About Your Speakers

David Bailey is Head of Markets Infrastructure and Policy at the Financial Services Authority, where his responsibilities encompass the supervision of the UK's exchanges, other trading platforms, and clearing and settlement services, and both primary and secondary markets policy issues. The Department also includes the FSA's capital markets team. He has held this role since October 2011. Previously to this David held management posts at the FSA with responsibility for policy development with respect to OTC Derivative markets and post trade infrastructure such as clearing houses and trade repositories as well as the FSA's capital markets team. Prior to joining the FSA, David spent 9 years working at JPMorgan, the majority of which as a derivatives trader in the Rates Hybrids and Exotics business. He graduated from Durham University in 1997 with a BA in Economics and Spanish.

Upon leaving University, Christopher Cruden attended The Royal Military Academy, Sandhurst and was commissioned into The Gordon Highlanders in 1975.

In 1980, he began his business career as a gold analyst with an investment bank in South Africa. In 1983 he joined Dean Witter, Reynolds Inc. as a securities salesman based in the U.S. and it was during this period that he became involved with the Alternative Investment Industry.

In early 1988 he returned to the U.K. and became a Director of Adam, Harding and Lueck Asset Management Ltd (AHL). This firm is now amongst the largest and best known systematic, trend-following hedge fund managers in the world. After the sale of this firm to Man International in 1990, he became Head of Managed Futures and Options for a major U.S. investment bank in London and founded the Derivative Strategy Group within the ASH Group of Prudential Securities in New York.

Mr. Cruden became Managing Director of Tamiso & Co. LLC in New York during 1993. He was responsible for currency management products, research and trading. During this period he substantially enlarged the firm’s foreign exchange activities and co-developed the Currency Overlay Program. In 1999 Tamiso and Man International established a joint venture based around the currency trading system of Tamiso.

He established Insch Capital Management SA in Switzerland during 2004.

Mr. Cruden is featured in the highly regarded books `Trend Following`, Covel, 2004 and `Investing with Hedge Fund Giants`, Chandler, 1998 and a number of other publications.

In all, Mr. Cruden has been actively and continually involved in the Alternative Investment Industry for over thirty years.

- Draft position papers on behalf of EFAMA on various legal domains related to capital market issues e.g. (i) MiFID II; and (ii) European Regulation on OTC derivatives, central counterparties and trade repositories (EMIR); and (iii) Market Abuse; and (iv) Risk Management; and

- Draft and negotiate with European Council, the European Parliament and the European Commission legislative proposals and amendments on MiFID II

- Provide information on those various files to the European Securities and Markets Authority (ESMA) on capital markets issues.

- Advise on implementation at national level of the covered EU legislation; and

- Lead and manage various experts’ working groups especially working on transparency, liquidity management and risk management that are headed by CIOs and CROs of major international asset management companies; and

- Educate, within the Association and its members, on the various trading instruments and techniques used in asset management, including their possible relationship to shadow banking.

Helyette GEMAN is Director of the Commodity Finance Centre at the University of London and Research Professor at Johns Hopkins University. She is a graduate of Ecole Normale Supérieure in Mathematics, holds a Masters degree in Theoretical Physics and a PhD in Probability from the University Pierre et Marie Curie; a PhD in Finance from the University Pantheon Sorbonne. Professor Geman has been a scientific advisor to major financial institutions, energy, mining and commodity companies for the last 21 years, covering the spectrum of interest rates, electricity, crude oil and natural gas, metals and agriculturals, including fertilizers and land. She was for four years Head of Research at Caisse des Depots in Paris, for two years at EDF Trading and has published more than 125 papers in top international finance Journals including the Journal of Finance, Mathematical Finance, Energy Economics, Geneva Papers on Insurance and so forth. She received in 1993 the first Prize of the Merrill Lynch Awards for her work on exotic derivatives pricing; in 1994 the first AFIR (Actuarial Approach for Insurance Risk) prize for her work on catastrophic risk. She became in 1993 a Member of Honour of the French Society of Actuaries and was in 2000 the first President of the Bachelier Finance Society. Prof Geman was named in 2004 in the Hall of Fame of Energy Risk. She received in 2008 the ISA prize of the University of Bologna for her contribution to the CGMY model, a pure jump Lévy process used in finance and insurance. Her books include “Insurance and Weather Derivatives” published in 1999 by RISK books, Commodities and Commodity Derivatives: Energy, Metals and Agriculturals published by Wiley Finance in 2005, which has become the reference in the field; Risk Management in Commodity Markets: from Shipping to Agriculturals and Energy, also published by Wiley Finance in 2009. Prof Geman became in 2011 a Scientific Advisor to the European Union on the subject of Commodities and was in 2010 the first Wilmar-International Visiting Professor of Commodities Business in Singapore.

