FI Implementing Trading Strategies And Solutions For The Buy Side Across: Corporate Bonds | Government Bonds | Credit Default Swaps | Interest Rate Swaps Network with: SPEAKERS INCLUDE: Register Now! www.fixedincomeleaders.com fi[email protected]+44 (0) 207 368 9465 REGISTER BEFORE 26TH SEPTEMBER AND SAVE UP TO €350 Patrick Fleur Managing Director PGGM Paul Hamill Managing Director Global Head of Fixed Income Trading UBS Stephane Malrait Managing Director, Head of E-commerce FX and Fixed Income Societe Generale Chris Rice Senior Managing Director and Global Head of Trading State Street Global Advisors 5th-6th November 2014 Gran Hotel Princess Sofia, Barcelona Regulatory Reform Get first hand clarity from regulators on the next steps required to ensure compliance for MiFIR, MiFID II, EMIR, Dodd Frank and Basel III Reporting and Clearing Learn how to cost efficiently implement trading, reporting and clearing reforms to comply with EMIR and Dodd Frank Trading Capabilities Uncover pre and post trade strategies to source liquidity and reduce trading costs. Market Structure Redefine your trading strategy to make a smooth transition from secondary market to primary market trading. E-trading Innovation Discover technological solutions to navigate your desk through a fragmented derivatives and bonds market stru cture Global Fixed Income Outlook Ascertain the global economic outlook for fixed income and the key trends to look out for in 2015 Supported by the worlds leading banks: Sponsors: and many more! Thijs Aaten Managing Director, Treasury and Trading APG Asset Management Kevin Daly Managing Director and Senior Economist Goldman Sachs
Transcript
FIImplementing Trading Strategies And Solutions
For The Buy Side Across: Corporate Bonds | Government Bonds | Credit Default Swaps | Interest Rate Swaps
Paul Hamill Managing Director Global Head of Fixed Income Trading UBS
Stephane Malrait Managing Director, Head of E-commerce FX and Fixed Income Societe Generale
Chris Rice Senior Managing Director and Global Head of Trading State Street Global Advisors
5th-6th November 2014Gran Hotel Princess Sofia, Barcelona
Regulatory Reform Get first hand clarity from regulators on the next steps required to ensure compliance for MiFIR, MiFID II, EMIR, Dodd Frank and Basel III
Reporting and Clearing Learn how to cost efficiently implement trading, reporting and clearing reforms to comply with EMIR and Dodd Frank
Trading CapabilitiesUncover pre and post trade strategies to source liquidity and reduce trading costs.
Market Structure Redefine your trading strategy to make a smooth transition from secondary market to primary market trading.
E-trading Innovation Discover technological solutions to navigate your desk through a fragmented derivatives and bonds market stru cture
Global Fixed Income OutlookAscertain the global economic outlook for fixed income and the key trends to look out for in 2015
Supported by the worlds leading banks: Sponsors:
and many more!
Thijs Aaten Managing Director, Treasury and Trading APG Asset Management
Kevin Daly Managing Director and Senior Economist Goldman Sachs
Gianluca Minieri, Global Head of Trading, Pioneer Investment Management
“Fixed Income Future Leaders Summit is the definitive meeting place for fixed income traders from the buy side to meet with buy side and sell side fixed income
traders to exchange best practice on trading strategies”
James Wallin Senior VP Fixed Income AllianceBernstein
Gianluca Minieri Global Head of Trading Pioneer Investment Management
Will Rhode, Director of Capital Markets Research, Boston Consulting Group
Erik Tham Head of Fixed Income Electronic Execution Desk UBS Wealth Management
Carl James Former Global Head of Fixed Income BNP Dealing Services
Dear Colleagues
In light of new regulations, increasing fragmentation and the drive for
electronification, there is no doubt our role as fixed income trading heads is
becoming progressively complex.
The Fixed Income Future Leaders Summit agenda has been designed to
achieve a 360 degree perspective on how our rapidly changing fixed income
trading world will impact the full value chain.
With senior regulators, buy side, sell side, venues and technology partners all
exclusively under one roof, we will have the opportunity to shape the future of
the market.
Based on 50+ research interviews, this two day solution focused agenda has
been designed with our top derivative and bonds challenges in mind.
With over 35 unique buy side perspectives and sessions dedicated to
derivatives and bonds, we can be sure to walk away with solutions geared
Innovative Formats That Deliver A Captivating, Interactive Experience
Engage
Fully engage with the most contentious and divisive issues currently facing your industry. A unique approach to refining controversial market issues. Listen to industry leaders battling over the future of the European fixed income landscape. Then take these controversial views to fiery debate on intimate roundtables. You will get to the core competing arguments of a contentious issue and perhaps even change your views. Will your argument prevail?
These informal subject-specific roundtables give you a unique opportunity to drill down into the details of an issue that is really important to you by probing the knowledge and expertise of industry market leaders. Use this exclusive opportunity to pick the brain of an expert and really drill down into the details around overcoming liquidity, transparency and cost issues. You will take back an expert understanding of new internal strategies which you can apply in your business.
As both external and internal environments keep evolving, leaders need to provide a consistent yet flexible, innovative and responsive approach to how they steer their business and peoplethrough new times. In these inspiring sessions – restricted to 10 people on a first-come, first-served basis – refresh your leadership skills and attend a boardroom with Chris Torkington, Director, Cameron Hume to discuss best practice strategies to grow your company and adapt your strategies in a new fixed income market. Register for the event early to guarantee your place!
