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Draft Conference Agenda
Tuesday 25th November 2008
07:00 |
Coffee and Registration |
08:00 |
Chairman’s Opening Address |
ACCESSING LIQUIDITY |
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08:15 |
Exploiting Fragmentation and Identifying Best Destinations in Your Hunt for Liquidity: Hedge Fund Case Study
Michel worked in proprietary trading groups at Credit Suisse and Daiwa Securities America before building and running the Global Equity Statistical Arbitrage desk at CIBC World Markets in New York. In 2002 Michel left CIBC and formed Quantia Capital, a quantitative investment advisor that has been involved with several quantitative trading efforts. Michel has worked on every aspect of quantitative trading, including systems, operations, strategies, and trading. He has traded through the increasingly rapid evolution of market structure in the U.S., and has a keen interest in how statistical arbitrage approaches can be used to improve more traditional investment and trading processes. |
08:45 |
Panel Discussion: Dark Pools of Liquidity – Controlling Market Impact
Ruben Lee is the Founder and CEO of the Oxford Finance Group, a research and consulting firm which concentrates on business, economic, legal, and regulatory aspects of commodity and financial markets. His clients include international finance organisations, governments, regulators, exchanges, broker-dealers, data vendors, custodians, fund managers, investment banks, and strategy consultants. Amongst the topics he has consulted on are: Automated Trading Systems, Central Counter-Parties, Clearing, Competition Policy, Custody, Corporate Debt Markets, Derivative Markets, Development, Disclosure, e-Finance, Equity Markets, Exchange Governance, Government Bond Markets, Financial Sector Reform, Fragmentation, Integrated Supervision, Internalisation, Market Access, Market Linkages, Ownership of Market Data, Regional Integration, Restructuring, Scenario Development, Self-Regulation, Settlement, Strategy, Taxation, and Transparency. From 1989 to 1992, Lee was a Fellow of Nuffield College, Oxford University, where he specialised in financial economics and law. He worked from 1980 to 1984 in the capital markets in New York and London for Salomon Brothers International. Lee has published widely on many topics concerning financial markets, including a book entitled "What is an Exchange? The Automation, Management, and Regulation, of Financial Markets", and has also lectured throughout the world. He is currently leading a major research project on the Governance of Market Infrastructure Institutions. Lee is on the Conseil Scientifique of the Autorité des Marchés Financiers in France, and previously sat on the Advisory Panel of Financial Services Experts, established by the Economics and Monetary Affairs Committee, European Parliament.
Yvette Roozenbeek is Executive Director, Head of Strategic Development for the European division of NYSE Euronext, the world leading stock exchange. She has been with the company for the last 5 years and is responsible for the development of the cash markets in Europe. In 2006 she designed a new business model for the Fund industry in the Netherlands. She has been key in the integration of the 4 Euronext equity markets and over the last year she has initiated the creation of a European darkpool, SmartPool, within the NYSE Euronext group of which she currently Board Director. Prior to NYSE Euronext she has spent more than 7 years in business consulting in the financial and insurance industry. She holds a law degree from the University of Amsterdam and a Master degree in Commercial Law (LL.M) from Queen Mary University in London.
Based in London, John Barker heads the European operations for Liquidnet—the global electronic block-trading marketplace that is fast becoming one of the world’s leading dark pools of liquidity. John is responsible for the growth of Liquidnet througout Europe, Africa and the Middle East, ensuring Liquidnet’s Members enjoy an expanding liquidity pool and achieve best execution. Prior to joining Liquidnet in June 2001, John served as Head of Equity Operations at Tokyo-Mitsubishi International—a Japanese international bank based in London—and as Head of Trade Support for Deutsche Bank (also in London). From 1988 to 1998, John was Director of Operations at Instinet Global Services Limited. In this role, he was responsible for successfully implementing Instinet’s SETS trading capability in London, as well as the introduction of the CREST settlement system throughout the UK and Ireland and the remote membership model used with the Swedish Stock Exchange. Before 1988, John held leadership roles at Yamaichi International (Europe) and Midland Bank/HSBC.
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.
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. David Tait, David Tait is an Executive Director at Morgan Stanley and is co-head of Morgan Stanley Electronic Trading (MSET) in Europe. In this role, David is responsible for Liquidity Strategy and Electronic Derivatives. Before joining MSET in 2007, David ran the Risk Portfolio Trading desk. Prior to joining Morgan Stanley, David spent 6 years with UBS where he traded portfolios, ETFs and Delta One products. |
09:45 |
Coffee and Networking Break |
10:15 |
Panel Discussion: How Are Traditional Exchanges Responding to New Entrants: Traditional Exchanges vs. MTFs
Chris Skinner 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.
