Fragmentation and Liquidity Focus Day:
Tuesday 22nd April 2008
Optimal Strategies For Your Trading Desk and Defining Best Execution In The New Regulatory Landscape
| 08:30 | Coffee And Registration |
| 09:00 | Chairman’s Opening Address |
| 09:15 | Regulatory Impact: Industry Evolution Post-MiFID
Jean-René Giraud is a director of the EDHEC Risk and Asset Management Research Centre, where he is in charge of business development, and a research associate with the research centre, focusing on extreme risks. Prior to joining EDHEC, Jean-René spent several years at various positions within investment banks and management consultancy firms in London. He began his career in Paris, where he supported the development of a software company specialised in portfolio management and led the client advisory activity of the firm. Jean-René has published widely on financial topics and is a frequent speaker at industry and academic conferences on subjects including risk management, alternative investments, market microstructure and market regulation. |
| 09:45 | European Financial Regulation: Where Are We Now And Where Are We Heading?
Maria Velentza is the head of unit of the Securities Markets of the European Commission. She has been working in the Commission since 1991 as a legal advisor in various sectors. Maria has been working in her current unit since October 2002. At present, her main responsibilities are institutional and legal aspects of the securities markets, regulatory policy (for instance in the context of the "MIFID", Market Abuse and Prospectus directives), Credit Rating Agencies, international discussions in the field of securities (e.g. on mutual recognition) and supervisory convergence. |
| 10:15 | Interactive Voting Panel Discussion – A Post-Mortem Of The Post-MiFID World Join in the debate on the key issues around MiFID! Your chance to give your feedback and see live results of industry perspectives on what your peers really think of the success of MiFID, all in an anonymous format. Panelists:
Caroline is global head of Active Equity Trading. She joined Goldman Sachs Asset Management in 1998 and became a managing director in 2000. Prior to joining the firm, Caroline was responsible for Pan European Equity Trading at Gartmore. Caroline has 12 years of equity dealing experience as a broker and in investment management, where she has worked for both active and quantitative managers.
Chris is Chief Executive of Balatro, a think tank on the future of financial services, and Chairman of the Financial Services Club, a UK-based group which meets regularly to debate the future of the financial markets. He is also a member of the Financial Services Club Advisors, a group of senior executives who work with Club members on their strategies and markets. Chris is well-known for his regular columns on Finextra.com and in the Banker magazine, as well as his daily blog at TheFinanSer. He is the author of several books including "The Future of Banking" and "The Future of Investing". Chris is Chairman of the Banker's Technology Awards, a Judge with the TradeTech Awards and with the Asian Banker's Excellence in Retail Financial Services program. He is a contributor to the World Economic Forum's Scenario Project on Technology Innovation in Financial Services, and has worked closely with the financial markets research firm, TowerGroup |
| 10:55 | Networking and Refreshments |
| 11:30 | Panel Discussion – Defining Best Execution: Are We Building A Market Consensus?
Panelists:
Jerry heads Alternative Execution at Crédit Agricole Cheuvreux, providing DMA, Algorithmic Trading and Program Trading into European, US and Asian markets, combined with International CFD's. Prior to Cheuvreux, Jerry was a Director of Liberty SA, providing a global cross border order routing service. Jerry built his experience as head of Global Operations & Marketing for Quotron International (Citibank) and prior to that was founder and MD of Northgate Computer Services, a financial consultancy & systems business. Alexander Kuppler, Alexander is Head of Equity Trading at DWS/ Deutsche Asset Management in Frankfurt, Germany. He joined DWS in 1998 and built up the Equity Trading unit. He became a Managing Director in 2008. Prior to joining the firm, Alexander was a prop trader in precious metals at Deutsche Bank. Briain Kavanagh, |
| 12:05 |
Managing Director, Rosenblatt Securities Panelists:
Lee is CEO of virt-x and head of the Client and Product Group of the SWX Swiss Exchange. Prior to this he was a member of the SWX Swiss Exchange Management Committee for three years, holding responsibility for the Market Operations division, where he led the development of the SWX's high-capacity transaction platform. Lee began his career in the Markets Division of the London Stock Exchange, where he worked for nine years.
Zach is currently Head of DKIB's Global Portfolio Trading, DMA and Algorithmic Trading businesses. He has been at DKIB for four years. Previous to that he was at Merrill Lynch for twelve years mainly involved in Portfolio Trading and Equity Derivatives. Zach was based in Tokyo, Sydney, Hong Kong and from 2000 - 2003 in London heading Merrill’s European Portfolio trading Business.
Niki is currently responsible for strategy and development work for Market Structure in Europe, Middle East and Africa in the Debt, Equity and Derivatives markets for Merrill Lynch. In this capacity, she works on strategy and development for the trading business in relation to trading venues, order routing mechanisms, clearing and settlement platforms and internal trading infrastructure.
