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					SECURITIES OPERATIONS FORUM


                                FALL

                          2004
Training Catalogue
-   INTRODUCTION TO THE SECURITIES INDUSTRY
-   SECURITIES OPERATIONS & PROCESSING
-   INTERNATIONAL ISSUES
-   CORPORATE ACTIONS
-   FIXED INCOME SECURITIES
-   ACCOUNTING, REGULATORY & MANAGEMENT
-   MUTUAL FUNDS
-   DERIVATIVES
-   INTERNET & TECHNOLOGY
-   MANAGING RISK
-   PORTFOLIO MANAGEMENT            T R A I N I N G L O C AT I O N :
In-house customized training
                                             SOF T R A I N I N G C E N T E R
programs available —                         48 WALL S TREET 4 TH F LOOR
See page 14 for more details!                N E W Y O R K NY 10005
                  2
                                                             Seminar                                                        Code       Dates                City       Page
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                                                             Introduction to the Securities Industry
S e c u r i t i e s O pe r at i on s F or u m • F all 2004




                                                             How the Securities Industry Works                              101    September 30-October 1   New York    3
                                                             Introduction to U.S. Securities Processing                     102    December 13-14           New York    3
                                                             Introduction to Buy Side Securities Processing                 106    November 8               New York    3
                                                             Straight Through Processing (STP)                              108    October 13               New York    4

                                                             International Issues
                                                             International Securities Operations                            201    November 9-10            New York    4
                                                             Withholding Tax Relief Worldwide                               222    September 21             New York    4
                                                             Foreign Currency: Markets, Clearance Settlement & Accounting   231    December 7               New York    5
                                                             Global Corporate Actions Processing: Basic Level               403    November 16              New York    6
                                                             Global Corporate Actions Processing: Advanced Level            404    November 17              New York    6
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                                                             Internet & Technology
                                                             Operational Risks in an Internet Age                           304    October 19               New York    5
                                                             Testing for Financial Applications                             305    October 18               New York    5

                                                             Corporate Actions
                                                             Corporate Actions Processing: Basic Level                      401    January 7, 2005          New York    5
                                                             Corporate Actions Processing: Advanced Level                   402    November 5               New York    6
                                                             Global Corporate Actions Processing: Basic Level               403    November 16              New York    6
                                                             Global Corporate Actions Processing: Advanced Level            404    November 17              New York    6

                                                             Portfolio Management
                                                             Portfolio Management                                           510    November 18              New York    6
                                                             Fixed Income Mathemetics                                       512    October 20               New York    7

                                                             Managing Risk
                                                             How to Comply with Sarbanes-Oxley, Section 404                 521    August 26                New York    7
                                                                                                                            521    October 4                New York    7

                                                             Fixed Income Securities
                                                             Fixed Income Trading & Processing                              600    October 28-29            New York    7
                                                             Introduction to Structured Securities                          601    November 2               New York    8
                                                             Modeling Structured Securities                                 602    November 3               New York    8
                                                             Introduction to Fixed Income Products                          603    October 6                New York    8

                                                             Accounting, Regulatory & Management
                                                             SEC Rules 15c3-1 & 15c3-3                               701           December 10              New York    8
                                                             Project Management for Financial Services Professionals 777           December 2               New York    9

                                                             Derivatives
                                                             Derivatives: Markets, Operations, Accounting & Control         801    October 15               New York    9

                                                             Mutual Funds
                                                             Introduction to Mutual Funds                                   900    October 25               New York    10
                                                             Mutual Fund Operations                                         901    October 26               New York    10
                                                                       • Matching, Comparison and Confirmation
INTRODUCTION TO THE SECURITIES INDUSTRY                                • Clearance and Settlement                                                          3
                                                                       • Asset Servicing




                                                                                                                                           |
                                                                       • Control
                                                                       • Reporting




                                                                                                                                           S e c u r it ie s Ope r at i on s F or u m • F al l 2004
HOW THE SECURITIES INDUSTRY WORKS - 101                                Order and Trade Management
                                                                       • Roles of the Portfolio Manager/Broker/Trader
Two-day Seminar • $1195                                                • Orders
INSTRUCTOR: MICHAEL GRAY                                               • Executions
                                                                       • Cancels and Corrects
This seminar is designed for people new to the securities indus-       • Market Makers
try or who desire a broader industry background. Upon com-             • Interfaces
pletion of the program, participants will have a comprehensive         Matching, Comparison and Confirmation
overview of the U.S. financial services industry.                      • Role of the Middle Office
The seminar will cover the roles of the major players in the           • Confirmation Process
securities business, including banks, broker/dealers, mutual           • Market Interfaces
funds, and the issuers of securities; the customers and their          • Comparison and Netting
needs; the specifics of common and preferred stock and fixed           • Depository Interfaces
income securities and the functions of the New York Stock              Clearance and Settlement (Security Movement and Control)
Exchange and the NASDAQ marketplace. • Basic level                     • Role of the Custodian and Broker Dealer
No Prerequisite Required                                               • Clearance and Settlement
Please Bring a Calculator                                              • Physical Settlement
                                                                       • Depository Process
  Introduction and Background                                          • Reconciliation and Fail Management




                                                                                                                                           |
 • A Look at the Securities Industry Today                             Asset Servicing
 • Who Are The Customers: Institutional versus Retail                  • Income Collection (Categories and Processing)
 • The Various Issuers of Securities                                   • Corporate Action Processing (Categories and Processing)
 • Who are the Suppliers of Services and their Roles                   • Securities Lending
 • Sources of Financial News and Information                           • Reorganization
  Introduction to the Various Types of Securities and their            • Stock Transfer
  Marketplace                                                          • Data Suppliers
 • Where and How they are Traded                                       Control and Recordkeeping
 • Key Terminology                                                     • Stock Record
 • Common and Preferred Stock, ADRs                                    • Segregation
 • Bond Fundamentals Including the Specifics of                        • Audits
    Corporate, Government and Municipal Bonds                          Reporting
 • The Primary Market and the Specifics of Raising Capital             • Confirms
  The Key Functional Areas of Securities Firms                         • Statements
 • Investment Banking and Underwriting                                 • Regulatory
 • Sales and Trading                                                   • Other Reporting Channels
 • Securities Analysis                                                 Industry Trends and Initiatives
 • Asset Management                                                    • Straight Through Processing
 • Operations                                                          • Standard Interfaces
  Review of Government Regulation and the Role of                      • T+1
  the SROs                                                            This program qualifies for 14 CPE credits. See page 11 or details.
This program qualifies for 14 CPE credits. See page 11 for details.

                                                                      INTRODUCTION TO BUY SIDE
INTRODUCTION TO U.S.                                                  SECURITIES PROCESSING - 106
SECURITIES PROCESSING - 102                                           One-day Seminar • $795
Two-day Seminar • $1195                                               INSTRUCTOR: GEORGE BOLLENBACHER
INSTRUCTOR: CHARLOTTE SCOTT
                                                                      This seminar addresses securities processing from a buy side
This two-day course will provide a broad understanding of             organization's viewpoint. We begin with an examination of the
securities processing within the U.S. Markets. It is intended for     types of buy side organizations, then review the major securi-
new hires or for people who desire a more complete picture of         ties categories and related processing requirements. The trans-
how the trade process works from order entry, trade execution         action lifecycle is followed from trade execution through to
and settlement, through asset servicing.                              account reconciliation. The concluding review includes future
                                                                      trends and straight through processing • Basic level
All securities processing functions will be covered in detail
from both the brokerage and the custodian perspective. The            No Prerequisite Required
course begins with a general overview of the markets and its
participants. It will take you through the full trade cycle,            The Structure of the Business
including the roles and relationships of the various entities           • The Industry
such as broker/dealers, investment managers, custodians, and            • Investment Managers
depositories. The course will also touch upon the current secu-         • Broker/Dealers
rities processing trends and discuss the future of security pro-        • Custodians
cessing and the potential for centralizing the core activities of       • Agents
various types of organizations. • Basic level                           • Depositories
Prerequisite: Seminar 101 - or equivalent experience is recom-          • Fund Distributors
mended but not required.                                                • Pension Funds
                                                                        • Regulators
                                                                        The Functions that are Performed
  Market Overview                                                       The Structure of the Enterprise
  • Historical Background                                               • Investment Management
  • Exchanges/Markets                                                   • Investment Operations
  • Instruments                                                         • Customer Operations
  • Processing Participants                                             • What Instruments are Invested in and Traded?
  • Governance                                                          • Equity-based
  Trade Cycle and Processing Overview                                   • Fixed Income-based
  • Trade Cycle                                                         • Non-securities
  • Order and Trade Management
                                                                What do the Other Entities Do?                                         Product Overview
                  4                                            • Broker/Dealers                                                        • Raising Funds Long and Short Term
                                                               • Custodians                                                            • Key Features of Instruments
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                                                               • Depositories                                                          Bond Issuance and Trading
                                                               • Regulators                                                            • Bond Issuance
S e c u r i t i e s O pe r at i on s F or u m • F all 2004