These bespoke sessions, run by proven leaders on key subject matters, provide you with the opportunity to address your specific concerns in the privacy of a 1-2-1 meeting. Book your clinic in advance on the topic that features highest on your priority list, prepare your questions for the clinic leader and then benefit from your exclusive 1-2-1 time. You’ll leave your personalised session armed with fresh inspiration, advice and a bespoke, practical toolkit.
In this innovative and interactive format, spend 20 minutes listening Listen to Patrick Fleur, Managing Director, PGGM present a best practice case study on how to reap the benefits of innovations in algo trading and SOR tools. You will then be challenged to think of the best solution to eliminate inefficiencies on a roundtable with industry peers. Take away innovative and unique solutions from each table and apply to your business infrastructure.
Design the conference agenda yourself and bring to light the next big opportunity or challenge that you’ll be facing in your organisation. At the end of Day 1, reflect on the next big thing you’re facing that hasn’t yet been addressed and put your suggestion into the Unconference Box. The next day, the most popular topics will be chosen for our interactive roundtables. A unique opportunity to prepare for the next big step-changes in your industry.
08.00 Breakfast And Registration09.00 Chair Persons Opening Remarks:
Nathalie Masset, Deputy Director, NYSE Euronext
TradiNg rEformS UpdaTE
09.15 iNdUSTrY KEYNoTE: global and European Economic outlook and implications for The fixed income industryKevin Daly, Managing Director and Senior Economist, goldman Sachs group
09.45 360° pErSpEcTivE: gET firST HaNd clariTY oN THE NExT STEpS rEqUirEd To ENSUrE mifir aNd mifid ii compliaNcEModerator: Nathalie Masset, Head of European Debt Markets, EuronextGero Breuer, Head of Trading Execution Desk, Bayern investGianluca Minieri, Global Head of Trading, pioneer investments management limitedMario Muth, Global Head of Rates E-trading Sales, deutsche Bank
10.30 Coffee Break - One to One Clinic - Theatre Innovation
pracTicaliTiES of compliaNcE
iNNovaTivE TradiNg SolUTioNS
16.00 360° pErSpEcTivE Who Should You partner With To Navigate Your Trading Strategy in a fragmented market Structure?Moderator: Nathalie Masset, Head of European Debt Markets, EuronextLee Sanders, Head of Fixed Income, axa investment management Stu Taylor, Chief Executive Officer, algomiJonathan Jachym, Executive Director, Government Relations, cmE groupFrank Cerveny, MTS Strategy, mTS Jean-Philippe Male, EMEA Regional Manager, TradingScreen limited
16.30 prESENTaTioN Evolution of E-trading- detailing The full Technology Kit You Need To improve Your Execution performanceModerator: Nathalie Masset, Head of European Debt Markets, EuronextJuan Landazabal, Global Head of Fixed Income Trading, deutsche asset managementGero Breuer, Head of Trading Execution Desk, Bayern investCarl James, Global Head of Fixed Income and FX Dealing, BNp dealing ServicesAdrian Berwick, Head of Fixed Income, pioneer investments management limited
gUEST SpEaKEr: BEHavioUral pSYcHologiST
17.30 caSE STUdY How Will The fixed income market change and What does This mean for Trading in 2015Simon Maisey, Managing Director, Finance & Business Management, Tradeweb
18.00 Drinks Reception18.30 Exclusive Dinner At The Hesperia Tower, Barcelona
12.45 Lunch
marKET STrUcTUrE TraNSformaTioNTracK a
E-trading and agency TradingTracK B:
Bonds and derivatives roundtables14.00 prESENTaTioN aNd 360° pErSpEcTivE: moving from a Bilateral
Environment- adapting your desk To an Electronic StructureModerator: Radi Khasawneh, Senior Fixed Income Analyst, Tabb groupErik Tham, Head of Fixed Income Electronic Order Execution Desk, UBS Wealth managementUmberto Menconi, E-commerce Sales, Banca imiConstantinos Antoniades, Head of Fixed Income, liquidnetPaul Reynolds, CEO, BondcubeJean-Philippe Male, EMEA Regional Manager, TradingScreen limited
14.00 drill doWN roUNdTaBlES: How To adapt Your Trading desk To respond To The New Bonds Execution landscape Roundtable Hosts: Neil Tritton, Director, arbour research TrainingChristophe Bourgeois, Head of Credit Trading, BNp paribas asset managementCarl Sells, Former Senior Fixed Income Trader, alliance BernsteinMikael Bjorkman, Associate Director, Fixed Income Trading, UBS Wealth managementMike O’Hara, Managing Partner, The realization group
14.45 caSE STUdY rEvolUTioN The advent of agency Trading- How Will it change Your relationship With Your BrokerPaul Hamill, Managing Director Global Fixed Income Trading, UBS
14.45 drill doWN roUNdTaBlES: How adapt Your Trading operations To respond To The New derivatives Execution landscapeRoundtable Hosts:Carola Jansen, Senior Trader Fixed Income, Kempen capital managementHubert Rotivel, Head of Equities and Fixed Income, BNp dealing ServicesDavid Bullen, Director, Bullen managementLouis Gargour, CIO and Managing Partner, lNg capitalMike O’Hara, Managing Partner, The realization group
Main Conference Day 1 - 5th November 2014
At A Glance
TracK a Trading Strategies
TracK B derivatives reform
11.15 caSE STUdY rEvolUTioN: portfolio construction of Systematic fixed income alpha- overcoming low interest rates and volatilityMarc Boettinger, Director of Fixed Income Fund Management, dWS investments
11.15 caSE STUdY rEvolUTioN: SEfs and oTfs review: What Has Happened So far and What is The State of play With oTfs in Europe?Radi Khasawneh, Senior Fixed Income Analyst, Tabb group
