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7/29/2019 Brochure - TradeTech Liquidity 2012
http://slidepdf.com/reader/full/brochure-tradetech-liquidity-2012 1/4
THURSDAY 29 NOVEMBER 2012
ETC. VENUES, ST. PAUL’S, LONDON
Sponsors confrmed so ar, include:
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N COLLABORATION WITH THE EUROPEAN COMMISSION, THE EUROPEAN PARLIAMENT AND NATIONAL EUROPEAN REGULATORS
the Boutique foRum foR the peopLe WhoDRiVe euRope’s equity tRaDiNg iNDustRy
suCCessfuLLy souRCiNg LiquiDity amiD fRagmeNtatioN,ReguLatoRy tuRmoiL aND eCoNomiC uNCeRtaiNty
oVeR 400 iNDustRy LeaDeRs WiLL Be theRe… WiLL you?
RegisteR toDay:
www.rdcld.c +44 (0)20 7368 9465 [email protected].
SENIOR EXPERTISE • VITAL KNOWLEDGE
Blackrock
HSBC Global Asset Management
Schroder Investment Management
Standard Lie Investments
BP Investment Management
GLG Partners
Alliance Bernstein
BZ WBK AIB Asset ManagementJohn Locke Investments
Artemis Investment Management
Eurobank EFG Equities
AMC Group
Alion Partners Capital LLP
Franchise Partners
Aspect Capital
Kempen Capital Management N.V
Barings Asset Management
Deutsche Asset Management
Invesco Perpetual
Macquarie Capital Europe Ltd
Pioneer Investments
First State Investments
ATP Investment Management
Molinero Capital Management
Janus International
Alken Asset Management
C8 Investments
Tibra Trading Europe
Ronin Capital
Riddlesdown Capital
Gul International Bank
Landesbank Berlin
Quant Lab
Sloane Robinson
Societe Europeenne de Banque SAPartners Group
HCL Investment Management Inc
Oddo & Cie
Royal London Asset Management
Brown Brothers Harriman
Alliance Trust
M&G Investments
Millennium Capital Partners
RJS
Morgan Stanley Investment
Management
Investec Asset Management
Franklin Templeton Investments
Brewin Dolphin
AXA Investment Managers
María Teresa Fábregas
Fernández,
Head o Unit, Securities
Markets,
European Commission
Mike Bellaro,
Head o Trading,
Deutsche Asset
Management
Mark Hemsley,
CEO,
BATS Chi-X Europe
Olle Schmidt,
Full member o ECON,
Shadow Rapporteur on
MiFID, Member o the
European Parliament
Christophe Roupie,
Global Head o Trading
and Securities Financing,
AXA Investment
Managers
Diana Chan,
CEO,
EuroCCP
Alasdair Haynes,
Independent Expert
Francois Bonnin,
CEO,
John LockeInvestments
seNioR speakeRs iNCLuDe
140 Bu y s i D e h e aD s o f
t R aD i N g t o at t e N D
7/29/2019 Brochure - TradeTech Liquidity 2012
http://slidepdf.com/reader/full/brochure-tradetech-liquidity-2012 2/4
D i s c u s s i o
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07:45 REGISTRATION & COFFEE
08:30 Opening remarks rom the chair
08:45 Markets structure/execution landscape panel discussion: Evolution orrevolution? Is the current market structure sustainable?
Volumes and margins are declining, competition is increasing, costs are up and revenuesare down. MiFID II and other regulatory updates are driving changes in market structure,but it could be the long term economic outlook that transorms the industry as we know it.The rise o dark pools, the blurring boundary between buy and sell side, and the shadow odisintermediation are the backdrop or this year’s TradeTech Liquidity and the topics or debateon your keynote panel:
• Isthecurrentbrokeragebusinessmodelsustainable?Assessingtheroleofbrokersintoday’smarketsandhowthatmaychange
• Determiningtheroleofstockexchangesinthefutureexecutionlandscape
- Howhastheroleofexchangeschangedthroughthenancialcrisisandthefragmentationofliquidityacrossvenues?
- Evaluatingwhetherexchangesshouldrepairthebalancebetweentheinterestsofallusersoftheirmarketplacesratherthanlobbyingpoliticiansandregulatorstoinhibitcompetitionandchoice
- Whatisthefutureforexchangesasmoreandmoreowismovingawaytoothervenues• Istheowmovingawaybecausethesellsidewouldprefertomatchinternallyratherthansendingittosomeoneelse?
