Effect of March 2020 on Fixed-Income Markets and Open-End Funds: Holistic Review and Policy Implications

Program

7:30–7:35 a.m. (EDT) / 1:30–1:35 p.m. (CEST)

Introduction 

Eric J. Pan
President and CEO
Investment Company Institute

7:35–7:45 a.m. (EDT) / 1:35–1:45 p.m. (CEST)

Keynote 

Greg Medcraft
Director of the OECD Directorate for Financial and Enterprise Affairs
OECD

7:45–8:45 a.m. (EDT) / 1:45–2:45 p.m. (CEST)

One Year On: A Retrospective on Market Turmoil in March 2020 

This panel will explore the market dynamics in March 2020, with a particular focus on fixed-income markets. Who were the significant participants in the market during that period and how did they contribute to or affect events? Where did the stresses originate and how did they spread?

Shelly Antoniewicz
Senior Director
Industry and Financial Analysis
Investment Company Institute

Libby Cantrill
Managing Director and Head of Public Policy
PIMCO

Jay Clayton
Former Chairman
US Securities and Exchange Commission
Senior Policy Adviser and of Counsel
Sullivan & Cromwell LLP
Nonexecutive Chair and Lead Independent Director
Apollo Global Management

Andreas Lehnert
Director
Financial Stability
Federal Reserve Board

Robert Patalano
Acting Head of the Financial Markets Division
OECD

Anne Wrobel
Manager
Market Analysis and Risk Team
Financial Conduct Authority

8:45–9:00 a.m. (EDT) / 2:45–3:00 p.m. (CEST) Break

Break 

9:00–10:00 a.m. (EDT) / 3:00–4:00 p.m. (CEST)

A Close-Up Look at Open-End Fund Liquidity Management Practices 

This panel will address how open-end funds managed liquidity and redemptions during March 2020, including how they considered the use of various liquidity risk management tools. Portfolio managers will discuss their liquidity management practices and describe what is involved in normal market periods compared to the stress period in March 2020. 

Heidi Hardin, Moderator
Executive Vice President and General Counsel
MFS

Michael Huang
Managing Director
Risk and Quantitative Analysis
BlackRock

Tilak Lal
Senior Vice President
Director of Investment Risk Management Group
Franklin Templeton Investments

Arthur Leiz
Chief Risk Officer for Asset Management Public Markets
GSAM

Ray Uy
Global Head of FIC Trading
Invesco

10:00–10:45 a.m. (EDT) / 4:00–4:45 p.m. (CEST)

Commentary on Panel Discussions and Potential Reforms

Greg Medcraft
Director of the OECD Directorate for Financial and Enterprise Affairs
OECD

Robert Ophèle
Chairman
Autorité des marchés financiers

Eric J. Pan
President and CEO
Investment Company Institute