Preparing for systematic change

8:50 Chairs Introduction Chairs Introduction

9:00 Welcome Address: Reviewing the benefits of venue competition and Australia's place in the global trading market Assessing the performance of the new services Managing cross border exchange competition Assessing the ASX’s future role in Asia Pacific

9:20 PANEL: How should institutional investors approach volatile markets and the need for liquidity Frank Ashe, Principal, Quantitative Strategies The next financial crisis will be different from the last. The precipitating events will likely differ, and the financial damage will be concentrated in other areas. And importantly, positioning will differ. However, a common thread runs through most financial crisis: the flight to liquidity. How are you changing your allocation strategy to manage volatility while seeking growth? What strategies are you considering to ensure adequate liquidity across the portfolio Are you planning to beef up your oversight of fund managers or brokers activities? Would you consider doing more activities in-house to improve control and reduce cost? Frank Ashe Principal, Quantitative Strategies Frank Ashe has worked in Australia, Canada and across Asia for insurance companies, investment management firms, and in software development and consultancy. His 30 years of practical experience has been predominantly in the measurement and management of financial risk, with an emphasis on asset liability management, and developing risk measurement and management tools for novel situations. He wor [read more]

PANEL: Adjusting to new realities – Asset allocation and investment management themes for 2012 -2013 Frank Ashe, Principal, Quantitative Strategies Peter McManus , Senior Economist , Wilson HTM Chi Lo , CEO , HFT Investment Management Paul Bloxham , Chief Economist , HSBC Stephen Walters , Chief Economist , JPMorgan Chase Our panel of economists gives their impression on how the year is shaping up and what are the implications for your investment strategy. Where do you see growth coming from in 2012-2013? Will macro issues continue to influence equity markets? To find alpha, will you still need to mix up your asset strategy? Where is the new safe haven? Frank Ashe Principal, Quantitative Strategies Frank Ashe has worked in Australia, Canada and across Asia for insurance companies, investment management firms, and in software development and consultancy. His 30 years of practical experience has been predominantly in the measurement and management of financial risk, with an emphasis on asset liability management, and developing risk measurement and management tools for novel situations. He wor [read more] Peter McManus Senior Economist , Wilson HTM Peter began his career with Commonwealth Treasury in Canberra, followed by 5 years at the National Australia Bank and joined Credit Suisse First Boston in 1992 where he was Senior Economist. After becoming Equity Strategist, Peter joined the private client business in 2000 and teamed up with John who also previously worked with Credit Suisse Asset Management. Peter has a BA Degree (Hons) with a Di [read more] Chi Lo CEO , HFT Investment Management Chi Lo is the Chief Executive Officer at HFT Investment Management (HK) Ltd. Before joining HFT Hong Kong, Chi was the Head of Overseas Investment at Ping An of China Asset Management (HK) Ltd. Before that, he was head of research and chief economist for HSBC and Standard Chartered Bank based in Hong Kong. Before working in Asia, Chi was an economic advisor to the Canadian Treasury in Canada. Paul Bloxham Chief Economist , HSBC In this role, he is chief spokesperson for HSBC on forecasts and trends for the Australian and New Zealand economies and their interaction with global financial markets and international economies. He is also a critical member of the HSBC Global Research team, working with 500 analysts across 87 markets to help formulate HSBC's unique global view of the world's economy.Prior to joining HSBC, Paul [read more] Stephen Walters Chief Economist , JPMorgan Chase Stephen Walters joined JP Morgan in October 2001 as senior economist and was appointed chief economist in July 2004.Prior to joining JP Morgan, Stephen was senior economist with Access Economics in Melbourne and international economist with Norwich Union in the UK.Stephen also spent seven years as an economist with the Treasury in Perth.

