Main Conference Day 1: Investment and Trading Strategies

April 17th 2013

9:00 Chair’s Welcome Address

Philip Coggan, Capital Markets Editor, The Economist

Chair’s Welcome Address

Philip Coggan

Capital Markets Editor, The Economist

Philip Coggan is the Buttonwood columnist of The Economist. Previously, he worked for the Financial Times for 20 years, most recently as Investment Editor. In that post, he founded the "Short View" column and wrote the "Long View" and "Last Word" columns. In 2009, he was voted Senior Financial Journalist of the Year in the Wincott awards and best communicator in the business journalist of the year [read more]

9:15 Panel: Looking at the changing world of capital markets – asset allocation and growth forecasting

François Bonnin, CEO, John Locke Investments
Philip Coggan, Capital Markets Editor, The Economist
Alex Fleiss, Chairman & Chief Investment Officer, Rebellion Research Partners, L.P
Richard Lacaille, Chief Investment Officer, State Street Global Advisors

Will capital markets implode in the next 6 months, and if so, what is going to happen to you and your business? This is the question every one of your competitors, colleagues and suppliers is asking themselves as they drink their coffee every morning. The truth is, no one knows. The only thing we can do is guess and intelligently set up a plan A, plan B and plan C. So come and listen to a panel of experts discussing the role and purpose of capital markets and how it might be changing in the 'new normal' economic environment. And this 'new normal' is precisely what we are now dealing with. Because, let's face it; the government debt, the regulatory requirements and the economic downturn are not going to go away in a hurry, so we have to face the music now. And seeing how the capital markets are likely to change their shape and purpose will enable you to prepare for the future. So does this sound like its worth 30 minutes of your time? Then join TradeTech for this panel discussion to hear from:

François Bonnin

CEO, John Locke Investments

Philip Coggan

Capital Markets Editor, The Economist

Alex Fleiss

Chairman & Chief Investment Officer, Rebellion Research Partners, L.P

Alexander Fleiss serves as Chairman and Chief Investment Officer of Rebellion Research Partners LP, a Global Macro hedge fund powered by Artificial Intelligence and based in New York. Mr. Fleiss has spoken about Artificial Intelligence investing in the Wall Street Journal, Fox News, Geo Magazine and Institutional Investor. Prior to co-founding Rebellion Research in 2007, Mr. Fleiss served as a Pri [read more]

Richard Lacaille

Chief Investment Officer, State Street Global Advisors

Rick Lacaille, Executive Vice President is Global Chief Investment Officer (CIO) of State Street Global Advisors and a member of the firm's Executive Management Group. In his role as Chief Investment Officer Rick has responsibility for all investment management activity at SSgA, including research and trading. Prior to his current role, Rick was Head of Global Active E [read more]

9:45 Debating the purpose and value of the markets: are players changing roles and what will become of the trader?

François Bonnin, CEO, John Locke Investments
Diana Chan, CEO, EuroCCP
Michelle Price, Trading and Technology Editor, Financial News, Dow Jones
Tim Rowe, Manager, Trading Platforms and Settlement Policy, FSA
Paul Bowes, Head of Business Development (EMEA), , Equities, Feeds & Platform/Thomson Reuters
Michael Seigne, co-head of European Electronic Trading, Goldman sachs

Trading venues are beginning to offer clearing services, brokers are selling their dark pools and trading venue services, clearing houses and trading venues now compete with similar product offerings, buy side are starting to sell their trading desk brokerage services to other buys side. Outsourcing is becoming more commonplace in all parts of the trading food chain. Commissions and bonuses have tumbled down to their historic lows. In the meantime the regulator is insisting on full transparency of all business. Is it nearly time to revise your business strategy and look into the future from a different perspective. What will become of brokers, traders and trading venues. Given market fragmentation and low trading volumes things may not go the way we all want them to go, and then the winners be the ones prepared a drastically new business strategy while properly listening to the regulator.