                                                               • Accounting Agents                                                       • Public Issuance
                                                                 Looking at the Processes                                                • Private Placements
                                                               • Investment Processes                                                    • Certificated or Dematerialized
                                                               • Custodial Processes                                                   • Bond Trading
                                                               • Customer Processes                                                    • Role of the Broker
                                                                 Looking at the Reports                                                • Primary Dealer
                                                                 Where Can We Be More Efficient?                                       Coupon Calculation
                                                               • What Does it Cost to Do a Trade?                                      • Basis
                                                               • The Value of Information to the Portfolio Manager                     Role of Custodians and Depositories
                                                                 Where do the Risks Lie?                                               • Custody
                                                               • Settlement Risks                                                      • Depositories
                                                               • Accounting Risks                                                      • Cash Correspondents
                                                               • Market Share Risks                                                    Settlement
                                                                 Where do the Profits Lie?                                             • Internal Within a Single Correspondent
                                                               • Growing Assets Under Management                                       • Cross Settlement Between Euroclear & Clearstream
                                                               • Controlling Risks                                                     • Between Euroclear and Domestic Custodians
                                                               • Reducing Costs                                                        • Externally Using Distinct Custodians
                                                             This program qualifies for 7 CPE credits. See page 11 for details.        Settlement Lifecycle
                                                                                                                                       • Matching
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                                                                                                                                         • Critical Fields
                                                                                                                                       • Settlement
                                                             STRAIGHT THROUGH PROCESSING (STP) - 108                                     • Free of Payment
                                                                                                                                         • DVP
                                                             One-day Seminar • $795                                                 This program qualifies for 14 CPE credits. See page 11 for details.
                                                             INSTRUCTOR: WILLIAM DUMOND OR HAL MCINTYRE
                                                             Implementing STP requires a detailed understanding of the
                                                             securities process and a knowledge of the many technology              WITHHOLDING TAX RELIEF WORLDWIDE - 222
                                                             tools that are available. Recent changes in the services provid-
                                                             ed by the industry utilities have made it possible to begin            One-day Seminar • $795
                                                             implementing STP and to establish a process that will support          INSTRUCTOR: ELAINE SULLIVAN MARINO
                                                             each firm as the industry evolves towards this more efficient
                                                             and less risky processing methodology.                                 This seminar is targeted to staff whose primary responsibilities
                                                                                                                                    have involved Withholding Tax Relief for at least six months.
                                                             Straight Through Processing is a widely used and often misun-          Attendees are encouraged to provide the instructor with spe-
                                                             derstood term. While no firm has completely implemented                cific withholding tax relief related questions prior to the class.
                                                             STP, there are many examples of firms that are making signifi-
                                                             cant strides towards this goal. Participants will learn what STP       (Elaine's fax number at Ernst & Young is (866) 205-0383, her E-
                                                             is and how it is being implemented by many firms around the            mail address is: elaine.marino@ey.com.) To date, the following
                                                             world. • Basic level                                                   topics have been confirmed for discussion, however, more are
                                                             No Prerequisite Required
                                                                                                                                    welcome.
                                                                                                                                    No Prerequisite Required
                                                                 What is Straight Through Processing?
                                                                 What is Driving the Industry Towards STP?                             Tax Law and Procedure Updates
                                                                 What are the Roadblocks to STP?                                       • Update on statutory tax law changes
                                                                 What can be Done to Implement STP?                                    • Treaty-related tax rate changes
                                                                • Internal Operational Solutions                                       • Tax relief procedural changes in markets worldwide
                                                                • Internal Technical Solutions                                         Local Custodians
                                                                • External Technical Solutions                                         • In which countries is the use of a local custodian required for
                                                                 What are Vendors Doing to Support STP?                                  filing tax reclaims and why?
                                                                 What is the Industry Doing to Support STP?                            • Are there mechanisms to avoid using a local custodian, especially
                                                             This program qualifies for 7 CPE credits. See page 11 for details.          when fees are involved?
                                                                                                                                       • Focus on Spain
                                                                                                                                       France
                                                             INTERNATIONAL ISSUES                                                      • Update on the elimination of the "avoir fiscal" and "precompte"
                                                                                                                                         regimes for certain types of investors in 2004 and 2005. In-depth
                                                                                                                                        discussion of "avoir fiscal" and "precompte", in plain terms.

                                                                                                                                       Switzerland
                                                             INTERNATIONAL SECURITIES OPERATIONS - 201                                 • Discussion of treaty-related problems and issues involving
                                                             Two-day Seminar • $1195                                                     non-resident collective investment vehicles
                                                             INSTRUCTOR: ROBERT DENNIS
                                                                                                                                       United States
                                                             This two-day seminar is designed for people with minimal                  • Explanation of the need for "follow-up paperwork" such as a
                                                             securities knowledge. The presentation covers the complete                  Form 6166 or "attestation by the beneficial owner" when using
                                                             transactional lifecycle for all international securities with a spe-        expedited tax relief functions such as the DTC EDS process
                                                             cial emphasis on the fixed income market. The market is pre-              • Can the cumbersome paperwork be avoided?
                                                             sented from a US participant's view and covers, terminology,
                                                             product description, issuance, trading, pre-settlement process,           IRS Form 8802/Form 6166 Process
                                                             settlement, post-settlement process, central counterparty, cus-           • In-depth discussion of IRS Form 8802/Form 6166 process
                                                             todian and depository's roles. Lending and borrowing, corpo-              • What is changing for 2004-2005?
                                                             rate actions, margins, repos, control, risk and credit for securi-        • IRS Form 6166 for "pass-through entities" and collective
                                                             ties trading are introduced. The seminar also provides a group              investment vehicles
                                                             departmental structure and includes roles and responsibilities            • What you need to know to make the IRS certification of residence
                                                             for the areas presented. • Basic/Intermediate level                         process work smoothly
                                                             No Prerequisite Required
                                                               Introduction and Course Objectives
   Certification of Residence
   • Claification of the Difference between US "Employer ID" and the       TESTING FOR FINANCIAL APPLICATIONS - 305                                             5
     US "Taxpayer identification Number"                                   One-Day Seminar • $795




                                                                                                                                                |
   • Why does the distinction exist?                                       INSTRUCTORS: DEBORAH DOLAN FORTUNA AND MEGAN JOHNSON
   • How do these identification numbers affect the US certification of




                                                                                                                                                S e c u r it ie s Ope r at i on s F or u m • F al l 2004
     residence process?                                                    This course is designed for testing professionals and those
   • What is the purpose of the US Form 8821 and other documents           interested in understanding the testing phase of the Systems
     such as the IRS Tax Determination Letter?                             Development Life Cycle. The course will walk through all
   • How do these documents (and others) facilitate the certification of   phases of the test planning process as well as management of
     residence process for US entities?                                    the testing project. The participants will take advantage of the
Please Bring a Calculator                                                  hands-on approach to this course by putting the instruction to
This program qualifies for 7 CPE credits. See page 11 for details.         use in sample test projects based on financial and reporting
                                                                           applications. • Intermediate level
                                                                           No Prerequisite Required
FOREIGN CURRENCY: MARKETS, CLEARANCE,                                         Definition of the Test Phases
SETTLEMENT & ACCOUNTING - 231                                                • Unit
                                                                             • Integration
One-day Seminar • $795                                                       • Functional
INSTRUCTOR: ABE MASTBAUM                                                     • User Acceptance
                                                                             • Stress
Upon completing this seminar, participants will understand the               • Parallel
                                                                              Test Planning
basics of the foreign currency product and how it is traded.                 • Scope of the Testing Effort
Also, participants will have a solid background in foreign cur-              • Estimating the Testing Effort