Octavio has advised many of the top financial institutions in the world on their business and technology strategies, and has managed strategy consulting projects for clients around the globe. He has written and spoken extensively about the financial services industry, and is a popular speaker at conferences in North America, Japan, Europe and Latin America. |
| 12:45 | Implementing Best Of Breed Technology Solutions To Manage Liquidity In A Post MiFID Environment
Rob is a Managing Director and the Global Head of Autobahn Equity at Deutsche Bank, the firm’s electronic equity trading platform. Prior to that Rob was Managing Director of Electronic Trading Services at Bank of America where he oversaw the firm’s expansion into the space. Prior to joining Bank of America, he was chief operating officer of Boston order management technology firm Macgregor and Senior Vice President of Worldwide Sales of New York based Financial Technologies International. |
| 13:15 | Lunch |
| 14:45 |
Martin is CEO of Iglo/Birdseye Frozen Foods. He was formerly President of PepsiCo UK, which includes Walkers, Pepsi Cola, Tropicana and Quaker Foods. He had full line responsibility for a $2bn business with double digit operating margins, posting 7% topline growth and doubling profitability. Martin was previously President of Walkers Snack Foods, Director of New Product Development and Vice President of Marketing - where he introduced the Gary Lineker ad campaign and launched the Doritos brand. He has had hands-on experience of significant acquisitions (in excess of £100m), high profile regulatory work and labour negotiations. Martin has also been voted No1 in Marketing Magazine's ranking of influential marketers, in recognition of his brand building record and his leadership in the obesity debate. In 2005 Martin published The Best Job in the World, the story of the rise of Walkers. He remains a non-Exec Director of Leicester City Football Club and Punch Taverns. |
| 15:15 |
Geert joined Generale Bank, one of the predecessors of Fortis, in 1977. He has been active in international equity markets since 1986 (broker, sales-trading, sales). He is a co-initiator of the Global Online Brokerage project within Fortis in 2000, and Head of Fortis Brokerage Services since 2002, in a JV with Global Clearing & Custody at Fortis. Geert has been responsible for European Sales in Brokerage, Clearing & Custody since 2006. He is Vice-president of the ‘Financial Markets Committee’, Business Line Financial Markets, at Febelfin (the Belgian Finance Federation), Member of the NYSE Euronext Cash Advisory Committee, in Belgium and the Netherlands and of the NYSE Euronext International Cash Advisory Committee David Sher, A Wall Street veteran, David acts as one of ESP's lead business strategists. His experience as both a quantitative investment manager and sell-side generalist provides strong insight into the needs of clients. As investment managers have moved towards straight through processing and electronic trading, he has helped ESP achieve a leadership role in developing advanced technology solutions for clients. Prior to co-founding ESP, David was a founder of an online brokerage as well as one of the first alternative trading systems specifically focused upon listed securities. He also founded Lafayette Capital Management, LLC, a New York-based quantitative investment management company. His experience includes a 6-year career at Bear Stearns, where he developed trading ideas and strategies for correspondent clearing customers. Karel Lanoo |
| 15:50 | Networking and Refreshments |
| 16:20 | Panel Discussion - Technology Needs Post-MiFID: What Do You Really Need On Your Trading Desk?
Panelists:
Eric has over 15 years of a broad financial industry experience and is currently a Vice President at BNY Mellon Asset Management, an investment management unit of The Bank of New York Mellon, with more than $112 billion in assets under management offering equity, fixed-income and alternative investment products. Eric has worked on the equity trading sell-side at Fuji Bank, on the fixed income trading sell-side at JJKennyDrake trading unit of Standard & Poor's, on various trading desks at Bear Stearns as well as on the buy-side at his current position with BNY Asset Management. Throughout his career, Eric and his teams have successfully implemented electronic trading systems with direct interfaces to the Street as well as the algorithmic, program and direct market access trading platforms for instant market analysis, decision-making capabilities and straight-through processing.
Chris is Chief Executive of Balatro, a think tank on the future of financial services, and Chairman of the Financial Services Club, a UK-based group which meets regularly to debate the future of the financial markets. He is also a member of the Financial Services Club Advisors, a group of senior executives who work with Club members on their strategies and markets. Chris is well-known for his regular columns on Finextra.com and in the Banker magazine, as well as his daily blog at TheFinanSer. He is the author of several books including "The Future of Banking" and "The Future of Investing". Chris is Chairman of the Banker's Technology Awards, a Judge with the TradeTech Awards and with the Asian Banker's Excellence in Retail Financial Services program. He is a contributor to the World Economic Forum's Scenario Project on Technology Innovation in Financial Services, and has worked closely with the financial markets research firm, TowerGroup
Adam Toms is a Managing Director and Head of Portfolio & Electronic Sales-Trading within the Lehman Brothers European Equities Division. Adam joined Lehman Brothers seven years ago and focuses on quantitative trade analytics and execution strategy, he is responsible for the Portfolio Trading and Electronic Trading execution channels that Lehman Brothers offers in Europe. Prior to joining Lehman he worked for Barclays Global Investors (buyside) where he was a member of the central dealing desk team executing global equities, derivatives and commodities. In addition he specialised in index change strategy and was also a member of the project team tasked with launching the first European Exchange Traded Fund (ETF) for the iShares brand.
Chris Pickles’ responsibilities include interpreting the impact of industry and technology changes and new regulations on BT's customers across the financial services sector globally. With over thirty years experience in the financial technology sector, Chris has previously worked as secretary-general of the European Association of Securities Dealers in Brussels, as Head of Exchange Products for Deutsche Boerse in Frankfurt, and as a marketing manager with Reuters internationally. He is a member of the Global Steering Committee of FIX Protocol Ltd, and a member of the Executive Committee of SIIA/FISD, the global association for the financial information sector.
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| 16:55 |
Richard leads the Investment Process practice. He works with clients on strategic and tactical projects. These have ranged from business decisions around the future shape of the firm to preparing for an important consultant meeting. Much of Richard's work is with fund managers helping them communicate how their firm and investment approach is valuably different. Since joining Investit in 2001 Richard has lead around 80 projects to help firms articulate their investment approach internally, which helps them organise themselves, and externally, which helps them make more sales. These projects have covered conventional equity, fixed income, property, hedge funds, funds of funds, funds of hedge funds, diversified growth funds and LDI products. Recent work has looked at the role and success of buyside dealing desks, and how fund managers buy execution and research to achieve value for money in dealing with the sell-side. Panelists:
Tim Tanner, Tim has responsibility for commercial and strategic management of the Equity Investment Team. After graduating in 1997, Tim joined Nedbank Ltd’s commercial banking division in South Africa. Moving to London in 1999, he joined Deutsche Bank where he worked in corporate finance business development. In 2003 Tim transferred to Deutsche Bank’s Japanese operation in Tokyo, as Business Manager for the corporate finance division. Returning to London in 2006, he joined Morley Fund Management, charged with managing front office operations in the Equities department.