12.00 360° pErSpEcTivE: How can You Best overcome increased Trading costs and lack of liquidityModerator: Nathalie Masset, Head of European Debt Markets, EuronextCarl Sells, Former Senior Fixed Income Trader, alliance BernsteinBas Fransen, Head of Capital Markets, grupo caja de ingenierosLouis Gargour, Managing Partner, lNg capitalGabriele Frediani, Independent Industry Consultant
12.15 360° pErSpEcTivE How corporates Will respond To a New derivatives landscapeJavier Dominguez, Managing Partner, auriga global investors
CHOOSE yOUR TRACK
08.20 Breakfast And Registration09.00 Chair Persons Opening Remarks:
Carl James, Global Head of Fixed Income and FX Dealing, BNp dealing Services
a NEW marKET rEvolUTioN
09.10 iNdUSTrY KEYNoTE: Top fixed income regulatory and market Structure Trends You Should look out for in The long-Term Will Rhode, Director of Fixed Income Research, Tabb group
09.30 prESENTaTioN: Elizabeth callaghan, Strategic liquidity Solutions financial markets, lloyds Bank commercial BankingModerator: Carl James, Global Head of Fixed Income and FX Dealing, BNp dealing ServicesChris Rice, Senior Managing Director and Global Head of Trading, State Street global advisorsGianluca Minieri, Global Head of Trading, pioneer investments management limitedElizabeth Callaghan, Strategic Liquidity Solutions Financial Markets, lloyds Bank commercial BankingRichard Balarkas, Managing Director, quendon consultingHubert Rotivel, Head of Equities and Fixed Income, BNp dealing Services
10.30 Coffee Break - One to One Clinic - Theatre Innovation
ElEcTroNificaTioN of TradiNg
14.30 Coffee Break - One to One Clinic - Theatre Innovation
WHaT’S NExT for fixEd iNcomE?
15.00 crYSTal Ball oUTlooK: Exploiting future Technologies- fixed income in 2024David Bullen, Director, Bullen managementMarcus Hooper, Managing Director, agora global consultantsRichard Balarkas, Managing Director, quendon consultingGabriele Frediani, Independent Industry ConsultantDavid Bullen, Director, Bullen management
15.45 Chair Persons Closing remarks: Carl James, Global Head of Fixed Income and FX Dealing, BNp dealing Services
15.50 Close of Conference
Main Conference Day 2 - 6th November 2014
At A GlanceTr
acK
a
Trac
K B
12.30 Lunch
improviNg TradiNg capaBiliTiES
13.30 360° pErSpEcTivE New frontiers-How To implement Next generation Tca capabilities To reduce costsModerator: -Carl James, Independent Consultant, Former Global Head of Fixed Income, BNp dealing Services Patrick Fleur, Managing Director, pggmLee Sanders, Head of Fixed Income, axa investment managementYann Couellan, Head of Fixed Income Execution, axa investment management
13.30 SpoTligHT oN lEadErSHip Boardroom How To Survive regulatory changes and adapt Your Strategies To Navigate The New marketModerator: Chris Torkington, Director, cameron HumeSophia Bantanidis, Vice President, Regulatory Developments, Northern Trust
13.30 SpoTligHT oN lEadErSHip SmEs- How To Survive regulatory changes and adapt Your Strategies To Navigate The New marketChris Torkington, Director, cameron Hume
Trading Technology market Structure
11.00 rEvolUTioN caSE STUdY How To further Streamline Your E-Trading Strategy for The futureBryn Jones, Head of Fixed Income, rathbones Wealth management
11.00 caSE STUdY rEvolUTioN innovations in algo Trading and Sor Tools-How You Should adapt Your people, processes and Technology To reap The BenefitsPatrick Fleur, Managing Director, pggm
11.45 360° pErSpEcTivE What Technological Tools can you Exploit To obtain price and achieve Best Execution?Moderator: Carl James, Global Head of Fixed Income and FX Dealing, BNp dealing ServicesConstantinos Antoniades, Head of Fixed Income, liquidnetBryn Jones, Head of Fixed Income, rathbones Wealth managementErik Tham, Head of Fixed Income Electronic Order Execution Desk, UBS Wealth management
11.30 oxford STYlE dEBaTE Should Europe follow The US and develop an ‘all to all’ model?Moderator: David Bullen, Director, Bullen managementWill Rhode, Director of Capital Markets Research, Boston consulting groupThijs Aaten, Managing Director Treasury and Trading, apg asset management Simon Linwood, Head of Credit Data & Trading, mTSGabriele Frediani, Independent Industry Consultant
09.15 iNdUSTrY KEYNoTE: global and European Economic outlook and implications for The fixed income industry » The outlook for the FED, ECB and Bank of England policy as advanced economy central
banks head towards the exit
» Is the improvement we have recently seen in advanced economic growth set to continue?
» What are the key risks to be aware of in the midst of the economic growth and what should you look out for in 2015?
Kevin Daly, Managing Director and Senior Economist, goldman Sachs group
09.30 360° pErSpEcTivE: get first Hand clarity on The Next Steps required To Ensure mifir and mifid ii compliance » Update on the domestic and international level reforms to help you achieve global
compliance
» The impact of regulation on the fixed income marketplace- defining the implications for the buy and sell side
» Consequences of MiFID II on banks and brokers- outlining how this will impact your trading desk
» Defining the conditions and requirements for the waivers under MiFID II to adapt your trading functionalities
» AIFMD and EMIR-What are the framework and remuneration rules you need to consider to accomplish cross-border compliance?