Morning Break Our program now separates into 3 streams. Together these streams capture how changes in the market and technology enablers are impacting the entire value chain of investment from the model development to the trading strategy. Pick the sessions that interest you most

The Future of Best ExecutionThe Hunt for New AlphaInside Trading Architecture 11:15 Locating and aggregating liquidity and navigating fragmentation to secure best execution The Future of Best Execution Over the last couple of years, the Buy-side has to an extent lost control and oversight of where its order flow is going and with whom it’s interacting. If you don’t understand that, it’s hard to justify claims of best execution. Facing asymmetric information and liquidity provision Analyzing volume levels on the growing number of dark pool venues What factors should you consider when deciding on the trading venue Measuring flow toxicity in the HF domain 11:15 The hunt for alpha - Paradigm in motion The Hunt for New Alpha Failed investment strategy is often the result of capital exposure to unintended risks, and occasionally these failures are catastrophic. Here we review a number of examples of how investment strategy over the past decade has been intimately involved with the changing nature of the risks that are priced by the market, and how the success of fundamental and quantitative investors has differed. 11:15 Creating flexible multi purpose enterprise architecture to cope with the data deluge Inside Trading Architecture Jeremy Green, Global Head of Market Data , Standard Chartered The seismic change resulting from increased algo trading, dark pools and low latency requirements has created an urgent need to redesign the architecture. Data management in the cloud Next generation application development with SOA Coping with slow legacy enterprise systems Redesigning the silos structures for multi-asset trading Jeremy Green Global Head of Market Data , Standard Chartered Jeremy Green has twelve years of international experience in market data engineering, development and service management. Jeremy graduated from the University of Bristol, England, majoring in Computer Science. Past employers and have contracts have included: Goldman Sachs (Japan), Credit Suisse First Boston Garantia (Brazil), CS First Boston (London), KPMG (London).