Chris qualified as a Chartered Accountant before working for the Fund Management Regulator, IMRO, in the early 90s. He left to join Henderson Global Investors where he worked for eight years, his final position being Director, Investment Operations. He then spent seven years at Fidelity Investments working as the Director of Research Services, which incorporated responsibility for the provision of broker and third party research to Fidelity. Chris joined Merrill Lynch in the summer of 2007 as Director of Global Commission Management, having responsibility for Merrill Lynch's growing CSA business in Europe. |
| 17:30 | TradeTech 2008 Welcome Drinks and Pre-Registration |
| 18:30 | Close Of Focus Day |
Jean-Rene Giraud,
Maria Velentza, 
Caroline Taylor, 
Chris Skinner, 
Jerry Lees, 
Lee Hodgkinson, 
Zach Tuckwell, 
Niki Beattie, 
Octavio Marenzi,
Rob Flatley, 
Guest speaker: Martin Glenn, 
Geert Vanderbeke, 
Eric Karpman, 
Adam Toms, 
Chris Pickles, 
Moderator: Richard Phillipson,
Mark Kuzminskas, 
Chris Newson,
Main Conference Day One
Wednesday 23rd April 2008:
| 07:30 | Coffee And Registration |
| 08:15 | Conference Director Opening Remarks |
| 08:20 |
Octavio has advised many of the top financial institutions in the world on their business and technology strategies, and has managed strategy consulting projects for clients around the globe. He has written and spoken extensively about the financial services industry, and is a popular speaker at conferences in North America, Japan, Europe and Latin America. |
| 08:30 | Accessing And Attracting Liquidity In The New Trading Landscape
Richard is the Global Head of Citi's Electronic Execution business, leading development and distribution of multiple products including Program Trading, Algorithmic Trading, Direct Market Access (DMA), Smart Order Routing (LAVA), Transaction Cost Analysis (TCA) and Citi's Execution Management System, OpenPort. Richard joined Salomon Brothers in 1995 on the Technology Graduate Program. He has held various roles within the firm including Head of European Program Trading and Global Head of Trading Technology Strategy. Richard was also responsible for developing and delivering the changes required under MiFID, and is the board member for Citi on Turquoise, the pan-European MTF. |
| 09:00 | Vision Of The Future: Investment Banking Landscape – The Challenges And Opportunities
Daniel was appointed Joint Global Head of Equities in July 2005. Daniel serves on the UBS Investment Bank Executive Committee and the Board of Directors for NASDAQ and The Options Clearing Corporation and is the Chair of the UBS Cash Managing Board. He has been with UBS Investment Bank and its predecessor firms for twenty years as Head of Equities for the Americas, Head of US Equities Trading, Head of Convertible Trading, Risk Manager for the Equity Derivatives desk and Equity & Index Derivative Market Maker and Specialist where he began his career with O'Connor & Associates in 1986. |
| 09:30 | MiFID, Chi-X, Dark Pools – Now What?
Tony joined Instinet in Hong Kong in 1995 as Asian dealing director. He ran all of Instinet's Asian operations until 2004 when he moved to London to assume control of Instinet's European operations. Whilst running Instinet Europe, Tony established Chi-X Europe and is now looking at global opportunities for the Chi-X model. Tony started his broking career in Australia in 1980 and has worked for a number of international firms in Sydney, Hong Kong and London prior to joining Instinet. |
| 10:00 | In Conversation With Eli Lederman John Lee will be questioning Eli Lederman on competition, consolidation, and the role of Turquoise.
with
John is co-founder, CEO and publisher of The TRADE Ltd and executive director of writing and research consultancy Information Partners (IP). He is responsible for the editorial direction of The TRADE magazine, which focuses on global equities trading, The TRADE Asia and daily news site www.thetradenews.com. John regularly speaks and chairs industry conferences/roundtables. He was co-author of the book ‘Global custody: a guide for the nineties.’ He has written for The FT, The Sunday Times and The Independent, amongst others, and written and produced documentaries on the financial industry’s response to 9/11 and China’s entry into the WTO. Eli is Chief Executive Officer of Turquoise, the pan-European trading platform launching in 2008. Based in London since 2001, he was until December 2007 a Managing Director in Morgan Stanley’s Sales & Trading Division overseeing the cash and derivative Electronic Trading businesses for European equity, credit and interest rate products. From 2004 to 2006 Eli served as co-chair for FIX Steering Committee for Europe, Middle East and Africa. Eli received his Sc.B. in physics from Brown University in Rhode Island, and his Ph.D., also in physics, from New York University. Prior to joining Morgan Stanley in New York in 1993, he was a post-doctoral Research Fellow at Harvard. |
| 10:30 | Networking and Refreshments |
| 11:05 | A Global Perspective On Industry Trends
Peter is Chairman of Bloomberg L.P., the global financial media company that was founded in 1981. He has been a member of the Bloomberg Board since October 1996 and was named Chairman of the Board in March 2001 succeeding Michael R. Bloomberg. He joined Bloomberg full time in his executive capacities in March 2002. Prior to this, he was a Managing Director of Donaldson, Lufkin & Jenrette from 1992 to 2000 when DLJ was acquired by Credit Suisse First Boston. He served as a Managing Director and Senior Partner of CSFB Private Equity until March 2002. Mr. Grauer is a founder of DLJ Merchant Banking Partners and DLJ Investment Partners. Mr. Grauer serves as lead director of Davita, Inc. (NYSE: DVA), a healthcare services company based in California, and has been on the board of directors of over twenty-five public and private companies. He is also a member of the Business Council and serves on its Executive Committee. |
| 11:30 | The Evolving Global Liquidity Landscape
John is Global co-head of Prime Brokerage Product Management at Lehman Brothers in London. Prior to joining Lehman Brothers, John was Head of European Sales for Knight Securities based in London. Previously, he managed Goldman Sachs Equity Trading in London from 1985 through 1987, then, for many years, managed as the co-founding Partner, Weiss International Management, a global hedge fund based in Connecticut. |
| 12:00 |
Robert Boardman is head of algorithmic trading sales for ITG in Europe. Before joining ITG in April 2006, Boardman spent 12 years at Goldman Sachs where he held various positions, including executive director in the electronic transaction services sales team. He also led a team in implementing direct market access, algorithmic trading and arbitrage strategies for institutional investors and hedge funds. Prior to that he was head of connectivity in the equities division. Robert Boardman was educated at Oxford University where he gained undergraduate and post-graduate degrees in particle physics. Jan Lamme,
Jerry heads Alternative Execution at Crédit Agricole Cheuvreux, providing DMA, Algorithmic Trading and Program Trading into European, US and Asian markets, combined with International CFD's. Prior to Cheuvreux, Jerry was a Director of Liberty SA, providing a global cross border order routing service. Jerry built his experience as head of Global Operations & Marketing for Quotron International (Citibank) and prior to that was founder and MD of Northgate Computer Services, a financial consultancy & systems business.
Johan runs a global trading team for equities and related instruments located in three time zones. He has been seventeen years in the market, the last seven years on buy-side and the previous ten years on the sell-side working for various brokers and banks. Johan initiated the first Scandinavian Fix Conference together with FIX Protocol in January 2005 in Stockholm. He was a winner at the TradeTech Awards 2007 - "Best Buy Side Use of Advanced Trading Tools".
