreneur who has spent his career building secure infrastructure to enable the compliant transfer ofdigital assets. In 2016, he built the first commercially viable custody solution on the Ethereum network. He started working on

blockchain infrastructure in Silicon Valley in 2014. Today, he is CEO of TokenSoft, the leading technology and security platform for companiesseeking to use digital assets as a growth strategy. TokenSoft proudly adheres to the highest standards for regulation and compliance, across jurisdictions. Under Mason’s leadership, the firm has supported its clients who have raised more than $400 million in assets, with expectations for more than $1 billion in 2019.

John BottegaSenior Advisor - Chief Data Officer Forum, EDM CouncilJohn Bottega is a senior data management strategist and executive with over 38 years of experience in the finance industry. Overhis career, John has held various roles in supporting an organization’s data strategy and data implementation objectives. In 2006,

John became one of the first Chief Data Officers in finance with his appointment as CDO at Citibank. He went on to hold the role of CDO in boththe public and private sectors, serving as CDO for Bank of America, and holding the post of CDO for the Federal Reserve Bank of New York. Today, John is Executive Director of the EDM Council, a non-profit, professional trade association, focused on elevating the practice of data management through best practices, data standards, research and education. The EDM Council supports over 200 organizations comprised ofover 7000 members, helping them successfully advance their data programs within their firms, while creating a global network for data management community collaboration.John has been a frequent speaker for over 18 years at industry conferences and industry symposiums. He is currently a member of the US Treasury Department’s Financial Research Advisory Committee to the Office of Financial Research; member of the Rutgers University Big DataCertification Program Advisory Board, member of the Incisivemedia North American and European Financial Information Summit AdvisoryBoards; member of the Advisory Board of NewVantage Partners, and member of the Board of Directors of ACTUS, a non-for-profit association focused on the improvement of systemic risk monitoring and financial market transparency.

Chris BradfordVice President, Goldman SachsChris Bradford oversees the Global Fund Oversight and Institutional and Fund Reporting teams within Goldman Sachs Asset Management (GSAM) Operations. The Institutional and Fund Reporting team facilitates consistent, controlled, efficient and timely

delivery of accurate and substantive content to GSAM’s clients. Fund Oversight is responsible for delivering seamless front-to-back service oversight for GSAM’s mutual and alternative fund complex. Chris has received a Bachelor of Science in Accounting and a Master of Science inAccounting and Information Analysis from Lehigh University.

Gary ChanManaging Director, JP MorganGary Chan is a Managing Director running JP Morgan’s Global Fixed Income Securities middle office, which covers Macro, Spreadand Markets Financing. Prior to joining JP Morgan, he spent 5 years at DTC running the Fixed Income Clearing Corp (FICC) strategy

and product areas. He started his career at Goldman Sachs, where over 10 years has held various senior roles in Fixed Income operations.


SPEAKER BIOGRAPHIES

Genevy DimitrionSenior Vice President, State Street CorporationGenevy Dimitrion is a senior vice president and chief data steward at State Street’s Enterprise Data Governance and Managementgroup, responsible for driving the company’s data governance framework through activities that include adoption, data stewardship

and enterprise governance standards. Previously, Ms. Dimitrion worked in the Global Product and Platform Solutions group. In that role, she developed solutions and products critical to delivering superior client service, fueling innovation and increasing efficiency. Before joining State Street, Ms. Dimitrion held various product management positions within global custody at both Bankers Trust and DeutscheBank. Her prior roles involved managing a team of investment advisors supporting several asset management firms with a focus on, straight-through-processing initiatives leveraging industry standards. Ms. Dimitrion is an active member of several industry groups and is a leading advocate for standards in the financial services industry. Most notably, she is on the Board of Directors of the EDM Council and an advisor to the board of International Securities Association for InstitutionalTrade Communication (ISITC). Ms. Dimitrion has been widely quoted as a leading expert on financial services messaging standards and data,and has presented at several industry events. Her contributions to the industry have led to the publication of several global market practices andrecommendations used today by State Street’s clients. Ms. Dimitrion earned a Bachelor of Science degree in finance from Rutgers University.