Moderator: Nathalie Masset, Head of European Debt Markets, Euronext
Gero Breuer, Head of Trading Execution Desk, Bayern invest
Gianluca Minieri, Global Head of Trading, pioneer investments management limited
Mario Muth, Global Head of Rates e-Trading Sales, deutsche Bank
10.30 Coffee Break
PRACTICALITIES OF COMPLIANCE
CHOOSE yOUR TRACK 4A OR 4B
4TRACK A TRADING STRATEGIES
11.15 portfolio construction of Systematic fixed income alpha- overcoming low interest rates and volatility » How can you best overcome key challenges including low Interest rates, an uncertain
macroeconomic outlook and low market volatility?
» How to successfully forecast on alpha factors, individual constraints and a target function per investor
» How can you successfully satisfy the requirements of investors portfolios using fixed income alpha?
Marc Boettinger, Director of Fixed Income Fund Management, dWS investments
12.00 360° pErSpEcTivE How can You Best overcome increased Trading costs and lack of liquidity » What is the impact of lack of rates and credit spreads on liquidity and trading costs?
» How can you diversify your portfolio using size and volume strategies?
» What trading strategies can you use in a new regime with more risk and less discretion?
» What solutions can you adopt to combat quantative easing?
» How will investors respond when interest rates finally start to increase?
Moderator: Nathalie Masset, Head of European Debt Markets, Euronext
Carl Sells, Former Senior Fixed Income Trader , alliance Bernstein
Gabriele Frediani, Independent Industry Consultant
Bas Fransen, Head of Capital Markets, grupo caja de ingenieros
4TRACK B DERIVATIVES REFORM
11.15 SEfs and oTfs review: What Has Happened So far and What is The State of play With oTfs in Europe? » An overall review of how OTFs in Europe are developing in preparation for the 2017
European mandate
» What lessons can we learn from SEFs in the US and take on board in Europe?
» What will a successful OTF look like and what should the buy side expect?
» On-boarding of SEFs and OTFs- what are the legal and compliance issues?
» Will SEFs and OTFs cause fragmentation within the fixed income market?
» How will this impact clearing and post trade processes?
Radi Khasawneh, Senior Fixed Income Analyst, Tabb group
12.15 360° pErSpEcTivE How The fixed income industry is reacting and preparing for a New corporates landscape » Fixed Income issuers point of view- Structural differences between Governments and
Corporations.
» How can you close the gap between primary and secondary Fixed Income markets?
» Impact of the technology on the European bonds industry- Comparing the old and new styles
» Strategies to address the challenge of the regular presence of Retail investors on the fixed income market
Javier Dominguez, Managing Partner, auriga global investors
12.45 Lunch
MARKET STRUCTURE TRANSFORMATION
CHOOSE yOUR TRACK 4A OR 4B
4TRACK A E-TRADING AND AGENCy TRADING
14.00 360° pErSpEcTivE moving from a Bilateral Environment- adapting your desk To an Electronic Structure » Moving to an electronic environment- how to prepare your trading desk?
» The changing role of brokers- what are the alternative means of finding liquidity for the buy side?
» Buy side to buy side – what technologies are available to connect both sides?
» Has all liquidity shifted on to the buy side books?
Moderator: Radi Khasawneh, Senior Fixed Income Analyst, Tabb group
Erik Tham, Head of Fixed Income Electronic Order Execution Desk, UBS Wealth management
Umberto Menconi, E-commerce Sales, Banca imi
Constantinos Antoniades, Head of Fixed Income, liquidnet
14.45 The advent of agency Trading- How Will it change Your relationship With Your Broker » How is the move to an agency based model re-defining the role of your broker
» How can banks and brokers help you in the new market?
» Uncovering methods to access the ‘other side’-achieving riskless principle crossing through brokers
» Moving to an order driven environment- how beneficial is this for the buy side?
Paul Hamill, Managing Director Global Fixed Income Trading, UBS
4TRACK B BONDS AND DERIVATIVES ROUNDTABLES
14.00 drill doWN roUNdTaBlES How To adapt Your Trading desk To respond To The New Bonds Execution landscape
Choose your roundtable:rT1 - agency Broking in practice: How agency broker coverage works and how it can benefit your business:
Hosted by Neil Tritton, Director, arbour research Training
rT2 - changing buy and sell side relationships- How to reduce costs and find trusted intermediaries:
Hosted by Christophe Bourgeois, Head of Credit Trading, BNp paribas asset management
rT3 - Buy side to buy side trading model- New strategies to connect to the other side:
Hosted by Carl Sells, Former Senior Fixed Income Trader, alliance Bernstein
rT4 - Best execution- How to agree on the best price and technologies to achieve best execution:
Hosted by Mikael Bjorkman, Associate Director, Fixed Income Trading, UBS Wealth management
rT5 - Electronification of the Bond markets- Uncover new strategies in the search for liquidity:
Hosted by Mike O’Hara, CEO, The realization group
14.45 drill doWN roUNdTaBlES How To adapt Your Trading desk To respond To The New derivatives Execution landscape
Choose your roundtable:rT1 - Single Name cdS- can we use them as an alternative for bonds?
Hosted by Carola Jansen, Senior Trader Fixed Income, Kempen capital management
rT2 - Best Execution- Utilising new derivative technologies to improve your fixed income execution:
Hosted by Hubert Rotivel, Head of Equities and Fixed Income, BNp dealing Services
rT3 - oTc interest rate products- How to use swap futures as substitutes or compliments to oTc interest rate products:
Bullen management
Hosted by David Bullen, Director, Bullen management
rT4 - The changing dynamics of buy side and sell side relations- How to transform your skill set to stay ahead in the market:
Hosted by Louis Gargour, CIO and Managing Partner, lNg capital
rT5 - Electronification of the derivative markets- Uncover new strategies in the search for liquidity:
Hosted by Mike O’Hara, CEO, The realization group
15.30 Coffee Break
INNOVATIVE TRADING SOLUTIONS
16.00 360° pErSpEcTivE: Who Should You partner With To Navigate Your Trading desk in a fragmented market Structure? » Have regulatory reforms led to a fragmented market structure with increased
competition?