François Bonnin

CEO, John Locke Investments

Diana Chan

CEO, EuroCCP

Diana Chan is chief executive officer at EuroCCP. Before joining EuroCCP in 2007, she had regional and global management responsibilities for post-trade services at Citi, JP Morgan, The Bank of New York and Euroclear in Europe, the United States and Asia. Since 2003, Diana has been member of advisory groups on clearing and settlement organized by the European Central Bank and the European Commissi [read more]

Michelle Price

Trading and Technology Editor, Financial News, Dow Jones

Michelle was appointed editor of the Financial News Trading and Technology section in October 2010. Prior to joining Financial News, Michelle was Business Editor at the FT’s The Banker magazine, where she took responsibility for technology, trading, retail banking, and all Asia-Pacific coverage. Before her stint on The Banker magazine, Michelle worked on two business and technology publications. M [read more]

Tim Rowe

Manager, Trading Platforms and Settlement Policy, FSA

Tim Rowe is the manager of the Trading Platforms and Settlement Policy team at the UK’s Financial Services Authority (FSA). The team is responsible for the FSA’s domestic and international policy regarding exchanges, multilateral trading facilities and settlement, as well as elements of OTC trading (including the MiFID regimes for post-trade transparency and systematic internalisers). The team is [read more]

Paul Bowes

Head of Business Development (EMEA), , Equities, Feeds & Platform/Thomson Reuters

Paul Bowes is currently responsible for developing Thomson Reuters businesses in EMEA such as high frequency datafeeds, market data infrastructure and trading desktops. Paul has lived and worked in Toronto, New York and London, during which time he has gained increasingly senior roles. These roles have included managing the company’s strategic relationships with the world’s largest exchanges, inve [read more]

Michael Seigne

co-head of European Electronic Trading, Goldman sachs

Michael is co-head of European Electronic Trading. In addition, he manages the European Transition Management business and has responsibility for the European Futures Sales team. Previously, Michael co-managed the European Program Trading business in London. He joined Goldman Sachs in 1994 as a foreign exchange trader in Hong Kong. Michael moved to the Equities Division in 1996 and worked in Hong [read more]

10:15 Panel Discussion: Analysing the emergence of the new breed of trading venue – threat or opportunity?

David Miller, Head of Trading, Invesco Perpetual
Philip Coggan, Capital Markets Editor, The Economist
Christopher Gregory, CEO, Squawker
Alasdair Haynes, CEO, Aquis Exchange
Tony Mackay, Founder, MarketBourse
Neil Smith, Senior Equity Dealer (VP), European Equity Dealing, State Street Global Advisors
Adam Toms, CEO, Instinet Europe

Two years ago we all thought the European markets were far too fragmented for any more new venues to appear. Consolidation was expected any day. However, things didn't go as they were supposed to. New venues with completely new concepts and ideas behind them are appearing.

Social networking is penetrating every aspect of our lives. Traders can now share trading information in circles of other market participants they select, similar to choosing friends on social networking platforms. This idea allows members to minimise market impact by selecting who they trade with.

Buy-side, sell-side and interdealer brokers create a circle of firms they want to do certain trades with, then send the orders to a venue. The venue then ensures the order is only exposed to the circles the client wants.

The membership nature of these types of venue allows participants to lower the technology costs associated with searching for liquidity across different types of trading venue, while insulating yourself against the predatory HFT.