Kristin HochsteinHead of Entity Data Services, RefinitivKristin Hochstein leads entity data services for Refinitiv, formerly the Financial and Risk business of Thomson Reuters. Kristin’s responsibilities include looking after entity risk data and entity managed services following the acquisition of Avox, now Verified

Entity Data as a Service (VEDaaS).Prior to this role, Kristin drove pricing and reference data solutions across the Thomson Reuters organization to address the regulatory burdenand challenges facing clients. Previously, Kristin helped launch a counterparty and legal entity data business for then Reuters. Kristin also heldvarious roles at Dun & Bradstreet, including senior director in the credit risk business. Kristin is the Executive Sponsor of ISITC’s Regulatory Forumand Reference Data and Standards Group and most recently was elected Vice Chair. She holds degrees with honors from the University of Richmond in Business and French and from Columbia Business School, where she received an MBA.

Lisa IagattaDirector, Account Management, FiservLisa Iagatta is Director, Account Management for the Investment Services division of Fiserv. In this position, she is responsible for managing all North American client relationships for TradeFlow™ and MessageBroker™ solutions from Fiserv. Prior to this, Ms.

Iagatta was a Senior Business Solutions Strategist – Advisory, within the Risk and Compliance division of Fiserv. Ms. Iagatta has been a member of the investment community since 1991 and has deep experience in front, back and middle office operations.Prior to Fiserv, she was Vice President of Global Wealth Investment Management for Columbia Investment Operations within Bank of America.Prior to that, she was Vice President of Investment Operations at Eaton Vance Management, where she established and managed an operationsdepartment supporting front, middle and back office operations, primarily for high net-worth investors.Ms. Iagatta received her undergraduate degree from the University of New Hampshire. In 2004 she graduated from Harvard University with anadvanced degree in Business Management and Administration with a concentration in Finance. In July 2012, Ms. Iagatta earned the designation of Securities Industry Professional (SIP) through the Securities Operations Forum, a division ofthe Summit Group. She successfully completed the Securities Industry Institute (SII) program at The Wharton School through SIFMA in March2014. Since 2012, Ms. Iagatta has participated as a co-chair on the ISITC Reconciliation Working Group. In 2014, she was elected to serve on the ISITC Board of Directors as the executive sponsor for the Reconciliation and Reference Data Working Groups and the Vendor Forum. In 2016Ms. Iagatta was elected to serve as the ISITC Treasurer on the Board of Directors.

Artem KorenyukExecutive Director, Business Development and Fintech Strategy, DTCCArtem Korenyuk is the Executive Director of Business Development and Fintech Strategy at DTCC. In that capacity, Artem is responsible for driving major business development efforts, including both organic and acquisitive growth, as well as directing

and shaping DTCC’s Fintech strategy initiatives. As DTCC considers new business development efforts and emerging technology innovations,Artem leads the identification and evaluation process to assess the potential an opportunity has to create long-term value for DTCC. He is also responsible for increasing organizational awareness as it relates to DTCC’s activities with emerging technologies, including blockchain, crypto assets and artificial intelligence, while promoting collaboration and fostering a culture of innovation across the organization.Artem has over 10 years of diverse financial services experience, including leading global initiatives, the design and delivery of post trade infrastructures as well as the development of data governance programs across the enterprise.He has extensive product knowledge across the asset classes and product lifecycle with a specialization in OTC Derivatives. Despite a core business background, Artem is proud of his technical acumen which propelled him to successfully balance both business and technology areasthroughout his entire career.Prior to DTCC, Artem was with Citigroup where he led a series of initiatives aimed at streamlining internal trade booking, confirmation, clearingand regulatory reporting systems.


SPEAKER BIOGRAPHIES

Tim LindManaging Director, DTCCTimothy Lind serves as Managing Director of DTCC Data Services, where he is responsible for guiding the firm’s data businesses,including services that leverage the vast amounts of data derived from DTCC’s global processing platforms while ensuring

on-going alignment with all risk management and regulatory requirements.A recognized industry veteran with deep expertise in global capital markets infrastructure, Tim has amassed decades of experience in the deployment of technology for operational efficiency, data governance, transaction automation, regulatory compliance and risk management.Prior to DTCC, Tim held roles at Thomson Reuters, where he was responsible for developing and overseeing the growth of solutions to meet regulatory compliance data challenges faced by market participants, and served as a consultant at RTech Advisors. Before that, he worked atOmgeo (now DTCC) as its Chief Strategy Officer. His previous experience includes positions at GoldenSource Corporation, CEB Tower Group,SWIFT and Brown Brothers Harriman.Tim is a recognized thought leader who is often quoted in the media and is a frequent speaker at industry events and conferences. He hasalso worked extensively with industry associations promoting data standards in the financial services industry.