Larry is founder and CEO of TABB Group, the financial markets’ research and strategic advisory firm focused exclusively on capital markets. Founded in 2003 and based on the interview-based research methodology of “first-person knowledge” he developed, TABB Group analyzes and quantifies the investing value chain from the fiduciary, investment manager, broker, exchange and custodian, helping senior business leaders gain a truer understanding of financial markets issues. |
| 12:35 | Buffet Lunch In The Exhibition Area |
| 13:55 | The US Perspective: What Europe Can Learn From The US Marketplace
Thomas is a recognized leader in the equity trading industry with experience in the domestic and international equities markets, equity market making, market structure reform, trading technology and client service. He joined Knight Capital Group in May 2002 from Sanford C. Bernstein & Co. Prior to his appointment as Sanford Bernstein's Global Head of Trading at the close of 2001, he spent more than a decade managing several major equity businesses for Merrill Lynch & Co. There, he directed the firm's market structure efforts and initiatives with the Securities & Exchange Commission, New York Stock Exchange and NASD, and was involved in many of Merrill Lynch's equity business investments, including the acquisition of Herzog Heine Geduld in 2000. Michael has been a director on the boards of Nasdaq and Archipelago, and he has been a member of the Partner’s Committee of Primex Trading and the Security Industry Association’s Market Structure Committee. He is also a former member of NYSE’s Market Performance Committee and of the Merrill Lynch Europe Executive Committee. |
| Stream A: Key Technology For Your Trading Desk | |
| 14:30 | Panel Discussion: How Smart Is Smart Order Routing Technology? Is It Delivering On Its Promises?
Panelists: Alexandra Foster,
Toby currently heads Citi's Electronic Execution Sales team in Europe. Toby began his financial career as a graduate at Nomura in 1995, and spent 4 years working alongside the Equity Sales force as a Quantitative Analyst. Joining Citi in 1999 to be part of the newly formed Global Portfolio Trading Strategies Team, Toby worked on all aspects of portfolio construction, risk and execution analysis and trading strategies. In 2002 Toby moved across to the Alternative Executions Sales team, responsible for marketing Program Trading, Algorithmic Trading, DMA and Trading Strategies before assuming his current role in 2007.
Andrew is European Head of Autobahn Equity, Deutsche Bank’s electronic trading platform for equities. Andrew joined Deutsche Bank in 2004 from the Equities Division of Goldman Sachs where he worked for 6 years. He began his career at PWC and is an ACA. |
| 15:05 |
As Head of Product Management in the Sales and Trading division, Robert Powell is responsible for the Reuters products that are used by those trading securities in listed markets. Robert joined Reuters 12 years ago from TIBCO Finance Technology, and has worked on the delivery of trading products and systems for exchange traded instruments. Robert has a background in engineering, and prior to joining Reuters worked for the UK Government. Robert owns the product vision for the Sales and Trading division and is a part of the team delivering the next generation of Reuters trading products. |
| 15:40 | Panel Discussion: The EMS/OMS Debate - Making The Right Choice For Your Trading Needs
Prior to joining JPMorgan Fleming in 1998, Daemon worked at WorldInvest Investment Mgrs (now New Star) from 1996. Between 1987 and 1996 he worked at GT Management as Senior FX/FI trader. He has been in the Asset Management business for 17 years and has always been involved on the trading side of the business. Daemon’s multi-asset experience enables him to view execution and its processes with a very broad view and helps him encourage others to understand the needs of JPMorgan Asset Management’s clients. Daemon won the ‘Buy Side Personality Of The Year’ Award at the TradeTech 2007 Awards.
Yvonne joined Merrill Lynch in Spring 2006 as Head of EMEA Execution Sales. She is in charge of sales of Direct Market Access, Algorithmic trading, execution consultancy and transition to institutional clients. Before her current job, she used to work in several senior positions at Credit Suisse.
Rustam Lam is responsible for Townsend Analytics' European business and operations and has managed the expansion of Townsend's multi-broker RealTick® Execution Management System (EMS) amongst European sell-side and institutional clients. Rustam joined Townsend Analytics in 2003 from the Reuters Group, where he was Managing Director within Instinet's Fixed Income business, having previously managed the Financial Markets Group at Reuters in London. His career spans twenty years in the financial markets, having begun his career as a trader and later as a manager on trading desks involved in cash and derivatives markets. |
| 16:10 | Networking and Refreshments |
| 16:45 | Panel Discussion: Algorithmic Trading – Latest Developments In The Quest For Alpha And Market Access
Joseph is a recognized leader in developing electronic direct market access and algorithmic trade technologies. He co-heads Knight’s electronic trade execution business catering to financial services firms. Prior to joining Knight, Joseph was co-founder and Chief Executive Officer at EdgeTrade Inc., a leading agency-only trade execution and algorithmic software firm. Knight announced its planned acquisition of EdgeTrade on November 19, 2007. Before co-founding EdgeTrade, Joseph held several positions at Datek Securities.
Andy Hughes leads Microsoft’s focus on software solutions targeted at the investment management industry. He is responsible for business strategy, tracking top line revenue targets, analyst and press relations, partner alignment, and sales enablement covering all aspects of landing industry solutions across the Microsoft sales teams that address the buy side community. During his 10 year career at Microsoft, Andy has held various sales and partner focused roles in the Financial Services teams in the UK and USA. Before Microsoft, Andy spent 5 years at Bloomberg Financial Markets and 6 years at Dow Jones Telerate in various sales and sales management roles. |
| 17:20 |
A key executive in four successful high-technology start-ups that have gone public, Jeffrey brings over 25 years of experience in information technology management. Most recently, he was chairman and CEO at MS2, Inc., an enterprise software application company he founded in 1998. MS2 established a new application category called Product Lifecycle Management (PLM) and was considered a pioneering leader of PLM enterprise class applications.
Neil McGovern has over 15 years experience in the software industry. Currently Neil is responsible for product marketing and strategy for Sybase’s financial services group. Currently Neil is focused on Sybase's RAP - The Trading Edition product, a trading analytics platform for Capital Markets. Neil has also worked in the mobility and infrastructure groups for Sybase. Prior to Sybase, Neil was VP Engineering at New Era of Networks, and CTO of Convoy Corporation, where he was a pioneer in the Enterprise Application Integration market.