                                                                                                                                                |
rency settlement and clearance procedures and will recognize                 • Building the Test Team
the potential problem areas as they relate to accounting and tax             • Building the Test Plan
issues. • Basic/Intermediate level                                            Managing the Test
No Prerequisite Required                                                     • Reporting the Tracking Bugs
                                                                             • Status Reporting
                                                                             • MIS
   The Foreign Currency Market:                                               Standard Tests
   Economic Relationships                                                    • GUI
   • Interest Rate Parity                                                    • Reports
   • Put, Call,Forward Parity                                                • Interfaces
   • Trading and Hedging Applications                                      This program qualifies for 7 CPE credits. See page 11 for details.
   Designing Systems to Accumulate Required Information
   Case Study
   Spot, Forward and Option Transactions
   Settlement and Clearance Procedures                                     CORPORATE ACTIONS
   Accounting and Tax Related Problems
   • Asset Valuation
   • Income Recognition
   • Income Tax Characteristics of Gains/Losses                            CORPORATE ACTIONS PROCESSING:
   • Conflicts: Accounting vs. Tax Literature
This program qualifies for 7 CPE credits. See page 11 for details.         BASIC LEVEL- 401
                                                                           One-Day Seminar • $795
                                                                           INSTRUCTOR: AGOSTINO RICCI
INTERNET & TECHNOLOGY
                                                                           This seminar provides participants with a sound foundation in
                                                                           all aspects of U.S. corporate actions processing. Industry
                                                                           standards, regulatory requirements, and the time-critical
                                                                           environment will be emphasized. Case illustrations of current
OPERATIONAL RISKS IN AN INTERNET AGE - 304                                 deals and trends will be examined to prepare the participant to
                                                                           handle a transaction from the inception of the Initial
One-day Seminar • $795                                                     Offering Circular, through payments and distributions to
INSTRUCTOR: CHRIS DEGRACE AND J. KEVIN FISHER                              clients. • Basic level
                                                                           No Prerequisite Required
The operational components of web-based transactions require
careful analysis and understanding of business regulations and                Tender & Exchange Offers
work processes. What are the risks? How does risk change in an               • Expiration/Cutoffs
Internet environment? What new dimensions of risk are acceptable             • Protects Issues
and how will they change the way we work? What is required for               • Proration
identifying unacceptable risk? This seminar examines the elements            • Liability Rules
of risks from an operational perspective. As technology advances              Rights/Warrant Subscription
and regulatory changes occur, risks shift and roles within the envi-         • Determining When Funds Are Due
ronment change. Order management, including trade negotiation,               • Oversubscription Entitlement
trade initiation, order entry, execution, and settlement must be re-          Convertible Securities
thought for the fast-cycle electronic environment - risk manage-             • Call Feature
                                                                             • Record Dates
ment practices of the past are becoming increasingly ineffective.            • Rate of Exchange
This class will introduce the new dimensions of risk and provide             • Interest Issues
participants with practical management tools that enable both buy-            Mergers
side and sell-side organizations to become more risk aware in the            • Process Election Options
Internet environment. • Intermediate level                                   • Rights of Appraisal
No Prerequisite Required                                                      Liquidations
                                                                             • Due Bill Processing
                                                                             • Clearing Trades
   Review of Concepts                                                        • Record Control
   Regulatory Envrionment                                                     Called Securities
   Working with Custodians                                                   • Debt and Equity Issues
   Risk Models                                                               • Determining Responsibility for the Call
   Full Cycle Integration                                                    • Lottery Requirements
   Trade Cycle Innovations                                                    Reverse Splits
   Settlement Challenges                                                      Interaction with other Operations Areas
   Internet Standards & the Networked Financial Institution Model          This program qualifies for 7 CPE credits. See page 11 for details.
This program qualifies for 7 CPE credits. See page 11 for details.
                  6                                          CORPORATE ACTIONS PROCESSING:                                        GLOBAL CORPORATE ACTIONS PROCESSING:
                                                             ADVANCED LEVEL- 402                                                  ADVANCED LEVEL - 404
|

                                                             One-day Seminar • $795                                               One-day Seminar • $795
S e c u r i t i e s O pe r at i on s F or u m • F all 2004




                                                             INSTRUCTOR: AGOSTINO RICCI                                           INSTRUCTOR: JOHN J. WAGNER
                                                             Upon completing this seminar, participants will be able to recog-    This seminar presents to the participants an in-depth review of
                                                             nize potential breakdowns in a corporate action process flow, and    the risks, nuances, and processing issues associated with Global
                                                             develop controls and procedures that can improve the overall         Corporate Actions. We will concentrate on core corporate
                                                             work flow while limiting exposure. Principles of corporate           actions and the processing risk associated with the management
                                                             actions processing and today’s standard industry practices will      and control of specific corporate event types, e.g.: Takeovers,
                                                             be examined to ensure an understanding of regulatory and com-
                                                             pliance issues, audit check points, capital change awareness and     Mergers, Stock Optional Dividends, and Rights Issues.
                                                             protection for the firm and client.• Intermediate/Advanced level     We will examine some of the routine processing errors made
                                                             No Prerequisite Required                                             during the life of a corporate action. We will review specific
                                                                                                                                  event types and the routine errors made, and discuss sugges-
                                                                Liabilities and Exposure Issues                                   tions on how to mitigate the risk associated with the life cycle of
                                                                Information Services and Use                                      an event.
                                                               • Vendors                                                          We will define and discuss the life cycle of Corporate Actions
                                                               • Depositories                                                     from announcement at source through all of the points of con-
                                                               • Exchanges                                                        trol that it passes. We also examine the potential risk associated
                                                               • Clearing Agencies                                                with each link in the life cycle.
                                                                Lottery Requirements
                                                               • Call Bonds                                                       The course will include a guest presentation from a Global
                                                                                                                                  Custodian, providing and overview of how they manage and
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                                                               • Account Processing
                                                                Regulatory Issues                                                 control corporate action events, and will conclude with an in-
                                                               • Exchange Rules                                                   depth review of Market Practices. • Advanced level
                                                               • Audit Points                                                     No Prerequisite Required
                                                               • Ensuring Compliance to Regulatory Issues
                                                                Interactions between DTCC and the Exchanges                       Introduction: An Overview and Definitions, Terms and Entitlements
                                                                Exception Processing
                                                                System Benefits                                                     Agent Cut Off Date. What Does That Mean?
                                                             This program qualifies for 7 CPE credits. See page 11 for details.     The Life Cycle of a Corporate Action Event
                                                                                                                                    Stock Optional Entitlements with Coupons
                                                                                                                                    Special Handling / Exception Processing
                                                                                                                                    Bonus Issues Versus Stock Dividends
                                                             GLOBAL CORPORATE ACTIONS PROCESSING:                                   Contrasting Trade and Settlement Cycles
                                                             BASIC LEVEL - 403                                                      Dual Settled Versus Dual Trading
                                                                                                                                    The Roles of Your Sub-Custodian and Agent Bank
                                                             One-day Seminar • $795                                                 Complex Corporate Actions: Multi Currency and Market
                                                             INSTRUCTOR: JOHN J. WAGNER                                             Entitlements
                                                                                                                                    Market Specific Regulatory Issues, Announcements and Restrictions
                                                             This seminar presents to the participants an introductory view         Guest Presentation from a Global Custodian
                                                             into Global Corporate Actions. This course will contrast and           In-depth Market Analysis
                                                             compare The US Market versus specific Global Markets. We will        This program qualifies for 7 CPE credits. See page 11 for details.
                                                             review the suite of corporate action processes, and compare and
                                                             contrast at least two Global Markets. We will also discuss the
                                                             role and impact of Global Sub-Custodians in risk management,
                                                             notifications and response control.                                  PORTFOLIO MANAGEMENT
                                                             The participants will be provided with detailed information on
                                                             the type of corporate actions put forth in Global markets, and
                                                             they will gain an understanding on how to determine and cal-
                                                             culate entitlements.
                                                             The course will include a guest presentation from a Global           PORTFOLIO MANAGEMENT - 510
                                                             Corporate Action Information supplier, and will conclude with
                                                             an in-depth review of major and emerging market practices.           One-day Seminar • $795
                                                              • Basic level                                                       INSTRUCTOR: DOUGLAS CARROLL
                                                             No Prerequisite Required
                                                                                                                                  This seminar provides a wide-ranging overview of the concepts,
                                                                                                                                  process and tools of portfolio management. The presentation
                                                               Event Announcement Chains                                          first addresses the fundamentals of risk and return and how
                                                               The Role of Sub-Custodians                                         these issues should be considered in the investment objective
                                                               Balancing and Calculation of Entitlements                          setting process.
                                                               Types of Corporate Actions; Income Related, Mandatory and
                                                                Voluntary
                                                                                                                                  The discussion will consider how these factors vary across
                                                               The Life Cycle of a Rights Issue
                                                                                                                                  investors for various types of institutional as well as individual
                                                               DRIPS and Stock Optional Entitlements
                                                                                                                                  investors. Asset allocation decisions and their implications will
                                                               Ex Date, Effective Date and Expiration Date Driven Events
                                                                                                                                  also be addressed. The bulk of the seminar will be devoted to
                                                               Review of Trade and Settlement Date Cycles
                                                                                                                                  fixed income and equity portfolio management.
                                                               Convertibles and Warrant Exercise's                                Topics discussed will include: Portfolio management styles;
                                                               Electronic and Manual Information Source Suppliers                 performance of active versus passive strategies; measuring risk
                                                               The Role of Exchanges in Entitlements and Information              and calculating risk adjusted returns; performance attribution;
                                                               Dissemination                                                      selection of appropriate benchmarks. The program is designed
                                                               Guest Presentation by FTIDC or Telekurs                            to give participants insight into the key aspects of the duties and
                                                               Global Security Identifiers and their Impacts                      responsibilities of managing investment portfolios.
                                                               Market Analysis                                                    The seminar would be beneficial to early career professionals in
                                                              • United Kingdom and Australia                                      trading or sales seeking a better understanding of this comple-
                                                              • The Netherlands and France                                        mentary function. The seminar would be particularly useful to
                                                              • Japan and Brazil                                                  early or mid career professionals working in capacities that sup-
                                                             This program qualifies for 7 CPE credits. See page 11 for details.   port or interface with portfolio managers such as clearance and
                                                                                                                                  settlement, compliance, financial control or middle office.
                                                                                                                                  • Basic/Intermediate level
                                                                                                                                  No Prerequisite Required
  Introduction to Portfolio Management
  • Investment Objective Setting                                            MANAGING RISK                                                                            7
  • Modern Portfolio Theory