• Doesitmeanit’sgoingtobecomeincreasinglydifcultforthebuysidetondliquidity?
• Whydostockexchangesneedtobeopenfor8.5hoursinEurope?
- AssessingifitwouldbenetliquidityandhurtHFTifexchangeswouldcutopeninghours
- Whoearnsthatextramoneytotheopeninghoursandwhyisthecurrentsituationusefulformarketparticipants?
• Understandinghowotherexecutionvenuessuchascrossingnetworks,brokerageservicesanddarkpoolswillbeintegratedinthenewconceptofMiFIDII
• Evaluatinghowbuysideandsellsideorganisationscopewithredundanciesandcapacityamidalowervolumetradingenvironment
• Identifyingtheleadingbrokers,whattheyaredoingtostayattheforefrontofthemarketandhowtheyarepreparingtodeveloplooking3-5yearsahead
• Iscurrenttradingtechnologyevolvingfastenoughtokeepupwiththepaceoftheeverchangingexecutionlandscape?
- Aretoolsandthetechnologyonyourtradingdesk(EMS,OMS,SOR,TCA)able todeliverwhatyouneedasliquidityfragmentsandrunsintothedark?
Moderator:
Alasdair Haynes, Independent Expert
Interviewers:
Michelle Price, Trading and Technology Editor, Financial News, Dow Jones
Larry Tabb, Founder and CEO, TABB Group
Philip Stafford, Deputy Editor, FT Trading Room, Financial Times
Panellists:
Mike Bellaro, Head o Trading, Deutsche Asset Management
Per Lovén, Head o International Corporate Strategy, Liquidnet
Mark Hemsley, CEO, BATS Chi-X Europe
Lee Hodgkinson, Head o Sales & Client Coverage, Europe, NYSE Euronext
09:50 Keynote presentation
Keynote speaker tbc
10:20 MORNING NETWORKING BREAK IN THE EXHIBITION AREA
10:50 Regulatory keynote presentation
Keynote speaker:
María Teresa Fábregas Fernández, Head o Unit, DG MARKT.G.3 “SecuritiesMarkets”, Financial Services Policy and Financial Market, Internal Market andServices DG, European Commission
11:20 Regulatory keynote panel discussion: Understanding i the current systemis ft or purpose and whether regulators have achieved their goal or airmarkets
Even the most vehement proponents o a sel regulating banking sector may fnd it hard tocontinue to argue against increased regulatory scrutiny in the wake o the LIBOR scandal– but anyone who has looked hard at the industry will agree that some o their points carryweight; the ever growing burden o regulatory compliance is undoubtedly increasing costs orinstitutions while their revenues decline; complex regulations have had ar-reaching, unintendedconsequences such as ragmented liquidity and a technological arms race in algo trading – thesehave cost the industry hard, and much o this cost has been passed through to the end investor.
Can a balance be struck? Can the bankers ever be trusted to act with integrity? Or are tightlypoliced markets the only way? And who should pick up the bill?
• Clarifyinghowthegrowingfrictionbetweenmarketsandregulatorscanbesolved–DoesMiFIDIIseemtoofarremovedfromanyrealbenettotheendclient?
• Effectivelylobbyingformoreefcientregulation
- Assessinghowthebuysidecaninuencelawmakersandhaveabiggervoicehelpingtheregulatorsunderstandingtheirviewsasthebuysidehaveavestedinterestintheendclients
- Isittoolateforthebuysidetobemorevocalandregulatorymoreproactiveorcanregulatorsmakethechoiceofliquidityforthebuyside?
- Willregulationsencouragethecreationofamoreefcient,uniedandsafe tradingandpost-tradeenvironmentforEurope?
• ExaminingwhysomemarketparticipantsarealreadytalkingaboutMiFIDIII&IV–IsMiFIDIIalreadycompletelywrong?
• Understandingthepowerofpoliticiansontheexecutionlandscapeandthe tradingcosts–Isthemarketcurrentlytradingonpoliticalstatementsratherthanfundamentals?
• AssessingifthecreationofOTFsarean‘unessentialcomplication’sinceitwouldcreateanothertypeoftradingvenueontopofexistingexchangesandMTFs
- Couldmarketstructuretransparencybefurtherdamagedbyambiguous
denitionsforthisnewcategory?