Stephane is responsible for developing and executing the sales and marketing strategies for QuantHouse. Before joining QuantHouse, he was Area Manager for BT Radianz where he established and developed the BT Radianz activity since its formation in 2000 throughout Continental Europe. Stephane began his career in 1992 at Borland, where he held several marketing positions. He then joined AT&T Global Information Solutions France as a marketing and sales manager. He moved later on to NCR Global Services (formerly known as AT&T Global Information Solutions) to become the Head of Global Account Sales for Europe, Middle East and Africa. Leroy divides his time between the U.K., the US and Continental Europe. |
| Stream B: Derivatives, Alternative Products And Multi-Asset Class Trading | |
| 14:30 | 130/30 Investing: Putting Some Flesh on The Bone
Eric joined Nomura International plc in March 2007 as a Quantitative Analyst and is responsible for supporting clients to incorporate quantitative techniques into their investment process. Prior to joining Nomura, Eric worked for 15 years in a similar role at UBS, BNP Paribas and a CTA-managed futures hedge fund. During this time he worked on a diverse range of topics including quantitative trading strategies, stock valuation models, equity market indices, portfolio construction, portfolio trading, multi-factor models, cost of capital, country/sector selection and investment styles. At BNP Paribas, Eric managed a team of analysts who were responsible for the Global Equity Research Database. |
| 15:05 | Best Execution? Best Check Chi-X!
Peter is a Director of Chi-X Europe Limited where he is responsible for the development of the business. Previously to this, he served as the Chief Executive of Instinet in Asia. Peter started his career as an analyst and was named a leading analyst by Euromoney when he was at James Capel. He has also served on a number of regulatory committees and was educated at the London School of Economics and the University of Oxford. |
| 15:40 | Panel Discussion: Debating The Market Impact Of Statistical Arbitrage Funds On The Trading Landscape
Ashok is responsible for electronic trading business at Merrill Lynch in EMEA including DMA and algorithmic trading. Additionally he has global responsibility for global DMA platform.
Peter runs Lakeview Arbitrage, a proprietary trading house specialising in statistical arbitrage. Prior to his role at Lakeview, Peter managed significant hedge fund type investment portfolios and quantitative trading departments for among others Cooper Neff, Salomon Brothers, HypoVereinsbank and Credit Lyonnais. He is a frequent speaker on complex arbitrage strategies with a focus on volatility arbitrage and high frequency algorithmic trading. He is also a well known consultant to the investment community with regards to trading, risk management, operational and strategic issues.
Larry is founder and CEO of TABB Group, the financial markets’ research and strategic advisory firm focused exclusively on capital markets. Founded in 2003 and based on the interview-based research methodology of “first-person knowledge” he developed, TABB Group analyzes and quantifies the investing value chain from the fiduciary, investment manager, broker, exchange and custodian, helping senior business leaders gain a truer understanding of financial markets issues. |
| 16:10 | Networking and Refreshments |
| 16:45 | Derivatives: How Can You Apply Equity Trading Systems And Are They Moving To The Mainstream?
As Head of Business Management Jez is responsible for the management and strategic development of the Investment team. Jez joined the investment industry in 1996 as a private client stockbroker with Morgan Stockbroking in Australia. Following this he moved back to London to join Lehman Brothers to work on trading processes, and then to Legal and General to develop an online insurance business. After some time with Totalise.net to launch a financial services company and other businesses in the UK, Europe and Australia, Jez joined Morley Fund Management in September 2001. |
| 17:20 | Panel Discussion: Multi-Asset Class Trading - The Opportunities And Challenges For The Trading Desk
Octavio has advised many of the top financial institutions in the world on their business and technology strategies, and has managed strategy consulting projects for clients around the globe. He has written and spoken extensively about the financial services industry, and is a popular speaker at conferences in North America, Japan, Europe and Latin America.
Betsy is head of centralised dealing at Resolution Asset Management, which she joined in October 1999 with a brief to establish a centralised dealing desk. Since 1999, the centralised dealing desk has developed into a global equity, derivatives and treasury desk with nine dealers, trading in a multi specialist environment. After graduating in law in 1987, she began her investment management experience with Scottish Widows Life Assurance Company in Edinburgh, working in the investment accounting department. In 1989 she joined Baillie Gifford Investment Managers’ back office team, moving into a dealing role as the centralised dealing function developed. Her primary responsibility was in Asia and Japan, moving through all regions, globally, over an eight-year period. She left Baillie Gifford in 1997 to trade Asia and Latin America at Martin Currie Investment Managers, being promoted to head of dealing in 1998.
Jim Feingold, |
| Stream C: Trading Strategies | |
| 14:30 | Dark Vs. Light – Exploring European Trading Strategies
As one of the industry’s foremost innovative thinkers, Chris joined NYFIX in October 2006 to lead the global development and launch of Euro Millennium, the multi lateral trading facility for pan-European listed cash equities. Prior to this, Chris worked with a number of global financial organizations including Reuters, Trade Web and the Swiss Stock Exchange. In the early 90’s, as a member of the senior management team of Thomson ESG (Omgeo), Chris spear headed the evolution of the trade confirmation process into the post-trade infrastructure by founding and driving the global initiative to introduce Electronic Trade Confirmation which is today a worldwide industry standard. |
| 15:05 | The Chartist View: Transforming Your Ability To Identify Trends In A Volatile Market
Robin Griffiths, Robin Griffiths recently joined Cazenove Capital's hedge fund team and will take responsibility for the day-to-day management of the Cazenove Worldwide Absolute Return Fund. Robin has been a respected technical analyst of world stock markets, bonds, currencies and commodities for more than 40 years. As a technical analyst with WI Carr, based first in Hong Kong and then Tokyo, he began to develop his own trading system by analysing stock and market trends. He was chief technical strategist with HSBC for more than 20 years, and most recently was head of asset allocation with Rathbones. A keen sailor, Griffiths has crossed the Atlantic five times, setting a new British record in 1984 with Sir Robin Knox-Johnston. |
| 15:40 | Where Do You Need To Be In The Low Latency Race?