Ido de Geus studied Econometrics at the University of Groningen in the Netherlands. He started his career in 1995 at Rabobank International as Interest Rate Swaptrader. In 2001 he moved to PGGM, the second largest pension fund in the Netherlands.

In 2007 he became head of Treasury and Client Portfolio Management. He is responsible for the liquidity management, collateral management, securities finance activities, currency hedging and the derivatives infrastructure of PGGM. PGGM has more than € 100 billion assets under management, and manages the assets of five Dutch pension funds.

Matthias Graulich was named an Executive Director at Eurex in 2007. He is currently heading the Clearing Initiatives section and leading EurexOTC Clear for Interest Rate Swaps.
Before that he was responsible for the implementation of Eurex Credit Clear – Eurex Clearing’s OTC clearing service for Credit Default Swaps.
Since joining the Deutsche Börse Group in 2001, he has held a number of leadership and project management positions at Deutsche Börse and Eurex for various strategic projects, amongst others, the merger and integration of the International Securities Exchange in 2007.
Matthias holds a Master of Business Administration degree from the Fuqua School of Business at Duke University in North Carolina.

Marcus Hooper runs Market Acumen, a financial markets consulting practice. The practice focuses on trading and market structure issues, especially in the fields of process management, regulatory affairs, trading systems and trade management.

Prior to this Marcus ran the European division of Aritas Financial, which was both an MTF and an investment firm offering algorithmic trading capability. He spent over 26 years in financial services including 17 years in senior asset management trading roles. He was the manager in charge of trading operations for the Investment Management divisions of HBOS, Dresdner and AXA. Throughout his career he has worked in the fields of market microstructure and the deployment of electronic trading.

Having been actively involved in financial services industry working and advisory groups Marcus has made contributions in the areas of electronic trading, financial markets regulation, market structure, transaction cost analysis and the development and application of trading technology. He has worked on financial markets projects undertaken by The European Commission, The UK Treasury, The FSA, The Investment Managers’ Association, The British Banking Association, The London Investment Banking Association and The London Stock Exchange.

He has published papers on Financial Markets behaviour including studies on the subjects of best execution, electronic and alternative trading systems and transaction cost analysis. He co-authored papers with Professor Schwartz, the Distinguished Professor of Finance and Economics at the City University of New York. Marcus has been published in the book “The Equity Trader Course” and the somewhat more sensational “A Million a Minute: Inside the Mega-money, Hi-tech World of Traders”.

As a regular contributor at industry conferences he is a firm believer in improved education in the area of market microstructure. Marcus is proud to have lectured executive MBA programs in the UK and USA, and was a nominated speaker for the USA’s Association of Investment Management and Research education program.

Giuseppe comes from a long career in the Asset Management industry working as FX and derivatives trader, treasurer, head of multi-asset trading and execution desks, and COO. He joined the Central Bank of Ireland in 2011, after an experience as founder in a start-up company to establish a pan-European Multilateral Trading Facility for certificates of deposit and commercial paper for retail and institutional clients.

He is responsible for Trading and Market Infrastructure within the Markets Policy Division, which covers clearing, settlement, and trading venues. He also represents the Central Bank in ESMA Post Trade Standing Committee, where he was heavily involved in the drafting of EMIR technical standards, ESAs Task Force on Financial Infrastructure, drafting technical standards for non-centrally-cleared derivatives under EMIR, OTC Regulatory Forum, IOSCO Standing Committee 2 on secondary markets, and is technical advisor to the Department of Finance for the CSD Regulation and Shadow Banking dossiers in the coming 2013 Irish Presidency of the European Council.

Giuseppe holds a degree in Political Economics from Bocconi University in Milan, and an MBA from UCD Smurfit School of Business in Dublin.

Rien Jeuken joint De Nederlandsche Bank in November 1999 and has participated in several BIS working groups focusing on OTC derivatives and financial stability. Currently he is a member of the Financial Stability Board Implementation Group for the Legal Entity Identifier project.

Prior to joining De Nederlandsche Bank, he was platform manager at ABN AMRO Global Transaction Services.

Ronald is the lead Business Architect for Rabobank’s Global Financial Markets domain. In this role Ronald is involved in all large GFM’s Front Office, Middle Office and Operations change projects. Currently Ronald is leading RI’s FO System Strategy project where GFM’s new system strategy will be define; one of the difficult choices to make is whether Rabobank will replace one of their large in-house built FO systems by a vendor solution.