The Future Of Best ExecutionThe Hunt for New AlphaInside Trading Architecture 11:45 PANEL: Understanding the impact of HFT flow on markets and how to interact with the new liquidity The Future Of Best Execution Alex Frino , CEO , Capital Markets Cooperative Research Centre Rob Hodgkinson , Director , First Derivatives Johann Santer, Global COO, Superfund Here we discuss how HFT firms interact with the market in Australia across a range of asset classes. How is HFT developing in Australia compared with OS and what new forms can we expect How do market makers make their money? HFT fact and fiction: Points of difference between market participants Can traditional Buy-side business models co exist with the influx of HFT Alex Frino CEO , Capital Markets Cooperative Research Centre Alex Frino is a Professor of Finance at the University of Sydney. He has a PhD in Finance from the University of Sydney and a Master of Philosophy in Finance from Cambridge University. Alex has strong links with both capital markets industry and academia in Australia and internationally and is a major advocate and motivator for closer collaboration between the two.Alex has published more than 100 [read more] Rob Hodgkinson Director , First Derivatives Rob is currently a director of First Derivatives (Australia) Pty Ltd, a company specialising in capital markets projects. The technology focus is around kdb+, which is the fastest and most widely used in-memory tick capture database globally. First Derivatives specialises in kdb+ consulting and related systema (for example realtime analytics, limits, Profit & Loss, treasury risk ma [read more] Johann Santer Global COO, Superfund Johann Santer graduated with a Master degree in Banking and Finance from the University of Applied Science BFI Vienna. After completing graduate studies in Montreal at McGill, Mr. Santer started his career at the “Credit and Rating Department” of the CENTRAL Bank of Austria (OeNB). In July 2004, he joined Superfund Asset Management GmbH in Vienna and soon became responsible for institutional clien [read more] 11:45 PANEL: Learning to swing: Managing volatility as a new asset class The Hunt for New Alpha Philip York , CEO , Empyreal Investments Group Thomas Gillespie, Director, Risk Advisory, Russell Investments Simon Ho, Director, Triple 3 Partners David Chin, Managing Director, Basis Point Consulting Improperly investing in volatility or missing out altogether is a wasted opportunity. Forecasting volatility in the short and long run in equities How investors can use volatility to improve their portfolios  Views on interacting with prop flow How technology has assisted or hindered you in managing risk Philip York CEO , Empyreal Investments Group Philip York is Chief Executive Officer of the Empyreal Investments Group. In 1992, Mr York commenced trading Managed Accounts. In 1996 Mr York formed his first hedge fund and sold this business to the Empyreal Investments Group in 2003. In 2008 Mr York took over the Empyreal Investments Group. In these roles Mr. York has been involved in the research, development and implementation of a diverse ra [read more] Thomas Gillespie Director, Risk Advisory, Russell Investments Dr. Tom Gillespie is director, risk advisory within the investment consulting business for Russell Investments, in the Australasian region. Based in Sydney, Tom is responsible for working with consulting clients to better identify, measure and manage investment/counterparty/ risk as well as advising on strategies for changing fund risk profiles. Tom joined Russell in 2011. Prior to joining Russell [read more] Simon Ho Director, Triple 3 Partners Simon Ho has been an options market professional for 17 years. His derivatives experience covers FX, commodity and global equity markets. He currently runs a volatility-dedicated investment business based in Sydney and Stockholm; providing options-based investment strategies and advisory services to institutional investors around the world. Prior to that, Simon held senior option trading positions [read more] David Chin Managing Director, Basis Point Consulting David Chin is the founder & managing director of Basis Point Consulting, a key hedge funds, futures and derivatives consultancy with a blue-chip client-base including NYSE Liffe, London; Options Industry Council, Chicago; Austrade; and TripleA Partners. David was previously Head of Marketing at Sydney Futures Exchange (SFE) from 1991-1996, repo [read more] 11:45 PANEL: Developing cost effective competitive trading platforms Inside Trading Architecture Stephen Dunn, Director Business Technology , Macquarie Private Wealth John Greenan, Independent Global Multi-Asset Trading Consultant, Chuck Chon , CTO , SBI Japannext Here we consider what strategies you can use to reduce costs while staying competitive on performance. How long is the expected life of a trading platform? How far should you go to chase the low latency objective? Which part of the trading process should the Buy-side control? Beyond latency, whats next on your upgrade list Stephen Dunn Director Business Technology , Macquarie Private Wealth John Greenan Independent Global Multi-Asset Trading Consultant, John Greenan works as a consultant global  multi asset connectivity manager. He currently works for BNP Paribas Investment Partners. Prior to this job, Greenan had a number of international consulting roles within investment banks, asset managers, hedge funds and theirsuppliers. Greenan has a BA Hons in Economics from the University of  Nottingham. Chuck Chon CTO , SBI Japannext Mr. Chuck Chon joined SBI Japannext PTS (Japan’s largest Alternative Venue) in 2006 as Chief Technology Officer to spearhead the setup of exchange systems from scratch as well as spearheading the business development efforts. Before, joining SBI Japannext, he was responsible for building a profitable HFT trading desk at BNPP from scratch which he spent 10 years in various positions including the t [read more]