This panel discussion will show you the different new types of venue appearing on the markets and how your trading desk can take advantage of them. Find out about:

Different types of trading venue and different ideas behind them
How can they be useful to your trading strategies on a daily basis?
What type of information will the allow trading counterparties to share and how will that impact your investment and trading strategies?
Can you be sure your flow is going exactly where it says on the box?
Regulatory compliance and impact on business

David Miller

Head of Trading, Invesco Perpetual

David Miller was a market maker at Smith New Court from 1982 to 1995, and then Market Controller for Tradepoint, the first order driven exchange in the UK, until 2000. Following that David resumed trading with Knight Securities then returned to Tradepoint, after it had become Virt-x, as a consultant. David joined Invesco Perpetual in 2001 and currently heads a small team of specialist pan-european [read more]

Philip Coggan

Capital Markets Editor, The Economist

Christopher Gregory

CEO, Squawker

Alasdair Haynes

CEO, Aquis Exchange

Alasdair is the founder and CEO of Aquis Exchange. He is the ex-CEO of Chi-X Europe, and was responsible for growing the business into Europe's largest stock exchange and into profit before its sale to BATS in late 2011. Prior to that, Alasdair spent 11 years heading up ITG's international business, pioneering the introduction of electronic trading and crossing into the European and Asian marketpl [read more]

Tony Mackay

Founder, MarketBourse

Tony Mackay has been at the forefront of electronic trading in Asia and Europe over the past 20 years. Whilst at Instinet in Asia he led the roll out of their electronic trading EMS and ‘upstairs’ trading products. In 2006 he was the founding CEO and then Chairman of Chi-X Europe. In 2007 he started the global expansion of the Chi-X product into Canada, Japan, Australia, Singapore and Brazil. Tony [read more]

Neil Smith

Senior Equity Dealer (VP), European Equity Dealing, State Street Global Advisors

Adam Toms

CEO, Instinet Europe

Adam Toms is the CEO of Instinet Europe Limited. Adam recently joined Instinet from Nomura where he was previously Co-Global Head of Electronic Trading. He joined Nomura as part of the acquisition of Lehman Brothers in September 2008. Initially joining Lehman in 2000 he was a member of the Global Portfolio Trading team and subsequently appointed head of sales in 2004. [read more]

10:45 Morning Coffee

Morning Coffee

11:15 Guest Big Ideas Speaker: Investing without the printing press

Andrew Lapthorne, Global Quantitative Strategist, Societe Generale Corporate & Investment Banking

Central banks are killing investment by suppressing asset yields to the extent that post-cost return are no longer worthwhile. This leads to an over-emphasis on short-term trading and passive investments strategies, both of which are detrimental to the long term provision of investment capital. It is also killing off the active investment industry. What’s the alternative? Can we invest and ignore the printing press?

Andrew Lapthorne

Global Quantitative Strategist, Societe Generale Corporate & Investment Banking

Andrew Lapthorne joined Societe Generale in London in November 2007 and heads up the Quantitative Analysis team. Previously Andrew was at Dresdner Kleinwort. In the 2011 Extel Survey, his team was ranked #1 and he was also ranked #1 as individual analyst.

11:45 Panel Discussion: Discussing the value and future landscape of trading venues – will their business model and proposition have to change and how?

Jens Jacob Foged, Head of Trading, Sparinvest S.A
Mark Hemsley, Chief Executive Officer, BATS Chi-X Europe
Stephen McGoldrick, Market Structure Director, Deutsche Bank
Martin Reck , Managing Director Xetra, Deutsche Börse AG
Kee-Meng Tan, Managing Director and Head of Electronic Trading, Knight Capital

• How will different trading venues business models and proposition have to change in light of the recent lack of public confidence in the equity markets and increasing regulatory oversight:
o Recent market events eroding public confidence in equity markets: What can and needs to be done and by whom in order to regain trust in our markets?
o The impact and pace of regulatory change on trading venues: The level of corporate disclosure, regulatory oversight and transparency is at an all-time high- What is a reasonable and sustainable cost level for running our savings industry now that returns are scarce?
• Assessing the value and future landscape of trading venues in light of recent competitive pressures:
o Do public organised trading venues (Recognised Markets) offer both a competitive and a cost effective service compared to OTC services, MTFs, Systematic Internaliser (SIs), and in the future OTFs and SEFs
o Are MTFs seen as the new utilities instead of exchanges now?

