FinancialServicesDisrupted: NavigatingChange Documents/2018/ISITC Pr… · 12:15–1:15pm Lunch R os eK ndyBalr mI V& 1:15–2:45pm SessionV-CorporateActionsI R os eK ndyBalr mI ...

Financial Services Disrupted:Navigating Change

March 18 - 21, 2018 The InterContinental Boston HotelBoston,MAwww.isitc.org

ISITC 24TH ANNUALSECURITIES OPERATIONS SUMMIT

PROGRAM BOOK

SUNDAY, MARCH 18, 201812:00 – 7:00pm Conference Registration Open Rose Kennedy Ballroom Foyer5:30 – 7:00pm Exhibits Open Abigail Adams Ballroom

9:30am – 12:00pm Board of Directors Meeting & Breakfast Limited to Board of Directors only Eleanor

10:45 – 11:45am Co-chair Meeting Limited to Co-chairs only Rose Kennedy Ballroom IV & V

12:00 – 1:00pm Board of Directors & Co-chair Meeting & Luncheon Rose Kennedy Ballroom IV & VLimited to Board of Directors & Co-chairs only

1:00 – 1:30pm Session I - Vendor Eleanor/Dartmouth

1:30 – 3:00pm Session II - Custodian & Investment Manager Eleanor/Dartmouth

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

3:00 – 3:30pm New Member & First Time Attendee Orientation Eleanor

3:30 – 5:30pm InnotribeWorkshop: Learn How toThink Like a Startup Rose Kennedy Ballroom IV & VKevin Johnson, Head of Innotribe, SWIFT; Stephen Lindsay, SWIFT; Charles Boniver, SWIFT

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

MONDAY, MARCH 19, 20187:30am – 6:45pm Conference Registration & Exhibits Open7:30 – 8:30am Breakfast in the Exhibit Hall Abigail Adams Ballroom

8:30 – 8:35am Welcoming Remarks Rose Kennedy Ballroom I - IIILisa Iagatta, Master of Ceremonies, ISITC Vice Chair

8:35 – 8:40am Innotribe Introduction Rose Kennedy Ballroom I - IIIKevin Johnson, SWIFT

8:40 – 9:10am Chair’s Address Rose Kennedy Ballroom I - IIIErica Borghi, ISITC Chair

9:10 – 9:55am Morning Keynote Address: BusinessTransformation & EmergingTechnology Rose Kennedy Ballroom I - IIIMichael McGovern, Brown Brothers Harriman

9:55 – 10:30am Networking Break in the Exhibit Hall Abigail Adams Ballroom

10:30 – 11:15am DisruptiveTechnology Shaping the Financial Services Industry – Rose Kennedy Ballroom I - IIISession One: Blockchain/Distributed LedgerTechnologyAlin Dragos, MIT Media Lab; Stephen Lindsay, SWIFT; Grainne McNamara, PwC; JasonWard, Fidelity Investments

11:20am – 12:05pm DisruptiveTechnology Shaping the Financial Services Industry – Rose Kennedy Ballroom I - IIISessionTwo: AI/Machine Learning & BeyondJames Aylward, Fidelity Investments; Mark Lee, Nomura Research Institute America, Inc.; Joshua Satten, Wipro

12:05 – 1:35pm Lunch in the Exhibit Hall Abigail Adams Ballroom

1:35 – 1:50pm Raffle Prize Drawing & Standard of Excellence Award Rose Kennedy Ballroom I - III

1:50 – 2:35pm Afternoon Keynote Address: Out of the Lab & Into the Business Rose Kennedy Ballroom I - IIIDan Houlihan, Northern Trust Company

2:40 – 3:25pm Is Big Data Dead? Rose Kennedy Ballroom I - IIIRandy Bean, NewVantage Partners; John Bottega, EDM Council; Carla Brodley, Northeastern University;Genevy Dimitrion, State Street Corporation

3:25 – 3:45pm Networking Break in the Exhibit Hall Abigail Adams Ballroom

3:45 – 4:30pm TheWhirlwind inWashington -What’s Happening?What’s Not? Rose Kennedy Ballroom I - IIIGary Gensler, MIT Sloan School of Management & Media Lab; Mark Wetjen, DTCC

4:35 – 5:20pm Closing Keynote Address: Change is Good Rose Kennedy Ballroom I - IIICheryl Nash, Fiserv

5:20 – 6:45pm Cocktail Reception in the Exhibit Hall Raffle Winners Announced at 6:30pm Abigail Adams Ballroom

6:45pm Conference Dinner Rose Kennedy Ballroom IV & V

TUESDAY, MARCH 20, 20188:00 – 9:00am Breakfast & Annual Business Meeting Rose Kennedy Ballroom IV & V

9:00 – 10:30am Session III - Reconciliation & Reporting Rose Kennedy Ballroom I- Middle Office Rose Kennedy Ballroom III

10:30 – 10:45am Networking Break Rose Kennedy Ballroom Foyer

10:45am – 12:15pm Session IV - Marketing Post Show Review Rose Kennedy Ballroom I11:15am – 12:15pm - Regulatory Rose Kennedy Ballroom III

12:15 – 1:15pm Lunch Rose Kennedy Ballroom IV & V

1:15 – 2:45pm SessionV - Corporate Actions I Rose Kennedy Ballroom I- Margin & Collateral Rose Kennedy Ballroom III


3:00 – 4:30pm SessionVI - Corporate Actions II - Roundtable Rose Kennedy Ballroom II- Derivatives Rose Kennedy Ballroom III

4:30 – 5:30pm SessionVII - Reference Data & Standards Rose Kennedy Ballroom I- Securities Lending Rose Kennedy Ballroom III

WEDNESDAY, MARCH 21, 20188:00 – 9:00am Breakfast Rose Kennedy Ballroom V

9:00 – 10:30am SessionVIII - Corporate Actions III Rose Kennedy Ballroom I- Settlements Rose Kennedy Ballroom III

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

3ISITC 24th Annual Securities Operations Summit

Welcome to ISITC’s 24th Annual Securities Operations Summit

For nearly 25 years, ISITC has been at the forefront of responding to operational changes in the financial services industry. In

more recent years, disruptive technology prevalent in other industries made its way into the space. Throughout 2017, ISITC

worked to further understand and navigate the changes brought about from the introduction of emerging technology -- a focus

which remains for 2018. We also rebranded the legacy annual Conference and Vendor Show as the Securities Operations

Summit. The new name better aligns with the mission, goals and strategy of the organization, specifically to provide a platform

for collaboration amongst its members to discuss, analyze and implement new standards brought about by change.

Our conference program titled “Financial Services Disrupted: Navigating Change” will focus on opportunities to scale with

emerging technology. We’re excited to have an agenda featuring three executive speakers from our industry: Mike McGovern

from Brown Brothers Harriman, Managing Director and Head of the Fintech organization in the morning, followed by Dan

Houlihan from Northern Trust, Head of Global Fund Services in the afternoon. Lastly, Fiserv’s President of Investment Services,

Cheryl Nash will close the day. Our keynote speakers bring over 20 years of experience coupled with their diverse backgrounds

from technology to asset servicing to innovative solutions in the wealth and investment management industry. We encourage

you to network with our speakers during the scheduled breaks.