Based in London, Mike heads up Reuters’ real-time information business with global responsibility for all datafeed revenue, including the recently launched direct feed and tick history services. Mike has been at Reuters for eleven years, much of that time spent in Tokyo as Marketing Director, Japan and, prior to his current position, in Sydney where he built and ran Reuters’ Asian Service Centre and Business Direct function. After graduating with a management degree from Aston University in 1988, which included a year in Japan, Mike joined Nomura International plc in London as part of the Japanese institutional equity team. Subsequently he worked at Bloomberg LP before moving to Reuters in 1995. |
| 16:10 | Networking and Refreshments |
| 16:45 | BUY SIDE HEADS OF TRADING SUMMIT Interactive Roundtables Exclusive to Buy Side Heads Of Trading: Accessing Various Liquidity Pools - Buy Side Experiences Of The Opportunities And Challenges Alexander is Head of Equity Trading at DWS/ Deutsche Asset Management in Frankfurt, Germany. He joined DWS in 1998 and built up the Equity Trading unit. He became a Managing Director in 2008. Prior to joining the firm, Alexander was a prop trader in precious metals at Deutsche Bank. Defining The Optimal Skill Set And Organisation Structure For The Buy Side Trading Desk The Post-MiFID Marketplace: Sharing Buy Side Experiences On Best Execution Policies, Accessing Liquidity And Technology What You Need To Focus On In The Entire Trading Cycle Pre And Post Execution – Considerations From Pre To Post Trade
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| 17:55 | TradeTech University Challenge 2008 - Back By Popular Demand!
BUY SIDE TEAM
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| 18:20 | TradeTech Sports Night Drinks Reception This is where the fun begins! Relax and unwind with a drink or two in the company of your peers and colleagues. Entertainment Hosted By
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| 20:15 | TradeTech Awards Gala Dinner The TradeTech universe comes together to enjoy fine food and wine, have fun and celebrate excellence! Hosted by Omid Djalili this is the networking event of the year! The TradeTech awards celebrate achievements of buy side, sell side and solutions providers in Europe. This is your chance to be recognised for your achievements. Winners will be chosen by a completely objective panel of industry experts. Categories include:
Check out the TradeTech Awards shortlist (announced in mid-March) and book your VIP table on www.wbr.co.uk/tradetechawards *note standard tickets are included in the price of your delegate pass |
| 22:30 | Close of Main Day One |
Richard Evans, 
Daniel Coleman, 
Tony Mackay, 
Host: John Lee, 
Eli Lederman,
Peter Grauer, 
John Lowrey, 
Panelists: Rob Boardman, 
Johan Erikson, 
Larry Tabb,
Thomas M. Joyce, 
Toby Bayliss, 
Andrew Morgan, 
Robert Powell, 
Panellists: Chris Sims, 
Daemon Bear, 
Yvonne Hansmann MD,
Rustam Lam, 
Panelists: Giles Nelson, 
Joseph Wald, 
Andy Hughes, 
Panelists: Jeff Hudson, 
Neil McGovern,
Stéphane Leroy, 
Eric Shirbini, 
Peter Randall, 
Ashok Krishnan, 
Peter Van Kleef, 
Jez Bezant, 
Betsy Anderson, 
Andrew Munro, 
Chris Smith, 
Mike Powell, 
Hosted By: Kent Rossiter,
Hosted By: 
Olumide Lala, 
SELL SIDE TEAM LEADER: Tim Wildenberg,
Matthew Paré, 
Main Conference Day Two:
Thursday 24th April 2008
| 08:15 | Coffee And Registration |
| 09:00 | Chairman’s Opening Address Robert Kay, |
| 09:10 | Panel Discussion – Defining the Next Generation Of Electronic Trading
Martin heads the international equity trading effort for the transition management and active equity groups. Prior to joining Northern Trust Global Investments, Martin was Head of Equity Dealing at Morley Fund Management, Director of European Trading at Salomon Smith Barney, and Director and Head of European Trading and Risk for S.G. Warburg. Martin has lectured on European Market Practice at the London Business School and sat on several industry committees and advisory boards as a senior member, including the London Stock Exchange Rules Advisory Group, Euronext Institutional Advisory Group, Deutsche Borse Institutional Advisory Group and Liquidnet Advisory Board.
Vincent joined GL TRADE in 2000 as Director of Strategic Products. He became R&D Director for the Group in September 2002 before becoming Group Marketing and Products Director. Prior to joining GL TRADE, Vincent was Managing Director of FL Software, which was acquired by GL TRADE in 1999.
Ralph covers the principal challenges facing the European market. He focuses his research activities on channel management, branding and marketing, CRM, crossborder issues, global regulations, sourcing, industry consolidation, payments, and the strategic initiatives of diversified global financial services brands. He has over 15 years of global experience and before coming to TowerGroup was with Gartner, covering the investments and security industries. Prior to Gartner, he held various positions with investment banking companies as well as business development positions with technology and financial services providers. He also founded and operated five online brokerage companies spanning three continents. Ralph is a regular presenter at many industry shows, including the European Banking industry fair, CBIT, FinExpo, Nordic Banking Forum and SIBOS.