Stephen LindsayHead of Standards, SWIFTStephen Lindsay joined SWIFT in 2007 and currently heads the Standards department. SWIFT Standards operates the annual maintenance process for the MT message standard, which is used by 10,000 financial institutions around the world and covers

diverse financial business areas including international payments, asset servicing, securities settlement, treasury and trade finance. SWIFT Standards is also a key contributor to the ISO 20022 standard; it participated in the development of ISO 20022 and remains the largest single contributor of content. SWIFT Standards also operates the Registration Authority, responsible for guaranteeing the integrity of ISO 20022 and publishing the content.

Innes MacLeodInnovation Manager, SWIFTIn 2018, Innes Macleod re-joined the SWIFT Innotribe team as an Innovation Manager, having been a key part of the team that delivered Innotribe at Sibos in 2013.

With a background in IT and Enterprise Security Awareness, Innes led the emerging media activities in the Communications Studio team followedby four years as the Head of Internal Communications. A keen futurist and with a passion for quantum computing, machine learning, AI and more, he is an expert presenter, acting as a pitch coach andcommunications mentor both within and outside of SWIFT.

Satyam PandaySenior Economist, S&P GlobalSatyam Panday is a Senior Economist in the Global Economics and Research Group at S&P Global Ratings, based in New York.In this position, he develops U.S. economic forecasts for ratings, provides insight into U.S. macroeconomic outlook, and develops

thought pieces on economic policy actions.Before joining S&P Global Ratings in July of 2013, Satyam taught undergraduate and graduate economics courses at Boston College and Brandeis University from 2011 to 2013. Previously, he had been a research fellow in the macroeconomic analysis division at the CongressionalBudget Office in Washington D.C. Earlier in his career, he spent several years at MassMutual Financial Group as an actuarial analyst in their mortality research and quantitative modeling team.Satyam holds a Ph.D. in International Economics and Finance from Brandeis University. He specialized in macroeconomics, development economics and applied econometrics. He has an undergraduate degree in Mathematics from St. Olaf College in Minnesota and received hisMBA from the University of Massachusetts at Amherst’s Isenberg School of Management.Satyam is a member of American Economic Association, National Association of Business Economists, and ECOMOD Global Economic Modeling Network. He is originally from Nepal and remains engaged with it as a Non-Resident Senior Fellow at Policy Entrepreneurs Inc., in Nepal.


SPEAKER BIOGRAPHIES

John PlanskyChief Executive Officer, Charles River DevelopmentJohn Plansky is chief executive officer of Charles River Development (CRD), a newly acquired subsidiary of State Street. In thisrole, John oversees our new global front-to-back platform which integrates State Street’s existing back- and middle-office

capabilities with CRD’s front-office expertise. Most recently, John was an executive vice president and head of State Street Global Exchange,where he oversaw the launch of DataGX(SM), IntelliGX and State Street VerusSM.John has a history of leading global teams, growing businesses and integrating teams with different capabilities and skill sets to produce betteroutcomes. He joined State Street from PricewaterhouseCoopers (PwC) where he led the US Strategy and Global Platforms businesses. Johnwas also a member of the PwC Advisory Financial Services leadership team. Prior to the acquisition of Booz & Co. by PwC, John was a senior partner at Booz & Co. where he led the technology practice and advised globalfinancial institutions such as State Street. Prior to that role, John was CEO of NerveWire and orchestrated the company’s sale to Wipro, where hesubsequently oversaw their global capital markets business. John has a Bachelor of Science in Biophysics from Brown University.

Dominica RibeiroHead of Institutional Marketing, State Street Global AdvisorsDominica is a Vice President of State Street Global Advisors and Head of Institutional Marketing. She is responsible for overallmarketing strategy and implementation of integrated marketing plans aligned to the needs of the institutional business.

Campaigns focus on the promotion of State Street’s thought leadership, investment strategies, and gender diversity initiatives – notably, the Fearless Girl installation on Wall Street in New York City.Prior to joining State Street, Dominica was a Senior Manager within the institutional marketing group at Financial Engines. Preceding that, Dominica was a Vice President of Marketing at Fidelity Institutional Asset Management. She started her career at Putnam Investments and hasbeen working in financial services since 1995.Dominica has a M.S. with honors in Business Management from Lesley University. She is a member of 100 Women in Finance as well as theWomen in Pensions Network.