                                                                                                                                                     |
  • Risk and Return - Definition, Sources and Quantification
  • Asset Allocation - Definition, Importance, Tactical versus Strategic




                                                                                                                                                     S e c u r it ie s Ope r at i on s F or u m • F al l 2004
  Fixed Income Portfolio Management                                         HOW TO COMPLY WITH SARBANES-OXLEY
  • Active versus Passive Fixed Income Portfolio Management
  • Active Portfolio Management Styles                                      SECTION 404 - 521
  • Indexed Portfolios - True Indexing, Quasi Indexing, Enhanced Indexing
  • Assessing Performance - Benchmarks, Return Attribution and
                                                                            One-day Seminar • $595
     Quantifying Risk
                                                                            INSTRUCTOR: JAY SHAFFER
  Equity Portfolio Management
  • Active versus Passive Equity Portfolio Management
                                                                            This seminar presents a step-by-step process focusing specifi-
  • Active Portfolio Management Styles
                                                                            cally on how to implement and perform a SOX 404 review. The
  • Indexed Portfolios - True Indexing, Quasi Indexing, Enhanced Indexing   seminar provides a framework that will allow you to customize
  • Assessing Performance - Benchmarks, Return Attribution and              the review to meet your firm’s information and reporting
     Quantifying Risk                                                       requirements. • Basic level
This program qualifies for 7 CPE credits. See page 11 for details.          No Prerequisite Required
                                                                              Content
                                                                              • Plan and manage a SOX review
                                                                              • Assess the COSO components of internal control
FIXED INCOME MATHEMATICS - 512                                                • Identify and evaluate risk
                                                                              • Identify, evaluate and test control and monitoring activities
One-day Seminar • $795                                                        • Evaluate the results of testing and manage corrective action
INSTRUCTOR: DOUGLAS CARROLL




                                                                                                                                                     |
                                                                                 processing
                                                                               •Document processing steps and all work performed for the SOX
This seminar provides an in depth exposure to yield, pricing                     review
and interest rate calculations for major types of fixed income                    Learning Objectives
securities and derivatives.                                                       When you complete this seminar you should know the following:
The program begins with an introduction to such fundamental                   • What is important to your SOX review and what is not
concepts as time value of money, interest/discount rates and                   •What specific steps you must perform for a successful SOX review,
compounding conventions upon which market conventions are                        and:
based. The balance of the presentation will be devoted to                            - Who should perform each step
exploring how these concepts are applied to the calculation of                       - How to perform each step
prices, yields, rates and accrued interest for: treasury, corporate                  - The deliverables from each step
and municipal bonds; mortgage backed securities, both pass                           - The hidden pitfalls you must address and decisions you must
through securities and collateralized mortgage obligations,                            make before starting each step
including quantifying the prepayment speed/impact; fixed                      • What topics you must discuss with your public auditors?
income futures contracts and their unique features such as con-                • What support youmust provide to the people performing your
version factors and index pricing.                                                 SOX review, including training, material, tools and information
This program would be especially helpful to those beginning a                 Who Should Attend
career in fixed income trading, sales or portfolio management                 Anyone who wants to understand how to perform a SOX review and
or beginning to mid career professionals in departments sup-                  the impact of the review on the entity, especially those who are
porting those activities such as clearance and settlement, compli-            accountable for a SOX review or tasked with managing all or part of
ance, financial control and information technology.                           a SOX review. Attendees include:
• Basic/Intermediate level                                                    • Project Managers
No Prerequisite Required                                                      • Members of Audit committee
                                                                              • Members of senior management
                                                                              • Internal Auditors
  Fundamental Concepts of Fixed Income Mathematics                            • Line managers
  • Interest Rates, Yields and Rates of Return Compared                     This program qualifies for 7 CPE credits. See page 11 for details.
  • Interest Rate Conventions - Simple versus Compound
  • Time Value of Money - Present and Future Values
  Fixed Income Market Pricing and Yield Conventions
  • Pricing Coupon and Zero Coupon Bonds
  • Day Count Conventions
                                                                            FIXED INCOME SECURITIES
  • Accrued interestAccrued Interest
  • Pricing Money Market Instruments
  Yield Curves
  • Types of Yield Curves and Their Constructions
                                                                            FIXED INCOME TRADING & PROCESSING - 600
  • Applications to Fixed Income Pricing and Analysis                       Two-day Seminar • $1195
  Mortgaged Backed Securities                                               INSTRUCTOR: GEORGE BOLLENBACHER
  • Pass Through Security Pricing and Yield Conventions
  • Quantifying Prepayment Speed                                            This two-day seminar will give you an understanding of how
  Fixed Income Futures                                                      fixed income securities are traded and settled worldwide. The
  • T-Note and T-Bond Futures Contracts                                     seminar will cover the market structures, participants, securi-
  • Eurodollar and T-Bill Futures                                           ties, processes, and risks. Participants will learn how market
This program qualifies for 7 CPE credits. See page 11 for details.          participants interact with each other, the trading and process-
                                                                            ing requirements of each security type, and will follow fixed
                                                                            income trades from their inception to their completion. This
                                                                            seminar will be valuable to systems, operations, administrative
                                                                            and trade support staff. • Basic level
                                                                            No Prerequisite Required

                                                                              Overview
                                                                              • Market Structures
                                                                              • Market Participants
                                                                              • Securities
                                                                              • Processes
                                                                              • Risks
                                                                              Market Structures
                                                                              • Trading
                                                                              • Clearance
                                                               • Settlement                                                          • Valuing the Liabilities as a Function of Stochastic Cash Flows
                  8                                            Market Participants                                                   Credit Card ABS
                                                               • Dealers                                                             • The Credit Card Master Trust Structure
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                                                               • Asset Managers                                                      • Why all AAA-credit card ABS are not alike
                                                               • Custodians and Agents                                               • Credit Dynamics of Credit Card ABS Under Changing Consumer
S e c u r i t i e s O pe r at i on s F or u m • F all 2004