Artur was appointed as Börse Berlin´s CEO in 2007. Prior to this, he held leading positions with several top tier European banks. From 1986 until 1991, he was a Director at the Frankfurt Stock Exchange where he was a.o. responsible for the conceptual and technical realisation of the DAX. After three years as a board member of an English subsidiary of Hypo Bank, Artur joined Bankgesellschaft Berlin. There he became Corporate Division Manager and COO of the London branch. Since 2000 he has worked as a management consultant. At Equiduct Trading Artur is responsible for Business Services including Finance, Sales, Marketing and Communications.
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.
Michael Krogmann, Michael Krogmann is an Executive Director for Cash Market Development at Deutsche Börse. He is responsible for sales and marketing of all cash market activities of Deutsche Börse, comprising of the electronic trading system Xetra® and the floor of the Frankfurt Stock Exchange. Since 1999, Mr. Krogmann has held a number of leadership and project management positions with Deutsche Börse Group such as the ongoing development of the Xetra trading system, the introduction of the exchange-traded fund business (XTF® segment) as well as enhancements of the specialist trading functionalities.
David Shrimpton 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. David is currently responsible for the commercial development of the Exchange’s equity market listing and trading revenue growth on a domestic and international basis.
Cees Vermaas joined the Euronext Cash Market as a director in December 2001. In March 2003 he was appointed Executive Director of Sales and Relationship Management at the Cash Markets, where he is responsible for both sell and buy side trading clients. From his base in London, Cees manages all the commercial aspects of securities trading across the Euronext locations in Europe, and is responsible for delivering the global cross-selling synergies arising from the recent merger of NYSE and Euronext. Cees began his career in 1992 as head of IT for a well-known Dutch franchise company within the Philips Group. At that time he developed and implemented an innovative electronic data communication network (EDI) and assisted in the development of a successful franchise formula for the entertainment industry in the Benelux. He first came into contact with the banking and insurance sector in 1997. Between 1995 and 2003, Cees has held a variety of positions in the Netherlands ranging from Commercial Director of IMC Business Applications to Management Consultant for both Getronics and CMG Finance. Between 2000 and 2001, he was Programme Manager, responsible for the changeover from Euronext’s Dutch equity quote-driven market model to Euronext’s current order-driven model. Cees graduated in technical business administration from the Institute of Technology in Rijswijk, the Netherlands. |
REGULATORY IMPACT AND PIPELINE |
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11:45 |
Panel Discussion: Post-MiFID FSA Policy Implementation – Complying with Different Regulations & Addressing Key Issues in the Post-Unbundling Environment
Chris moved to the FSA from IMRO in 1998, and is a manager in the Institutional Business Policy Department. The department is responsible for the development and maintenance of conduct of business standards in relation to stockbroking, investment banking, asset management, custody and client money. He was closely involved in the work arising from the implementation of the Markets in Financial Instruments Directive (MiFID), in particular inputting into the negotiation of the level 2 measures and helping coordinate the FSA MiFID consultation process.
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. Richard Phillipson, 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. |
12:45 |
Structured Speed Networking |
13:15 |
Networking Lunch |
LATEST ON SMART EXECUTION |
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14:25 |
Panel Discussion: What Can Sell Side Offer in Terms of Smart Execution
Richard Britton represents ICMA on a number of matters relating to the regulation of the international securities market with a particular focus on EU legislation. Previously, Mr. Britton was a director and Head of Market Supervision at COREDEAL Limited, the former Recognised Investment Exchange for international securities. Prior to this Mr. Britton worked for thirteen years at the UK Financial Services Authority (FSA) and its predecessor body, the Securities and Investments Board (SIB). His responsibilities included the recognition and subsequent oversight of the London Stock Exchange and oversight of LIFFE. He also spent two years in the Enforcement Division of the SIB. Mr. Britton joined the SIB from Drexel Burnham Lambert in London in 1985. Previously he had been an international bond market salesman at Merrill Lynch for twelve years.
Enda joined BIAM in February 2000 as Compliance Manager for the Irish and U.K. operations, subsequently becoming Global Head of Compliance. Prior to joining BIAM, he had worked with the Irish Financial Regulator (then known as the Central Bank of Ireland) where he led the Investment Intermediaries Inspection Team between 1998 and 2000. Before that, Enda worked with the Office of the Comptroller & Auditor General between 1990 and 1998 as an Audit Manager and with Eagle Star’s Irish operation as an Accountant. Enda’s role in BIAM involves responsibility for the effective management of the legal, regulatory and reputational risks facing BIAM’s Global Business and for managing the Compliance and Unit Fund Control Teams. A qualified Chartered Management Accountant by profession, Enda is also a member of the U.K. Securities and Investments Institute. Enda is long standing Chairman of the Regulation and Compliance Committee of the Irish Association of Investment Managers (the Irish equivalent of the U.K. IMA), sits on the EU and International Advisory Panel to the Irish Financial Regulator and has been a member of several key Government and Industry committees on regulatory matters. In these areas, he has had much success in influencing regulatory policy development in general and the implementation of MiFID in particular.