- OTFstatusofdarkpools–Willthebuysidecontinuetobeabletoexecuteinthedark?
- WillbrokersofferOTFs?WhatwouldtheimpactbeonfragmentationasinadditiontheyprovidesystematicinternalisersforpropowandMTFs?
• TheEuropeanCommission’srecommendationontheabolitiononthereferencepricewaver–WilldarkpoolshavetocloseinEurope?
• UnderstandingifthenonexistentconsolidatedEuropeantapeisresponsiblefordeterioratingthemarketsandthepossibleimpactonvolumes
• ThesplitbetweentheTreasuryandtheEuropeanCommission:UncoveringtheTreasury’sviewpointonhowregulationisevolvinginaPan-Europeancontext
Panellists:
María Teresa Fábregas Fernández, Head o Unit, DG MARKT.G.3 “SecuritiesMarkets”, Financial Services Policy and Financial Market, Internal Market andServices DG, European Commission
Philippe Guillot,Executive Director, Markets Directorate,
Autorité des
marchés fnanciers (AMF)
Piebe B. Teeboom, Ph.D Senior Policy Advisor, Strategy, Policy, andInternational Aairs Division, Autoriteit Financiële Markten (AFM)
Christophe Roupie, Global Head o Trading and Securities Financing, AXA Investment Managers
Diana Chan, CEO, EuroCCP
Arlene McCarthy, Vice Chair, Economic & Monetary Aairs Committee,Member, European Parliament
12:20 NETWORKING LUNCH BREAK IN THE EXHIBITION AREA
13:40 Uncovering the role o dark pools in the new execution landscape paneldiscussion
How will dark pools be defned in the new regulation, and how will that defnition aect howthey are regulated? Can dark pools continue to exist when the current regulatory paradigm is
‘transparency good, secrecy bad’? Why do the regulators and the buy side polarise on thistopic – Should regulation not exist to protect buy side interests?
• WithmorethanadozeninvestmentbanksunderintensescrutinybyEuropeanauthoritiesovertheiractionsintheLibormarket,couldtheallegationshaveanimpactonthenalMiFIDIIwordingproposedbyMEPs?
- Analysingifthefailureofself-regulationofrate-xingcouldpotentiallyspelltheendforotherkindsof‘privateclubs’operatedbybrokers,suchasdarkpools
• Understandinghowthebuysidefeelaboutbrokerdarkpools
- Dothebuysidebelievetheygetenoughinformation,andtherightinformation,fromthebrokersabouthowtheyoperatetheirdarkpools?
- Whatarebuysideperceptionsofinformationusageandinformationleakageinbrokeroperatedpools?
- Arebrokercrossingnetworksessentiallyself-servingandthereforeaworthy targetofattentionforMiFIDII?
• Theascentandthefutureshapeofdarkpools:Themoredarkpools,themorefragmentation,themoreconnectionscompaniesneed,thebiggerinteractionis
createdwithHFT- Aretherecurrentlytoomanydarkpoolsandwillweseethesevenues
consolidatingasthenextlogicalstep?
- Thesurvivalofthettest–Ifconsolidationoccursandsomepoolsclose,whatwilldeterminewhichonesemergeaspreferredvenues?
RegisteR toDay: www.rdcld.c +44 (0)20
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TradeTechLiquidityistheboutiqueforumreservedforonlythemostseniorequitytradingprofessionalsinEurope.
Byattendingyouwillhaveunrivalled,top-levelinsightintotheevolvingexecutionlandscapegainedthroughaseriesofdynamic,
opinionatedpanelsessions.
N e W : t h e me D i a as k t h e q u e s t i o N s
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- Uncoveringifusingandoperatingdarkpoolswillbecomemorecomplicated thantodayasaresultofregulatorychange,andhowthismayimpactexecutionstrategy
• Arepoolsthatexcludecertaincategoriesofparticipantsmoreappealingtothebuysideandisthisatrendthatislikelytocontinue?
• Analysingtheincreasingtradingvolumesinthedarkvs.smallerdarkaveragetradingsizes–Candarkpoolscontinuetoservethefunctionofexecutingblocktradeseffectivelywithliquidityspreadsothin?
• AredarkpoolsawaytohelpthebuysideavoidingHFT?