Richard RobinsonData Strategy, Standards and Open Symbology, Bloomberg, L.P.Richard is a senior executive with over 25 years of experience in the financial industry, across operations and technology atglobal custodian banks, international brokers, investment managers and industry utilities. Starting in Global Custody at Bankers

Trust Company in the early 1990’s, Rich has worked in the front, mid and back offices at NSCC, Merrin Financial, The Bank of New York,Deutsche Bank Securities, and Omgeo. Post-crisis, he also worked in a consulting capacity at Barclays and Morgan Stanley Smith Barney. AtBarclays, he was responsible for integrating the 2008 crisis-acquired Lehman Equity desk. At MSSB, he ran the 4-year engagement managingthe merger of Smith Barney's order flow and distribution processes into Morgan's trading desks. He held partner roles at EMC (now Dell) andWipro in their Capital Markets consulting practices.Rich is a published author, speaker, and co-chair of industry working groups related to international standards in data and messaging, includingISITC, FISD, EDM Council, ISO, ISDA, and SIFMA. He has led industry efforts in unique instrument identification and related processes since1999, co-founding the first group on Unique Instrument Identification in 2000. He was a primary participant in the Best Practice work forISO15022, and helped convert multiple firms from ISO7775 to ISO15022. Part of ISDA’s Symbology Group, he is a leader in derivatives identification, standards and processes. Most recently, he was the Convenor for the ISO Study Group examining CFI's potential use in regards to the Unique Product Identifier. Rich is also on the Board of Directors of ISITC.Richard is currently head of Data Strategy and Standards for the Open Symbology group at Bloomberg LLP. He works globally with regulators,legislators, and industry leaders on addressing data and standards issues to create more efficient and transparent markets. He holds an MBAin Organizational Behavior and Information Technology from NYU’s Stern School and a B.S. in Industrial Management with a concentration inManagement Information Systems from Carnegie Mellon University.

Gordie SandsExecutive Director, IT Architecture and Office of FinTech Strategy, DTCCGordie Sands is Executive Director, IT Architecture and Office of FinTech Strategy for DTCC. In his current role, he is responsiblejointly with DTCC’s Business Strategy team for leading DTCC’s FinTech initiatives. Additionally, Gordie directs DTCC’s User

Experience program.Gordie joined the firm in 1999 within the Omgeo LLC joint venture and transitioned to DTCC in 2013 when Omgeo was fully acquired. Beforejoining the Office of FinTech Strategy, he was responsible for Application Architecture for the DTCC Solutions group. At Omgeo / Thomson Financial ESG Gordie was head of IT Architecture, with overall responsibility for IT strategy, solution architecture, High Availability, and IT regulatory oversight programs. Gordie has over 30 years of IT expertise, including IT strategy, database design and development, systems engineering, application development andarchitecture, and IT project management. He also has in depth knowledge of across the equities, fixed income and derivatives post-trade lifecycle.Gordie is a frequent speaker at IT and FinTech conferences. He holds a bachelor's degree from Amherst College and interdisciplinary master’sdegrees from Yale University and the University of Delaware.


SPEAKER BIOGRAPHIES

David ScolaHead of North America, SWIFTDavid has recently been appointed as SWIFT’s Head of North America. He is responsible for key client relationships and business development across the region. Prior to joining SWIFT, David served as the Global Head of Financial Institutions of

Corporate Banking at Barclays London. Previously, he held senior positions at Deutsche Bank and Bank of New York in product managementand strategy across various transaction banking products including custody, corporate trust, cash, trade and liquidity.David holds a Bachelor’s degree in International Relations from Georgetown University and a Master’s degree in Economic Development fromthe School of Oriental and African Studies (SOAS) in London.

Laurie StilesGlobal Head of Data Management, Bloomberg, L.P.Laurie is the Global Head of Data Management for Mutual Funds, Holdings, and Indices at Bloomberg LP where she’s worked in a variety of positions across finance and technology over the past twelve years. She holds a bachelor’s degree in International

Relations and Economics from Richmond, the American International University in London and is a graduate student at the University of Pennsylvania where she studies computer science.

Dushyanth SekharSenior Director, Center for Automation, Robotics & Extraction, S&P GlobalDushyanth’s role involves working across all 4 divisions of S&P Global – S&P Ratings, S&P Global Market Intelligence, S&P Platts& S&P Dow Jones Indices, and to set and execute a strategy for enterprise wide initiatives to transform major internal processes

and operations using automation, lean & Six Sigma. Automation initiatives involve using robotic process automation (RPA), machine learning andother cognitive tools.