                                                               • Repositories                                                           Credit Conditions
                                                               • Regulators                                                          CDOs
                                                               Securities                                                            • Concepts and Credit Structures
                                                               • US Treasuries and Agencies                                          • Why do CDOs seem more Volatile than other Structured Security
                                                               • Corporates                                                             Types?
                                                               • MBS and ABS                                                         • Back-of-the-Envelope Approach to Relative Value in CDOs
                                                               • Municipals                                                        This program qualifies for 7 CPE credits. See page 11 for details.
                                                               • Sovereigns
                                                               • Financings
                                                               Processes                                                           INTRODUCTION TO FIXED INCOME PRODUCTS - 603
                                                               • The Whole Trade Process
                                                               • Trade Execution                                                   One-day Seminar • $795
                                                               • Trade Confirmation, Allocation and Clearance                      INSTRUCTOR: DOUGLAS CARROL
                                                               • Trade Settlement
                                                               • Reconciliation                                                    This seminar evaluates all types of debt securities in detail, cover-
                                                               Risks                                                               ing the benefits to the investor and the issuer. This seminar will
                                                               • Market Risk                                                       be useful to professionals throughout the industry who work with
                                                               • Credit Risk                                                       fixed income securities in any way, including operations, systems,
                                                               • Processing/Error Risk                                             and trade support staff.• Basic level
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                                                               • Disaster Risk
                                                             This program qualifies for 14 CPE credits. See page 11 for details.   No Prerequisite Required

                                                                                                                                     Fixed Income Marketplace
                                                             INTRODUCTION TO STRUCTURED SECURITIES - 601                             • HistoryoIssuers/Investors
                                                                                                                                     • Regulations
                                                             One-day Seminar • $795                                                  • Interest Rate Trends
                                                             INSTRUCTOR: ANN RUTLEDGE                                                • Instruments
                                                                                                                                     Issuers and Issuance
                                                             Why do structured securities permit an arbitrage of the corpo-          • Government Securities
                                                             rate rating? This seminar provides a hands-on approach to               • Corporate Issues
                                                             value and structure in structured securities. Following an              • Others·Fixed Income Math
                                                             overview of the dominant market sectors (ABS, MBS, CDOs                 • Pricing oValuation
                                                             and ABCP) participants will step through the legal, operational,        • Ratings
                                                             accounting and financial requirements for asset securitization          • Tax
                                                             and will leave with techniques for arm's-length assessment of           Yield Pricing
                                                             risk and value in structured securities. • Basic level                  Fixed Income Redemption
                                                             No Prerequisite Required                                                • Full and Partial Calls
                                                                                                                                     • Pre -Refunding
                                                               Background                                                            • Sinking Fund
                                                               • How the Structured Securities Market has Evolved-Where It Is        • Conversion
                                                                 Headed                                                              Income Collection & Corporate Actions
                                                               • Typology of Market Sectors: ABS-MBS-CDO-ABCP                        • Types of Actions
                                                               • Cash Flow vs. Market Value Credit Structures                        • Impact of Errors
                                                               Legal Foundations of Securitization                                 This program qualifies for 7 CPE credits. See page 11 for details.
                                                               • Risk Transfer                                                     Please Bring a Calculator
                                                               • Fair Market Value
                                                               • Asset Identification
                                                               Operational Foundations                                             ACCOUNTING, REGULATORY & MANAGEMENT
                                                               • Rights and Responsibilities of each party
                                                               • Case Study: Securitizing a roll-up
                                                               Financial Foundations
                                                               • Back-of-the-Envelope Approach to Rating ABS-type
                                                                 Structured Securities                                             SEC RULES 15C3-1 & 15C3-3 - 701
                                                               • Case Study: Looking Through the Structure to Performance
                                                               • Structural Variations                                             One-day Seminar • $795
                                                               • Case Study: When is a Deal Over-enhanced (most are)               INSTRUCTOR: ABE MASTBAUM
                                                               • Uses and Abuses of Ratings in Relative Valuation                  Through lecture and case studies, the participants will examine in
                                                               Securitization Accounting Foundations                               detail the Uniform Net Capital Rule and the Customer Protection
                                                               • True Sale Treatment
                                                               • Consolidation                                                     Rule. • Basic level
                                                             This program qualifies for 7 CPE credits. See page 11 for details.    No Prerequisite Required

                                                                                                                                   UNIFORM NET CAPITAL RULE:
                                                             MODELING STRUCTURED SECURITIES - 602                                    Securities and Exchange Act ('34 Act)
                                                                                                                                     Capital Requirements
                                                             One-day Seminar • $795                                                  Accounting and Recordkeeping Requirements
                                                             INSTRUCTOR: ANN RUTLEDGE                                               • Stock Record
                                                                                                                                    • General Ledger
                                                             This seminar builds on seminar 601 to present the basic tools of       • Understanding Transaction Flow
                                                             analyzing and structuring structured securities. Participants           Definitions
                                                             build the cash flow model for ABS in the first section of the          • Aggregate Indebtedness
                                                             course. In the second and third sections, participants will            • Non-Allowable Assets
                                                             acquire a systematic knowledge of how relative value is estab-         • Unsecured/Partially Secured
                                                             lished for credit card ABS and CDOs. • Intermediate level              • Haircut, Trade Date/Settlement Date
                                                             Prerequisite: Seminar 601 or understanding of securitized products.     Computation
                                                                                                                                    • Classification of Assets and Liabilities
                                                               Valuation of ABS and MBS Securities                                  • Customer's Accounts
                                                               • Analyzing Assets of Uncertain Cash Flow Value                      • Unsecured Debits
  • Receivables from Other Broker/Dealers                                       Project Completion
  • Fail to Receive/Deliver                                                     Project Management Issues                                                          9
  • Aged Fails                                                                  • Corporate Considerations




                                                                                                                                                   |
  Role of Securities Processing Departments                                     • People Considerations
                                                                                • Benefits of Project Management Tool Usage




                                                                                                                                                   S e c u r it ie s Ope r at i on s F or u m • F al l 2004
CUSTOMER PROTECTION RULE:                                                       • The Project Management Office (PMO)
   Reason for the Rule                                                            - Project Management Methodology
   Legislation Passed to Mandate the Calculation                                  - The Capability Maturity Model (CMM)
   Determining Which Customers Are Subject to Calculation                         - Six Sigma
   Understanding the Items in the Major Headings of the                           - Project Management Institute (PMI) Certification
   Formula:                                                                     Securities Operations Project Planning Exercise
  • Customer Credits                                                            Summary
  • Bank Loans                                                                  Bibliography
  • Miscellaneous Credits                                                       Project Management Web Sites
  • Customer Debits                                                           This program qualifies for 7 CPE credits. See page 11 for details.
  • Securities Loaned
  • Fail To Receive
  • Fail To Deliver
  • Securities Borrowed                                                       DERIVATIVES
   Allocations: Specific Identification or Automated Allocation
    Method
   When the Deposit Has to Be Made
   What Constitutes a Good Deposit                                            DERIVATIVES: MARKETS, OPERATIONS,