Ronald has over 10-years of architecture experience in the financial industry sector both at the sell and buy side. Prior to Rabobank, Ronald has worked as Lead Functional ICT Architect at Robeco, one of the largest asset managers in The Netherlands. Other roles within Robeco included Business consultant, Project Manager, Manager of System Administration and Manager of Market Data Management. Ronald has studied Econometrics in Rotterdam in The Netherlands.

Yann is the CFT Group Chief Information Officer since April 2010, in his capacity he oversees the Group IT Strategy, development, deployment and support of current and new technology. Before taking his role at CFT, he led the development, integration and technological deployment of the Turquoise's trading platform. From 2003 to 2007 he was the CIO of the Boston Stock Exchange where he oversaw trading system R&D and created LeveL Alternative Trading System and his innovative 'dark book' market as well as the new BeX lit or 'bright book'. He had previously worked at The Toronto Stock Exchange where he was in charge of the complete overhaul of the Trading technology for the Senior and Junior equity market.
He is at the Board of Director of Enyx, a Company specialized in FPGA technology and frequently speaks in technology conference, is a recognized expert electronic trading technology both in North American and in Europe.

Charlie Longden is the CEO of LCH.Clearnet’s CDSClear service which offers central clearing for Credit Default Swaps since March 2010. Charlie leads the development of CDSClear within the context of an evolving regulatory landscape. The launch in 2012 of an international clearing offering brings real choice to the international CDS market.
Charlie has over 25 years experience in the credit markets. He joined LCH.Clearnet in late 2011 from Markit where he was Managing Director, fixed income, heading up the development of new credit services, including establishing the evaluated Bond platform, as well as managing the CDS business in Europe.
Prior to Markit Charlie Longden worked for 12 years at ABN Amro where he was Global Head of Credit Trading and Eco-Markets. During his time at ABN Amro, Charlie was instrumental in the establishment of a number of key initiatives, including iBoxx Notes in 2002, the forerunner of iTraxx / CDX.

Stewart Macbeth is currently President and Chief Executive Officer of the DTCC Deriv/SERV LLC subsidiary and related subsidiaries supporting DTCC’s over-the-counter derivatives business. Based in London, he is responsible for all operations of DTCC’s global trade repositories and all related OTC derivatives business.

Prior to joining DTCC in 2009 as General Manager for DTCC’s Trade Information Warehouse, Macbeth was a Managing Director at UBS, most recently serving as the head of Operations Risk and Business Architecture globally. Prior positions include the global head of OTC Derivatives Operations, which he held from 2002 to 2005.

He previously ran UBS’s fixed income derivatives operations globally from 1996 through 2002. During that time, he established credit derivatives support activities along with the design and implementation of settlement and confirmation applications.

Prior to UBS, Macbeth worked at Swiss Bank Corporation in the Derivatives Product Control area, where he was responsible for establishing a joint function with Operations covering exotic rates derivatives operations and P&L. Previously, Macbeth qualified as a Chartered Accountant (ICAEW) at KPMG working in their Financial Services practice.

Macbeth has a Bachelor’s degree in Mathematics from Nottingham University and a Master’s degree from the University of London.

Mikkel Steen Madsen is Deputy Financial Inspector at the Danish FSA, responsible for the supervision of the Danish exchange operators. Under the Danish Presidency of the Council of the European Union in 2012, he was Co-chair of the Council working group on MiFID and MiFIR and chief advisor at the Danish FSA regarding the OTF, SI, Transparency, algo trading and position limit proposals in MiFID and MiFIR. Mr Madsen has been working for the Danish FSA since 2007 and has in the same period been its representative in the ESMA Secondary Markets Standing Committee. He holds inter alia an MA with Distinction in International Political Economy from the University of Warwick.

Alex McDonald has been CEO of Wholesale Market Brokers Association (“WMBA”) since 2009. WMBA member firms are global Wholesale Market Brokers providing, inter-alia, OTC intermediation services in the cash and derivative Rate, Credit, Foreign Exchange, Equity and Commodity marketplaces. Our members collectively have a physical presence in all major financial capitals globally as well as many secondary financial centres and provide intermediation services to, among others, customers in all 27 EU member states. Furthermore, WMBA members firms arrange the vast majority of OTC derivative transactions executed daily around the world.

WMBA member firms are limited activity firms that act as non risk-taking intermediaries with a principal client base made up of global banks, primary dealers, leading regional banks, government agencies, asset managers, oil companies and energy generators/utilities. Our primary function is to source, develop, manage and publicise liquidity pools for our customers to assist them in their global risk mitigation processes.

Prior to joining WMBA, Alex has spent his career in Banking and Fund Management.