12:15 Lunch break Lunch break

The Future Of Best ExecutionThe Hunt for New AlphaInside Trading Architecture 2:00 Lessons for national exchanges in a tech heavy competitive trading environment The Future Of Best Execution Dominic Lim, VP, Head of Market Access, Singapore Exchange Chuck Chon , CTO , SBI Japannext Peter Swan , Professor, School of Banking and Finance , UNSW Chi-X Europe quickly became Europe’s 2nd largest equities exchange before being acquired by BATS. What fate awaits the ASX in this new highly competitive market and how have other exchanges faced global competitors and the push for HFT business. Comparing ASX performance and positioning against regional and global competitors Reviewing the performance of the TSE and SGX following the adoption of new platforms Key lessons for exchanges to stay competitive and relevant in tomorrow's markets Is the lean BATS model the new standard for capturing the next generation of traders? Dominic Lim VP, Head of Market Access, Singapore Exchange Mr Lim currently leads the Market Access team at Singapore Exchange (SGX). His primary responsibility is the development of Trading Access services for SGX’s securities and derivatives markets. This includes the early 2011 introduction of SGX Co-Location Service to cater to SGX’s diverse community of latency-sensitive participants. Previously, Mr Lim also held positions in Membership Development a [read more] Chuck Chon CTO , SBI Japannext Mr. Chuck Chon joined SBI Japannext PTS (Japan’s largest Alternative Venue) in 2006 as Chief Technology Officer to spearhead the setup of exchange systems from scratch as well as spearheading the business development efforts. Before, joining SBI Japannext, he was responsible for building a profitable HFT trading desk at BNPP from scratch which he spent 10 years in various positions including the t [read more] Peter Swan Professor, School of Banking and Finance , UNSW Peter completed his Honours Economics Degree at ANU, his PhD at Monash and after visiting positions at Chicago and Rochester, joined the Economics faculty at ANU, then to a chair at AGSM, and established the Finance department at the University of Sydney prior to returning to UNSW.On the Queen's Birthday Honours List 9 June 2003 he was appointed as Member of the Order of Australia (AM). Citation: [read more] 2:00 PANEL: How traditional fund managers can benefit from adopting HFT models The Hunt for New Alpha Peter Van Kleef , CEO , Lakeview Arbitrage Traditional fund managers may be mistaken if they think they have nothing to learn from the HFT sector. Execution speed is only part of the HFT story.  Understanding HFT analytics. What are HFTs looking at? What kind of data and tools are needed to generate and deploy HFT analytics? How you can use indicators and analytics developed for HFT to find turning points in the market, predict market volatility , and front run the HF traders? Using HFT analytics to make medium to long term asset allocation decision Peter Van Kleef CEO , Lakeview 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 has over ten years of experience in the development and running of sophisticated automated trading operations. He holds a MBA degree from the Owen Graduate School at Vanderbilt Uni [read more] 2:00 PANEL: Building low latency frameworks to trade multi-assets in a global market Inside Trading Architecture Daniel Weinberg, Business Development Manager APAC, Optiver Robert Moxham , MD , eStats Fund Management Antoine Waugh , CTO , Relative Technologies Dorin Ionescu , Chief Scientific Officer, HFT , The Portland House Group John Greenan, Independent Global Multi-Asset Trading Consultant, We consider the strategies that work best for Australian based global traders and compare them with international trends. Is Australia the last big HFT opportunity and how does it compare with other HFT hubs? When will we see HFT trading across APAC and what products will be used? How do you go about creating multiple asset class trading functionality How important is regulatory arbitrage to attract international HFT business? Daniel Weinberg Business Development Manager APAC, Optiver Daniel began working for Optiver at the start of 1998, just before the Asian Crisis hit. Daniel traded for 10 years, mainly in the equity derivative space covering most of the major Asian markets. In 2007 he took over as Head of the Hong Kong operation for 2 years. The last few years Daniel has found himself in the non trading role of Head of Business Development and Market Structure for the Asia [read more] Robert Moxham MD , eStats Fund Management Robert Moxham began his financial career in 1996 with Bankers Trust in the chaos of the Sydney Futures Exchange Trading Floor having decided at the last minute against furthering his career in the Army. On the floor he worked in the Short and Long term interest rates, and the SPI pits. When the floor closed in late 1999 he moved to a role with ABN Amro, broking European markets to local hedge fund [read more] Antoine Waugh CTO , Relative Technologies Antoine brings to Relative Technologies strong financial and technical skills in financial markets and automated trading. Prior to early 2008, Antoine was at Hewlett Packard where he was involved as a Technical Specialist. Antoine then joined Hugh and Simon at Tricom where he managed broker reconciliation, maintained a historical tick database and developed back testing algorithms. After joining R [read more] Dorin Ionescu Chief Scientific Officer, HFT , The Portland House Group Dorin has has twenty years experience in designing and leading Grand Challenge Projects in both the private and public (academic) sectors. Research expertise and interests focus on the mathematical and physical description of a broad range of topics ranging from the quantum dynamics in relativistic heavy-ion collisions, anti-matter production under extreme conditions, long-term memory and the micr [read more] John Greenan Independent Global Multi-Asset Trading Consultant, John Greenan works as a consultant global  multi asset connectivity manager. He currently works for BNP Paribas Investment Partners. Prior to this job, Greenan had a number of international consulting roles within investment banks, asset managers, hedge funds and theirsuppliers. Greenan has a BA Hons in Economics from the University of  Nottingham.