Our conference would not be possible without the help and dedication of our sponsors, exhibitors, speakers and Marketing

Committee volunteers, so thank you! The post-conference survey will run after the event and we encourage you to submit any

additional questions or suggestions for topics to cover in a future ISITC session.

Enjoy the Securities Operations Summit!

Sincerely,

Erica Borghi

ISITC Chair

Marketing CommitteeExecutive SponsorsTed Anastasi, Fidelity Corporate Actions SolutionsLouis Rosato, BlackRock, Inc.Co-ChairsDiane Damphousse, State Street CorporationDennis Goodenough, Independent Member

Vendor ForumExecutive SponsorsPaul Fullam, Fidelity Information Services, LLC (FIS)Ana Lotharius, DTCCCo-ChairsThomas Baldinger, CUSIP Global ServicesAdam 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 #ISITCBoston2018 - join the discussion!

Follow Us on Twitter

24th ANNUALSECURITIES OPERATIONS SUMMIT

4 ISITC 24th Annual Securities Operations Summit

TABLE OF CONTENTS

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

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

Exhibitor Floorplan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13

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

Forum Agendas

Custodian & Investment Manager . . . . . . . . . . . . . . . . .17

Middle Office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

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

Vendor/Utility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

Working Group Agendas

Corporate Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

Margin & Collateral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24

Reconciliation & Reporting . . . . . . . . . . . . . . . . . . . . . . . .25

Reference Data & Standards . . . . . . . . . . . . . . . . . . . . . . .26

Securities Lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27

Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28

Committee Agenda

Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30

Speaker Biographies . . . . . . . . . . . . . . . . . . . . . . . . . .31- 35

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

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

ADVERTISERS

CUSIP Global Services . . . . . . . . . . . . . . . . . . . . . 11

DTCC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Fiserv . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14

Liquidnet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

SS&C Technologies Inc. . . . . . . . . . . . . . . . . . . . . 21

SWIFT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16

SWIFT U.S. National Group . . . . . . . . . . . . . . . . . .29

Thomson Reuters . . . . . . . . . . . . . . . . . . . . . . . . .36

BackBay Communications . . . . . . . . . . . . . . . . . . .39

Now, more than ever, one organization cancreate a shared dataset of operation principlesand best practices to meet the acceleratingdemands of the securities market.

ISITC is that organization.

MISSION STATEMENTThe mission of ISITC is to support global securities operations,

to promote Straight Through Processing throughout the industry,

to recommend and endorse operating standards that will reduce

risk and increase efficiency, and to use the combined expertise

of its members to address developments within the industry.

JOIN ISITCISITC invites you to participate with operations professionals

from custodian banks, investment managers, broker/dealers,

vendors, and industry utilities in crafting the vision for the industry’s

future. Thousands of securities industry professionals from

hundreds of organizations worldwide actively participate in

ISITC.The strength of this organization springs from the depth

and expertise of its membership.

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

ANNUAL EVENTS2018 September MeetingSeptember 16 - 18, 2018Four Seasons HotelBaltimore, MD

2018 December MeetingDecember 1 - 3, 2018Four Seasons HotelPalm Beach, FL




MEETING AGENDA

SUNDAY, MARCH 18, 2018Business Casual Attire Requested

MONDAY, MARCH 19, 2018Business Attire Requested

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

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

9:30am – 12:00pm Board of Directors Meeting & Breakfast EleanorAttendance limited to Board of Directors only.

10:45 – 11:45am Co-chair Meeting Rose Kennedy Ballroom IV & VAttendance limited to Co-chairs only.

12:00 – 1:00pm Board of Directors & Co-chair Meeting & Luncheon Rose Kennedy Ballroom IV & VAttendance limited to Board of Directors & Co-chairs.

1:00 – 1:30pm Session I- Vendor Eleanor/Dartmouth

1:30 – 3:00pm Session II- Custodian & Investment Manager Eleanor/Dartmouth


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

3:30– 5:30pm InnotribeWorkshop: Learn How toThink Like a Startup Rose Kennedy Ballroom IV & VCharles-Raymond Boniver, Principal Standards Specialist – Securities, SWIFTKevin Johnson, Head of Innotribe, SWIFTStephen Lindsay, Head of Standards, SWIFTIn his work with over 2,000 startup companies in the past 4 years, Kevin Johnson, head of theInnotribe program at SWIFT, found that startups are able to focus on the real-world business problemsthey are facing, see that they have a market fit, and design a solution to solve the pain points. ThisInnotribe workshop will encourage participants to think like a startup as they are guided through anaccelerated program that will help them understand and contemplate the important questions neededto find solutions to Distributed Ledger Technology (DLT) and Artificial Intelligence (AI). During theworkshop, participants will: define the business challenges and disruptions they are seeing in thisspace; identify market fit; design a solution. There will be two workshops running in parallel, onefocusing on DLT and the other focusing on AI. Participants will be able to hear the challenges andsolutions that the other group has come up with at the end of the workshop and during the conferencethe following day.

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

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

7:30 – 8:30am Breakfast in the Exhibit Hall Abigail Adams Ballroom

8:30– 8:35am Welcoming Remarks Rose Kennedy Ballroom I - IIILisa Iagatta, Master of Ceremonies, ISITC Vice Chair

8:35– 8:40am Innotribe Introduction Rose Kennedy Ballroom I - IIIKevin Johnson, Head of Innotribe, SWIFT

8:40– 9:10am Chair’s Address Rose Kennedy Ballroom I - IIIErica Borghi, ISITC Chair

Tweet us using#ISITCBoston2018 -join the discussion!


MEETING AGENDA

MONDAY, MARCH 19, 2018 continuedBusiness Attire Requested

9:10 – 9:55am Morning Keynote Address: Business Transformation & Rose Kennedy Ballroom I - IIIEmergingTechnologyMichael McGovern, Managing Director, Brown Brothers HarrimanIn our everyday lives, data is available to us wherever and whenever we need it. Think about yourown personal smartphone, tablet or laptop. When we need to know something, we ask our device.When we want to buy something or book a trip, we run an internet search which displays anenormous number of options in a matter of seconds. Every time you perform one of these functions,you’re using technologies that have transformed data in the consumer space, with machine learningand application programming interfaces (APIs) as examples. These new and emerging technologiesare entering the financial services industry and are expanding opportunities for a data serviceseconomy in our institutional world. How can we accelerate adoption?

9:55 – 10:30am Networking Break in the Exhibit Hall Abigail Adams Ballroom

10:30 – 11:15am DisruptiveTechnology Shaping the Financial Services Industry – Rose Kennedy Ballroom I - IIISession One: Blockchain/Distributed LedgerTechnologyModerator: Jason Ward, Vice President of Blockchain Product Management, Fidelity InvestmentsAlin Dragos, Digital Currency Initiative Product Management, MIT Media LabStephen Lindsay, Head of Standards, SWIFTGrainne McNamara, Principal, PwCJoin ISITC for an in-depth panel discussion to hear perspectives from industry experts regarding thepotential implications distributed ledger technology, blockchains and associated cryptoassets mayhave on the financial services industry. The discussion will explore the spectrum of opportunities fromoperational efficiency plays to the evolution of new business models enabled by these emerginginnovative technologies.