He has over twenty years of experience as a macro trader and portfolio manager, most recently he was a senior portfolio manager at BSAM Global Alpha Fund and prior to that a portfolio manager in global macro, at OLEA Capital Partners and at BlueCrest Capital focusing on commodities, fixed-income and currencies worldwide. Additionally, he was a Director, in charge of Emerging Markets and currency trading at CSFB for eight years, and prior to that he was Executive Director at Goldman Sachs on their fixed-income proprietary trading desk. He joined JP Morgan in 1988 and subsequently traded with and managed their futures, fixed income arbitrage and FX teams. He holds an MA from Cambridge University in Geophysics/Geochemistry.

David Murphy is founder and principal of rivast consulting, a leading financial risk management and regulatory consulting firm. He specialises in financial stability issues, regulatory capital and risk management, and has published extensively on these topics.

His prior roles include Global Head of Risk at ISDA, where he was responsible for all of ISDA’s activities relating to capital, risk management and accounting standards as well as leading ISDA’s research effort.

Before that, he was the Chief Operating Officer at Merrill Lynch’s Reinsurance Group. Prior to his time at Merrill Lynch, he served as a Global Risk Manager at Banque Paribas and was earlier employed at the UK’s Securities and Futures Authority. He held an SERC Research Fellowship, and was a Lecturer at the University of Birmingham. He is the author of two books and numerous research articles and papers.

Mike O'Hara is a veteran of the Capital Markets industry, having started his career in the mid-1980's as a junior trader for UBS, in the Gilt Options pit on the LIFFE floor. Describing himself as more of a geek than a trader, he spent most of the 1990's working for technology vendor SunGard, before leaving to set up the UK operations of software firms Iris Investment Support Systems and Alysis Technologies. Since 2002, he has run his own consultancy, providing business development services to financial technology firms. He set up the High Frequency Trading Review in early 2010, which has gone on to become one of the top-ranked websites for information related to HFT and algo trading.

Axel Pierron, based in the firm's Paris office, is a Senior Vice President for Celent's Securities & Investments group. Mr. Pierron's expertise lies in electronic bond trading, derivatives and FX markets, market infrastructure, trade finance, and claim management automation.

Most recently Axel Pierron was featured in the Financial News40 Under 40 Rising Stars of Trading and Technology, published September 2011. Mr. Pierron is also quoted regularly in the media, including the Financial Times, Reuters, Les Echos, Le Monde, CNBC, BBC, Financial News, France 2, Daily Telegraph, and European Banker. He is a frequent speaker on technology’s impact on strategy and market organization. Mr. Pierron was a member of the Mission Ecoter within the French Senate and of the Association pour le commerce et les services en ligne (ACSEL).

Before joining Celent, Mr. Pierron was an Internet research analyst for BNP Paribas, where he conducted a variety of market research and projects in fields such as e-finance, global B2B operations, knowledge management, and CRM. He was a member of several strategic Internet units within BNP Paribas, including those focused on financial markets.

Previously, Mr. Pierron was an internal auditor for Leclerc, the second largest supermarket chain in France. His duties there included management of an EDI implementation project.

Mr. Pierron holds an MA in financial markets from the CERAM business school in Nice, France. He is fluent in English and French and proficient in German.

Fergus Pery is a Director at Citi and EMEA Head of OpenCollateral, a business within Citi Transaction Services providing collateral management services for asset managers, insurance companies, regional banks and public sector clients.

Fergus leads the product's strategy, development and delivery in the region and is responsible for ensuring the OpenCollateral solution meets clients current and future requirements for counterparty risk mitigation, transparency and efficiency. In this role he works closely with Citi's OTC Clearing and Derivatives Middle Office functions to deliver an end-to-end derivatives capability for investor clients.

Fergus joined Citi from J.P. Morgan where he was responsible for collateral management sales in Europe. Prior to this, Fergus spent two years with Fitch Ratings leading business development of derivatives services, having previously held a variety of sales and product management roles in the financial software industry. Fergus began his career in the technology sector, has a degree in Engineering from Oxford University and is a Chartered Engineer.

Rafael Plata has been working in the financial services industry for the over ten years. He is currently Head of Derivatives and Post-trading at the Federation of European Securities Exchanges (FESE), the organisation that represents the interests of Exchanges in Europe. He joined FESE in 2006 as an Economics and Statistics Adviser and was promoted to Head of Market Infrastructures and Economics and later on to his current position. Prior to joining FESE, he worked for the European Parliament in Brussels as an MEP assistant and for multinational consulting firm Towers Watson as an investment consultant in Madrid and in Brussels.