Jason WardVice President, Business Architecture in FPCMS division, Fidelity InvestmentsJason Ward is a Vice President of Business Architecture in the Fidelity Pricing and Cash Management Services division(FPCMS), based in New Hampshire, USA. In his current role, Jason is responsible for leading Business Architecture and

Strategy initiatives in order to optimize the FPCMS Middle and Back Office service capabilities. Since joining Fidelity Investments in 2004, Jason has held various management positions including roles in Institutional Accounting, TradeOperations and Service Strategy. As the Head of Global Trade Operations Jason managed staff located in New Hampshire, Texas, and India and was responsible for the daily operations of cash securities, FX, mortgage allocations, tri-party repo, derivatives and collateral management operations.Prior to Fidelity, Jason managed Institutional Fixed Income and Equity Accounting operations at Putnam Investments. Jason also served inDefined Contribution / Defined Benefit plan operations at Fleet Financial Group and the Boston Company.Jason currently serves on the Board of Directors for ISITC and is a member of the ICI Securities Operations Advisory Committee. He has alsoserved on various SIFMA / AMF, ISDA operations committees as well as the Omgeo Americas Regional Advisory Council.

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Markos ZachariadisVisiting Prof. of FinTech at Ivey Business School & Associate Professor in Information Systems Management at Warwick Business SchoolDr. Markos Zachariadis – currently Visiting Professor of Financial Technology (FinTech) at Ivey Business School, Western University

– is a Tenured Associate Professor of Information Systems Management & Digital Innovation at Warwick Business School, and a FinTech ResearchFellow at the Cambridge Centre for Digital Innovation (CDI), University of Cambridge. Markos' research sits at the cross section of economics &strategy of digital innovation, financial technology studies, and network economics, and has studied extensively the economic impact of ICT adoption on bank performance, the diffusion of payment networks, and the role of data & standards in payment infrastructures (SWIFT) and financial markets (LEI) among other things. His research has been published in top academic journals such as MIS Quarterly and Research Policy,and has been awarded the NET Institute Award (NYU Stern Business School) for his study on the economics of payment networks, and the SWIFTInstitute and GRI Awards for his research on Open APIs and Digital Transformation in Banking. He is also co-author of The Society for Worldwide Interbank Financial Telecommunication (SWIFT): Cooperative governance for network innovation, standards, and community (London: Routledge2014), and co-editor of The PayTech Book to be published by Wiley (2020).Dr. Zachariadis is a board advisor, mentor, and keynote speaker and has been invited to present his research worldwide to global organizations,government, regulatory bodies, and international conferences including the UK Parliament, SIBOS, Money2020, GRI Summit, Bank of England, Microsoft, Innovate Finance Global Summit, SWIFT, IBM, Financial Times Leadership Series, Eurobank, EY, Bank of Cyprus, Z/Yen, SOFE OperationsForum Europe, Australian Centre for Financial Studies, Association of Corporate Treasurers, APIdays, and many more. He was also the organizer of aninternational conference at Warwick Business School on PayTech innovation funded by Gates Foundation, MasterCard and Capco. As a recognised expert, Markos often shares his work and perspectives with media outlets such as The Times, World Finance, Financial Times’ Banker Magazine,Bloomberg, Fortune Magazine, BBC, CNN, Wired Magazine, The Telegraph, Sky News, USA Today, ITV News, The Conversation, among many other.Prior to joining Warwick Business School, Dr. Zachariadis was a Research Associate at the University of Cambridge, Judge Business School, a Visiting Scholar at London Business School and a research economist at the Centre for Economic Performance, LSE. He studied economics at theUniversity of Patras, Department of Economics and holds an MSc and PhD from the London School of Economics, Department of Management.Before turning to academia, Markos worked for multinational companies in the technology and finance sectors such as Hewlett Packard and UBSInvestment Bank in Greece, Spain and the UK.

1.0 Antitrust Compliance PolicyThe policy of the International Securities Association forInstitutional Trade Communication (“ISITC” or “theAssociation”) is to comply with all federal, state and locallaws, including the antitrust laws. It is expected that allcompany member representatives involved inAssociation activities and Association staff will besensitive to the unique legal issues involving tradeassociations and, accordingly, will take all measuresnecessary to comply with U.S. antitrust laws and similarforeign competition laws. The Association recognizesthe potentially severe consequences of failing to complywith these laws.

