Registration, Morning Coffee And Opportunity To Network In The Exhibition Area

Welcome Address

Chair’s Opening Address

Keynote Economic Address: The Japanese Economic Outlook For 2008: A Sleeping Giant Awakes?

Jesper Koll President and Chief Executive Officer Tantallon Capital

To start TradeTech Japan 2008 we are delighted to welcome one of Japan’s most respected economists. Formerly chief economist at Merrill Lynch, resident in Japan for over 15 years, with stints also at JP Morgan Tokyo and Tiger Management LLC, Jesper is ideally placed to give a dynamic insight into the Japanese economic outlook. In his presentation Jesper answers:

• Is Japan back? Analyzing the importance of the following economic indicators:
  banks lending rates
• employment growth
• land prices
• regional spending
• Examining how the Japanese economy has changed over the past two years?
• how decoupled is the Japanese economy from the rest of Asia?
• Identifying and overcoming productivity challenges within the Japanese economy
• What pressures can we expect to see the government apply to the Bank of Japan?
• What opportunities could arise in large-cap, mid-cap, small-cap and micro-cap markets?

Keynote Interview: Evaluating The Future And Likely Success Of Japan’s Economic Reforms

Dr. Eisuke Sakakibara Professor, & Former Vice Finance Minister Waseda University Japan

Dr Sakikabara, affectionately known as ‘Mr Yen’ has been at the forefront of Japanese economic policy and thinking over the last 40 years. His career started when in 1965 he joined the Ministry of Finance. By 1971 he had been appointed Economist at the International Monetary Fund and in 1975 was made Deputy Director, First Insurance Division, Banking Bureau, MoF

His academic career also flourished, being made Associate Professor of Economics, Institute for Policy Science, Saitama University as well as Visiting Associate Professor of Economics, Economics Department, Harvard University.

In the eighties and nineties a succession of government appointments followed:

• 1981 Director (Planning and Research), International Finance Bureau, MoF
• 1983 Special Advisor to the President, Japan Center for International Finance
• 1985 Director, Treasury Division, Financial Bureau, MoF
• 1987 Director, Second Fund Planning and Operation Division, Financial Bureau
• 1988 Director, Government Debt Division, Financial Bureau
• 1989 Director, Co-ordination Division, Financial Bureau
• 1990 Director-General, Tokai Local Finance Bureau
• 1991 Deputy Director-General, International Finance Bureau
• 1993 Senior Deputy Director-General, International Finance Bureau
• 1994 President, Institute of Fiscal and Monetary Policy
• 1995 Director-General, International Finance Bureau

This culminated in his appointment in 1997 as Vice Minister of Finance for International Affairs.

Retiring from government in 1999 he became Professor of Keio University before taking up his current post in 2006.

In this interview Dr Sakakibara comments on recent Japanese economic reforms and the overall economic situation in Japan focusing on:

• Lessons learnt from the privatization of Japan’s postal system
• What further economic reforms can we expect to see in Japan?
• Evaluating the ongoing profitability of banks in Japan
• prospects for consolidation amongst 2nd tier and regional banks
  

Accessing And Attracting Liquidity In The New Global Trading Landscape: What Are The Lessons For Japan?

Dan Keegan Nikko Citi

Heading Global Electronic Execution Sales for Citi, Dr Stavros Siokos is ideally placed to give an expert insight into where the global trading landscape is heading and what are the key takeways for both the buyside and sellside.

In his presentation Stavros addresses:

• The buy side perspective: where should you place your bets? Where do you get your feeds from?
• What is the evidence if any that new liquidity is flowing? Who are the new market entrants and which regulated markets and MTFs (multi lateral trading facilities) are attracting the most liquidity?
• Analysing the impact of dark pools – has their use been as predicted?