11:20am – 12:05pm DisruptiveTechnology Shaping the Financial Services Industry – Rose Kennedy Ballroom I - IIISessionTwo: AI/Machine Learning & BeyondModerator: Joshua Satten, Blockchain Partner - Financial Services, WiproJames Aylward, Product Director - AI, Fidelity Labs, Fidelity InvestmentsMark Lee, Co-Head, Financial Services Division, Nomura Research Institute America, Inc.Today, business leaders are trying to balance the exciting potential of promising new technologiesagainst the need to protect trusted and reliable legacy systems. With this business challenge in mind,ISITC has endeavored to educate itself on which technologies are truly affecting our members andunderstanding the impacts to our operational environments. This panel discussion focuses on thosepost trade functions that have been and possibly will be impacted by artificial learning, machinelearning and robotics across investment managers, broker dealers and custodians.

12:05 – 1:35pm Lunch in the Exhibit Hall Abigail Adams Ballroom

1:35 – 1:50pm Raffle Prize Drawing & Standard of Excellence Award Rose Kennedy Ballroom I - IIIRose Kennedy Ballroom I - III

Sponsored by

Sponsored by


MEETING AGENDA

MONDAY, MARCH 19, 2018 continuedBusiness Attire Requested

1:50 – 2:35pm Afternoon Keynote Address: Out of the Lab & Into the Business Rose Kennedy Ballroom I - IIIDan Houlihan, EVP & Head of Global Fund Services, Northern Trust CompanyGetting real value from technology requires a lot more than just IT: meaningful innovation calls forfundamental changes in culture, skillsets, mindsets, and operational practices. Join Northern Trust’sDan Houlihan for his insights how to ensure new technologies like AI, blockchain, and robotics delivervalue and what it takes to practically apply innovation in ways that improve your and your clients’bottom line.

2:40 – 3:25pm Is Big Data Dead? Rose Kennedy Ballroom I - IIIModerator:Genevy Dimitrion, Senior Vice President, State Street CorporationRandy Bean, Founder & CEO, NewVantage PartnersJohn Bottega, Executive Director, EDM CouncilCarla Brodley, Dean - College of Computer and Information Science, Northeastern UniversityBig Data has not gone away despite the advent of newer, flashier technology terms. The latest trendsinvolve the refinement of analytical tools and incorporation of machine learning techniques to uncovernew business trends that drive innovation. Join senior industry leaders as we explore what’s in andwhat’s out with Big Data.

3:25 – 3:45pm Networking Break in the Exhibit Hall Abigail Adams Ballroom

3:45 – 4:30pm TheWhirlwind inWashington –What’s Happening? Rose Kennedy Ballroom I - IIIWhat’s Not?Gary Gensler, Senior Lecturer & Senior Advisor, MIT Sloan School of Management & Media LabMark Wetjen, Managing Director, Head of Global Public Policy, Government Relations, DTCCMr. Wetjen and Mr. Gensler will be discussing policy developments in Washington as related to fintechand cryptocurrencies.

4:35 – 5:20pm Closing Keynote Address: Change is Good. Rose Kennedy Ballroom I - IIICheryl Nash, President, Investment Services, FiservConsider what five…10…20+ years ago was like in our industry. Few of us could have predicted thespeed and precision with which we are now able to forecast, process, execute and analyze at thevirtual push of a button or with a single keystroke. The extent to which technology innovation hasaltered—and enhanced—our daily interactions, processes and operations has been game-changing.Digitalization is becoming increasingly ‘intelligent’ as it continues to advance, evolve and furtherautomate. It’s time for all of us to move beyond ‘what once was’ and embrace ‘what can be’…and it’stechnology that can help drive toward those new opportunities and growth. Change really is good.

5:20 – 6:45pm Cocktail Reception in the Exhibit Hall Abigail Adams BallroomRaffle Winners Announced at 6:30pm

6:45pm Conference Dinner Rose Kennedy Ballroom IV & V

Sponsored by

Sponsored by


MEETING AGENDA

TUESDAY, MARCH 20, 2018Business Casual Attire Requested

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

9:00 – 10:30am Session III- Reconciliation & Reporting Rose Kennedy Ballroom I- Middle Office Rose Kennedy Ballroom III

10:30 – 10:45am Networking Break Rose Kennedy Ballroom Foyer

10:45am – 12:15pm Session IV- Marketing Post Show Review Rose Kennedy Ballroom I

11:15am – 12:15pm - Regulatory Rose Kennedy Ballroom III

12:15 – 1:15pm Lunch Rose Kennedy Ballroom IV & V

1:15 – 2:45pm SessionV- Corporate Actions I Rose Kennedy Ballroom I- Margin & Collateral Rose Kennedy Ballroom III


3:00 – 4:30pm SessionVI- Corporate Actions II - Roundtable Rose Kennedy Ballroom II- Derivatives Rose Kennedy Ballroom III

4:30 – 5:30pm SessionVII- Reference Data & Standards Rose Kennedy Ballroom I- Securities Lending Rose Kennedy Ballroom III

WEDNESDAY, MARCH 21, 2018Business Casual Attire Requested

8:00 – 9:00am Breakfast Rose Kennedy Ballroom V

9:00 – 10:00am SessionVIII- Corporate Actions III Rose Kennedy Ballroom I- Settlements Rose Kennedy Ballroom III

Sponsored by

Sponsored by


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ABIGAIL ADAMS BALLROOM

Exhibit Hall

2nd Floor Meeting Space

3rd Floor Meeting Space


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Dartmouth

EleanorCoatRoom

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ROSE KENNEDY BALLROOM

Speaker ReadyRoom

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EXHIBITOR FLOORPLAN

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Abigail Adams Ballroom

ENTRANCE ENTRANCE ENTRANCE

WINDOWTO

BOSTONHARBOR

1 BackBay Communications

2 FIS Global

3 Fiserv

4 SS&CTechnologies

5 Goal Group of Companies

6 DTCC

7 Brown Brothers Harriman

8 CUSIP Global Services

9 Volante Technologies

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 19, 2018 at 6:30 pm.