Jens Jacob Foged

Head of Trading, Sparinvest S.A

Jens Jacob Foged has 13 years experience in creating and managing Global Equity & CFD, trading desks. Through IT integration, he is able to cut cost and minimize risk in market making & trading, thus increasing Sharp ratio & profit substantially. Mr Foged has been licensed as a trader on all major European exchanges and has made markets in over 700 s [read more]

Mark Hemsley

Chief Executive Officer, BATS Chi-X Europe

Mark Hemsley is chief executive officer of BATS Chi-X Europe, operator of the largest pan-European equities market and the European arm of BATS Global Markets. Under his leadership, BATS Chi-X Europe and its predecessor company, BATS Europe, emerged as a European leader in market structure, technology and innovation. After BATS Global Markets acquired Chi-X Europe in November 2011, Mr. Hemsley bec [read more]

Stephen McGoldrick

Market Structure Director, Deutsche Bank

Grew up in Scotland. Won a scholarship to study at University of Georgia’s Terry College of Business then graduated from Edinburgh University with a joint honours LLb (Law and Accounting). Staying in Edinburgh he entered finance in 1990 as an analyst in NatWest's Equity Quants team, working on indices then derivative and portfolio risk. Spent 1992-99 as a derivatives broker with responsibility for [read more]

Martin Reck

Managing Director Xetra, Deutsche Börse AG

Martin Reck is the Managing Director at Deutsche Börse AG responsible for the Cash Market Structure and the electronic trading system Xetra®. Currently some 230 European banks and broker firms from 20 countries use the Xetra system. Over 1,000 ETFs, 400 ETCs and ETNs, 10,000 equities from 70 countries, 26,000 corporate and government bonds and 1 million structured products are tra [read more]

Kee-Meng Tan

Managing Director and Head of Electronic Trading, Knight Capital

12:15 A word from the regulators: The practical realities and future plans for implementing MiFID II across Europe- does regulator drive the industry or vice versa?

Benoit Lallemand, Senior Research Analyst, Finance Watch
Ari Burstein, Senior Counsel, Securities Regulation, Capital Markets, Investment Company Institute
Niki Beattie, Managing Director, The Market Structure Partners
Rodrigo Buenaventura, Head of Markets Division, European Securities and Markets Authority (ESMA)
Ruben Lee, CEO, Oxford Finance Group
Jasper Jorritsma, Policy Officer, European Commission, DG Internal Market and Services

The main purpose of this session is to give you insight into the new requirements and practical realities of implementing MiFID II across Europe. Since 2007 when MiFID was introduced a number of changes to the marketplace have taken place, including the rise of high-frequency trading. The financial crisis has shown that transparency is key to ensuring financial market stability. A review of MiFID was and is now in the final stages of the rule-making process. Most financial institutions have spent huge amounts in MiFID implementation and compliance. Its practical implementation is core to avoiding heavy penalties and bad press. Don't be left behind your competitors, learn about:

EU's plans for further modifications to the directive
ESMA's strategies and plans for implementation and enforcement
What will the non-compliance penalties look like?
How can I prepare now to avoid disaster and costs further down the road?

Benoit Lallemand

Senior Research Analyst, Finance Watch

Benoît Lallemand has 10 years' experience in the market infrastructure industry. He worked as a team leader on structured finance issuance. He then became responsible for the coordination of several business steering committees, covering the impact of Basel II, MiFID, consolidation in the post-trade industry and the work of the CESAME group, amongst others. He was most recently a senior internal c [read more]

Ari Burstein

Senior Counsel, Securities Regulation, Capital Markets, Investment Company Institute

Ari Burstein is the senior counsel for capital markets issues for the Investment Company Institute and ICI Global. In his role as Senior Counsel, Mr. Burstein is responsible for regulatory and policy issues impacting investment companies and investment advisers, particularly trading, market structure and brokerage related issues across the equities, fixed-income and derivatives markets, in the U.S [read more]