Robert is head of European Sales for Credit Suisse’s Advanced Execution Services (AES) group. He is one of the original members of the AES group and has recently relocated to Europe after spending 5+ years in the United States. AES has grown to be a full-service suite of algorithmic strategies, tools, and analytics for trading securities throughout the world. Prior to joining Credit Suisse, Robert was head of E-Commerce and Electronic Trading at Robertson Stephens. Throughout his 14 year career on Wall Street, he has been involved in the design, implementation, and marketing of numerous electronic and portfolio trading systems. |
| 09:40 | Panel Discussion: Globalisation And The Laws Of Trading
Michael is the author of the best selling book "Trend Following: How Great Traders Make Millions in Up or Down Markets". His second book, "The Complete TurtleTrader" is the definitive inside look at the legendary trader Richard Dennis and his student traders "The Turtles". Michael is an entrepreneur, author, researcher, public speaker, educator and trader. He has been consulting to individual investors and traders, hedge funds and banks since 1997. His first film, a documentary, takes a journey down the path of better understanding investor behavior, the media and great traders. with
Salem’s interest in futures trading began in college, and it was during the spring and summer of 1987 that he developed the core of his present trading strategy. During this time, Salem did extensive research in the technical and methodological aspects of futures trading. Combining the information he gathered with ideas that he developed during his research, he began the task of back-testing the profitability of numerous trading theories in an effort to establish the relative validity of those theories. Through this process many long-venerated trading strategies were shown to be unviable in changing market conditions, while other strategies were modified in order to maximize their profitability. This research led Salem to develop a long-term trend-following system, and in August 1987 he began to test his approach by trading futures for his own account. In January 1988 he began to manage customer accounts >using his systematic approach. He became registered as a CTA in October 1988 and organized ATC in August 1990 to act as CTA for all customer accounts. Salem continues to actively conduct research on trading strategies. and
Peter is a Director and member of the Board of Pali Holdings, Inc., the parent company of Pali Capital, a US broker dealer and Pali International, a UK broker-dealer. Pali, a global institutional securities firm and investment bank, services money managers across a range of products. Peter is also an investor in, consultant to and member of the Board of Quadriserv, Inc. Quadriserv is a technology driven securities lending platform, which emphasizes price transparency and process efficiency. Previously, Peter was Senior Managing Director and then Chairman of the Board of Directors of OneChicago, LLC as well as CEO of Twinfields Capital Management. In 1995, he formed Computer Trading Corporation (CTC) to manage assets in the derivative markets using trading and risk management models he created. From 1986 to 1994, he led a team of researchers, traders and systems developers at Tudor Investment Corporation, where he was a founding partner. From 1982 to 1985, Peter was employed at the Federal Reserve Bank of New York where he monitored foreign exchange futures and options. |
| 10:10 | SPECIAL GUEST PRESENTATION – Why talent is not enough
Sir Clive Woodward OBE, World Cup Winning Head Coach - Sir Clive Woodward guided England to victory in the 2003 Rugby World Cup as well as three Six Nations Cup tournaments - including the elusive Grand Slam. He was then appointed Technical Director at Southampton FC, where he enjoyed the experience of being involved in professional football. He is now Director of Elite Performance at the British Olympic Association, working in partnership with UK Sport. Sir Clive will be speaking on "Why Talent Alone Is Not Enough” examining how to handle not winning, which is, in some respects, just as important as winning itself, and how you and your team react in adversity says much about both you as an individual and the spirit and togetherness that underpins your team. “Winning is everyone’s ultimate objective. It is however important to recognise that we must also be prepared for those times when this ultimate objective eludes us. Handling not winning is in some respects just as important as winning itself. How you and your team react in adversity says much about both you as an individual and the spirit and togetherness that underpins your team.” |
| 10:50 | Networking and Refreshments |
| 11:25 | Presenting The Main Findings From The Buy Side Heads Of Trading Summit Alexander will share the main findings from the Day One Buy Side Heads Of Trading Summit – find out what the buy side see as their top issues Alexander Kuppler, Alexander is Head of Equity Trading at DWS/ Deutsche Asset Management in Frankfurt, Germany. He joined DWS in 1998 and built up the Equity Trading unit. He became a Managing Director in 2008. Prior to joining the firm, Alexander was a prop trader in precious metals at Deutsche Bank. |
| 11:35 | What’s Next For Equity Trading?
Pierre is currently CEO of BNP Paribas Securities (Asia) and Global Head of Equity Brokerage. Prior to taking up this role, he was Head of Global Execution Services for Japan and Asia. As Head of Global Execution Services, Pierre is responsible for ensuring the sound and steady development of the business line covering all equities and derivatives flow execution activities such as Direct Market Access (DMA), Program Trading and algorithmic trading in the Japan-Asia area. His managing position puts him in direct contact with the various aspects of this business unit from information technology to sales and operational issues. Previously Pierre was Head of the Equities business in Asia and Japan for Credit Agricole Cheuvreux, where he oversaw the restructuring of Indosuez WI Carr Securities (IWICS), when it was taken over by Credit Agricole Cheuvreux in November 2001. |
| 12:05 |
Martin joined the London Stock Exchange in 2003 as Director of Markets. He is in charge of all market facing functions within the Exchange and the development of its domestic and international markets business. Martin is responsible for the Exchange's primary and secondary markets, all client relationships, market operations and market regulation. His division comprises over 200 staff and accounts for over two thirds of the Exchange's turnover. In March 2006 Martin assumed additional responsibility for EDX, the Exchange’s derivatives business. Martin is a Board member of the UK India Business Council (formerly IBPN), EDX and Borsa Italiana. |
| 12:35 | Exchanges Vs. MTF’s: Six Months Post-MiFID, Where Are We In The Battle For Supremacy?
Sang is a co-founder and serves as the Managing Partner at Aite Group, LLC. His expertise lies in the securities and investments vertical and he has advised many global financial institutions, software/hardware vendors, and professional services firms in sell-side and buy-side electronic trading technology, market structure, retail brokerage technology evolution, and wealth management.
Peter is a Director of Chi-X Europe Limited where he is responsible for the development of the business. Previously to this, he served as the Chief Executive of Instinet in Asia. Peter started his career as an analyst and was named a leading analyst by Euromoney when he was at James Capel. He has also served on a number of regulatory committees and was educated at the London School of Economics and the University of Oxford.
Lee is CEO of SWX Europe and head of the Client and Product Group of the SWX Swiss Exchange. Prior to this he was a member of the SWX Swiss Exchange Management Committee for three years, holding responsibility for the Market Operations division, where he led the development of the SWX's high-capacity transaction platform. Lee began his career in the Markets Division of the London Stock Exchange, where he worked for nine years.
Rainer Riess is a Member of the Management Board of the Frankfurt Stock Exchange and Managing Director of Cash Market Business Development at Deutsche Börse. He is responsible for sales, business development as well as issuer and investor markets of all cash market activities of Deutsche Börse AG, comprising the electronic trading system Xetra® and the floor of the Frankfurt Stock Exchange. Currently, more than 250 member institutions from 19 countries use the Xetra system. Altogether, the cash market of Deutsche Börse comprises of more than 280,000 stocks, bonds, exchange-traded and actively managed funds, certificates and warrants. Rainer’s past experience within Deutsche Börse Group has included managing the Primary Markets department for all listing business, creating the Neuer Markt and shaping the development of the German and European equity market and its regulatory structure. He worked on several product innovations and introductions such as the Xetra trading system, the exchange-traded funds business (XTF® segment), the introduction of the Equity CCP and enhancements of the specialist trading functionalities.