10 AIM Software

11 IHS Markit

12 Cenotech Solutions

13 GlobeTax

14 Fidelity Corporate Actions Solutions

15 ISITC Table

16 FTF News

17 Financial Recovery Technologies


2018 BOARD OF DIRECTORS

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

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

TreasurerMs. Ana LothariusFinance Committee ChairRegulatory Exec SponsorVendor/Utility Exec SponsorDTCC55 Thomson PlaceBoston, MA 02210(617) 880-6654

SecretaryMs. SalomeWingeCustodian Exec SponsorSecurities Lending ExecSponsorNorthern Trust Company801 South Canal StreetChicago, IL 60607(312) 630-1493

Mr.Ted AnastasiMarketing CommitteeExec SponsorFidelity Corporate ActionsSolutions200 Seaport BoulevardBoston, MA 02210(617) 563-4224

Mr. Jason BrasileSettlements Exec SponsorMargin & Collateral ExecSponsorReconciliation & ReportingExec SponsorState Street Corporation225 Liberty StreetNew York, NY 10281(917) 790-4199

Mr. Paul FullamCorporate Actions ExecSponsorVendor/Utility Exec SponsorFidelity Information Services,LLC (FIS)545 Washington BlvdNew York, NY 07310(646) 445-8356

Ms. Evelyn GaleanoMembership Committee ChairMiddle Office Exec SponsorSecurities Lending ExecSponsorStandard Chartered Bank1095 Avenue of AmericasNew York, NY 10036(646) 845-1091

Ms. Kristin HochsteinReference Data & StandardsExec SponsorRegulatory Exec SponsorThomson Reuters8055 East Tufts AvenueDenver, CO 80237(646) 734-2215

Mr. Paul McSherryMiddle Office Exec SponsorLiquidnet Inc.498 7th 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 ExecSponsorMarketing Committee ExecSponsorBlackRock, Inc.100 Bellevue ParkwayWilmington, DE 19809(302) 797-2145

Ms. Krista R. ScharfenbergerReference Data & StandardsExec SponsorCustodian Exec SponsorSettlements Exec SponsorBNY Mellon135 Santilli HighwayEverett, MA 02149(617) 382-6628

Mr. JasonWardInvestment Manager ExecSponsorMiddle Office Exec SponsorFidelity Investments1 Spartan WayMerrimack, NH 03110(603) 791-5938

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




FORUM AGENDAS

CUSTODIAN & INVESTMENT MANAGER

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 ultimategoal 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.

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

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

INVESTMENT MANAGER EXECUTIVE SPONSORS:Charles Mottinger Jason Ward Louis RosatoState Street Global Advisors Fidelity Investments BlackRock, [email protected] [email protected] [email protected](617) 664-3292 (603) 791-5938 (603) 791-5938

CUSTODIAN CO-CHAIRS:Dannette Fleming Lisa Seibold Stanley MarshallNorthern Trust Company J.P. Morgan Bank of New [email protected] [email protected] [email protected](312) 444-2414 (718) 242-0428 (617) 382-4081

INVESTMENT MANAGER CO-CHAIRS:Paul Brooks Cihan KasikaraFidelity Investments Franklin Templeton [email protected] [email protected](617) 563-2269 (973) 912-2070

Grace [email protected](213) 244-0732

MEETING DATE AND TIME:Sunday, March 18, 2018 1:30 – 3:00 pm

AGENDA:1. TBA Single Security - Barbara Pak, Freddie Mac2. Crypto Currency Update

a. SWIFT – Charles Boniverb. CLS - Kerry Denerstein

3. DTCC Exception Manager - Mark Bouchea4. SWIFT – Charles Boniver

a. ISO20022 consultationb. GPI Update

FORUM AGENDAS

MIDDLE OFFICE


MISSION STATEMENT:The mission of the Middle Office Forum is to advance the discussion on common issues, business processrequirements and best practice initiatives impacting the post-execution/pre-settlement processes.

EXECUTIVE SPONSORS:Evelyn Galeano Jason WardStandard Chartered Bank Fidelity [email protected] [email protected](646) 845-1091 (603) 791-5938

Paul [email protected](646) 660-8058

CO-CHAIRS:Andrew Clark Sarah MattesITG Wellington Management Company, [email protected] [email protected](617) 239-8617 (617) 263-4083

Altaf Hossine Martin McCluskeyBoston Company Asset Mgmt. J.P. Morgan Securities, [email protected] [email protected](617) 722-7125 (212) 834-5809

MEETING DATE AND TIME:Tuesday, March 20, 2018 9:00 – 10:30 am

AGENDA:1. Operationalizing MiFID II commission unbundling (15 minutes) – where does the buy-side and sell-side

stand on adding and using commission types (ie ‘Research’, ‘Execution’, ‘Bundled’) in Omgeo CTM andFIX post trade?

2. Continuation of discussion on DTCC confirmation cancel workflow issues (60 minutes) – review 3 proposedrecommendations and discuss action items from the Feb 15th joint Middle Office and Custodian Forums call

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 LothariusThomson Reuters [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:Tuesday, March 20, 2018 11:15 am - 12:15 pm

AGENDA:1. Presentation on Consolidated Audit Trail (CAT) Josh Beaton, Morgan Stanley2. Regulatory Survey Results from December Conference Jennifer Diggin3. GDPR and other Regulatory Updates Jennifer Diggin, Roger Fahy, Walter Palmer

FORUM AGENDAS

VENDOR/UTILITY


MISSION STATEMENT:The mission of the Vendor/Utility Forum is to create an open venue to discuss technology trends, share insighton the latest industry initiatives, and collaborate on providing solutions that assist ISITC member firms inaddressing industry challenges.

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

CO-CHAIRS:Thomas Baldinger Adam BrillCUSIP Global Services Fidelity Information Services, LLC (FIS)[email protected] [email protected](212) 438-1360 (617) 717-3260

MEETING DATE AND TIME:Sunday, March 18, 2018 1:00 – 1:30 pm

AGENDA:1. Goals for 20182. March 2018

a. Registration options 2018 Feedback3. Exhibit Hall Changes for 2019 – Open Discussion

a. Rafflesb. Room Layoutc. Vendor Demo Staged. Sponsorships


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 marketpractice for the purpose of harmonizing corporate action messaging standards and move toward increasingautomation 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. TheWorking Group is also the forum for discussing and recommending enhancements to business processes andcollaborating with other industry groups in addressing new business processes within corporate actions.

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

CO-CHAIRS:Jennifer Baker Steve SloanBNY Mellon [email protected] [email protected](412) 234-1382 (972) 471-5262

Steven Gale Deirdre WalshNorthern Trust Company Loomis, Sayles & Company, [email protected] [email protected](312) 444-4799 (617) 346-9786

MEETING DATES AND TIMES:Tuesday, March 20, 2018 1:15 – 2:45 pm; 3:00 – 4:30 pmWednesday, March 21, 2018 9:00 – 10:00 am

AGENDA:Session I

1. Executive Board Update2. Review Dec 2017 Conference Minutes3. Q2 2018 Conference Call Schedule

a. April 11th & 25th, May 9th & 23rd, June 6th & 20th4. DTC Transformation Project Update5. Tax Sub Group – TNDP Event

Session II1. Round table Discussion

Session III1. SWIFT Update2. SR2019 Change Requests3. Roadmap to Accomplish 2018 Goals



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 SPONSOR:Carissa WarnerMorgan [email protected](212) 761-0218

CO-CHAIRS:Michael Burg Brian ManningState Street Corporation State Street [email protected] [email protected](412) 298-5160 (617) 985-2651

Ky Dong Richard RobinsonFranklin Templeton Investments Bloomberg [email protected] [email protected](916) 463-1405 (609) 279-3467