» What is the right combination of brokers, platforms and technology you need to successfully navigate the market?
» Who are the main providers of liquidity in the new market?
» What systems and processes can you use to overcome the liquidity drought?
» What are the alternative means to source liquidity using technology?
Moderator: Nathalie Masset, Head of European Debt Markets, Euronext
Lee Sanders, Head of Fixed Income, axa investment management
Stu Taylor, Chief Executive Officer, algomi
Jonathan Jachym, Executive Director, Government Relations, cmE group
16.45 iN coNvErSaTioN: Evolution of E-trading- detailing The full Technology Kit You Need To improve Your Execution performance » Ensuring you have the right pipes to connect to execution platforms
» How can you define ‘Sufficiently Liquid’ derivatives for OTF Trading?
» Overcoming front office issues facing OMS and EMS integration
» FIX Protocol for Fixed Income electronic trading – Practicalities For The Buyside
» Transparency rules on RFQ- the technology requirements for moving to an electronic environment
» Standardising your technology - is full standardisation in the market possible?
» FIX Protocol for Fixed Income electronic trading – Practicalities
Moderator: Nathalie Masset, Head of European Debt Markets, Euronext
Stephane Malrait, MD Head of E-commerce FX and FI, Societe generale
Gero Breuer, Head of Trading Execution Desk, Bayern invest
Adrian Berwick, Head of Fixed Income, pioneer investments management limited
Simon Maisey, Managing Director, Finance & Business Management, Tradeweb
Alun Cutler, Director Product Management EMEA, charles river development
17.30 caSE STUdY: How Will The fixed income market change and What does This mean for Trading in 2015 » Outlining a new market structure- How are the roles of the buy and sell side changing
and the lines of the traditional structure becoming indistinct?
» How has regulation influenced the market structure change and how will this develop further?
» What key industry drivers should you look out for and how does this affect both new and existing firms?
» How should you adapt your trading strategies to compete in a new fixed income market
Simon Maisey, Managing Director, Finance & Business Management, Tradeweb
09.00 Chairperson Opening Remarks Carl James, Global Head of Fixed Income and FX Dealing,
BNp dealing Services
A NEw MARKET REVOLUTION
09.10 iNdUSTrY KEYNoTE: Top fixed income regulatory and market Structure Trends You Should look out for in The medium To long Term » The development of MiFID II in 2016/2017- what can be expected and how can you
start preparing now?
» EMIR and Dodd Frank- how will they work better to balance cross-border trading flows?
» How does the impact of regulations differ for fixed income vs. equities?
» How are regulations expected to transform your global trading operations in the next 5 years?
Will Rhode, Director of Capital Markets Research, Boston consulting group
09.30 prESENTaTioN folloWEd BY 360° pErSpEcTivE: Synergies Between Equities and fixed income- Transparency Synergies and What is Transferrable To fixed income? » Has the new regulatory landscape created the environment for a far reaching
transformation towards an equities-like market structure for fixed income?
» Recognising the key differences between equities and fixed Income- what can we learn from the equities evolution?
» The benefits of using the equities model as a guide to refine fixed income trading strategies in order to create a fixed income market that is ‘Open for Business’, regardless of market conditions
» Technological innovation- what tools will we need to prosper in the new market?
» How should liquidity be determined for electronic trading purposes?
Presentation: Elizabeth Callaghan, Strategic Liquidity Solutions Financial Markets, lloyds Bank commercial Banking
Moderator: Carl James, Global Head of Fixed Income and FX Dealing, BNp dealing Services
Chris Rice, Senior Managing Director and Global Head of Trading, State Street global advisors
Gianluca Minieri, Global Head of Trading, pioneer investments management limited
Elizabeth Callaghan, Strategic Liquidity Solutions Financial Markets, lloyds Bank commercial Banking
Richard Balarkas, Managing Director, quendon consulting
10.30 Coffee Break
ELECTRONIFICATION OF TRADING
CHOOSE yOUR TRACK 4A OR 4B
4TRACK A TRADING TECHNOLOGy
11.00 How To further Streamline Your E-Trading Strategy for The future » The importance of E-trading- how a multi-sensory approach can benefit your trading
performance
» The movement from a bilateral environment-long term strategies you can expect to apply to reduce costs
» Advanced strategies to improve best execution on your trading desk
» Analytics solutions to support your decision making process
Bryn Jones, Head of Fixed Income, rathbones Wealth management
11.45 360° pErSpEcTivE: What Technological Tools can you Exploit To obtain price and achieve Best Execution » Technological solutions you can adopt to achieve and prove best execution
» What tools can be used to obtain the best price and reduce your costs at the same time?
» Performance management technology you can use to monitor best execution
» Is auto execution the future way of achieving best execution?
Moderator: Carl James, Global Head of Fixed Income and FX Dealing, BNp dealing Services
Constantinos Antoniades, Head of Fixed Income, liquidnet
Bryn Jones, Head of Fixed Income, rathbones Wealth management
Erik Tham, Head of Fixed Income Electronic Order Execution Desk, UBS Wealth management
11.00 caSE STUdY rEvolUTioN innovations in algo Trading and Sor Tools-How You Should adapt Your people, processes and Technology To reap The Benefits » What are new innovations expected in algorithmic trading and SOR in the next 5-10
years?