Our Association brings significant, procompetitivebenefits to industry participants, suppliers, andcustomers. It must not, however, be a vehicle for firmsto reach unlawful agreements regarding prices or otheraspects of competition, or to boycott or exclude firmsfrom the market.

2.0 Antitrust Violations Can Have Severe ConsequencesViolations of the antitrust laws can have very seriousconsequences for the Association, its members and theiremployees.

2.1 Criminal PenaltiesAntitrust violations may be prosecuted as felonies andare punishable by steep fines and imprisonment.Individual violators can be fined up to $1 million andsentenced to up to 10 years in federal prison for eachoffense, and corporations can be fined up to $100million for each offense. Under some circumstances, themaximum fines can go even higher than the ShermanAct maximums to twice the gain or loss involved. Theevents that give rise to an antitrust violation oftenprovide the basis for other charges, such as wire fraud,mail fraud, and making false statements to thegovernment. Those charges, if proven, carry additionalpenalties.

The consequences of a criminal antitrust violation for anassociation or corporation include: exposure to follow-on treble damages suits, exposure to enforcementactions in other jurisdictions or countries, disruption ofnormal business activities, and the expense of defendinginvestigations and lawsuits. The consequences for anindividual who commits an antitrust violation include:loss of freedom (jail), loss of job and benefits, loss ofcommunity status and reputation, loss of futureemployment opportunities, and exposure to litigation.

2.2 Civil PenaltiesIn contrast to criminal actions, civil cases can be initiatedby individuals, companies, and government officials.They can seek to recover three times the amount of thedamages, plus attorney's fees. Even unfoundedallegations can be a significant drain on an association’sand membership financial and human resources, and anunproductive distraction from the Association's mission.For these reasons, the Association strives to avoid eventhe appearance of impropriety in all its dealings andactivities.

3.0 Basic Antitrust Principles and Prohibited Practices

3.1 Antitrust StatutesThe principal federal antitrust and competition laws arethe Sherman Act, the Clayton Act, the Robinson-PatmanAct, and the Federal Trade Commission Act.

• The Sherman Act in broad terms prohibits “everycontract, combination . . . or conspiracy” in restraintof trade, as well as monopolizing, attempting tomonopolize, or conspiring to monopolize any part oftrade or commerce.

• The Clayton Act prohibits exclusive dealing and“tying” arrangements, as well as corporate mergers oracquisitions which may tend substantially to lessencompetition.

• The Robinson-Patman Act prohibits a seller of goodsfrom discriminating in price between different buyerswhen the discrimination adversely affectscompetition. This statute applies only to sales ofcommodities; it does not cover sales of services orintangibles.

• The Federal Trade Commission Act prohibits “unfairmethods of competition” and “unfair or deceptive actsor practices” in or affecting commerce.

3.2 “Hard Core” Offenses (Criminal Prosecution Likely)Certain antitrust violations are referred to as “hard core”or “per se” offenses. Conduct that falls in this categoryis automatically presumed to be illegal by the courts, andthe absence of any actual harm to competition will not bea defense. Conspiracies falling in the hard core categoryare likely to be prosecuted as criminal offenses, andinclude the following:• Price-fixing agreements: Agreements or understandings

among competitors (or potential competitors) directlyor indirectly to fix, alter, peg, stabilize, standardize, orotherwise regulate the prices paid by customers areautomatically illegal under the Sherman Act (“illegalper se”). An agreement among buyers fixing the pricethey will pay for a product or service is likewiseunlawful. “Price” is defined broadly to include allprice-related terms, including discounts, rebates,commissions, and credit terms. Agreements amongcompetitors to fix, restrict, or limit the amount ofproduct that is produced, sold or purchased, or theamount or type of services provided, may be treatedthe same as price-fixing agreements.

• Bid-rigging agreements: Agreements or understandingsamong competitors (or potential competitors) on anymethod by which prices or bids will be determined,submitted, or awarded are per se illegal. This includesrotating bids, agreements regarding who will bid ornot bid, agreements establishing who will bid toparticular customers, agreements establishing whowill bid on specific assets or contracts, agreementsregarding who will bid high and who will bid low,agreements that establish the prices firms will bid,and exchanging or advance signaling of the prices orother terms of bids.

• Market or customer allocation agreements:Agreements or understandings among competitors(or potential competitors) to allocate or dividemarkets, territories, or customers are always illegal.