                                                                                                                                                   |
   Frequency of Calculations
   Possession & Control Portion of the Customer Protection Rule               ACCOUNTING & CONTROL - 801
   Role of the Securities Processing Departments                              One-day Seminar • $795
This program qualifies for 7 CPE credits. See page 11 for details.            INSTRUCTOR: ABE MASTBAUM
Please Bring a Calculator
                                                                              Participants will learn about the various derivative instruments
                                                                              to better appreciate and handle operations and clearance proce-
PROJECT MANAGEMENT FOR FINANCIAL                                              dures, issues and problems. Participants need not have any
                                                                              background in derivative products, but should be familiar with
SERVICES PROFESSIONALS - 777                                                  the more traditional products and securities processing.
                                                                              • Basic level
One-day seminar • $795                                                        No Prerequisite Required
INSTRUCTOR: THOMAS J. DRAGONE MS, PMP
Learn the key concepts that ensure being a successful Financial Services
                                                                                 Understanding Interest Rate and Foreign Currency Risk
                                                                                • The Yield Curve
Project Manager. This seminar focuses on the purpose, objectives, and           • Implied Forward Rates
key principals of Project Management. Participants will gain practical          • Maturity and Credit Segmentation
experience in developing a Project Plan and real world advice on what,          • Foreign Exchange Relationships
and what not to do in managing your projects.                                   • Arbitrage Opportunities
Participants will not only come away with essential Project Management           Analysis of Forwards and Futures
knowledge that you can apply immediately to your projects, but with pro-        • Credit Risk, Market Mechanics
ject plans, important document templates, and vital links and references to     • Forward Rate Agreements
continue your Project Management knowledge and skill growth.                     Options and Related Derivatives Products
The program will also include Work Breakdown Structure (WBS) and                • Calls, Puts
Risk exercises, and creating a Project Plan for a Securities Operations         • Floors, Caps
project or a project of your own choosing. • Intermediate level                  Introduction to Interest Rate Swaps
No Prerequisite Required                                                        • Origin and Growth of the Market
                                                                                • Swap Market Operations
                                                                                • Role of the International Swap Dealers Association (ISDA)
   Project Management                                                            Collateral Required for Derivatives & Related Agreements
  • Financial Services Project Requirements                                     • Margin Accounts for ERISA Accounts
  • The Project Lifecycle                                                       • Responsibility of the Custodian/Trustee
  • Scope Definition                                                            • Brokerage Customer Agreements
  • The Work Breakdown Structure                                                • Regulation T
    - WBS Exercise                                                              • Escrow Receipts
   Project Planning                                                             • Guarantee Letters
  • Project Manager's Responsibilities                                          • Other Types of Collateral
  • Requirements Management                                                      Dealer Consideration and Swap Book Management
  • Estimating Tasks, Durations, and Resources                                  • Termination Values
  • Return on Investment (ROI)                                                  • Understanding Credit Risks
  • Tools of the Trade                                                          • Dealer Documentation & Convention
  • The Workplan                                                                • Accounting Issues
    - Task List                                                                 • Market Data, Pricing, Risks
    - Gantt Chart                                                             This program qualifies for 7 CPE credits. See page 11 for details.
    - Network Diagram
   Project Implementation
  • Project Control
  • Managing Risk
    - Risk Exercise
  • Team Building
  • Handling Change
  • Budgeting
  • Web Project Management
   Project Tracking
  • Progress Reporting
  • Project Communication
  • Metrics
  • Earned Value
10
                                                             MUTUAL FUNDS                                                         MUTUAL FUND OPERATIONS - 901
                                                                                                                                  One-day Seminar • $795
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                                                                                                                                  INSTRUCTOR: JOSEPH BARONE
S e c u r i t i e s O pe r at i on s F or u m • F all 2004




                                                             INTRODUCTION TO MUTUAL FUNDS - 900                                   This one-day course will cover "a day in the life of a mutual
                                                             One-day Seminar • $795                                               fund." The course will describe the typical processing events
                                                             INSTRUCTOR: MICHAEL CURLEY                                           that occur daily, and particular attention will be paid to the
                                                                                                                                  most common errors that are made. In addition, the course will
                                                                                                                                  cover the activities of both the trading community (the banks
                                                             This seminar provides an understanding of the mutual fund            and brokerages) and the mutual fund record keepers (the trans-
                                                             environment and its unique requirements. Participants will           fer agents). The sometimes fragile relationships among the
                                                             acquire a sound foundation in what constitutes a mutual fund,        major mutual fund components will also be examined.
                                                             as well as the types of mutual funds that are offered and how        • Basic/Intermediate level
                                                             they are purchased, distributed and redeemed. Also reviewed          No Prerequisite Required
                                                             will be the regulatory bodies and corresponding regulations             New Accounts
                                                             pertaining to mutual funds. Key mutual fund structures will be         • Individual
                                                             discussed. • Basic level                                               • Joint
                                                             No Prerequisite Required                                               • Corporate
                                                                                                                                    • IRA
                                                                                                                                     Purchases
                                                                Investment Act of 1940                                              • Order Entry
                                                                Mutual Fund Concept                                                 • Direct
                                                                Net Asset Value (NAV)                                               • Class A Breakpoint Review
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                                                                Types of Mutual Funds                                                DTCC Services
                                                                                                                                    • Fund/Serv
                                                                Mutual Fund Purchases                                               • Agreements
                                                                Mutual Fund Redemption                                              • Networking
                                                                Use of the Prospectus                                               • Scrubbing
                                                                NASD Regulations                                                    • Omnibus Processing
                                                                Customer Accounts and Services                                      • Mutual Fund Profile
                                                                Forms of Ownership                                                  • Commission Settlement
                                                                Federal Taxes                                                        Redemptions
                                                                Contractual Plans                                                   • Full
                                                                                                                                    • Partial
                                                                Other Areas                                                         • CDSC
                                                             This program qualifies for 7 CPE credits. See page 11 for details.      Other Transactions
                                                                                                                                    • Exchanges
                                                                                                                                    • Transfers
                                                                                                                                    • Systematic Purchases/Withdrawals
                                                                                                                                    • Check Writing
                                                                                                                                     Major Players
                                                                                                                                    • Investment Manager
                                                                                                                                    • Custodian
                                                                                                                                    • Fund Accountants
                                                                                                                                    • Transfer Agent
                                                                                                                                    • Interfaces
                                                                                                                                     Transfer Agent Functions
                                                                                                                                    • Order Processing
                                                                                                                                    • Settlement
                                                                                                                                    • Customer Service
                                                                                                                                    • Fulfillment
                                                                                                                                     Custodian Functions
                                                                                                                                    • RVP/DVP
                                                                                                                                    • Income Collection
                                                                                                                                    • Corporate Actions
                                                                                                                                    • ID System
                                                                                                                                    • Security Lending
                                                                                                                                  This program qualifies for 7 CPE credits. See page 11 for details.
                         Certify Your Industry Knowledge and Experience!                                                                    11




                                                                                                                                            |
               Certification Programs in Securities Processing




                                                                                                                                            S e c u r it ie s Ope r at i on s F or u m • F al l 2004
                   Classroom Certifications                                           eLearning Credential
    Earn a Certified Securities Processing Specialist                ISITC-IOA and Securities Operations Forum have
    (CSPS) or Master (CSPM) designation through                      partnered to develop and deliver a comprehensive
    experience, courses and examinations.                            credential program for operations professionals
                                                                     interested in advancing their careers in the
                                                                     securities industry.

    CSPS and CSPM Certifications are available in:                  The Securities Industry Professional (SIP)
           · International Securities Operations                    Credential includes:
           · Fixed Income Operations                                       · A series of eLearning (online) courses




                                                                                                                                            |
           · Corporate Actions Processing                                    organized into three levels
           · Derivatives Processing                                        · Quizzes and a final test for each course
                                                                           · Exams covering all of the material
                                                                              presented in each level

               Call or fax: Securities Operations Institute 212.328.2500 x235                    Fax: 212.328.2525
                                      Or, visit our website at www.soforum.com

                                           • R E G I S T R AT I O N & I N F O R M AT I O N •
SEMINAR FEES                                                            CANCELLATIONS AND SUBSTITUTIONS
See program descriptions. There is an additional $40                    Registrants cancelling fewer than 10 business days prior to
materials fee per person per person.                                    the seminar, or no shows, are responsible for full payment.
                                                                        All cancellations must be in writing. Substitutions are
MULTIPLE REGISTRATION DISCOUNTS                                         permitted at any time.
To be eligible for a $50 discount per person, register 3 or             SOF reserves the right to substitute instructors if necessary.
more people for the same seminar and for the same date on               If SOF cancels the seminar, SOF is not responsible for
the same registration form.                                             registrant’s airfare, hotel or other costs.
                                                                        For more information regarding administrative policies
HOW TO REGISTER                                                         such as complaint and refund, please contact Eileen Haeger
                                                                        at (212) 328-2500 ext. 235
   Visit our website at www.soforum.com
   FAX completed form(s) to 212.328.2525                                PROGRAM SCHEDULE
   CALL 212.328.2500 x 223                                              Full day: 9:00 a.m. to 4:30 p.m.
   E-MAIL to registrar@soforum.com                                      Check-in and continental breakfast: 8:30 a.m.
                                                                        Lunch: On your own.
   MAIL to Securities Operations Forum
   48 Wall Street, 4th Floor
                                                                        CPE AND CCTS CREDITS
   New York, NY 10005                                                   The CPE and CSPS/M credits are 7 hours each day and the CCTS
                                                                        credits are 7.25 each day. For CPA’s, CTFA’s, CFP’s and CCTS’s
METHOD OF PAYMENT                                                       interested in continuing education credits, contact Eileen Haeger
You may include payment with registration via check or                  at 212.328.2500 ext. 235 to inquire about applicability.
American Express, Visa or Mastercard, or we will bill you.
Make checks payable to Securities Operations Forum
(U.S. dollars on U.S. banks only).                                      Training Location:
                                                                        SOF Training Center
                                                                        48 Wall Street, 4th Floor
                                                                        New York, NY 10005
                                                                        212.328.2500