» What strategies will the buy side need to adopt to best prepare for the future algorithmic trading and SOR trends?
» How can you best prepare your trading desk today to fully realise the benefits of algo trading and SOR innovation?
» How can you adapt your internal team structure to respond to tomorrow’s algo trading and SOR technology trends?
Patrick Fleur, Managing Director, pggm
11.30 oxford STYlE dEBaTE Should Europe follow The US and develop an ‘all to all’ model? » Will the market benefit from a neutral ‘all to all’ electronic order book?
» Will the ‘all to all’ model eliminate the need for banks and brokers?
» Will the intended consequences of greater transparency and stability materialise as a result of an all to all model?
» Would the all to all model lead to an increase in dark pools?
» Is the US a fair comparison to Europe for assessing the all to all model implications?
Bullen management
Moderator: David Bullen, Director, Bullen management
Will Rhode, Director of Capital Markets Research, Boston consulting group
Thijs Aaten, Managing Director Treasury and Trading, apg asset management
Simon Linwood, Head of Credit Data & Trading, mTS
gabriele frediani
Gabriele Frediani, Independent Industry Consultant
12.30 Lunch
IMPROVING TRADING CAPABILITIES
CHOOSE yOUR TRACK 4A, 4B OR 4C
4TRACK A TRADING TECHNOLOGy
13.30 360° pErSpEcTivE New frontiers-How To implement Next generation Tca capabilities To reduce costs » How do you develop next generation strategies to use TCA technologies to monitor cost
performance of your desk and broker?
» How can you use next generation TCA to start minimising costs at pre trade stage?
» How can you use TCA in low and high touch trading?
» No consolidated tape- how TCA will improve over the next 5 years to help you mitigate costs?
» Self-policing- should the buy side monitor banks and brokers independently?
Moderator: -Carl James, Independent Consultant, Former Global Head of Fixed Income, BNp dealing Services
Patrick Fleur, Managing Director, pggm
Lee Sanders, Head of Fixed Income, axa investment management
Yann Couellan, Head of Fixed Income Execution, axa investment management
4TRACK B MARKET STRUCTURE
13.30 SpoTligHT oN lEadErSHip Boardroom How To Survive regulatory changes and adapt Your Strategies To Navigate The New market » Are regulations pushing some companies out of the market?
» Uncover cost effective ways of accessing platforms
» Determining specialisation strategies and independent broker solutions to improve your trading desk
» Alternative finance strategies- solutions to source working capital and short term liquidity
» Is the gap increasing between the tier one companies and the rest in fixed income?
Hosted By: Chris Torkington, Director, cameron Hume
15.00 crYSTal Ball oUTlooK: Exploiting future Technologies- fixed income in 2024 » What is next for technology firms- How do they need to adapt for tomorrows fixed
income world?
» Connecting to the buy side and sell side- How will technology connect your desks in the future?
» How can technology acclimatise to meet the needs of a centralised exchange model for both the buy side and sell side?
» How will OMS and EMS integration benefit your front office processes
» Standardisation of technology to reduce cost s and improve operations- will this be possible in the future?
Bullen management
Moderator: David Bullen, Director, Bullen management
Marcus Hooper, Managing Director, agora global consultants
Richard Balarkas, Managing Director, quendon consulting
gabriele frediani
Gabriele Frediani, Independent Industry Consultant
Carl James, Independent Consultant, Former Global Head of Fixed Income, BNp dealing Services
Christophe Bourgeios, Head of Credit Trading, BNP Paribas Asset Management
“Fixed Income Future Leaders Summit will provide an ideal opportunity to put in place a practical strategy to
react to the evolving regulatory, market structure and technology landscape in fixed income”
Gero Breuer, Head of Trading Order Execution Desk, Bayern Invest
“Fixed Income Future Leaders Summit works as a regional hub event for the fixed income trading community across Europe to discuss the latest key market structural issues
and meet with the most influential service providers”
AN IDEAL VENUE The Princesa Sofia Conference rooms are equipped with comfortable seating, state-of-the-art audiovisual technology, and boast direct access to the exhibition area and meetings rooms. The conference is convenietly located near the business district and a stones throw away from tourist attractions such the Barcelona Football Club Stadium and the legendary Catedral De Barcelona.
AN ICONIC CITyBarcelona is one of the most visited cities in Europe. Its not a suprise with its all year round mild climate, location on the coast, and impressive monuments built and designed by Antoni Gaudi.
The Ideal Location To Mix Business With Pleasure
Venue
A SPECIAL EVENINGCome and joins us at our exclusive VIP networking dinner in The Dome located at the top of the Hisperia Tower and enjoy the best 360º views of Barcelona.
Mario Muth, Global Head of Rates e-Trading Sales, Deutsche Bank
“The Fixed Income market is changing at a rapid pace as result of new regulations and changing client behavior. During these times it is most important to stay close
to the key decision makers in the market. The Fixed Income Future Leaders Summit provides a unique opportunity to meet some of the largest players in one place.”
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. Its business strategy is centered on its pre-eminent global wealth management businesses and its leading universal bank in Switzerland. Together with a client-focused Investment Bank and a strong, well-diversified Global Asset Management business, UBS will expand its premier wealth management franchise and drive further growth across the Group. UBS Investment Bank provides corporate, institutional, and wealth management clients with expert advice, innovative financial solutions, outstanding execution and comprehensive access to the world’s capital markets. It offers investment banking and capital markets, research, equities, foreign exchange, precious metals and tailored fixed income services in rates and credit through its two business units, Corporate Client Solutions and Investor Client Services. The Investment Bank is an active participant in capital markets flow activities, including sales, trading and market-making across a range of securities.