3.3 Sensitive ActivitiesThere are other activities that, though typically notsubject to criminal prosecution, are neverthelesssensitive, and may lead to investigations or litigation.• Group boycotts: An agreement with competitors,

suppliers, or customers not to do business withanother party may be found illegal as a boycott or“concerted refusal to deal.”

• Exclusionary standard setting, certification or code ofethics: Trade association standards-development,certification programs, and codes of ethics generallyare procompetitive and lawful. Such activities may be

found unlawful, however, if they have the effect offixing prices or if they result in firms being boycottedor unreasonably excluded from the market.

• Vertical price-fixing agreements: Agreements betweensuppliers and resellers that establish minimum resaleprices may be unlawful.

• Tie-in sales: A supplier conditioning the sale of oneproduct on the customer purchasing a secondproduct may be unlawful.

• Exclusionary membership criteria: Membershipcriteria with the intent or effect of excluding anddisadvantaging others are a red flag for careful legalreview.

3.4 Other Activities• Joint research and development programs: While not

discouraged by the antitrust laws and potentiallysubject to some legislative protection, proposals forAssociation involvement in these types of programsmust undergo legal clearance and Board of Directorsapproval.

• Lobbying: While the Association's right to lobby issubject to First Amendment protections, lobbyingactivities will be undertaken only after Board ofDirectors and legal review.

4.0 Guidelines for Meetings and Other AssociationFunctionsAssociation meetings, conference calls, and otheractivities by their very nature bring competitors together,and although they generally are lawful andprocompetitive, they also might provide opportunities toreach unlawful agreements. It is important to rememberthat an antitrust violation does not require proof of aformal agreement. A discussion among competitors ofa sensitive topic, such as the desirability of a priceincrease, followed by common action by those involvedor present, could, depending on the circumstances, beenough to convince a jury there was an unlawfulagreement.

In light of the costs involved in defending antitrustclaims, even when they are without merit, it is necessaryto conduct Association meetings in a manner that avoidseven the appearance of improper conduct. Generally, thebest way to accomplish this is by following regularprocedures and avoiding competitively sensitive topics.

4.1 MeetingsMeetings of the Association will be conducted accordingto these procedures:• Whenever feasible, written agendas will be prepared

in advance. Agendas will not include any subjects thatare identified in these Guidelines as improper forconsideration or discussion.

• Meeting handouts and presentations should,whenever feasible, be distributed in advance ofmeetings.

• Meetings should follow the written agenda and notdepart from the agenda except for legitimate reason,which should be recorded in the minutes. Informal or“off the record” discussions of business topics arenot permitted at meetings or other activities of theAssociation.

• Accurate and complete minutes should be prepared.The minutes should include the time and place of themeeting, a list of all individuals present and theiraffiliations, a list of all matters discussed and actionstaken with a summary of the reasons therefor, and arecord of any votes taken.

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ISITC ANTI-TRUST GUIDELINES


Because of their sensitive nature, certain topics will not bediscussed at meetings of the Association unless otherwiseadvised by legal counsel. These prohibitions apply equallyto all Association sponsored social functions or otherinformal Association gatherings. Off-limit topics include:• prices, pricing methods, or terms or conditions of sale;• pricing practices or strategies, including methods,

timing, or implementation of price changes;• discounts, rebates, service charges, or other terms and

conditions of purchase and sale;• price advertising;• what constitutes a fair, appropriate, or “rational” price

or profit margin;• whether to do business with certain suppliers,

customers, or competitors;• complaints about the business practices of individual

firms;• the validity of any patent or the terms of a patent license;• confidential company plans regarding future product or

service offerings; and • any ongoing litigation.

5.0 Document and E-Mail GuidelinesMany antitrust investigations and lawsuits are fueled bypoorly phrased or exaggerated statements in internaldocuments, with e-mails being a leading culprit. Commonsense should be used when composing documents and e-mails. No matter how informal or private a communicationis intended to be, it must be assumed that anything writtenin a document or e-mail is potentially discoverable in aninvestigation or lawsuit. As a general rule, nothing shouldbe put in writing that you would not want read aloud to aprosecutor, plaintiff's lawyer, or jury composed of peoplewho know nothing about you or your business.

Examples of statements that should be avoided:• Language suggesting guilt (such as “read and destroy”).• Words of aggression or competitive exclusion (such as

“dominate the market,” “kill the competition,” or “get ridof the discounters”).

• Statements or speculation regarding the legality or legalconsequences of any action of the Association.