Cees Vermaas,
David is a member of the Exchange’s Executive Committee, with specific responsibility for the development of the Exchange's equity markets business. With a background in Law, David joined the Exchange in 1997 from PricewaterhouseCoopers and has held management positions in regulation, operations and commercial functions across the Exchange. He is currently responsible for the commercial development of the Exchange’s equity market listing and trading revenue growth on a domestic and international basis.
Eli is Chief Executive Officer of Turquoise, the pan-European trading platform launching in 2008. Based in London since 2001, he was until December 2007 a Managing Director in Morgan Stanley’s Sales & Trading Division overseeing the cash and derivative Electronic Trading businesses for European equity, credit and interest rate products. From 2004 to 2006 Eli served as co-chair for FIX Steering Committee for Europe, Middle East and Africa. Eli received his Sc.B. in physics from Brown University in Rhode Island, and his Ph.D., also in physics, from New York University. Prior to joining Morgan Stanley in New York in 1993, he was a post-doctoral Research Fellow at Harvard.
Jean-René Giraud is a director of the EDHEC Risk and Asset Management Research Centre, where he is in charge of business development, and a research associate with the research centre, focusing on extreme risks. Prior to joining EDHEC, Jean-René spent several years at various positions within investment banks and management consultancy firms in London. He began his career in Paris, where he supported the development of a software company specialised in portfolio management and led the client advisory activity of the firm. Jean-René has published widely on financial topics and is a frequent speaker at industry and academic conferences on subjects including risk management, alternative investments, market microstructure and market regulation. |
| 13:25 | Buffet Lunch In The Exhibition Area |
| 14:35 | Keynote Academic Address: The Future Of Technology Innovation In Financial Markets
Dave Cliff has worked at the University of Sussex, at the MIT Artificial Intelligence Lab, at Hewlett-Packard Labs Bristol, at Deutsche Bank's London Foreign-Exchange Complex Risk Group, at the University of Southampton, and from July 2007 at the University of Bristol where he is Professor of Computer Science. He is also a founder of Syritta Algorithmics Ltd, a technology development and consultancy company. In October 2005 Cliff was appointed Director of a £14m five-year UK research consortium, addressing issues in the science and engineering of Large-Scale Complex IT Systems. He is author or co-author on over 70 academic publications, inventor or co-inventor on 15 patents; and he has undertaken advisory and consultancy work for a number of major companies and for the UK Government. He's given well over 100 invited keynote lectures and seminars; and he and his work have frequently been featured both in the press and on TV and radio |
| Stream A: Emerging Markets | |
| 15:15 |
Kent joined RCM in May 1999 as the Head of Regional Asia Pacific Trading and is based in Hong Kong, which is one of RCM’s 3 trading desks globally. As at end 2007, RCM managed approximately US$165bn and is part of the Allianz Group that has assets under management in excess of US$1 trillion. From 1996 until 1999, Kent was the Deputy General Manager of Asian Equity Sales at Nikko Securities. Prior to that, he was the Head of Japan Desk, Asian Equities at Sun Hung Kai Investment Services both in Hong Kong & Tokyo. He has fourteen years investment experience. Kent’s been active as a speaker and on the Advisory Board of Institutional Investors’ International Trader Forum (ITF). He’s worked closely with the Asian Regional Steering Committee of FIX Protocol Organisation and is a member of the OMGEO Advisory Board. He’s a strong advocate of STP & Electronic Connectivity.
Alexey has been with RTS since October 2002, as Deputy Chairman, Executive Director of the RTS Trading Committee and Head of the International business development department. From September 2000 to September 2002 he was Deputy Director of RTS Technical Center, ZAO. Alexey graduated from Radiotechnical faculty of Ural Technical University with a degree in Automatics and Teleautomatics.
Andrew is European Head of Autobahn Equity, Deutsche Bank’s electronic trading platform for equities. Andrew joined Deutsche Bank in 2004 from the Equities Division of Goldman Sachs where he worked for six years. He began his career at PWC and is an ACA.
Peter is President of AXES, LLC and a member of the executive management team responsible for implementing and executing the firm’s overall business plan. He is directly involved in the firm’s strategic growth and business development initiatives, building new business channels through sales growth and partnership development. He also oversees the firm’s global trading operations and regulatory compliance area. Peter has over 20 years of experience spanning across all major facets of global trading and brokerage operations.
Andrea is Partner and Director of Equities at Wood & Company, a Central European brokerage based in Prague. She started her career on Central European markets in the early nineties, beginning with the Czech market while she was still a student at the University of Economics. Wood & Company is a leader on the Prague Stock Exchange with a market share over 25%, and is first Central European broker to gain membership on all the major regional bourses. On Andrea’s initiative, Wood & Company is also the first company to offer fully electronic direct market access to Prague, Warsaw, Budapest and Bucharest exchanges. |
| 15:50 | Networking and Refreshments |
| 16:15 | The Quest For Alpha: Are Frontier Markets The New ‘BRIC’s’?
Robert is the Director of the global forecasting team. In this role he oversees the Economist Intelligence Unit's global forecast and in cooperation with country specialists, also analyses key global economic trends. Previously, Robert was a senior member of the Economist Intelligence Unit's Asia team with special responsibility for Japan and the Koreas. With almost 20 years of experience working on or in the region, seven of which were spent living in Japan, Robert remains one of the Economist Intelligence Unit's leading Asia specialists and is well placed to make sense of the complex dynamics in the region's economic, political and business spheres. Robert lived in Japan in 1989-96, latterly working at the Japan Bond Research Institute (now Japan Rating and Investment Information), Japan's largest bond rating agency. He is a fluent speaker of Japanese and regularly contributes to international and Japanese media on regional and global issues. He also appears frequently on the BBC, CNN, CNBC and other broadcast media. |
| 16:50 |
Panelists: Martin Ekers, 
Vincent Burzynski, 
Ralph Silva, 
Robert Maher, 
Host: Michael Covel,
Salem Abraham, 
Peter Borish,
Sir Clive Woodward OBE, 
Pierre C. Rousseau 
Martin Graham, 
Moderator: Sang Lee, 
Rainer Riess, 
David Shrimpton, 
Dave Cliff, 
Alexey Sukhorukov,
Peter Gaffney,
Andrea Ferancova, 
Robert Ward,