Rafael coordinates the policy work on derivatives, commodities and post-trading at FESE. He is responsible for major policy campaigns which impact post-trading including EMIR, Short Selling, MiFID, Financial Transaction Tax and the regulation of CSDs. He was also in charge of helping draft and implement the Code of Conduct for Clearing and Settlement of Cash Equities. Rafael is a frequent speaker and is a contributor to the work of number of European industry expert groups.

In September 2012, Rafael was chosen as one of the «FN 40 Under 40 Rising Stars of Trading and Technology» by the Financial News' editorial pick of the brightest up-and-coming men and women in the industry.

A Spanish national, Rafael studied Business and Economics at ETEA, University of Córdoba (Spain) and at The University of Birmingham (UK) and holds a master degree in European Economics from the Free University of Brussels (Belgium).

Dr. Tobias Preis is the CEO of the Artemis Capital Asset Management. His academic research at University College London, Boston University and ETH Zurich is driven by a deep interest in understanding the complex behaviour of financial systems. Drawing on his interdisciplinary background in physics, economics and computer science, Dr. Tobias Preis created a research programme with three core strands: massive data, models of complex behaviour and high performance computing. This research approach capitalises on opportunities offered by the increasing integration of the Internet into our everyday lives, alongside recent developments in complexity science and GPU computing. Recently, he headed research teams that identified links between online behaviour and real world economic events.

Further information:

http://www.tobiaspreis.de/

http://www.financialobservatory.co.uk/

David Retana is Joint Managing Director of REGIS-TR and Vice President of Iberclear. He joined REGIS-TR in 2011 as Head of the Project Office after having headed up the Market Surveillance Department at MEFF (Spanish Derivatives Exchange) for more than 9 years. David joined the BME group in March 2000 as futures and options trader at the MEFF front-desk. He holds a degree in Finance from San Pablo CEU University, Spain, and a Master of Quality Audit from Comillas Pontifical University (ICADE), Spain.

Iain Scott is senior managing director at State Street Global Markets responsible for the Futures Clearing business within State Street’s GmbH entity based in London. Most recently, Mr. Scott and his team oversaw the development of the company’s Futures Clearing function designed to service the core State Street buy-side client base.

Mr. Scott has been with State Street Global Markets for five years, and was initially responsible for all EMEA clearing in foreign exchange and securities. He added responsibility for derivatives developments in the region after three years, and now oversees the ETD and OTC infrastructure for EMEA products.

Prior to joining State Street, Mr. Scott worked in the outsourcing group at Northern Trust, where he was responsible for the Derivatives Clearing service as part of the team that worked on the Insight Asset Management deal. Previously Mr. Scott held positions of increasing responsibility at JPMorgan Chase, Salomon Brothers, Bankers Trust and the London Stock Exchange.

Jaki Walsh joined CME Group in January 2013 as Head of EMEA OTC Products based in the London office. Walsh works closely with the buy and sell side to provide specialist knowledge of CME Group’s increasing range of cross asset class OTC solutions for the Europe, Middle East and African regions. She is responsible for helping customers to understand the practical options and implications of CME Group’s solutions in areas such as legal documentation, client protection, account structure and collateral management.
Previously, Walsh was the Group Derivatives Operational Officer for F&C Management Ltd and also spent six years in Credit Risk roles within Investment Banking. She is ASI qualified and holds a Chartered Institute for Securities and Investment Certificate.

Keith has over 35 years experience in the Financial industry as a Trader, EMS and OMS designer and has worked with the FIX protocol since its inception when he joined the inaugural meeting in 1994 in Europe. He has been Head of Equity Dealing at Kleinwort Benson Asset Management, DRCM, Baring Asset Management and Sabre the Stat Arb Hedge fund. While at Baring's Keith led the buy-Side team in the building of the first release of Latentzero's Minerva OMS, as a joint venture between the two firms. He has spend the last 18 years working with or for the Buy-Side previous to this he spent his first 19years in the industry working on the Sell-Side starting in the back office and ending up as a Sales Trader and Market Maker.

He still has an active role on the FIX committee as well as still speaking at conferences which he has been doing for nearly 20 years.

Marguerite Yates, Advisor to the Secretary General, Autorité des Marchés Financiers (AMF)
Marguerite Yates has performed many roles in the banking and financial services industry, including private banking, commercial banking, investment banking and asset management. She led Paribas’ custody and securities lending business, was Chief Compliance officer for Paribas, then Head of Risk, Audit and Compliance for AXA Investment Managers, and subsequently joined the AMF, French securities regulator. Her current areas of focus are the identification of emerging issues in product innovation and market structures and European convergence.