Niki Beattie

Managing Director, The Market Structure Partners

Niki Beattie began her financial markets career in Information Technology at Security Pacific. She went on to work at Merrill Lynch for 14 years and became Managing Director and Head of EMEA Market Structure. Niki left Merrill Lynch in 2008 to set up The Market Structure Practice, a strategic consulting firm specializing in financial market structure.In her role at Merrill Lynch, Niki handled the [read more]

Rodrigo Buenaventura

Head of Markets Division, European Securities and Markets Authority (ESMA)

Ruben Lee

CEO, Oxford Finance Group

Ruben Lee is the CEO and Founder of Oxford Finance Group, a consulting firm which concentrates on business, economic, legal, political, regulatory and strategic aspects of financial markets. His clients include international finance organisations, governments, regulators, exchanges, clearing and settlement organisations, broker-dealers, data vendors, custodians, fund managers, commercial and inves [read more]

Jasper Jorritsma

Policy Officer, European Commission, DG Internal Market and Services

Jasper Jorritsma is a policy officer in the Securities Markets Unit at the Directorate General Internal Market and Services for the European Commission. He has served as senior policy advisor in the strategy, policy and international affairs department for the Netherlands Authority for the Financial Markets and worked as an economic analyst for the American Embassy in The Hague. Mr. Jorritsma bega [read more]

13:00 Lunch

Lunch

From 1pm - Afternoon Programmes: Buy Side Leaders

In the afternoon we offer you new content that is specifically designed for your job function and networking needs.

View the agenda for TradeTech Buy Side Leaders here:

http://www.wbresearch.com/tradetecheurope/agenda_buyside.aspx

From 1pm - Afternoon Programmes: Trading & Execution

In the afternoon we offer you new content that is specifically designed for your job function and networking needs.

View the agenda for TradeTech Trading & Execution here:

http://www.wbresearch.com/tradetecheurope/Agenda_TradingExecution_DayOne.aspx

From 1pm - Afternoon Programmes: Emerging Markets

In the afternoon we offer you new content that is specifically designed for your job function and networking needs.

View the agenda for TradeTech Emerging Markets here:

http://www.wbresearch.com/tradetecheurope/Agenda_EmergingMarkers.aspx

From 1pm - Afternoon Programmes: Trading Venues

In the afternoon we offer you new content that is specifically designed for your job function and networking needs.

View the agenda for TradeTech Trading Venues here:

http://www.wbresearch.com/tradetecheurope/Agenda_Venue_DayOne.aspx

From 1pm - Afternoon Programmes: Trading Architecture

In the afternoon we offer you new content that is specifically designed for your job function and networking needs.

View the agenda for TradeTech Trading Architecture here:

http://www.wbresearch.com/tradetecheurope/Agenda_Architecture_DayOne.aspx

17:45 Guest Speaker Big Ideas

Richard Peterson, Managing Partner, MarketPsych

Building trust of customer: how much is it worth and how can you use effective communication techniques to gain the lost trust?

Richard Peterson

Managing Partner, MarketPsych

From developing quantitative models to imaging the brains of investors, Dr. Peterson has spent his career at the intersection of mind and the markets. Dr. Peterson is Managing Director of the MarketPsych Group of companies comprising MarketPsych Data (financial sentiment data derived from news and social media at marketpsychdata.com), MarketPsych (behavioral economics consulting and training at ma [read more]

18:30 Evening Drinks

Evening Drinks

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Main Conference Day 1: Investment and Trading Strategies

April 17th 2013

Philip Coggan Capital Markets Editor, The Economist

François Bonnin CEO, John Locke Investments

Philip Coggan Capital Markets Editor, The Economist

Alex Fleiss Chairman & Chief Investment Officer, Rebellion Research Partners, L.P