  REGISTRATION FORM ON BACK OF BROCHURE                                         Recording of courses is prohibited
    12                                                                                           • S E C U R I T I E S O P E R AT I O N S F O R U M F A C U LT Y •
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                                                                                         JOSEPH A. BARONE                                                                 ROBERT DENNIS
                                                             Mr. Barone has over 23 years of management experience in the brokerage          Mr. Dennis has over 41 years of experience in the Financial Services
S e c u r i t i e s O pe r at i on s F or u m • F all 2004




                                                             Industry, exclusively within the Securities Operations Division. Mr.            Industry. He was responsible for creating and managing a centralized
                                                             Barone is currently employed by Wachovia Securities (formerly Prudential        securities settlement process for Chase Manhattan Bank. Recently, he was
                                                             Securities), as a First Vice President. He is responsible for various depart-   the project manager for the merger of the securities processing at JP
                                                             ments within Mutual Funds. He has been involved with Mutual Funds               Morgan and Chase creating a single global processing center. Mr. Dennis
                                                             since 1987 and is considered a "pioneer" in launching many of the NSCC          was a deputy general manager of Chemical Bank's three Swiss branches;
                                                             services including Fund/Serv, Networking and ACATS. Mr. Barone has              based in Zurich for 3 years, he managed the Operations and Technology for
                                                             acquired vast "hands on" industry experience and has been instrumental          the bank's Forex Trading, Private Banking and Investment Bank. Mr.
                                                             with various industry associations, including, the Investment Company           Dennis has served as Vice Chair for the Operations Committee of the
                                                             Institute (ICI) and the National Investment Company Institute Service           Emerging Markets Clearing Corp., and Chaired the Emerging Markets
                                                             Association (NICSA). In addition to managing, Mr. Barone has developed          Trading Association's Warrant Resolution Working Group.
                                                             an in-house Mutual Fund Operations course and trained new employees at
                                                             Prudential. Earlier in his career, Mr. Barone managed several departments                           THOMAS J. DRAGONE, MS, PMP
                                                             within the Cashiers Division including, Receive and Deliver, Securities         Mr. Dragone is a financial services project manager and business analyst
                                                             Processing and Institutional Clearance. Mr. Barone has recently worked          for Moody's Investors Service in New York, specializing in Information
                                                             closely with systems development on several new Mutual Fund initiatives         Technology project management, software process improvement, and pro-
                                                             including Omnibus Sub-Accounting and the Class A breakpoint review              ject management training in financial services. He has been a Project
                                                             process. Mr. Barone holds a Liberal Arts degree from the City University        Manager since 1984 and has been involved in projects such as T + 1, port-
                                                             of New York.                                                                    folio reporting, and Project Management Office (PMO) establishment. Mr.
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                                                                                                                                             Dragone was formerly with Deloitte Consulting and has managed engage-
                                                                                  GEORGE M. BOLLENBACHER                                     ments at American International Group (AIG), Goldman Sachs, Deutsche
                                                             Mr. Bollenbacher has spent more than 30 years involved with the securities      Banc Alex. Brown, Merrill Lynch, and ACE-INA Insurance. A member of
                                                             industry. After spending 18 years as a trader and salesman for such Wall        the Project Management Institute (PMI) and CitySPIN (NYC Software
                                                             Street firms as Paine Webber, Donaldson, Lufkin & Jenrette, and Chase, he       Process Improvement Network), Mr. Dragone has earned PMI Project
                                                             spent an additional 10 years in the technology industry, at IBM and Unisys,     Management Professional (PMP) Certification, and holds a bachelor's
                                                             working with banks and securities firms. Since 1997 he has been President       degree in physics and a masters degree in computer science.
                                                             of G. M. Bollenbacher & Co., Ltd., a management consulting firm special-
                                                             izing in project management for firms like Alliance Capital, Putnam                                      WILLIAM J. DUMOND
                                                             Investments, Goldman Sachs, and Fiduciary Trust Company. He has writ-           Mr. DuMond-MBA,CPA is a Consultant/Instructor with over 20 years
                                                             ten three books: The Professional's Guide to the U. S. Government Securities    experience as a Financial and Operational professional in the Capital
                                                             Industry, The New Business of Banking, and Banking Strategies for the '90s.     Markets and Securities Processing areas. A twenty-plus year career at
                                                                                                                                             HSBC-US as SVP responsible for Capital Markets, Trust, Custody,
                                                                                       DOUGLAS C. CARROLL                                    Clearance and Pension Operations was followed by 5 years of STP consul-
                                                             Mr. Carroll has been conducting investment training seminars in major           tancy at DTC and as Director/Subject Matter Expert for STP/T+1 for
                                                             financial centers around the globe for more than two decades. His varied        PriceWaterhouseCoopers.
                                                             experiences in sales, trading and investment management allow Doug to           Will has been active in ISITC/IOA, Asset Managers Forum and regularly
                                                             draw upon an unusually broad range of professional activities to demon-         attends BMA and SIA forums. Paralleling his business career, Will has
                                                             strate in the classroom practical applications of course content. His experi-   taught over 250 credit hours as Adjunct Professor of Accounting and
                                                             ence is supplemented by a rigorous grounding in the legal, regulatory and       Finance at Pace, NYU and Fordham Universities.
                                                             theoretical aspects of the financial markets gained while earning numerous
                                                             professional licenses, college degrees (including MBA finance, University                                    J. KEVIN FISHER
                                                             of Chicago) and CFA (in process - applying for charter after passing Level      Mr. Fisher is the President of Dartmouth Research & Consulting (DRC), an
                                                             III this past June).                                                            international consulting firm. For over twenty years he has specialized in
                                                                                                                                             the design and implementation of management and technology solutions
                                                                                         MICHAEL CURLEY                                      to enhance corporate strategies and improve operational performance.
                                                             Mr. Curley has over 43 years experience in the financial community with         Throughout its history, Dartmouth Research & Consulting has provided
                                                             15 years in the banking industry and 15 years in the brokerage industry. In     management services to global companies and federal governments in the
                                                             recent years, Mr. Curley has been a full-time financial trainer and consul-     areas of strategy, productivity improvement, technology deployment, and
                                                             tant. Mr. Curley has authored three books, "Understanding and Using             emerging technologies.
                                                             Margin," "How to Prepare for the General Securities Registered                  Mr. Fisher's experience includes strategies for Internet-focused banking
                                                             Representative Series 7 Exam," and "The Mechanics of Margin" and was a          and securities operations for clients such as a central bank in Asia and a
                                                             contributing editor to a text on "Personal Investing." He is a member of the    leading Japanese systems integrator. In addition, he has lead projects
                                                             New York Stock Exchange Qualification Examination Committee, the                encompassing global trust operations, network payment systems, product
                                                             National Association Securities Dealers Arbitration Committee and a mem-        analysis, and analyzing controls and risk practices associated with the
                                                             ber of the Executive Committee of the Credit Division of the Security           introduction of new technologies. Mr. Fisher is a graduate of the University
                                                             Industry Association.                                                           of Vermont and has completed advanced graduate studies in organiza-
                                                                                                                                             tional theory and behavior at Harvard University. In addition to having
                                                                                         CHRIS DEGRACE                                       lectured in numerous industry forums, he serves as a faculty member and
                                                             Mr. DeGrace is a senior consultant with Dartmouth Research & Consulting.        facilitator at Harvard University's Financial Institutions for Private
                                                             Chris began his career as an early pioneer in the Internet industry and has     Enterprise Development.
                                                             directed a wide range of Client Solutions in the Financial Services markets.
                                                             Prior to DRC, Chris was with Cyberplex, an Internet integration firm where                          DEBORAH DOLAN FORTUNA
                                                             he was responsible for client engagements and the consulting partnership        Ms. Fortuna has over 20 years of management experience, primarily in the
                                                             with Dartmouth Research & Consulting. His direct experience includes            Financial Services Industry in the areas of Trust, Custody, Cash
                                                             strategic Internet project with leading securities and financial services       Management and Commercial Lending. She is currently providing man-
                                                             companies through North America. He has managed the development of              agement consulting services in support of Project Management, Quality
                                                             mission critical Internet applications including e-Commerce implementa-         Control, Business Process Re-engineering, Training and Project Office
                                                             tions, online communications and audience development strategies, con-          Implementations. Previously, Deborah was a Director at Deutsche Bank
                                                             tent management systems, trade operations and globalization initiatives.        where, for over 8 years, she oversaw numerous large-scale systems imple-
                                                                                                                                             mentations for the Retirement Services Division. Her emphasis was on the
                                                                                                                                             management of various phases of the System Development Life Cycle
                                                                                                                                             including systems selections, business requirements, testing, business
                                                                                                                                             process re-engineering, conversions, training and client rollouts for several
                                                                                                                                             multi-currency Trust and Fund Accounting Systems. Prior to her tenure at
                                                                                                                                             Deutsche Bank, Deborah provided similar development and implementa-
                                                                                                                                             tion support services to a variety of businesses, across multiple industries
                                                                                                                                                                   13
                                     • S E C U R I T I E S O P E R AT I O N S F O R U M F A C U LT Y •