In line with Fidessa’s Intelligent Liquidity Access Strategy, Steve Grob is responsible for developing the company’s strategic partnerships with the leading securities and derivatives exchanges and the alternative liquidity venues emerging in the post-MiFID landscape. On joining Fidessa in 2004 Steve lead the development of the company’s multi-asset trading capabilities. For the past four years he has worked to extend the core strengths of the Fidessa platform and ensure that all enhancements support an asset agnostic architecture to deliver multi- and cross-asset trading across its product lines globally. Prior to joining Fidessa Steve was the founder and CEO of specialist derivatives software house Future Dynamics which was one of the companies at the vanguard of the shift from open outcry to screen based trading in world derivatives markets. This business grew to be one of the major facilitators of workflow based derivatives trading and was eventually sold in 2004.
Alex joined the Equities & Derivatives division of BNP Paribas in 2006 with a specific remit to build and run the Global Execution Services (GES) product line within the UK and Europe. GES offers world wide cash equity and listed derivatives execution capabilities ranging from vanilla trading, Direct Market Access, Algorithmic and Global portfolio trading & commission management. More recently the team has developed BNP Paribas' smart order routing technology to access liquidity across multiple trading venues. Previously Alex worked as a sales trader initially at Paribas then ING Barings & latterly at Macquarie where she was Divisional Director for Pan Asian sales trading for UK & Europe.
Mr. Maher 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, Mr. Maher was head of E-Commerce and Electronic Trading at Robertson Stephens. Throughout his 14 year career on Wall Street, Mr. Maher has been involved in the design, implementation, and marketing of numerous electronic and portfolio trading systems. Mr. Maher holds a Bachelor of Science from Bentley College in Massachusetts. He resides in London with his wife and three children |
15:25 |
Panel Discussion: Exploiting Algos and Technology Applications to Enable High Volume Trading
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.
Heike runs the European Cash Equity Trading team of RCM. She holds a degree as Financial Analyst (CEFA) from DVFA and Bankfachwirt from the Bankakademie Darmstadt.
Michel worked in proprietary trading groups at Credit Suisse and Daiwa Securities America before building and running the Global Equity Statistical Arbitrage desk at CIBC World Markets in New York. In 2002 Michel left CIBC and formed Quantia Capital, a quantitative investment advisor that has been involved with several quantitative trading efforts. Michel has worked on every aspect of quantitative trading, including systems, operations, strategies, and trading. He has traded through the increasingly rapid evolution of market structure in the U.S., and has a keen interest in how statistical arbitrage approaches can be used to improve more traditional investment and trading processes |
16:25 |
Coffee and Networking Break |
CLEARING AND SETTLEMENT |
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16:55 |
Guest Speaker
Sebastijan Hrovatin, Sebastijan joined the “Financial Market Infrastructure” Unit on September 1st 2005. Prior to joining the Unit he worked for four years at Fiat (Italy), first as an economist and then as chief economist. |
Panel Discussion: Understanding the Different Facets of Clearing and Settling a Transaction Efficiently
Jason oversees the Financial Intermediaries business in the UK that is aligned to Brokers, Investment Banks, Custodians and Market Infrastructure members. Prior to this Jason led sales and business development for Financial Intermediaries, a position he held since September 2004. Having started his career in 1987 on the trading floor of the London Stock Exchange as blue-button for a traditional stockbroker, Jason went on to help launch of some of the earliest electronic trading platforms in UK equities. He later went on to market such platforms and spent several years in sales management positions at both Bloomberg and IBM Global Services. Jason is a member of the UK Executive Committee and currently chairs the BNP Paribas Securities Services Market Infrastructure Working Group Committee.
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18:25 |
TRADETECH LIQUIDITY COCKTAIL DRINKS RECEPTION |
Michel Debiche, 
Moderated by: Ruben Lee, 
Yvette Roozenbeek, 
John Barker, 
Rob Boardman, 
Jerry Lees, 
Moderated by: Chris Skinner, 
Artur Fischer, 
Peter Randall, 
Eli Lederman, 
David Shrimpton, 
Cees Vermaas, 
Moderated by: Octavio Marenzi, 
Christopher Preston, 
Tim Tanner, 
Moderated by: Richard Britton, 
Enda McMahon, 
Steve Grob, 
Alex Foster, 
Robert Maher, 
Daemon Bear,
Heike Gregowzewski,
Jason Nabi, 
Gary Wright,