Algorithmic Trading Conference day one – FX Electronic and FX Algorithmic Trading

09:00 Presentation 30 min-– Regulatory UpdateEliminating uncertainty in upcoming regulation – how FX markets, and your business, will be affected Essential insight, direct from the regulators! This opening regulatory keynote will be delivered by one of the leading figures in determining European regulation. It is your chance to hear their candid views on the regulator’s vision for currency markets, and to put your questions to them directly. A unique, not-to-be-missed opportunity to get real insight on the changes and direction of where the FX market is heading. Outlining the regulators objective – the vision for FX markets Current thinking on which markets, products and institutions will be covered by MiFID, EMIR and Dodd Frank requirements and where exemptions will be made Exploring the need for increased transparency, clearing and projected bearers of regulatory costs Clarifying expectations and timelines for implementation – what you should be doing now and over the next 12 – 18 months

09:30 Panel 60 min – Examining regulatory reform in FX markets – uncovering the implications for market structure Whether you view increased regulatory scrutiny as a positive force for change or a necessary evil, it’s now a fact of life. In this session a panel of policy makers, regulators and representatives of market leading trading houses debate the likely impact on market structure and attempt to shed light on how you should be preparing to adapt to the new regulatory climate Are the regulations designed for wider financial markets (EMIR / MIFID, DoddFrank) fit for purpose in the context of FX markets? Can the be adapted and applied successfully? Which aspects of currency trading are worthy of increased attention from the regulators? Examining how market structure changes will be driven by new regulation – preparing for further developments in platforms and the exchange landscape Assessing the possible impact of increased transparency requirements on business models and trading strateiges What unintended consequences may arise from the new regulatory regime and how can market participants and regulators prepare for these?

10:30 Coffee Break Coffee Break

11:15 Panel 60 min – Confronting the spectre of high frequency trading – a market threat? Or a market opportunity? HFT – for some the super-villain of financial markets in the last few years, for others a misunderstood and benign, if not benevolent provider of liquidity. Does HFT drive volatility, or stabilise markets during turbulent times? Are HFT strategies really predatory? How can you best interact with the liquidity provided by high frequency firms? This panel answers your most pressing HFT questions. How big is HFT in FX, how big will it become, and does it really pose any kind of threat to other market participants? Examining the tools and techniques of the high frequency trader and debating their role as providers of liquidity Considering the evidence from equities – what impact does HFT really have on markets?

12:15 Presentation 30 min – Understanding the repositioning of central banks to the forefront of the industry and the impact on the dynamics of the market Central banks are increasingly driving trends in currency markets from Tokyo to London, and do so with a fixed agenda that is closely tied to government policies. For many trading FX this is an unwelcomed development, but one that can not be avoided – this presentation examines the trend and explores how initiatives like QE are likely to continue to drive markets and how you should be adapting. Will the change in hands of the new Bank of England governor mean a change of UK policy? how independent are central banks from regulators? What other QE measures might central banks introduce with interest rates being close to zero? How to adapt to more policy driven market with increasing intervention from central banks,

12:45 Lunch Lunch

Stream A – EXECUTION QUALITYStream B – TRADING AND CLEARING FX OTC DERIVATIVES 14:15 Presentation 30 min - How to effectively measure your trading performance with TCA Stream A – EXECUTION QUALITY Jim Cochrane, Director, TCA for FX Product Manager, ITG Presentation 30 min - How to effectively measure your trading performance with TCA Jim Cochrane Director, TCA for FX Product Manager, ITG 14:15 Evaluating the extent to which new rules on derivatives trading will impact FX markets Stream B – TRADING AND CLEARING FX OTC DERIVATIVES Assessing the impact of May 1st regulation on FX options, Non-deliverable forwards – how have trading behaviours changed? Understanding the cross-border implications of Dodd-Frank on international swaps and forwards markets Defining derivatives, what will be affected by the regulation and how will they apply?

Stream A – EXECUTION QUALITYStream B – TRADING AND CLEARING FX OTC DERIVATIVES 14:45 Panel 60 min – moderator: Rebecca Healey Accurately measuring TCA in an FX market: Is creating an universal benchmark a necessity and where are the credible data sources? Stream A – EXECUTION QUALITY Addressing Transaction Costs Analysis concerns in the FX market, with the increased need for transparency and reporting, an excursion into how to effectively collect, analyse and benchmark TCA. Is the 4pm fix still valid? Should we be looking into other benchmarks? Will the rise of exchanges and increasing number of ECNs assist in benchmarking TCA? How to acquire the most comprehensive and highest quality data sets for TCA? In House Vs. external TCA, which is the most advantageous? What can TCA tell you about trading behaviour? What to do with the data – how you can use TCA effectively to improve trading performance 15:00 Panel45 min - From OTC to on exchange – are we moving towards a centralised, automated market place for FX derivatives? Stream B – TRADING AND CLEARING FX OTC DERIVATIVES Are standardised contracts to facilitate a fully centralised, automated market place a realistic goal? What percentage of FX business is likely to move onto exchanges and other venues such as SEFs and what does this mean for existing business models and relationships? Assessing the advantages and disadvantages of trading on exchange where available Evaluating the medium term outlook for on-exchange FX trading

15:45 Coffee Break Coffee Break

Stream A – EXECUTION QUALITYStream B – TRADING AND CLEARING FX OTC DERIVATIVES 16:15 Panel 45 min - Battle of the platforms: As platforms proliferate, who will be the winners and losers in the market? Stream A – EXECUTION QUALITY How can platform providers differentiate their offerings in an increasingly commoditised market? Do multi-dealer or single dealer platforms offer the best pricing and liquidity? Establishing criteria each organisation should use to evaluate their platform requirements Forecasting the future in the battle of the platforms – consolidation into ‘on stop shops’ or fragmentation into niche specialists? 16:15 OTC clearing for FX – what you need to know and how your business needs to be preparing Stream B – TRADING AND CLEARING FX OTC DERIVATIVES Clarifying the new clearing requirements for OTC FX – what you need to do to be compliant, and by when Establishing clearing criteria for NDFs, CSFs, spot, forwards and options Optimising OTC clearing to mitigate risk, enhance liquidity and improve capital efficiency Selecting a clearing partner – questions you need answered before making a decision

Stream A – EXECUTION QUALITYStream B – TRADING AND CLEARING FX OTC DERIVATIVES 17:00 Panel 45 min- Broker selection – how should you be choosing your trading partner and when should you change? Stream A – EXECUTION QUALITY Evaluating the merits of the bulge bracket compared to the nice expertise of a local bank essential criteria to consider when deciding who to trade with How influential should ‘value added’ services be in your decision about broker selection vs price, liquidity and market knowledge How important is the broker relationship in a landscape increasingly geared towards automated execution? how can you effectively measure broker performance and when should you make the decision to change broker? 17:00 Panel 45 min- Successfully managing relationships with your brokers and custodians: how to include custodians in the new FX paradigm? Stream B – TRADING AND CLEARING FX OTC DERIVATIVES What will brokers need to do to stay competitive and how will the buy side / sell side relationship evolve? How to partner effectively with your custodians under increasing regulation and transparency demands? How custodians can adapt to the new situation? Renewed relationship with your custodians

17:45 End of Day 1 Conference End of Day 1 Conference