Banca IMI is part of Intesa Sanpaolo group and operates in the areas of Investment Banking, Capital Markets and Structured Finance on the main domestic and international markets thanks to its offices in Milan and London and its subsidiary in New York. Banca IMI targets banks, corporates, institutional investors, governments and public administrations, offering a full range of products and services. Market Hub is Banca IMI’s Multi Asset Class Electronic Execution Platform. Market Hub clients can trade Equities, Fixed Income, Listed Derivatives and FX. Market Hub offers Best Execution in both Equities and Fixed Income. In Fixed Income it accesses multiple market venues and provides clients with liquidity on its systematic internalizer RetLots Exchange. Market Hub clients trade over 20,000 bonds through a fully transparent and efficient electronic platform. http://www.bancaimi.com/bancaimi/en/ email contact: [email protected]
At the core of Société Générale’s universal banking business model, the Corporate & Investment Bank is a well-diversified and leading player with nearly 12,000 professionals present in 33 countries across Europe, the Americas and Asia-Pacific.Standing by its clients across sectors, the Corporate & Investment Bank tailors solutions for them by capitalising on its worldwide expertise in investment banking, global finance, and global markets. The Equity Execution Services team proposes liquidity solutions, advanced algorithms and an integrated execution product including all equities, exchange traded funds (ETFs) and index futures, with a coverage across 65 world markets, including direct electronic access to 38 markets. Quantitative Electronic Services (QES) provides advanced algorithmic trading, Direct Market Access and Direct Capital Access worldwide, as well as liquidity solutions including the bank’s Alpha-x crossing network and Smart Order Routing capabilities. Contact details: Mark Goodman, [email protected] , +44 20 7762 5751
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in over 70 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company’s exchanges in Europe and the United States trade equities, futures,options,fixed-income and exchange-tradedproducts.With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext’s equities markets – the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca – represent one-third of the world’s equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world’s second-largest derivatives business by value of trading.The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the Fortune 500. For more info, please visit www.nyx.com.
As the world’s leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through the CME Globex electronic trading platform and trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort. In addition, CME Group has a growing presence in Europe. Launched in May 2011, CME Clearing Europe is a London-based clearing house that clears OTC transactions in a broad range of derivative products in an English law and European regulatory environment. As an FSA-approved Recognised Clearing House, CME Clearing Europe’s service combines operational flexibility with a transparent risk management and an account structure that offers a range of protection choices for clients should their clearing broker fail. CME Group has a growing London-based team committed to serving the financial risk management needs of customers throughout Europe, the Middle East and Africa.
As the global business and financial information and news leader, Bloomberg gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Professional service, which provides real time financial information to more than 315,000 subscribers globally. Bloomberg’s enterprise solutions build on the company’s core strength, leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. Through Bloomberg Law, Bloomberg Government, Bloomberg New Energy Finance and Bloomberg BNA, the company provides data, news and analytics to decision makers in industries beyond finance. And Bloomberg News, delivered through the Bloomberg Professional service, television, radio, mobile, the Internet and three magazines, Bloomberg Businessweek, Bloomberg Markets and Bloomberg Pursuits, covers the world with more than 2,400 news and multimedia professionals at more than 150 bureaus in 73 countries. Headquartered in New York, Bloomberg employs more than 15,000 people in 192 locations around the world.
Liquidnet is the global institutional trading network. We connect more than 740 of the world’s top asset managers to large-scale equity trading opportunities in 42 markets across the globe. Asset managers rely on Liquidnet to enter and exit their investments more efficiently—not only improving their own performance, but directly benefiting the millions of people across the world who invest in mutual, managed, retirement, or other equity funds.
Bondcube is a new electronic bond trading platform that is specifically designed for the execution of large and difficult orders in any sector. The platform will launch in the US and Europe in November. The concept behind the system is to provide an alternative to the existing buy-side to sell-side channel via RFQ. The existing trading infrastructure worked well for all sizes when liquidity was abundant, but is now only effective for smaller orders. Bondcube enables all users (all to all) to enter orders as Indications of Interest (IoIs) to minimise market risk by only disclosing side and minimum size. IoIs can match darkly so no one else is aware and buy-sides trade anonymously through a Risk-free Intermediary (RFI) for a small, fully disclosed fee. Bondcube is owned by the founders Paul Reynolds and Mark Germain and Deutsche Boerse. For a more detailed explanation visit HYPERLINK “http://www.bondcube.com” www.bondcube.com or ask for a demo of the system.
As one of the world’s leading derivatives exchange we offer a broad range of international benchmark products and operate the most liquid fixed income markets in the world. Innovative and reliable technology provides more than 400 participants and about 7,600 traders in 35 countries worldwide with access to our products and services. We offer a wide choice of equity-based contracts on indexes, single equities, ETFs, dividends and some of the world’s most liquid fixed income derivatives. All on one single platform. With about 2000 products across ten traditional and alternative asset classes we provide our customers a broad diversity and greater opportunities. The trading volume of our market participants connected exceeds 2.8 billion contracts a year. We have just recently expanded our interest rate derivatives segment with physically deliverable Euro-Swap Futures. The new contracts are based on euro-denominated interest rate swaps with varying maturities and fixed rates. For further information on our broad range of products and services please visit www.eurexchange.com
MarketAxess operates a leading electronic trading platform that enables fixed-income market participants to efficiently trade corporate bonds and other types of fixed-income instruments using MarketAxess’ patented trading technology. Over 1,000 institutional investor and broker-dealer firms are active users of the MarketAxess trading platform, accessing global liquidity in U.S. high-grade corporate bonds, emerging markets and high-yield bonds, European bonds, U.S. agency bonds, credit default swaps and other fixed-income securities. MarketAxess SEF Corporation has received temporary registration from the U.S. Commodity Futures Trading Commission to operate a swap execution facility. MarketAxess also offers a number of trading-related products and services, including: market data to assist clients with trading decisions; connectivity solutions that facilitate straight-through processing; technology services to optimize trading environments; and execution services for exchange-traded fund managers and other clients. Through its Trax® subsidiary, MarketAxess also offers a range of pre- and post-trade services, including trade matching, regulatory transaction reporting and market and reference data, across a range of fixed-income products. MarketAxess maintains its headquarters in New York and has offices in London, Boston, Chicago, Los Angeles, Salt Lake City, São Paulo and Singapore. For more information, please visit www.marketaxess.com.