MEETING DATE AND TIME:Tuesday, March 20, 2018 3:00 – 4:30 pm

AGENDA:1. Guest Speakers from ISDA and base60 Consulting to discuss the details of the ISDA Common Domain Model

a. Clive Ansell- Head of Market Infrastructure and Technology (ISDA)b. Stuart McClymont- Managing Partner (base60 Consulting)

2. CPMI/IOSCO and FSB on UPI/UTI3. Update on the ISITC/SIFMA/FIA Listed and Cleared Derivatives Trade Date working group4. CFI-OTC Derivative potential updates



MARGIN & COLLATERAL

MISSION STATEMENT:The Working Group will also serve to provide subject matter expertise and thought leadership to membersincluding 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 ForsytheDTCC-Euroclear GlobalCollateral State Street [email protected] [email protected](646) 477-1374 (949) 932-4668

Mike DaleyLoomis [email protected](617) 310-3605

MEETING DATE AND TIME:Tuesday, March 20, 2018 1:15 - 2:45 pm

AGENDA:1. T+1 ETD and OTC Cleared Workflow Update2. Panel Discussion – Preparing for FINRA 42103. Collateral Recon Best Practice – Member Discussion



RECONCILIATION & REPORTING

MISSION STATEMENT:The mission of the Reconciliation & Reporting Working Group is to encourage industry dialogue that will helpoptimize operational efficiency, risk management, and regulatory compliance within Reconciliation and relatedoperations, and to influence changes to electronic messaging standards and market practices that will helpenable such optimization.

EXECUTIVE SPONSORS:Jason Brasile Lisa IagattaState Street Corporation [email protected] [email protected](917) 790-4199 (781) 828-2205

CO-CHAIRS:Andrew Chapman Steven ZizzaVanguard Brown Brothers [email protected] [email protected](610) 669-5171 (617) 772-6960

Zach DorrFidelity [email protected](817) 474-6979

MEETING DATE AND TIME:Tuesday, March 20, 2018 9:00 – 10:30 am

AGENDA:This will be an interactive session exploring several key topics facing reconciliations teams in financial services:1. Recon’s role in organizations – During this session we’ll explore the evolving role of recon within financial

services and how firms are challenging their operating models to meet the demands of changing client andregulatory demands.

2. Messaging, Market Practice, and Recon – During this session we’ll explore how messaging and marketpractice support and constrain reconciliation teams.

3. Disrupting Recon – During this session we’ll look at the various disruptors that are influencing recon’s currentand future state.



REFERENCE DATA & STANDARDS


MISSION STATEMENT:The mission of the Reference Data & Standards Working Group is to advance critical dialog and solutions onissues 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 Krista ScharfenbergerThomson Reuters BNY [email protected] [email protected](646) 734-2215 (617) 382-6628

CO-CHAIRS:Koushik Chakrabarty Peter SmithIndependent Member Markit(617) 383-1887 [email protected]

(646) 679-3227

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


AGENDA:1. Introductions and greetings2. MiFiD II – follow ups from Dec & Feedback from Group

a. How did your launch go?b. Reporting follow up (to whom? What elements?)

3. Speaker – Enterprise Security Master – “Holy Grail” Eric Reichenerga. Advantages & Disadvantagesb. Essential Elements of True enterprise security master

4. Speaker – Data Aggregation, Consolidation and Translation – Jose Mansoa. Complianceb. Vendor Sourcingc. Poor data governanced. High data spende. Accuracy & Consistencyf. Lack of visibility on the usageg. Current Solutions to the industry challenges

5. Group Discussion Topics: If time allowinga. Best Practice for Master datab. Best Practice for Security Status

6. Other Business



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:Evelyn Galeano Salome WingeStandard Chartered Bank Northern Trust [email protected] [email protected](646) 845-1091 (312) 630-1493

CO-CHAIRS:Tony Camarota Juan NunezBrown Brothers Harriman [email protected] [email protected](617) 772-2161 (212) 455-1976

Jennifer HinderscheidState Street [email protected](617) 985-2074


AGENDA:1. Corporate Actions impact on Lending flows

a. As corporate actions events may impact accounts that are involved in Securities Lending there areconcerns around different election deadlines for on loan positions vs. custody. This is caused by borrowerswho have earlier cut-offs for elections than the IM's custodian. The custody deadline is included on thecustodian's SWIFT notification, but earlier deadlines for on loan positions are communicated via emailand do not flow STP.

i. A panel with Custodians and Investment Manager will discuss the challenges, real world experiencesand current processes regarding Corporate Actions impacts. Q&A session will also incorporate abrief review of Best Practices guidelines for reporting Loan Balances on ISO messages.

2. Buy-In Notificationa. The industry has noticed an increase in the need for a Buy-In notification best practice especially whenrelated to Securities Lending activity. There are differing opinions regarding responsibilities and how tocommunicate along the Buy-In process flow. Working group will begin to collect feedback from variousconstituents and work towards creation of Best Practices guidelines for Buy-Ins later in 2018.

3. All other items



SETTLEMENTS

MISSION STATEMENT:The mission of the Settlements Working Group is to define best practices for the communication of settlementinstructions and confirmation messages for all securities-related financial instrument types; third party and bankfor foreign exchange transactions; collateral messaging and currency movements. This group works collaborativelywith 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

MEETING DATE AND TIME:Wednesday, March 21, 2018 9:00 – 10:30 am

AGENDA:1. Welcome and introductions2. Accomplishments since last conference – review of conference calls and Market Practice updates3. Updates on Market Practice finalization:

a. Bi-lateral Repo Market Practice ISITC/SMPG Consolidation4. Market/CSD mandates update5. Updates on documented open issues6. Hot Topic Review:

a. China Access - Hong Kong Stock Connect and Bond Connect Products - presented by Susan Donaldson,Brown Brothers Harriman & Co.

b. SR2019 impacts to Third Party FX (MT304/300)c. SPO – defining the path to achieve automation continues


COMMITTEE AGENDA

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.

EXECUTIVE SPONSORS:Ted Anastasi Lou RosatoFidelity Corporate Actions Solutions [email protected] [email protected](617) 563-4224 (302) 797-2145

CO-CHAIRS:Diane Damphousse Dennis GoodenoughState Street Corporation DG3 [email protected] [email protected](617) 662-7240 (917) 744-4358

MEETING DATE AND TIME:Tuesday, March 20, 2018 10:45 am – 12:15 pm

AGENDA:1. BackBay Communications:

a. Brand Assessment & SWOT Analysis Findingsb. Reaction?c. Next Steps

2. March 2018 Annual Securities Operations Summit:a. PMA Updateb. Outreach: Feedbackc. 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 improvementj. InnoTribe: Feedbackk. Raffle Giveaways: Feedbackl. Breakfast/Lunch/Dinner/Breaks: Feedbackm. Hotel: Feedbackn. Other Opportunities for Improvement for the March 2019 event

3. Other Business



SPEAKER BIOGRAPHIES

James AylwardProduct Director - AI, Fidelity Labs, Fidelity Investments

James is the Artificial Intelligence product lead in Fidelity Labs, an innovation research and development group at FidelityInvestments. He provides product direction for a team comprised of data scientists, data engineers, architects, developers,

designers, researchers, and product managers that work across business functions at Fidelity to explore what is possible for AI and machinelearning. His team uses human-centered design to further develop the firm’s strategy with these emerging technologies.

