Conference Organiser's Opening Remarks

Chair's Opening Remarks

Our morning chair needs no introduction to most of you. Co-founder, CEO and publisher, 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 Lee Editor The Trade Asia

Address: Aggregation And Internalisation Of Order Flow

Trading Asia is not like trading the US where although there are numerous exchanges, there is only one set of rules and regulations. Asia's not just difficult to trade due to the different countries involved, but also due to the lack of harmony across rules and regulation such as tick sizes and on short selling. In our opening presentation for this year's TradeTech Asia we are therefore delighted to welcome Dan Keegan, one of the Heads of Global Electronic Trading at Citi. In his address Dan discusses:

• What does this mean for all market participants?
  
• Discussion regarding the views of the Buy Side, Sell Side and Exchanges

Dan Keegan Co-Global Head Of Electronic Trading Sales Citi

Trading The Global Liquidity Landscape

From Asia we move to examining the global picture. The rise of AEVs (Alternative Execution Venues); increasing fragmentation, the impact of MiFiD - all of these developments have altered the liquidity landscape but what does this mean for Asia? For this address we are delighted to welcome John Lowrey. When he speaks at our TradeTech Europe event, he is consistently one of the top ranked speakers and we're delighted to welcome him to TradeTech Asia to examine:

• Accessing and attracting liquidity in the new trading landscape
• Where is the evidence that new liquidity is flowing?
• Determining which regulated markets and MTFs (multilateral trading facilities) are attracting the most liquidity
• Analysing the impact of dark pools - has their use been as predicted?

Robert Laible Nomura International

Defining And Understanding What Best Execution Really Means In Asia In Light Of The Growth Of Dark Liquidity Opportunities Across The Region

Best execution is a nebulous concept at best, but with the absence of regulatory guideline it becomes even trickier to determine exactly what it means in Asia. The arrival of dark pools has further muddied the waters. To discuss this we welcome two leading buy and sell side players to debate:

• With the absence of regulatory guidelines in Asia can you ever come up with a proper definition of best execution in the region?
• Encouraging the buy side to open up order flow to dark pools: addressing the buy sides' major concerns towards dark pools and crossing networks: can they be overcome?
  • information leakage worries and building in anonymity identifiers to avoid gaming and front running
  • regulatory requirements and reluctance to move away from the exchanges
  • maintaining sufficient liquidity levels - matching any conflict of interest concerns with internal dark pools especially if there is a prop desk involved
  • addressing concerns about accountability and transparency - connectivity issues when going through a 3rd party
  • are brokers holding order flow back?
  • loss of price discovery efficiency
  • limited impact / improvement on trading costs
• Assessing the true impact of MiFiD on asset managers in Asia interacting with Europe

	Panelists
	Punit Mittal Head of Liquidity Sales BNP Paribas
	Nick McDonald Head of Asian Equities Instinet
	Jon Evans Head of Central Trading JP Morgan Asset Management Japan
	Kent Rossiter Head of Trading Asia Pacific RCM
	Grace Lin Head of Electronic Execution, Asia Pacific Citi
	Moderator
	John Lee Editor The Trade

Examining The Potential Impact Of Alternative Execution Venues (AEVs) On The Asian Markets - Threat or opportunity?

Singapore, Hong Kong, Australia and Japan - the Asian marketplace to waking up to AEVs. How will these potential new entrants affect trading Asian equities? Tony Mackay joined Instinet in 1995 serving in Hong Kong, Japan and Europe. In 2004, Mr. Mackay was appointed President and Managing Director of Instinet Europe, during which time he spearheaded the establishment of Chi-X. Tony's presentation addresses:

• the impact of AEVs in other regions/markets and lessons to be learned to benefit the Asian markets
• how AEVs will need to adapt to suit the unique characteristics of the Asian markets
• how new entrants in Asia will benefit the international trading community

Tony Mackay Chief Executive Officer Chi-X Chairman, Instinet Europe Limited

Analysing The Rise Of Alternative Execution Venues (AEVs) In Asia And How Exchanges Are Responding To The Challenge To Their Dominant Status

So are AEVs a ripple in the pond or a major structural change in the trading landscape? To discuss this we welcome two of Asia's leading established exchanges, the SGX and HKSE, one of the Australian AEVs, AXE ECN (whose CEO Greg Yanco formerly worked at the ASX), and Credit Suisse, one of the leading proponents of electronic trading in the region.