Richard Lacaille Chief Investment Officer, State Street Global Advisors

François Bonnin CEO, John Locke Investments

Diana Chan CEO, EuroCCP

Michelle Price Trading and Technology Editor, Financial News, Dow Jones

Tim Rowe Manager, Trading Platforms and Settlement Policy, FSA

Paul Bowes Head of Business Development (EMEA), , Equities, Feeds & Platform/Thomson Reuters

Michael Seigne co-head of European Electronic Trading, Goldman sachs

David Miller Head of Trading, Invesco Perpetual

Philip Coggan Capital Markets Editor, The Economist

Christopher Gregory CEO, Squawker

Alasdair Haynes CEO, Aquis Exchange

Tony Mackay Founder, MarketBourse

Neil Smith Senior Equity Dealer (VP), European Equity Dealing, State Street Global Advisors

Adam Toms CEO, Instinet Europe

Andrew Lapthorne Global Quantitative Strategist, Societe Generale Corporate & Investment Banking

Jens Jacob Foged Head of Trading, Sparinvest S.A

Mark Hemsley Chief Executive Officer, BATS Chi-X Europe

Stephen McGoldrick Market Structure Director, Deutsche Bank

Martin Reck Managing Director Xetra, Deutsche Börse AG

Kee-Meng Tan Managing Director and Head of Electronic Trading, Knight Capital

Benoit Lallemand Senior Research Analyst, Finance Watch

Ari Burstein Senior Counsel, Securities Regulation, Capital Markets, Investment Company Institute

Niki Beattie Managing Director, The Market Structure Partners

Rodrigo Buenaventura Head of Markets Division, European Securities and Markets Authority (ESMA)

Ruben Lee CEO, Oxford Finance Group

Jasper Jorritsma Policy Officer, European Commission, DG Internal Market and Services

Richard Peterson Managing Partner, MarketPsych

Philip Coggan

Capital Markets Editor, The Economist

François Bonnin

CEO, John Locke Investments

Philip Coggan

Capital Markets Editor, The Economist

Alex Fleiss

Chairman & Chief Investment Officer, Rebellion Research Partners, L.P

Richard Lacaille

Chief Investment Officer, State Street Global Advisors

François Bonnin

CEO, John Locke Investments

Diana Chan

CEO, EuroCCP

Michelle Price

Trading and Technology Editor, Financial News, Dow Jones

Tim Rowe

Manager, Trading Platforms and Settlement Policy, FSA

Paul Bowes

Head of Business Development (EMEA), , Equities, Feeds & Platform/Thomson Reuters

Michael Seigne

co-head of European Electronic Trading, Goldman sachs

David Miller

Head of Trading, Invesco Perpetual

Philip Coggan

Capital Markets Editor, The Economist

Christopher Gregory

CEO, Squawker

Alasdair Haynes

CEO, Aquis Exchange

Tony Mackay

Founder, MarketBourse

Neil Smith

Senior Equity Dealer (VP), European Equity Dealing, State Street Global Advisors

Adam Toms

CEO, Instinet Europe

Andrew Lapthorne

Global Quantitative Strategist, Societe Generale Corporate & Investment Banking

Jens Jacob Foged

Head of Trading, Sparinvest S.A

Mark Hemsley

Chief Executive Officer, BATS Chi-X Europe

Stephen McGoldrick

Market Structure Director, Deutsche Bank

Martin Reck

Managing Director Xetra, Deutsche Börse AG

Kee-Meng Tan

Managing Director and Head of Electronic Trading, Knight Capital

Benoit Lallemand

Senior Research Analyst, Finance Watch

Ari Burstein

Senior Counsel, Securities Regulation, Capital Markets, Investment Company Institute

Niki Beattie

Managing Director, The Market Structure Partners

Rodrigo Buenaventura

Head of Markets Division, European Securities and Markets Authority (ESMA)

Ruben Lee

CEO, Oxford Finance Group

Jasper Jorritsma

Policy Officer, European Commission, DG Internal Market and Services

Richard Peterson

Managing Partner, MarketPsych