Most recently, James led the concept, design, and rapid development of a direct to consumer eCommerce store at Gazelle, Inc., the nation’s leaderin buying and reselling pre-owned consumer electronics. The store, launched in October 2014, drove profitability and growth across the company.

Prior to joining Gazelle, James was a product manager at Vistaprint, the leading online provider of professional marketing products and servicesto micro-business owners. At Vistaprint, James led six successful product launches. One launch was the company’s largest in fiscal year 2012,deploying specific multi-channel go-to-market plans in North America, Europe and Asia Pacific. James was also an innovation manager atStaples, Inc., where he led the effort to re-brand and re-engineer an innovation program that encourages associates to participate in productand process innovation and improvement.

Passionate about product design and development, James is a patent holder and entrepreneur. In 2009, James co-founded NovelTea Pty. Ltd.,to develop and launch LongLeaf Tea Vodka and establish the Tea Vodka category in Australia. James remains in a consultative role.

James held various roles in information technology at firms including Ernst & Young, LLP, The Harvard Medical School, and HP Enterprise(Formerly EDS/Commonwealth Bank of Australia).

James earned an MBA from the Australian Graduate School of Management with an exchange to the Tuck School of Business at Dartmouth.He majored in Commerce at the University of Melbourne.

Randy BeanFounder & CEO, NewVantage Partners

Randy Bean is Founder and CEO of NewVantage Partners. He is a recognized industry thought-leader, business innovator, andsuccessful line executive. Randy writes and speaks extensively on the topic of Big Data and data-driven innovation. He is a regular

contributor to Forbes, Harvard Business Review, MIT Sloan Management Review, and The Wall Street Journal, where he wrote a monthly columnon Big Data. Prior to founding NewVantage in 2001, Randy was a founding executive at Wheelhouse, a Kleiner Perkins backed CRM firm, ChiefMarketing Officer at Veridiem, a Northbridge backed CRM firm, and senior vice president at Harte-Hanks, a pioneer in database marketing andCRM, where he was a member of the operating committee during a ten-year tenure. He began his career at Bank of Boston, where he heldpositions in the Information Technology and Strategic Planning organizations. Randy holds a BA from Washington University in St. Louis.

Charles-Raymond BoniverPrincipal Standards Specialist - Securities, SWIFT

Charles 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 responsiblefor 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.

Erica BorghiVice President, Brown Brothers Harriman & Co.

Erica Borghi is a Vice President and the Head of the Risk and Administration team within BBH Infomediary®. She is responsiblefor developing risk mitigation strategies across various aspects of the business, including market practice changes, compliance

updates, new client onboarding, and KYC processes. Erica’s extensive knowledge of messaging standards and involvement in the industry haveearned her a leadership role in contributing to the Firm's overall strategy for SWIFT/ISO messaging.

Prior to joining the firm, Erica worked at State Street Corporation, formerly Investors Bank and Trust, as a Vice President within Systems. She wasresponsible for the team that implemented inbound trade communication projects across the bank in collaboration with various business areasprior to the acquisition.

Erica is the current Chair of ISITC, having been involved with the organization since 2004 and a member of the board since 2008. During hertenure on the Board, Erica has served as Executive Sponsor of the Settlements Working Group, the Regulatory Working Group, and as a memberof the Finance, Website, and Nominating Committees. In addition to her ISITC involvement, she actively works with SMPG and SWIFT US NationalGroup Securities Subcommittee, and is a member of the SIFMA/AMG Custodian Working Group. Erica holds a BA from Boston University.


SPEAKER BIOGRAPHIES

John BottegaExecutive Director, EDM Council

John Bottega is a senior data management strategist and executive with over 37 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 Mostrecently, John functioned as the principal for his own consulting firm, providing senior advisory and consulting services to CDO’s and senior dataexecutives at major investment banks, brokerage houses, technology service providers and market data organizations.

Today, John is Executive Director of the EDM Council – an industry trade association focused on the advocacy of data management best practices,industry standards, and stakeholder training and education. The EDM Council supports over 200 organizations as members, helping them successfullyadvance their data management programs within their firms, while creating a global network for data management community collaboration.

John has been a frequent speaker for over 17 years at industry conferences and industry symposiums. He is currently a member of the US TreasuryDepartment’s Financial Research Advisory Committee to the OFR, a member of the Executive Advisory Board of NewVantage Partners, a memberof the Wall Street & Technology Reader Advisory Board, and a member of the Board of Directors of ACTUS, a non-for-profit association focusedon the improvement of systemic risk monitoring and financial market transparency.

Carla BrodleyDean - College of Computer and Information Science, Northeastern University

Carla E. Brodley is the Dean of the College of Computer and Information Science. A Fellow of the Association for the Advancementof Artificial Intelligence (AAAI), Dean Brodley’s interdisciplinary machine learning research has led to advances not only in

computer and information science, but in many other areas including remote sensing, neuroscience, digital libraries, astrophysics, content-basedimage retrieval of medical images, computational biology, chemistry, evidence-based medicine, and predictive medicine.

Dean Brodley’s numerous leadership positions in computer science and her chosen research field of machine learning and data mining includeserving as program co-chair of the International Conference on Machine Learning (ICML), co-chair of AAAI, and serving as an associate editor ofthe Journal of AI Research, the Journal of Machine Learning Research, and Machine Learning. She has served on the Defense Science StudyGroup, the Computer Research Association Board of Directors, the AAAI Council, and she co-chaired CRA-W from 2008-2011. Currently she ison the editorial boards of JMLR, Machine Learning, DKMD, DARPA’s Information Science and Technology (ISAT) Board and member-at-large ofthe Information Computing and Communication section of AAAS. Dean Brodley was recently awarded the prestigious NCWIT Harrold and NotkinResearch and Graduate Mentoring Award.

Dean Brodley earned her bachelor’s degree at McGill University in Mathematics and Computer Science, and her MS and PhD in ComputerScience from the University of Massachusetts at Amherst.

Genevy DimitrionSenior Vice President, State Street Corporation

Genevy 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, shedeveloped solutions and products critical to delivering superior client service, fueling innovation and increasing efficiency.

Ms. Dimitrion is an active member of several industry groups and is a leading advocate for standards in the financial services industry. Mostnotably, 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 practicesand recommendations used today by State Street’s clients. Ms. Dimitrion earned a Bachelor of Science degree in finance from Rutgers University.

Alin DragosDigital Currency Initiative Product Management, MIT Media Lab

Alin is heading strategic partnerships for MIT Media Lab's Digital Currency Initiative. Before MIT, he was a vice president atFirst Data Corporation, leading a family of products for banking the unbanked. In this role, he was responsible for a $200M P&L

and an organization of about 200 employees. Dragos also spent three years in the startup world, raising seed funds, scaling up business modelsand managing a post-acquisition integration. He holds an MBA from University of Arkansas and an SM from MIT.


