• Did 2025 turn out to be the year of recalibration following the T+1 transition and geopolitical volatility?
• How might the current administration policy shifts affect capital markets, regulatory priorities, and investor sentiment?
• How are anticipated rate cuts shaping the securities finance landscape? Are we seeing renewed appetite for risk or a shift in collateral preferences?
• Which opportunities are top of your agenda moving into 2026?
• Are AI, tokenization, or new market entrants driving innovation?
• How is your business navigating the regulatory pressures from Basel 3.1, T+1, and SFTR? What are the biggest compliance or operational hurdles?
• How are regional regulatory divergences across the US, EU, and UK impacting your strategy?
• What inefficiencies do you consider to be holding back progress most significantly?
• How are you handling increased costs of financing? Are capital charges under Basel III and liquidity constraints reshaping your lending programs?
• What is the health of special trading opportunities?
• Are there signs of recovery or continued pressure from macroeconomic uncertainty?
• Should beneficial owners be taking more risk?

• How ETFs can optimize securities lending income while maintaining competitive expense ratios
• Fiduciary Considerations: Balancing shareholder interests with lending revenue opportunities
• Building efficient lending programs that align with ETF operational structures
• Managing counterparty risk, collateral requirements, and recall capabilities in the ETF context
• Regulatory Compliance: Navigating SEC requirements and disclosure obligations specific to ETF lending activities
• Transparently communicating lending activities and associated risks/benefits to ETF shareholders

• Key milestones for Treasury cash clearing and repo clearing - actionable preparation steps for beneficial owners
• Technology upgrades, workflow redesigns, and system integrations required to support centralized clearing processes
• Understanding initial and variation margin requirements, capital allocation changes, and liquidity management under the new clearing framework
• Reshaping prime brokerage relationships, clearing member selection criteria, and market access considerations in a centrally cleared environment
• Enhanced collateral management requirements, eligible securities criteria, and strategies for efficient margin posting and substitution
• New operational, credit, and liquidity risk profiles under central clearing, plus updated risk monitoring and mitigation frameworks
• Evaluating clearing fees, operational expenses, and capital costs against reduced counterparty risk and potential market efficiencies

• Navigating ERISA requirements and fiduciary responsibilities when implementing lending programs
• Revenue Sharing Models: Structuring lending income distribution between plan sponsors, participants, and service providers
• Educating plan participants about securities lending activities and associated risks/benefits
• Implementing lending programs within existing recordkeeping and administration systems
• Liquidity Planning & Cash Flow Management: Coordinating lending activities with benefit payments, loan distributions, and participant-directed transactions
• Meeting DOL guidance and disclosure requirements for plan fiduciaries

• How tokenized securities and blockchain infrastructure are reshaping settlement and collateral workflows
• The rise of digital asset ETFs: implications for beneficial owners and portfolio diversification
• Navigating regulatory frameworks for digital assets in securities lending and custody
• Opportunities and risks in integrating stablecoins and tokenized cash equivalents into financing structures
• The role of smart contracts in automating securities finance transactions
• Operational challenges in onboarding digital assets: custody, valuation, and risk management
• How digital assets may influence future collateral eligibility and risk models

• Structuring retail securities lending programs for different client segments
• How does retail inventory complement institutional supply?
• Borrower appetite and pricing dynamics for retail-sourced securities
• Opt-in strategies and client education frameworks
• Leveraging automation, AI, and digital platforms to efficiently manage high-volume, lower-value retail lending transactions
• Balancing competitive revenue splits with operational costs, exploring tiered sharing structures, and maximizing returns for both clients and intermediaries
• Navigating disclosure requirements, suitability standards, and best execution obligations specific to retail securities lending programs
• Managing counterparty risk, collateral requirements, and operational risks unique to retail client bases, including concentration limits and diversification strategies

• Combined effects of Basel III reforms and enhanced Supplementary Leverage Ratio changes on GSIB balance sheet capacity and securities lending economics
• How Output Floor implementations and credit risk RWA increases are pressuring banks' intermediation capabilities and pricing models
• Rethinking dealer relationships, exploring non-GSIB alternatives, and diversifying counterparty structures in response to regulatory constraints
• Adoption of pledge structures, synthetic alternatives, and technology solutions to reduce capital drag and optimize regulatory treatment
• Leveraging central clearing to unlock capital benefits and enable buy-side market access as bilateral capacity shrinks
• Collateral and Risk Framework Adaptation: Evolving program structures, collateral types, and risk management approaches to remain attractive counterparties under new capital regimes
• Assessing whether traditional players will exit, pricing model changes needed for cleared vs. bilateral trades, and long-term market capacity implications
• Preparing beneficial owner programs for a fundamentally different securities finance landscape shaped by regulatory capital constraints

Back to Basics: Securities Lending Fundamentals for the Next Generation

This interactive small group meeting is designed for newcomers to securities lending, providing essential knowledge and practical insights into market fundamentals. Participants will explore core concepts including revenue generation mechanisms, risk assessment frameworks, and transparency requirements that drive today's lending ecosystem. At this small group discussion attendees will gain the foundational understanding needed to navigate and contribute to the evolving securities finance landscape.