The Future Of Best ExecutionThe Hunt for New AlphaInside Trading Architecture 2:45 PANEL: How to improve your performance in accessing Dark Liquidity and avoid being gamed The Future Of Best Execution From the perspective of Dark Pools, HFT has been a blessing as it’s helped grow their business but Buy-side investors are concerned about toxic liquid Liquidity filtration techniques to preserve alpha Why the cheapest venue is not the primary issue? Optimization and performance tuning of SORs Creating more flexible solutions for multi assets 2:45 PANEL: Quant lessons on risk management in post-crisis markets The Hunt for New Alpha The quants took a beating in 2008 but since then have adjusted their risk models. How have technical models changed to cope with systematic risks? What impact have these changes had on portfolio construction? How are you managing your investors’ expectations for more transparent models? Are you worried about your capacity to manage technology risk management in an HFT world? 2:45 PANEL: Constructing a high performance data system to support an accelerated trading strategy Inside Trading Architecture Fast reliable data crunching is essential for a top performing trading system. Working with venues and data providers to mitigate data volumes at source Leveraging on-demand, hosted and outsourced services to handle market volatility Methods to reduce the volumes of data processed and generated Boosting your data analytics and predictive capability

3:30 Afternoon break Afternoon break

The Future Of Best ExecutionThe Hunt for New AlphaInside Trading Architecture 4:00 Measuring execution quality and performance in a microsecond environment The Future Of Best Execution Brokers are now being asked to prove their latency performance against competitors’ models. This session discusses how access to real time data on latency and trading costs will impact the Buy-side’s trading decisions. What are users looking for from next gen TCA The move towards providing performance assurance data Using real time TCA to chase alpha opportunities Brokers’ response to proactive cost control 4:45 Models behaving badly: How to effectively manage quant investment model degradation The Hunt for New Alpha How to take the background temperature of markets and adjust your stock picking mode Addressing the bottleneck in data history Developing a more dynamic portfolio positioning Using alternative indexes and volatility monitors Is there any room left for the passive investor? 4:45 Selecting the best hardware acceleration technology for trading applications Inside Trading Architecture Here we compare acceleration approaches and discuss how they can be best applied. The trading applications that benefit most from hardware acceleration Performance comparisons between the different technologies Relative costs of development and maintenance Network and other supplementary hardware acceleration techniques

The Future Of Best ExecutionThe Hunt for New AlphaInside Trading Architecture 4:45 PANEL: Re-engineering your end-to-end trade flow with real time risk monitoring The Future Of Best Execution Ensuring inter-system connectivity across the trading value chain is the next big thing in upgrading trading systems. Selecting the right model to meet the capacity challenge and regulatory requirements Ensuring flexibility and cost effectiveness when consolidating your systems Can you really have effective real time monitoring with low latency performance? Building business continuity performance for high speed global traders 4:45 Building a multi asset eCommerce infrastructure: Breaking down the silos The Hunt for New Alpha A institutional investors’ demands for cross asset trading grows, brokers are challenged to deliver the capability or risk loosing the order flow. Allowing for complexity in trading patterns and scaling Setting up the SOR and crossing arrangements Amending your market and reference data infrastructure Adapting workflows to fit the clients needs 4:45 PANEL: Creating the technology framework for success in mobile trading Inside Trading Architecture Here we learn about the issues that online managers face when planning their mobile platforms and how the m-trading change will shift to the institutional market to allow a fully integrated wire and air trading service. Impact of 4G Reducing the latency concerns Creating a fully integrated wire and air trading service Remote viewing for colo players

5:30 Chair conclusions and cocktails Please join us for complimentary cocktails