SPEAKER BIOGRAPHIES

Gary GenslerSenior Lecturer & Senior Advisor, MIT Sloan School of Management & Media Lab

Gary Gensler is a former Chairman of Commodity Futures Trading Commission, Undersecretary of the U.S. Treasury for DomesticFinance, and Assistant Secretary of the Treasury. He currently is a Senior Advisor to the Director, MIT Media Lab and Senior

Lecturer, MIT Sloan School of Management.

Gensler also had been Senior Advisor to U.S. Senator Paul Sarbanes in writing the Sarbanes Oxley Act and co-authored ‘The Great Mutual FundTrap,’ a book on personal finance. He worked on various political campaigns, most recently as CFO for Hillary Clinton’s 2016 presidentialcampaign. Prior to his public service career, Gensler worked at Goldman Sachs for 18 years, having become a partner in the Mergers &Acquisition department, headed up fixed income and currency trading in Asia, and lastly was Co-head of Finance worldwide. He earned hisundergraduate degree in economics, summa cum laude, and his MBA from the Wharton School, University of Pennsylvania. He is a recipientof the 2014 Tamar Frankel Fiduciary Prize.

Dan HoulihanEVP & Head of Global Fund Services, Northern Trust Company

Dan Houlihan is the North American Head of Northern Trust's Global Fund Services (GFS) segment, responsible for servicing thefirm's North American asset management clients. GFS is focused on the delivery of all asset servicing for fund clients, including

middle-office outsourcing, fund administration, fund accounting, transfer agency, and custody. Dan joined Northern Trust in 2008 as the GlobalHead of Product and Strategy for the Investment Operations Outsourcing (IOO) business.

Prior to joining Northern Trust, Dan spent 19 years in numerous leadership positions for investment management, technology, and servicescompanies. Among these, he was President of Citisoft, Inc. where he was responsible for executing their strategy for North America.

Dan is Chairman of the Board for NICSA, (National Investment Company Service Association). Dan is also a Director on the Advisor InvestmentTrust, (AIT)

Lisa IagattaDirector, Account Management, Fiserv

Lisa Iagatta, Director of Account Management for Investment Services at Fiserv is responsible for North American clientrelationships for Fiserv TradeFlow™ and MessageBroker™ solutions. As a member of the investment community since 1991,

Lisa has deep experience in front, back and middle office operations.

Her prior role at Fiserv was as Senior Business Solutions Strategist – Advisory within the Risk and Compliance division. Before Lisa’s arrival atFiserv, she held the position of Vice President of Global Wealth Investment Management for Columbia Investment Operations at Bank of America.Earlier, Lisa was Vice President of Investment Operations at Eaton Vance Management where she established and managed an operationsdepartment supporting front, middle and back office operations focused on high net worth (HNW) investors.

Among her accomplishments, Lisa earned the designation of Securities Industry Professional (SIP) through the Securities Operations Forum, adivision of the Summit Group in July 2012. She went on to successfully complete the Securities Industry Institute (SII) program at The WhartonSchool through SIFMA in March 2014.

Since 2012, Lisa has served as a Co-chair on the International Securities Association for Institutional Trade Communication (ISITC) ReconciliationWorking Group. Her elected positions with ISITC include the ISITC Board of Directors as executive sponsor for the Reconciliation and ReferenceData Working Groups and the Vendor Forum (2014); Board of Directors Treasurer (2016); and most recently, as ISITC Vice Chair (2017).

Lisa received her undergraduate degree from the University of New Hampshire. She is a graduate of Harvard University and holds an advanceddegree in Business Management and Administration with concentration in Finance.

Kevin JohnsonHead of Innotribe, SWIFT

Kevin Johnson heads up Innotribe – the SWIFT initiative to reinforce the importance of collaboration in innovation, supportingall actors in the FinTech sphere. Kevin has been leading initiatives for the team since 2014, spearheading the expansion of the

Startup Challenge to emerging innovation ecosystems. In 2016, he successfully launched the Industry Challenge, a programme to bring financialinstitutions together with FinTech players to collaboratively solve pain points.

Kevin brings a wealth of experience from IT Development to Project management. He is able to sit between the business and IT worlds, wherehe uses this understanding when working with startup companies, to help them explain their value proposition to their customers.


SPEAKER BIOGRAPHIES

Mark LeeCo-Head, Financial Services Division, Nomura Research Institute America, Inc.

Mark is currently the Co-Head of Financial Services at Nomura Research Institute America and has significant management ofPost Trade Solutions within the Broker Dealer environment. With experience ranging from Strategic Planning to Execution

Management, Mark is currently helping to build the international offering from NRIA to the Capital Markets industry through a mix of Softwareand Managed Services through innovative solutions. From 2014 – 2016, he was the Global Head of Custody Technology for JP Morgan Chasein New York. From 2011 – 2014, he was the Head of US Corporate Technology Services & Regulatory Change for Nomura Securities and from2008-2011 was the Head of US Settlement Technology for Barclays. Before that he was the Head of Finance Change Management for LehmanBrothers for two years and from 2000-2006 was the Head of US Corporate Technology for Dresdner Kleinwort Wasserstein.

Stephen LindsayHead of Standards, SWIFT

Stephen Lindsay joined SWIFT in 2007 and currently heads the Standards department. SWIFT Standards operates the annualmaintenance 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. SWIFTStandards is also a key contributor to the ISO 20022 standard; it participated in the development of ISO 20022 and remains the largest singlecontributor of content. SWIFT Standards also operates the Registration Authority, responsible for guaranteeing the integrity of ISO 20022 andpublishing the content. Stephen has gained in-depth knowledge of the technology of standards and of the operational, organizational andpolitical aspects of managing a widely used international standard.

Prior to joining SWIFT, Stephen spent 17 years as a technical architect and product manager for a financial software vendor, specializing in thedesign and implementation of payments and integration software for an international market, with a strong emphasis on the implementation ofdomestic and global financial standards.

Stephen is a member of the ISO Technical Committee for Financial Services (ISO/TC 68), and of the ISO 20022 Registration Management Group(RMG), the governing body of ISO 20022. Stephen is also a director of XBRL International, the organization that develops and maintains theeXtensible Business Reporting Language (XBRL) standard.

Stephen is British and holds a BSc in Engineering and Computer Science from the University of Sussex. He lives in Brussels.

Michael McGovernManaging Director, Brown Brothers Harriman

Michael F. McGovern is a Managing Director and Head of the firm’s Investor Services Fintech offerings, which include middleoffice services, Infomediary®, and software-as-a-service technology solutions for asset managers and financial institutions.

Michael is focused on data strategy and client information delivery channels – two areas that asset managers and financial institutions haveincreasingly looked to leverage for revenue generation, cost control, and product enhancements.

Previously BBH's Chief Information Officer and Head of Systems, Michael was responsible for the management and leadership of the firm’stechnology strategy, application development, and systems infrastructure across all business lines.

Michael joined BBH from Citi Transaction Services in 2013 where he spent a decade serving as Managing Director and Global Technology Headof Securities & Fund Services. His tenured career in information technology includes significant and industry-relevant posts at Chase ManhattanBank and Chemical Bank. Michael received his training in Electrical Engineering at Stevens Institute of Technology.