• Statements suggesting or advocating that members ofthe Association make joint decisions on pricing,production, capacity or other aspects of competition,such as references to “industry consensus,” “industryunderstanding,” “industry acceptance,” or “rationalcompetition.”

6.0 Standards, Certification, and Codes of EthicsTrade association standard-setting and certificationprograms and codes of ethics can be highly procompetitiveand beneficial to suppliers and customers. Antitrustproblems will arise, however, if a standard or certificationprogram or a code of ethics is used as a device for fixingprices, restraining output, or chilling innovation, or if it hasthe effect of boycotting or unreasonably excludingcompetitors from the market.

Standards and certification programs and codes of ethicsmust serve identifiable public interests, such as preventingfalse or deceptive marketing practices, and they must do soin a manner that does not unreasonably restrictcompetition. Standards and certification programs andcodes of ethics must not have the purpose or effect ofunreasonably restraining price or quality competition,limiting output of products or services, or discouraginginnovation. No company should be denied certification ongrounds that it is a nonmember of any association ororganization, that it is a “discounter,” or that it is a foreigncorporation. No company should be boycotted on anygrounds, including lack of certification or noncompliancewith a code of ethics.

Standards and certification programs and codes of ethicsshould adhere to principles of voluntariness and dueprocess. Due process means that all companies with adirect and material stake have a right to participate throughthe standards development organization in the formation ofthe standard, certification criteria, or code of ethics; theprocess is open and free from dominance by any particularindustry segment or company; and there is a right toappeal from adverse actions.

More specifically, any standard, certification, or code ofethics activity of the Association will be conducted inaccordance with the following basic rules:

• Participation in the creation of a standard, certificationprogram, or code of ethics will be voluntary and will beopen on reasonable terms to all persons who are directlyand materially affected. Any fee or cost charged toparticipants will be reasonable. Membership in theAssociation will not be a requirement to participate inthe discussion of proposed standards or marketpractices, but non-members shall not have a vote on theAssociation’s ultimate adoption of a standard or marketpractice document and shall not be entitled to access tomeeting minutes.

• Timely notice of standards-setting, certification or codeof ethics activities should be provided to all partiesknown to be directly and materially affected.

• No industry segment, interest group, or company shouldbe allowed to dominate the process. All views andobjections should receive fair and equitableconsideration.

• Written procedures should govern the methods used todevelop standards or certification criteria, and theseprocedures should be available for review by anyinterested person.

• The written procedures should specify realistic, readilyavailable, and timely appeals procedures for the impartialhandling of complaints concerning any action or inactionby the Association with regard to its standards,certification, or code of ethics activities.

7.0 Executive ResponsibilitiesThe Board of Directors has the responsibility to overseethe implementation of the Association's antitrustcompliance policy. The chief staff executive is responsiblefor day-to-day management and implementation.

8.0 TrainingAll members will receive a copy of this AntitrustCompliance Policy as part of their initial orientation and willbe required to sign an acknowledgment that they have readit and have been given an opportunity to ask questions.

A copy of this Antitrust Compliance Policy will be madeavailable on the Association's website and will also beincluded in quarterly conference materials

9.0 Complaint Investigation and Internal EnforcementReports of noncompliance or other complaints should bepromptly sent to the chief staff executive. If there is reasonto believe that an antitrust violation may have beencommitted, an investigation will be undertaken promptly. Ifan instance of questionable conduct is presented, the chiefstaff executive will consult with Association counselpromptly to determine whether an internal investigation isappropriate.

Members that violate or fail to comply with this Policy willreceive a letter from Association counsel. Becausecompliance with Association policies is a membershiprequirement, membership can be terminated as a result ofmember company violations of the Association's AntitrustCompliance Policy.

PRESS POLICY

ISITC welcomes press at the general sessions during its meetings and informational workshops. One complimentary press pass perpublication will be offered.Additional press passes may be purchased at a one-day attendee rate. All press representatives must wear name badges. Members of thepress must identify themselves prior to posing a question in an open forum.The Chairs will invite the press to meet with them following the general session, at the Annual Securities Operations Summit, to answer anyquestions regarding ISITC. Only the ISITC Chair and/or Vice Chairs will represent ISITC’s position on industry matters.All Forum and Working Group sessions will be closed to the press. Forum and Working Group Co-chairs have been instructed to ask anymember of the press attending a closed session to leave.

ISITC ANTI-TRUST GUIDELINES


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