• Canmarketparticipantsgetexactlythesamethinginlitvenues?
• Shouldreportingbeinstalledfordarkpoolsinorderforthemtobemoretransparentandtoputthematthesamelevelofplayingeldfromalegalperspective?
Moderator:
Larry Tabb, Founder and CEO, TABB Group
Panellists:
Andrew Morgan, European Head o Autobahn Equity, Deutsche Bank
Chris Marsh, Head o AES Europe, Credit Suisse
Rob Boardman, CEO, ITG
14:40 HFT panel discussion: Examining the impact HFT has on the executionlandscape and how it’s driving regulation in a way and driving exchangesto act
I you were to point an accusing fnger at the single most debatable and emotive issue inthe equity markets at the moment, would it be HFT? HFT has come under fre by regulatory
initiatives, politicians as well as the media or the high-speed trades driven by computers. Onthe other hand some believe HFT is bringing liquidity to the markets.
Ater high requency orders were implicated In causing trading delays and depressing pricingin a recent high profle IPO, should exchanges do more to l imit the activities o HFT, particularlywith new listings? Has the incident raised urther questions about the suitability o markets andtheir true unction, and the role o HFT in this?
Discover what HFT is currently targeting and its new direction bearing the Financial Transactionin mind.
• UncoveringtheregulatoryimpactonHFT:DoesHFTneednewrulesordoesthemarketjustneedtoenforceexistingrules?
• ThemediaandthepublicaredeterminedtodrawabadpictureofHFT–Realitycheck:UncoveringwhatitwouldtrulymeanforyourtradingdeskifHFTwouldbeoutofthemarketfromtomorrowmorning
• ReportsareshowingthatHFThasactuallydeclinedintheUSandinEuropeit’sstillincreasingbutnotatthesamerateasbefore–Whatdoesitmeanforyourtradingdesk?
• WhenHFTrecognizeordersinthemarket,isthatbecausetheassetmanagerhasn’tstructuredhis/hertradeswellenough?
- UncoveringhowthebuysidecaneffectivelygambleagainstHFTtomakeitharderforHFTguessingwhattradersaredoing
• EvaluatingifbrokersshouldsetupadaptivealgosthatareabletoconfrontHFTinthewaytheycanoutsmarttheseactivities
• ShouldHFTbeexcludedinthemarketplace?Cananyonejustbeforcedout?
• Analysingexchanges’rulesforordertollratioandchargingtheirclientsmore–AssessinghowHFTcanstanduptotheirpricemoreasatthemomentthey’restillrunning97%cancellationswhichexacerbatestheliquidityinthemarket:Bookingsvs.reality
• IsithardertomakemoneywithHFTbecauseofallthemarketdevelopments?
Introductory keynote remarks:
Olle Schmidt, Full member o ECON, Shadow Rapporteur on MiFID, Membero the European Parliament
Panellists:
Manoj Narang, Founder & CEO, TradeworxOlle Schmidt, Full member o ECON, Shadow Rapporteur on MiFID, Membero the European Parliament
Ståle Vilming, Head o Trading Strategies, Norges Bank Investment
Management
15:40 AFTERNOON NETWORKING BREAK IN THE EXHIBITION AREA
16:10 Financial Transaction Tax panel discussion: Analysing the rationale behindthe introduction o the FTT and whether it’s contributing to rebalancingBritain’s and Europe’s economies – Is the tax causing urther long-termpain or senior equity trading proessionals?
This debate will provide you a candid insight on the impact the FTT will have on marketliquidity as well as its implications on the way the buy side will trade. Since the fnancial crisissome European Governments have pushed to institute a fnancial transaction tax which eltlike a slap in the ace to many senior equity trading proessionals. Discover here i FTT is thegreatest ever opportunity or a monumental disaster or London.
• IstheFTTJUSTapoliticalbandwagon,orcanacasebemadethatitisgenuinelyagoodthingformarkets,marketparticipants,endinvestorsandsocietyasawhole?
- Cannanceparticipateintheoverallcostofthecrisis?
- AreGovernmentsbeingdesperateforsometaxincome?
- Potentialconictbetweentheobjectivesofpoliticiansandtheimpactithason theindustry
• Evaluatingthejuxtapositionbetweenpoliticianswhowantthetaxto‘punish’banksandbuildreservesforfuturecrisisandontheipsidewantingmarketparticipantsto trademoreinlitmarkets
• ExaminingtheinuenceofthistaxationinEuropeonliquidity
- Howexpensiveisitgoingtobetocomeinandoutofpositions
- Willliquidityeventuallydryup?