Grainne McNamaraPrincipal, PwC

Grainne specializes in effectively delivering large transformation programs at top tier institutions. She is currently focusing on digitaltransformation, helping companies transform by leveraging emerging technology and agile delivery methods. Being as passionate

about enabling productivity and creativity in people as she is about technology, she is also working with leading edge productivity and roboticprocess automation tools to empower the digital worker of the future. She has over 20 years of experience in implementing technology,business, and regulatory change programs during her tenure at Goldman Sachs and Morgan Stanley.

Grainne is the U.S. leader for PwC’s blockchain efforts. In this role, she works with cutting edge start-ups and large technology companies toharness the power of the blockchain eco-system for her clients. Grainne is regularly sought out by publications such as Forbes, Fortune andBusiness Insider for her perspective on the transformational power of emerging technologies, from a practitioner perspective. She frequentlypresents on the topics of digital transformation and innovation at industry forums including the IIF, AFP, SIFMA, American Banker, and MBA/MISMO.Grainne is passionate about efforts to transform the lives of women and girls and sits on the Board of the New York Women’s Foundation. She isan active fundraiser and advocate of diversity and inclusion. She launched a campaign to encourage broader participation in philanthropywhich she believes builds more authentic and well-rounded leaders.

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SPEAKER BIOGRAPHIES

Cheryl NashPresident, Investment Services, Fiserv

Cheryl Nash, President, Investment Services at Fiserv, drives the strategic vision for industry-leading technology solutions inwealth management. With over 30 years of experience, Cheryl has a keen appreciation and understanding of industry trends,

priorities and challenges, and is a highly sought after subject matter expert. Her consultative approach has yielded enduring client partnerships.Cheryl’s credentials include her recent appointment to the Money Management Institute (MMI) board of directors; board member of MMI’sGateway to Leadership; and former co-chair for MMI’s Technology & Operations Committee. She is also an Envestnet Institute on Campusadvisory board member and leads the Women in Wealth Management initiative, a program dedicated to inspiring, advising, and educatingcareer-focused women. Cheryl has received numerous awards for her contributions and achievements including Money Management Institute’sPioneer Award (2009); Gold Stevie® Award for Women in Business (2016); Family Wealth Report’s Women in Wealth Management—IndividualContributor award (2017); MMI/Barron’s Industry award to Envestnet Institute on Campus in the ‘Doing Good’ category, a program for whichCheryl Nash and Fiserv are key contributors (2017); and most recently, by InvestmentNews as a 2017 Women to Watch honoree.

Joshua SattenBlockchain Partner - Financial Services, Wipro

Joshua Q. Israel Satten is the Director for Wipro’s Blockchain Practice and the leader of the Blockchain Financial Services practicein North America. As an Enterprise Business Architect with over 17 years of global diversified experience, Joshua has been

instrumental in creating, managing, and scaling transformational growth for several top-tier financial services companies over the past decade.

In his current role, Joshua serves as the leader and evangelist for Blockchain for Financial services in North America. As part of this, he closelyworks with our financial services business unit, various consortia and partners, advising and leading the blockchain journey for Wipro's financialservice clients. He also helps lead Wipro's global Blockchain Center of Excellence team (COE). In this role and as a face to the industry, herepresents Wipro in various industry forums, builds connections with Business / IT Leadership across industries and geographies, and workswith Industry Analysts to gain mind-share in the global blockchain ecosystem.

Under his leadership, he has seeded & grown operational trade support structures, grown a global administration business, led transformation,helped found an innovation lab, and led public relations & industry relations. Joshua has done his Executive Masters in Business Administrationfrom Fordham University and a Masters in Urban Affairs from CUNY-Hunter College. He is a member of multiple industry advisory groups acrossboth finance and blockchain and is a previous member of ISITC.

Jason WardVice President of Blockchain Product Management, Fidelity Investments

Jason Ward is a Vice President of Blockchain Product Management in Fidelity’s Center for Applied Technology (FCAT), based inNew Hampshire, USA. In his current role, Jason is responsible for monitoring the blockchain ecosystem, evaluating business

applications for blockchain and curating the roadmap for the FCAT Blockchain Incubator.

Since joining Fidelity Investments in 2004, Jason has held various management positions including roles in Institutional Accounting, Trade Operationsand Service Strategy. As the Head of Global Trade Operations Jason managed staff located in New Hampshire, Texas, and India and was responsiblefor the daily operations of cash securities, FX, mortgage allocations, tri-party repo, derivatives and collateral management operations.

Immediately prior to his current role, Jason was responsible for leading Business Architecture and Strategy initiatives in order to optimize themiddle and back office service capabilities of Fidelity’s Pricing & Cash Management Services (FPCMS) division. In addition to providing supportfor a variety of strategic initiatives, Jason served as the FPCMS lead for blockchain research and development initiatives.

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.

Mark WetjenManaging Director, Head of Global Public Policy, Government Relations, DTCC

Mark Wetjen is Managing Director and Head of Global Public Policy for DTCC, with responsibility for developing and coordinatingstrategic engagement to help shape policymaking that impacts DTCC’s interests around the world. In addition, he also serves as

a board member for LedgerX, a member of Coin Center’s advisory board and serves on the Chamber of Digital Commerce’s board of advisors.

Prior to joining DTCC, Wetjen served as a commissioner on the U.S. Commodity Futures Trading Commission (“CFTC”), the U.S. market regulatorthat oversees activities and trading in derivatives markets. He was nominated by President Barack Obama in March 2011, was confirmed by theU.S. Senate in October 2011, and served through August 2015.

During part of his tenure, Wetjen served as the CFTC’s acting chairman, managing daily operations and setting the overall policy direction ofthe agency. During his chairmanship, he oversaw implementation of the world’s first trading mandate for certain interest-rate and credit-defaultswaps, negotiated novel solutions to cross-border problems, secured additional funding for the CFTC, and oversaw approval of the firstcryptocurrency-denominated derivatives instrument. As commissioner, Wetjen helped craft and implement dozens of CFTC rulemakings andorders that implemented the G20 derivatives reforms legislated through the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Wetjen also sponsored the CFTC’s Global Markets Advisory Committee and through that effort was the first U.S. appointed regulatory official toconvene a public meeting – in 2014 – to discuss developments in cryptocurrencies and related distributed ledger technologies.Prior to joiningthe CFTC, Wetjen worked in the U.S. Senate as a senior leadership staffer for Senator Harry Reid, advising on all financial services-relatedmatters, including Dodd-Frank. He is one of only a few who worked on the development and consideration of Dodd-Frank in the U.S. Congress,and then subsequently served as a principal at an agency that implemented some of its key provisions.


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’sandmembership 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 understandingsamong 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 notdiscouraged 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 preparedin 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 andconditions of purchase and sale;

• price advertising;• what constitutes a fair, appropriate, or “rational” priceor profit margin;

• whether to do business with certain suppliers,customers, or competitors;

• complaints about the business practices of individualfirms;

• the validity of any patent or the terms of a patent license;• confidential company plans regarding future product orservice 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 andWorking Group sessions will be closed to the press. Forum andWorking 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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