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and system platforms. As a firm believer in the value of a structured and                                       AGOSTINO RICCI




                                                                                                                                                                   S e c u r it ie s Ope r at i on s F or u m • F al l 2004
focused testing process, she has spent a substantial portion of her profes-       Mr. Ricci has over 33 years of experience in operations
sional career helping organizations evaluate their testing needs and estab-       management/administration at two major investment banking firms, most
lishing the optimal organizational structure, test methodology and man-           recently as Vice President at JP Morgan Chase/Lewco Securities Corp.
agement processes to ensure the delivery of timely, high-quality, full-func-      where he was responsible for managing and directing the day to day oper-
tioning products, and has co-authored a testing book entitled, "Software          ations of Corporate Actions, Income Processing, Performance Reporting
Testing for Financial Services Firms", McIntyre, Johnson, Fortuna, 2003.          and Security Master. He has over 20 years experience as a lecturer and
Deborah holds a Bachelor of Science degree from Pace University in                instructor on corporate actions related topics. He is a Past President,
Professional Computer Studies.                                                    Emeritus of the Corporate Actions Division of the S.I.A. (1990-1991). Mr.
                                                                                  Ricci is currently an active participant of The DTCC Corporate Actions User
                           MICHAEL J. GRAY                                        Advisory Board and Chairman of the Corporate Actions T+1 Liability Work
Mr. Gray has spent his entire career in the investment field. He established      Group along with other various industry committees and initiatives.
his own financial consulting firm in 1976 where he manages investment
portfolios of high-net-worth individuals. Prior to establishing his advisory                                   ANN RUTLEDGE
business, Mr. Gray served with several investment firms in sales, money           Ms. Rutledge is a founding principal of the New York-based structured
management and research positions. For a number of years, he has also             credit metrics boutique, R&R Consulting. Clients of R&R include rating
been active as an instructor teaching a variety of investment courses. He         agencies, governments, universities, and global banks. She is co-author of
has also conducted training programs in investments for several investment        The Analysis of Structured Securities and a visiting scholar in structured
and brokerage organizations. Mr. Gray is a graduate of Fordham                    finance at Hong Kong University of Science and Technology. During the
                                                                                  late 1980s, Ms. Rutledge worked as a commercial lender for Continental




                                                                                                                                                                   |
University with a Bachelor’s degree in Economics and Philosophy and
holds an MBA from New York University’s Graduate School of Business.              Bank, and on the floor of the Chicago Board of Trade. Subsequently, she
                                                                                  was involved in the design and implementation of reforms to the Hong
                            MEGAN JOHNSON                                         Kong Futures Exchange, and later, was the Asian global manager of J.P.
Ms. Johnson has over 18 years experience in Systems and User Testing,             Morgan Securities' futures brokerage business. In September 1995, she
Business Analysis and Project Management in financial and securities              joined the structured finance group of Moody's Investors Service, where she
applications at such firms as Deutsche Bank, Bankers Trust, First Union,          specialized in developing the non-Japan Asian market. Ms. Rutledge
NCS and Key Financial Systems. Her experience includes all phases of the          received her M.B.A. from the University of Chicago and her B.A. from
testing effort from unit, functional and User Testing, as well as develop-        Wellesley College, where she was elected to the Phi Beta Kappa Society.
ment of business requirements for mainframe and web-based financial and
reporting applications, and test planning and project management.                                           CHARLOTTE M. SCOTT
                                                                                  Broadly accomplished financial services professional with 20 years of com-
                       ELAINE SULLIVAN MARINO                                     prehensive experience in the areas of training and courseware develop-
Ms. Marino is the Director of the Ernst & Young Global Withholding Tax            ment, as well as securities operations and information technology. Her suc-
Reporter. As a Principal in the Ernst & Young International Tax Services          cessful career includes software design, development, and implementation,
Group in New York, Ms. Marino serves banking and investment manage-               as well as the direction of business projects as a client manager for equities
ment clients by specializing in withholding tax relief for cross-border port-     and fixed income trading. At present, Ms. Scott has an active practice as a
folio investments. With more than 18 years of experience in the financial         consultant writing courseware for financial services firm and presenting
services industry, she has advised global custodians and investment man-          training programs for both domestic and international audiences.
agement institutions on withholding tax relief issues since 1991.
Prior to joining Ernst & Young in 1994, Ms. Marino provided tax relief con-                                    JOHN WAGNER
sulting services to such institutions as Globe Tax Services, Boston Safe          Mr. Wagner is a Director with Morgan Stanley, in Client and Technology
                                                                                  Services. He has over 33 years of experience in Securities Operations, where
Deposit and Trust, Morgan Guaranty Trust Company of New York and
                                                                                  he has managed Income Collection and Global Corporate Action
Shawmut Bank (now Fleet Bank).
                                                                                  Operations, for Chemical Bank, Bank America Trust Co., Brown Brothers
Ms. Marino received a Bachelor's degree from Suffolk University, a Masters
                                                                                  Harriman & Co., Financial Information Inc., and now Morgan Stanley. He
degree in Business Administration from Baruch College and is currently
                                                                                  is one of the few people who have worked in Back Office Operations and
pursuing a Master's degree in Taxation at Fordham University
                                                                                  Data Manufacturing. He is the current President of the Corporate Actions
                                                                                  Division of the SIA, where he has volunteered for over 15 years. He is Co-
                             ABE MASTBAUM
                                                                                  Chair of the SIA's STP Corporate Actions Sub-Committee, and is Co-Chair
Mr. Mastbaum is a Managing Director and Chief Financial Officer for
                                                                                  of the Corporate Actions Divisions Electronic Initiatives Sub-Committee,
American Securities, L.P., a New York based money manager. Prior to join-
                                                                                  where his committee has been working on improving the disclosure
ing American Securities in 1993, Mr. Mastbaum spent over 15 years in the
                                                                                  requirements for the SEC rules associated with Tender Offers Filings. Mr.
financial services industry, including seven years with First Boston struc-       Wagner holds a Bachelor of Science Degree from Saint Peter's College,
turing interest rate, currency, and other derivative securities. In addition to   where he majored in Business Management, with a minor in Psychology.
being a new products specialist, Mr. Mastbaum's responsibilities included
being the senior accounting officer for First Boston's structured finance and
asset management subsidiaries. Mr. Mastbaum began his career at
Oppenheim, Appel, Dixon & Co. (a CPA firm specializing in financial ser-
vices). Mr. Mastbaum holds a Masters Degree in Taxation from Pace
University and is a Certified Public Accountant in New York State.

                            HAL McINTYRE
Mr. McIntyre has over 30 years of management experience, which includes
16 years at Citibank. He is currently Managing Partner for The Summit
Group, a consulting firm that provides comprehensive services in manage-
ment consulting and systems integration for banks, brokers, and institu-
tions. Previously, Mr. McIntyre was a senior executive over numerous
banking and securities functions for Citibank, including four years in
Zurich as the head of Operations and Technology for Citibank’s Swiss
Investment and Private Banks, and was the Chief Administrative Officer for
Citicorp Investment Bank. He has extensive experience as a financial writer,
lecturer and instructor.
    14
                                                                                                       S E C U R I T I E S O P E R AT I O N S F O R U M
                                                                                IN-HOUSE CUSTOMIZED TRAINING SERVICES
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                                                                                                      - Your securities operations specialist -
S e c u r i t i e s O pe r at i on s F or u m • F all 2004




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                                                                               Securities Operations Forum
                                                                               48 Wall Street, 4th Floor
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                                                                               Email: eileen.haeger@soforum.com

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