- IfcapitalmarketswouldbecomeextremelystressedagaincouldtheFTTmakeanyfuturecrashesevenworse?
- HowwilltheFTToffermorestabilityandhowdoesitworkwithtransparency?
• WilltheFTTeradicatepracticessuchasHFTorwillitmerelyshiftthemtostockexchangeswhichdonothaveaFTT,suchasLondon?–OpportunityordisasterforLondon?
• Assessingwhatlessonscanbelearntfromtheexperienceofothercountries–suchastheFTTintroducedinSweden1984andabolished7yearslater–inrelationtoanancialsectortaxationscheme
• HowvitalisthepotentialfortheFTTtoraisemeaningfulrevenuesandhow trustworthywoulditbeasarevenuestream?
• AssessingtheprobabilitythattheFTTwouldforcenancialservicestorelocateoutsidetheEUortocontributetoamigrationofnancialtransactionstowardslesssupervisedpartsofthenancialsector
• Ifthetaxisgoingtobebroadlyintroducedwillthebuysideturnoverdecreasedramaticallywhichmeanscommissionstobrokerswilldecreaseaswell?
- Doesthismeanthatsomebrokerswillbeintroubleandthattheoriginalequity tradingmodelmightnotworkforthemanymore?
- Ifbrokerswillgetlowercommissionsfromthebuyside,doesitmeanthatthequalityofbrokerserviceswilldeteriorate?
- Willbrokershavetominimisecostsandstopdoingequities?• Whatdoesitmeanforthebuyside?
• Asthere’slessliquidity,lesscommissions,FTTandbrokerstryingtominimisecosts:WillSalesTradersfromnowondomuchmorethantheyusedtodo?
- Insteadofonlydoingcashequitiesmighttheydoprogrammingaswellandalgos?
• Doesitmeanthatlesspeoplewillfacilitatethebuysideandspendlesstimewith them?
• Doesitalsomeanbrokerscouldleakinformationastheywille.g.docashequitiesandprogrammetrading?
Panellist:
François Bonnin, CEO, John Locke Investments
16:50 Panel discussion: Uncovering i the equity markets still serve the realeconomy – Examining the uture or equities and how much real volumethere is let
What is the purpose o markets? Equity fnancing only 30% o fnance taken by Europeanbusinesses vs. 70% in the US -0 remainder is debt… is that sustainable? Why are so manycompanies preerring the debt option – is it market structure, HFT, public perception drivingthis trend and how can it be reversed?
Is the regulatory regime serving the right sector o the market?
Did the occupy movement have a legitimate point?
• Whodothemarketscurrentlyserve,whoaretheydesignedtoserve,andwheredowetinthis?
• Doesthecurrentmarketstructureandregulatoryregimesupportthetraditionalfunctionofmarketsasaplacetoraisecapitalandforinvestorstoseekgrowth?
- Ifnot,whatcanbedonetoreturnthemtotheiroriginalpurpose?
• Canstockexchangesstepuptogetsanitybackinthemarket?
• Assessingtheshiftofliquidityoutoftheequitiesmarketintootherassetclasses
- Areequitiesadeathspiralasitisnowfoundinotherassetclasses?
- AreequitycapitalmarketsstillaneffectivesourceofgrowthfundingforEuropeanbusinesses?
• AnalysingtheKayreportreviewingtheeffectofUKequitymarketsonthecompetitivenessofBritishbusinesses
- Areequitymarketsconcentratingtoomuchontrading,tothedetrimentofinvestors?
- Evaluatingthedegreeoftransparencycontributingtotheefcientofequity trading
Moderator:
Simon Conyers, Head o Research, Capital Markets, Worldwide BusinessResearch
Panellist:
Louis Gargour, Chie Investment Ofcer, LNG Capital
17:30 Closing remarks rom the chair
17:45 NETWORKING DRINKS RECEPTION
368 9465 [email protected].
nc and - 29 Nvbr 2012
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“ TradeTech promulgates best practice.” Michel Debiche, Quantia Capital Management
a u N i q u e p aN e L L e D f o R m at
7/29/2019 Brochure - TradeTech Liquidity 2012
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