• What has been the real-world impact of T+1 settlement on the global securities finance market?
• How are firms adapting to compressed settlement windows, especially for cross-border transactions?
• What lessons have been learned from early adopters, and how are those shaping global best practices?
• How are beneficial owners and agent lenders managing the operational demands of SEC Rule 10c-1a?
• What role can blockchain and distributed ledger technologies play in reducing friction and improving settlement efficiency?
• How are firms leveraging real-time data, automation, and AI to meet new timing and liquidity demands?
• What are the liquidity implications of T+1 for recall timing, collateral movement, and cash reinvestment?
• How is the Basel III framework compounding the operational and capital pressures of accelerated settlement?
• What other SEC proposals or global regulatory changes could further reshape the post-trade environment?

• Is indemnification still the cornerstone of risk management for beneficial owners?
• How are beneficial owners evaluating counterparty risk in a fragmented and evolving market?
• Are new peer-to-peer platforms and non-bank entrants changing the risk calculus?
• What questions should beneficial owners be asking their agent lenders?
• How are indemnification terms evolving in response to regulatory and market pressures?
• Are beneficial owners comfortable with the credit profiles of new counterparties?
• What are the implications of reduced indemnification coverage or exclusions?
• How do beneficial owners benchmark indemnification practices across providers?

• How is interest rate uncertainty reshaping liquidity strategies for beneficial owners?
• What adjustments are being made to cash reinvestment policies in response to market volatility?
• How are firms reassessing their liquidity buffers to meet operational and regulatory demands?
• What role does collateral flexibility play in navigating rate-driven liquidity constraints?
• Are beneficial owners shifting toward shorter-duration or more conservative reinvestment vehicles?
• How are agent lenders helping clients manage intraday liquidity and recall timing under T+1?
• What tools and technologies are being used to model liquidity risk more effectively?
• How are firms balancing yield optimization with capital preservation in this environment?

• How are rising financing costs reshaping collateral optimization strategies?
• What role is tokenized collateral playing in improving liquidity and settlement speed?
• How are firms leveraging real-time margining and intraday collateral mobility to reduce risk?
• What innovations are clients and agents adopting to enhance collateral value and portability?
• Have you made any process or tech upgrades to streamline collateral management?
• How are you constructing flexible collateral sets to meet diverse client needs?
• What are clients doing to increase the cross-border mobility of their collateral?
• How are you managing reinvestment risk in a volatile rate environment?
• What’s the outlook for interoperability between traditional and digital collateral ecosystems?

• What are the most promising new markets — and why are regions like Africa, the Middle East, and Southeast Asia gaining attention?
• Are markets such as South Korea and Thailand becoming more operationally complex for securities lending?
• How are non-bank financial institutions (NBFIs) driving growth and liquidity in underserved markets?
• What strategies are being used to navigate infrastructure gaps and collateral limitations in emerging regions?
• How do you engage with local regulators and market authorities to ease access for beneficial owners?
• What are the key legal, tax, and operational hurdles to entering markets like Brazil, Saudi Arabia, Indonesia, and the Philippines?
• Who is already active in these regions — and what lessons can be learned from their approach?
• What challenges persist around education, regulatory clarity, and market readiness?
• How do you assess risk and return when expanding into new jurisdictions?

• How are Basel III reforms being implemented differently across the US, EU, and UK — and what does that mean for capital efficiency?
• What are the implications of ESG-related disclosure mandates diverging across jurisdictions?
• How are settlement reforms impacting cross-border securities lending and collateral flows?
• What challenges are firms facing in aligning with multiple regulatory regimes while maintaining operational efficiency?
• How are beneficial owners and intermediaries adapting to regulatory fragmentation without losing market access?
• What role can industry bodies and global standards play in driving harmonization?
• Are firms rethinking jurisdictional exposure or counterparty selection due to regulatory arbitrage?
• How are technology and data solutions helping firms manage compliance across regions?
• What’s on the horizon: which upcoming regulatory proposals could further complicate or streamline global securities finance?

• How are firms using advanced data analytics to benchmark performance and uncover new insights?
• What impact will SEC Rule 10c-1a have on the quality and transparency of performance data?
• How are AI and machine learning improving allocation models, risk assessment, and operational efficiency?
• What challenges remain in applying data effectively across fragmented systems and jurisdictions?
• How are regulations shaping — or limiting — the use of data and technology in securities finance?
• What does your data reveal about current market inefficiencies and trading opportunities?
• How is blockchain being explored to reduce friction between counterparties and streamline settlement?
• What emerging technologies are driving innovation in post-trade processes and collateral management?
• What are the barriers to adoption — and why is the market still cautious about taking tech-driven risks?

• How is peer-to-peer lending reshaping access and efficiency in securities finance?
• What innovations are emerging across platforms and digital marketplaces to support direct lending?
• How are beneficial owners evaluating risk frameworks when engaging in P2P structures?
• What are the operational and legal considerations when bypassing traditional intermediaries?
• How does the cost of lending compare across P2P, bilateral, and cleared routes?
• What technologies are enabling real-time matching, collateral management, and risk monitoring?
• Are beneficial owners and borrowers seeing greater flexibility or transparency through P2P platforms?
• What are the barriers to broader adoption — and how are they being addressed?
• Would you recommend P2P as a borrower? As a lender? What are the key trade-offs?