• Reviewing the impact of the introduction of AEVs in Asia - what has been the response and uptake by the buy side?
• Learning from the US and European experience
  • what market share can we expect to see AEVs take in Asia and why?
  • are the exchanges in Asia too powerful and the barriers to entry too great?
• Modernising the exchanges: what do they need to do to meet the increasing needs of the buy side and combat the rise of AEVs?
  • understanding the probable impact of the latest technology changes that the exchanges are introducing

	Panelists:
	Susan Bray Chief Executive Officer AXE ECN
	Brook Teeter Director, Head of AES Sales, Asia Pacific Credit Suisse
	Eric Yip Head of Cash Market Hong Kong Exchanges and Clearing Limited (HKEx)
	Chew Sutat EVP and Head Singapore Stock Exchange (SGX)
	Moderator:
	John Lee Editor The Trade

Address: Who Makes Money From Dark Pools? Examining The Economic Realities For All Participants Of Dark Pools

Dark pools, the latest phenomena out of the States, have made their way East and are rapidly taking up roost in Asia. While long considered several years behind the US in terms of execution sophistication, dark pools, possibly because of their success in the US and Europe have made it out to Asia a lot faster than it took its processors - DMA and algorithms. The fact of the matter is that everyone - from sellside, to buyside, to exchanges and vendors, is aware that changes are afoot. A quick glance at conference agendas and the various trading journals is positive proof. However, rather than discuss the question of whether we're ready or not, Ned Phillips, CEO of BlocSec - CLSA's own darkpool, will answer the questions people really care about - how do you make money off a dark pool?

• The who what where when and why of the benefits of dark pools
  
  • Why build one, Who benefits, How much can you make or save
    
• Whats in it, or in store for the exchanges
  
• An examination of various pricing structures

Ned Phillips Chief Executive Officer BlocSec

Keynote Interview:
Learning From Best Practice - How Can Regulators Enable And Encourage The Equity Trading Environment Whilst Minimising Risks And Protecting Investors?

Even their most hardened critics will begrudgingly admit that the role of the regulator is a role where you can't please all of the people all of the time. But how do you walk that tightrope between helping the trading environment whilst safeguarding the various stakeholders?. Former Chairman of FTSE International, Deputy Chief Executive of the London Stock Exchange (LSE) and currently Chief Executive Officer of the Hong Kong Securities and Futures Commission, Martin Wheatley's interview with John Lee covers:

• Understanding how different regulatory models differ and what this means for their respective trading landscapes
• Debating how much cross border harmonization is practical and desirable
  • reviewing recent cases of cross jurisdictional issues
• What measures are regulators doing to combat front running and prevent market manipulation?

	Martin Wheatley Chief Executive Officer, Hong Kong Securities and Futures Commission
	Interviewed by
	John Lee Editor The Trade

Networking Lunch And Opportunity To View Exhibition

Make the most of the concurrent tracks by bringing your teammates. Specifically designed team discounts mean you can save serious money when you book with your whole team. . . With every session covered by you and your colleagues, you can really start to leverage the real life experiences that the speakers explore…

Chair's Opening Remarks

John Lee Editor The Trade

From Tiger Cubs To Tigers: Searching For the Next Emerging And Frontier Markets In Asia

One of the big themes in Asia in 2008 is how trading opportunities are opening up outside the main established markets. DMA in India and Malaysia, relaxed restrictions in China, crossing networks in Korea, many buy side and brokers are looking at emerging markets as the next big opportunity. To set the scene we welcome Jan Friedrich of the Economist Intelligence Unit who examines the following issues:

• Defining and identifying the key emerging and frontier markets in Asia and where the market consensus is on the next big opportunity
• Evaluating which markets are the most open to foreign investment
• Analysing regulatory barriers for market entry into Asia's frontier markets

Jan Friedrich Senior Economist Economist Intelligence Unit

Panel Discussion: Trading Speed And Accessability: Evaluating How Full Direct Market Access (DMA) Has Altered The Malaysian Derivatives And Equities Market

In a recent issue of The Trade Asia Yusli Mohamed Yusoff, CEO of Bursa Malaysia, predicted that 'Full DMA will change the trading landscape of the Malaysian capital market'. 6 months on is this the case? Topics discussed in this panel include:

• Assessing the impact of DMA on latency reduction
• Capitalising on the growth in online trading
• Accommodating basic algos - understanding what's possible and what isn't
• Identifying what limitations still remain in improving trading activity
• To what extent can the Bursa Malaysia make a technology 'jump' to catch up on the adoption curve?

	Panelists:
	Chai Yit Sheng Institutional Sales, RHB Investment Bank
	Shin Kao Jack Technology and Trading Analyst, OSK Research
	Omar Merican Chief Operating Officer, Bursa Malaysia (pending final confirmation)
	Moderator:
	John Lee Editor The Trade

Panel Discussion: Examining The Opportunities In The Korean Market For The Growth Of Electronic Trading

There are more dynamics involved in competition between liquidity pools than many think. One option that has passed regulatory muster is a partnership approach between full service firms as providers of flow to independent crossing facilities. KoreaCross, launched this April, is essentially a platform for institutional investors owned by Instinet and fed by Samsung Securities allowing both block trades and VWAP, which looks set to radically alter the Korean equity trading market. Issues debated in this session include:

• Understanding the market nuances in the Korean trading landscape • Dealing with issues caused by lack of anonymity • Analysing the impact of crossing networks in Korea

	Moderator:
	Christian Chan Head of Electronic Trading Instinet
	Panelists:
	SK Lee Institutional Equity Sales Samsung Securities
	Sung-Hee Hong Executive Director Global Business Development, Korea Stock Exchange
	Dae-Chun Kim Senior Manager Global Business Development, Korea Stock Exchange

Address: The Middle East – Frontier Of Emerging Market? Exploring The Role Of The MENA Asset Management Industry In A Vibrant Capital Market And Its Implications For Thos Looking To Trade These Markets

The Middle East is one of the fastest growing and exciting equity markets. To give us a one stop shopoverview of the opportunities in this region we welcome Imran Ahmed who heads up asset managementat Mashreq Bank. In his presentation Imran will look at:

• Examining and quantifying the institutional equities marketplace of MENA and its inner workings
  
• Identifying the underlying economic themes which drive the MENA market - is it just the oil?
  
• Understanding how brokers and their commission structure operate in the Middle East
  
• Overcoming the following challenges of trading in the Middle East
  
  • access liquidity
    
  • obtaining high quality market data
    
  • corporate governance

Imran Ahmed Managing Director, Asset Management Mashreq Bank

Panel Discussion: Opening Up New Markets And Promoting Opportunities To Foreign Investors And Asset Managers

To wrap up our discussions for Stream A we welcome a panel of buy side experts to give you the inside track as to where they see the opportunities in Asia's emerging markets as diverse as China, The Philippines and The Middle East, where they evaluate:

• Advancing electronic trading in emerging markets - what initiatives are currently being undertaken and what still needs to be done?
• Identifying and measuring the success of measures that have been undertaken to open up markets to foreign investors
  • what have been the implications on trading opportunities?
• Overcoming the challenges of accessing liquidity in historically 'thin' trading environments
• Emerging exchanges:
  • Who are their role model exchanges?
  • What products services are they bringing out?
  • What consolidation do they think will happen?

