TOPIC 1
THE INFLUENCE OF REGULATORY REFORM ON MARKET PARTICIPANTS

Chairman's summary: "Financial regulatory reform is definitely going to change the way market participants do business"

ITEM 1 - De Larosière Reforms: The Emerging New European Supervisory Architecture

Speaker: Mr Antonio Sáinz de Vicuña (European Central Bank, Chairman) - EFMLG Presentation

ITEM 2 - De Larosière Reforms: Beyond the Supervisory Structures

Speaker: Ms Carmen Reynolds (White & Case LLP) - FMLC

ITEM 3 - The "Volcker Rule"

Speaker: Mr Robert M. Spielman (Deutsche Bank AG) - FMLG

ITEM 4 - Client Assets and Monies

Speaker: Mr Barney Reynolds (Shearman & Sterling LLP) - FMLC

ITEM 5 - Regulation of OTC Derivative Trades in Japan

Speaker: Ms Keiko Harimoto (Bank of Japan) - FLB Presentation

ITEM 6 - The Securities Law Directive: A Preliminary View

Speaker: Mr Pedro Ferreira Malaquias (Uría Menéndez) - EFMLG Presentation

COFFEE BREAK

TOPIC 2
CURRENT DOCUMENTATION REQUIREMENTS AND MEASURES

Chairman's summary: "Harmonisation of master agreements is desirable but not always feasible"

ITEM 1 - Section 2(a)(iii) of the ISDA Master Agreement

Speaker: Mr Ed Murray (Allen & Overy LLP) - FMLC

ITEM 2 - FX Novations

Speaker: Ms Maria Douvas-Orme (Morgan Stanley) – FMLG

ITEM 3 - Challenged Wisdom on Netting

Speaker: Professor Kanda ( University of Tokyo ) - FLB

ITEM 4 - EFMLG Initiative on Standard Market Documentation

Speaker: Mr Holger Hartenfels (Deutsche Bank AG) - EFMLG Presentation

Documents: EFMLG Report on Standard Market Documentation

ITEM 5 - Harmonisation of Terms in Master Agreements and Enforcement of Counterparty Rights

Speaker: Mr James Grand (Freshfields Bruckhaus Deringer LLP) - FMLC

LUNCH

TOPIC 3
THE PROSPECT OF TRANSNATIONAL BANKRUPTCY

Chairman's summary: "International coordination/cooperation in bankruptcies is possible but contradictions are inevitable"

ITEM 1 - International Co-ordination in Bank Resolution: Lessons from the UK

Speaker: Mr Charles Randell (Slaughter and May) - FMLC

ITEM 2 - The Art of the Possible: Now and in the Future

Speaker: Ms Dorothy Livingston (Herbert Smith LLP) - FMLC Presentation

ITEM 3 - Perpetual/Dante Case

Speaker: Mr John Volkommer (JPMorgan Chase Bank NA) - FMLG

ITEM 4 - Cross Border Banking Resolution

Speaker: Mr Niall Lenihan (European Central Bank) - EFMLG

ITEM 5 - Development of Non-Legislative Infrastructure for Japanese Government Bonds (JGB) Trade/Settlement in Response to the Failure of Lehman Brothers Japan

Speaker: Mr Takashi Hamano (Bank of Japan ) - FLB Presentation

TEA

TOPIC 4
INNOVATION AND INCREASED REGULATION IN THE NEW WORLD

Chairman's summary: "In the aftermath of the financial crisis, innovation and self-regulation have no role to play"

ITEM 1 - New Usage of UCITS

Speaker: Mr Habib Motani (Clifford Chance LLP) - FMLC

ITEM 2 - Funds

Speaker: Mr Michael McKee ( DLA Piper LLP) - FMLC

ITEM 3 - The Future of Structured Products

Speaker: Mr Simon Gleeson (Clifford Chance LLP) - FMLC

ITEM 4 - Impediment to Innovation - US OTC Derivatives Reform

Speaker: Mr Darek DeFreece (Wells Fargo ) - FMLG Presentation

ITEM 5 - Return of the Jedi after the Empire Strikes Back - Market Innovation vs. Excessive Regulations from the Japanese Viewpoint

Speaker: Mr Akihiro Wani (Linklaters LLP) - FLB Presentation

CLOSING REMARKS