Algomi connects fixed income professionals, empowering them to make better trading relationships, in the ever- changing landscape of capital, leverage and liquidity requirements. By harnessing the relationships between Fixed Income salespeople, traders and their clients, the Algomi Honeycomb suite of scalable software greatly increases the opportunities and velocity in large and illiquid voice trades between banks and buy side investors. For banks, Algomi creates a real time internal sales and trading network using their own data to identify the best trade opportunities and enables real- time collaborations between sales, traders and investors. This delivers more effective execution of less liquid bonds and integrates with Algomi Honeycomb. For investor firms, Algomi Honeycomb becomes their eyes and ears on the world’s trading floors. Providing the data and market insight vital to select the right dealers and the right timing of the trade to ensure maximum likelihood of execution. The investor is able to deal in size, achieve Best Execution, and remain discrete in the market while banks get to use their large distribution network. Execution is voice based between investor and bank, as is appropriate for large sensitive trades. Algomi was founded in 2012 by Stu Taylor (Former Global Head of Matched Principal Trading and creator of PIN- FI at UBS), Usman Khan and Robert Howes (Founders of CAPXD). Michael Schmidt (Former Head of European Credit Trading and IB Board Member at UBS) joined as Chairman in 2013. Algomi is backed by investment from Lakestar, and an exceptional panel of Strategic Advisors. Algomi has over 90 employees with offices in London and New York [email protected] www.algomi.com
SponsorsFixed Income Future Leaders Sponsors
Find Out About Remaining Sponsorship Opportunities: Contact Joseph Houguez-Simmons
Trading Screen: With the launch of TradeCross linked to its’ MTF Galaxy, TradingScreen provide traders with a fixed income crossing platform fully integrated in its award winning EMS. Strong of 15 years of experience connecting Buy-side and Sell-side clients, TradeCross gives fixed income traders the ability to trade anonymously with no market leakage in all fixed income securities. TradeCross uses Tradingscreen’s totally independent MTF Galaxy. For more than a decade, TradingScreen has provided solutions to the fragmented marketplace, delivering a trading and execution management infrastructure and a global network enabling both buy side institutions and sell side firms to connect to each other, yielding improved market access, reduced connectivity costs, increased trading efficiency and fully automated workflow. TradingScreen products support global order routing of cash equity products, futures and options, foreign exchange and fixed income instruments
arbor research & Trading, llc: Arbor Research & Trading, LLC (‘Arbor’) is an independent research brokerage providing innovative analysis across a broad range of global fixed-income, equity, currency and commodity markets. In addition, Arbor’s trading desk provides high quality execution, on an agency basis, in the fixed income and currency markets. Founded in Chicago in 1988 and in London since 1999 Arbor has a long history of delivering an informative and valued service to many of the largest and most influential financial institutions worldwide. We work individually with each client to ensure the research they receive is relevant and completely customised to their needs. Website: http://uk.arborresearch.com/ Main contact: Neil Tritton: 020 7100 1051 [email protected]
charles river development Charles River provides an end-to-end solution to automate front- and middle-office investment management functions across asset classes. The Charles River Investment Management Solution scales easily, and supports the entire investment lifecycle on a single platform, from decision support activities through compliance, trading and post-trade settlement. The solution offers a simplified operating model that includes enterprise software, data, application management/upgrades, hosting and FIX network to improve investment professional productivity, control risk and lower technology costs. Charles River serves more than 350 firms in 43 countries in the institutional asset and fund management, private wealth, alternative investments, insurance, banking and pension markets.
Tradeweb Tradeweb Markets is a world leader in building and operating electronic over-the-counter marketplaces. Since 1998 the company has helped transform the way that business gets done in the fixed income and derivatives markets. Tradeweb’s position as the hub of fixed income and derivatives electronic trading has been made possible through a longstanding partnership with the industry. For more information, visit our website www.tradeweb.com. For news and information about derivatives regulation see www.derivalert.org - DerivAlert.org is powered by Tradeweb and is a central resource providing essential and timely news, commentary, research, and insight on OTC derivatives reform.
mTS MTS is the leading electronic marketplace for European fixed income, providing pre-trade price transparency, trade execution and post-trade services to more than 500 global institutions. With on average more than $100 billion transacted daily on its platforms, MTS provides exceptional liquidity on its inter-dealer and dealer-to-client platforms. MTS Data is sourced directly from its executable inter-dealer prices, and includes benchmark real-time data, reference data and prices, time series data and snapshot data. MTS also provides real-time tradable fixed income indices. MTS clients also benefit from its relationship with the London Stock Exchange, one of the world’s leading diversified exchange businesses.
SponsorsFixed Income Future Leaders Sponsors
Find Out About Remaining Sponsorship Opportunities: Contact Joseph Houguez-Simmons