	Panelists:
	Augusto M. Cosio Jr, Vice President, First Metro Investment Corporation
	Darren Tay Head of Trading, Fullerton Fund Management
	Imran Ahmed Managing Director, Asset Management, Mashreq Bank
	Charles Kimball Chief Research Consultant, Bosera Asset Management
	Johan Nyvene Managing Director Ho Chi Minh Securities
	Senior Representative Ho Chi Minh Stock Exchange
	Gerald Francis Head of Emerging Markets Bloomberg LP
	Moderator:
	John Lee Editor The Trade

Chair's Opening Remarks

Gabe Butler Director Sales & Trading, ITG

Re-Thinking The Relationship Between Alternative Trading Systems (ATS's) And Exchanges

New entrants such as Liquidnet have disrupted the market equilibrium. The relationship between the exchanges and new ATS's will never be the same again. But what will this mean in practice? In his presentation David takes a visionary look at how we can expect to see relationships develop encompassing:

• Re-evaluating the industry dynamic between the ATSs and exchanges in Asia
• Examining the lessons that can be learnt from Europe and the US
• What impact will fragmentation have on relationships?
• What new business models can we expect to see develop?

David Klinger Managing Director, Liquidnet Asia

In Conversation: Understanding The Role Of Transaction Cost Analysis (TCA) In Measuring And Reducing Costs In The Pan-Asian Trading Environment

Continuing on some of the themes outlined in the opening address on the challenge of trading Asia, this session looks in greater detail at the use of TCA in enabling cross border trading with two of Asia's leading experts. In their conversation they will discuss:

• Identifying the challenges of managing costs across multiple markets
  • what are the practical solutions available?
• Determining the regulatory impact of cross border trading
• Applying TCA to cross border trading
  • using TCA to identify outlier costs
• Sourcing liquidity effectively and efficiently by exploring the use of smart order routing algos to trade across the exchanges

	Glen Gee Regional Director ITG
	Richard Coulstock Head of Equity Dealing, Prudential Asset Management

Gaining And Maintaining A Competitive Advantage Through Innovative Liquidity Discovery Techniques Across Different Trading Venues

Whether its established or emerging markets, price discovery in a rapidly changing landscape is a key challenge facing trading organisations in Asia. To discuss the latest developments we welcome Peter Reilly, Regional Head of Enterprise Information at Thomson Reuters who in his presentation looks at:

• Identifying the challenges of collecting and building composite data from different trading venues
• Assessing the impact of market data volumes on the buy and sell side and the importance of latency, service and venue support
• Evaluating the latest tools for making sense of the huge amount of data available
• Understanding end to end implications for real time data feeds and the supporting technologies for automated trading.
• Coping with the difficulties of rising administration and development costs

Peter Reilly Regional Head Enterprise Information, Thomson Reuters

Defining The Next Generation Of Algos In Asia - What Does The Buy Side Want And Are The Sell Side Delivering?

In a recent The Trade Asia survey the buy side cited speed, cost and anonymity as being their main drivers behind using algorithms. But how does this translate into meeting the increasing demands of the trader when it comes to algos? To discuss this we are joined by a mixture of leading buy and sell side players who debate:

• Overcoming the technical and operational challenges of building algorithms across a heterogenous Asian market
• How successful are algos in Asia at 'not leaving a footprint in the market'
  • can smart algos be gamed?
• Examining the practicalities and benefits of smaller hedge funds using algos
• Co-existing with discretionary strategies: how can algos support rather than supplant the discretionary trader?
• Examining the opportunities in Asia for 2nd Tier brokers
• The rise of the super algo - benefiting from effectively combining more than one algo

	Panelists:
	Vedant Mimani Managing Partner Atyant Capital
	Michael Crockett Head of Trading, Brazos Capital Management
	Giovanni Belliosi Chief Executive Officer, FGS Capital
	John Honeyman, Vice President Asian Equity - Senior ECS Sales JP Morgan

Market events of the past year have once again focused the attention of investors, particularly quantitatively driven investors on matters of liquidity. Issues discussed in this talk include

• Reviewing market impact models
• Incorporating rational boundary conditions - lacking in many similar models
• Modelling based on a dataset of more than 1.5 million anonymous institutional trades in liquid developed markets
• Extending the model to all traded equities in more than seventy countries including emerging and frontier markets, for which no actual trade data was available
• Measuring illiquidity as a function of serial correlation in high frequency returns, map to stock spectrum using non-parametric"runs" tests
• Verifying robustness by comparing results with an entirely separately estimated market impact model based on the method Lee and Ready (1991) using tick by tick data on a sample of six thousand global equities over two years.

Chair's Opening Remarks and Address

A Trader's Insight: Calculating Market Reversals - Have We Reached The Bottom?

• Learning lessons from the ongoing credit crunch - what do past market reversals tell us?
• Understanding the implementing asset rotation strategies
• Examining the flight from equities to other classes such as fixed income
• What lessons can technical analysis teach us?

Rakesh Shah Head of Trading Strategies Ten Point Trading

Exploiting Quantitative Management Techniques In Volatile Trading Environments

The use of quantative management in Asia is an increasingly recurrent theme. Giovanni delves deeper into this and looks at current quantative management techniques including:

• Effectively utilising quantitative dynamic factor models
• Understanding how to achieve best and most efficient execution in global equity markets
• Pinpointing the factors which have an impact on global share prices
• Evaluating how to weight these factors dynamically each time period
• Ongoing lessons from the August 2007 quant trading crisis

Giovanni Belliosi Chief Executive Officer, FGS Capital

Successful Strategies For Trading In Periods Of Higher Downside Volatility

Recent market fluctuations have made dealing with volatility an increasing concern for traders and portfolio managers. James' presentation delves into some of these reasons including:

• Examining potential causes of volatility
• Understanding and measuring the effectiveness of the following strategies investors can adopt to cope with periods of higher downside volatility
  • buy and hold (dollar cost averaging) in individual securities
  • tactical reallocation amongst asset classes
  • distressed investing
  • trend following
• Adopting a disciplined adaptive approach to volatility management

Buy Side Heads of Trading Summit

You: A buy side head trader looking to solve top level challenges and discuss tactics for boosting the performance of your trading operations in an exclusive, senior level environment of only your fellow buy side head traders

The event: A 90 minute, invitation-only session for head traders and deputy heads of trading to collaborate and brainstorm with each other as our buy side roundtable moderators lead interactive discussions around the challenges making the biggest impact on your desk's trading performance. You'll not only walk away with new strategies and ideas to implement immediately upon your return, you'll also further develop long-lasting relationships with other top level traders.

Please Contact Us To Secure Your Invitation!

Open to Buy Side heads of trading only. Each table will be hosted by one head of trading. Choose from either:

Mastering The Fine Art Of Selecting, Measuring And Reviewing Brokers

Hosted by: Kent Rossiter, Head of Trading Asia Pacific, RCM
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

OR

Measuring The Effectiveness Of Internal Crossing Engines And Dark Pools - Under What Conditions Do They Best Make Sense To Deploy?

Hosted by: Todd Prado, Director of Asia Trading, Janus Capital
Todd joined Janus Capital from Fidelity in Japan 8 years ago. Todd currently runs the Janus Capital trading desk based in Singapore.

OR

Determining The Impact Of Regulation On Asian Market Microstructure

Hosted by: Mark Northwood, Head of Asia Trading, Fidelity Investments
Mark Northwood, is Head of the Hong Kong-based equity, trading desk, which manages trading in the markets of this region for Fidelity's funds worldwide. He joined Fidelity in 1999.

TradeTech Asia 2008 Around Asia Networking Reception

Please join our Cocktail Reception, themed on the drinks and delights of Asia. Whether you are interested in sampling a Cabernet Sauvignon from New Zealand, Chilli Crab from Singapore, or San Miguel from the Philippines, this is a perfect opportunity to network with traders, brokers, exchanges and technology providers you most want to meet. After a busy day of thought provoking panel discussions and insightful presentation, you can unwind by sharing a drink with your key contacts as you discuss the issues raised during the day and any implications for your business.