Refreshment Break And Opportunity To Network In The Exhibition Area

Keynote Panel Discussion: A View Into The Buy Side’s Executive Boardroom: Examining The Future Of The Investment Process In Japan And Its Impact On The Trading Floor Of The Future

	John Vail Chief Global Strategist and Head of Global Asset Allocation Nikko Asset Management
	Jesper Koll President and Chief Executive Officer TANTALLON CAPITAL
	Hirofumi Kasai Chief Investment Officer TOKIO MARINE ASSET MANAGEMENT
	MODERATOR: DEUTSCHE BANK

The Japanese ever changing economic climate is directly impacting the investment process. What opportunities does this continuing shift create? This discussion brings together leading Japanese asset managers as they debate key investment issues they face daily. The panelists uncover what they predict will be the impact on domestic and international trading strategies as well as the repercussions on the roles of the trader and the portfolio manager.

• Examining the current health of the Japanese market and the global forces impacting the Japanese economy
• Predicting portfolio structures of the future that will maximise investment objectives
  
  • best practices to understanding and defining the future role of the trader within these investment parameters
• Assessing the relative merits of active vs passive management
• Responding to the regulatory pressure in the Japanese market: What does the future hold for the investment management business model?
• Thrive, survive or demise: What lies in store for the dealing rooms of the future?

PANEL DISCUSSION: Forecasting the Potential for Unbundling in Japan –What Lessons Can be Learnt From the Rest of The World?

	Richard Vigsnes Head of Trading NORTHERN TRUST GLOBAL INVESTMENTS
	Bertil Meijer Head of Trading ABP INVESTEMENTS
	Tomoatsu Yamamuro Head of Dealing BLACKROCK JAPAN
	MODERATOR: Nick McDonald Head of Asia Equities INSTINET

Lunch And Opportunity To Network In The Exhibition Area

Stream A - Technical Electronic Trading Challenges

Chair’s Opening Remarks

	Hiroshi Matsubara Marketing Director – Japan Fidessa kk
	Co-chair Japan FPL Regional Committee FIDESSA

Capitalising On The Benefits Of Your OMS To Gain Deeper Access To Liquidity In A Increasingly Fragmented Market

Dean Chisholm Regional Head of Operations – Asia Pacific INVESCO

Invesco has a presence across Asia markets using OMS's of one type or another since 2000.  Their use of OMS's has reflected the change in products available in the market and maturing of the Asian markets.  Having installed, and decommissioned, a number of OMS's a few practical experiences will be shared which the OMS vendors don't put in marketing materials. In his presentation Dean discusses how to overcome the challenges of:

• Configuring your OMS to source multiple pools of liquidity
• Using your OMS to drive productivity
• Do broker-neutral OMSs provide greater opportunities for asset managers to source liquidity?
• Compliance ownership: encouraging your front office to view best execution requirements and available liquidity as a front office responsibility
• How does your OMS systems help deal with issues of market fragmentation?

Buy-side traders are wholly engaged with the enormous challenges facing rapidly evolving industry. ‘The global voice of the buy-side trader ‘

Eisuke Hattori Business Development Director LIQUIDNET JAPAN

Refreshment Break And Opportunity To Network In The Exhibition Area

Panel Discussion: The Increasing Functionality And Customization Of Algorithms In Japan: Analysing Their Ongoing Impact On The Equity Trading Market

	Takashi Nakamura General Manager - Trading Department Tokio Marine Asset Management
	Masaya Fujii Senior Manager - System Planning & Development Department Nomura Asset Management
	Andrea Sorani Head of IT and Operations Japan Advisory
	Nobuo Wazaki Senior Vice President Lehman Brothers
	Masaharu Katsumori Senior Trader Mitsubishi UFJ Trust and Banking

Hiroshi Matsubara Marketing Director – Japan, Fidessa kk Co-chair, Japan FPL Regional Committee FIDESSA

Whilst the sellside have been extremely vocal about the benefits of algorithmic trading it’s also important to hear the first hand experience of the buy side. For this session we are joined by three leading users of algorithmic trading in Japan who will discuss:

• Examining the costs and benefits of off the shelf options vs building specifically for your infrastructure
• Can an algo that works in US and Europe also work in Japan or does it need to be custom designed?
• does it do what it says on the box?
• Designing more advanced algos for to meet more complex trading demands – what are the next generation of algos that the buy side require?
• Quantifying the benefits that the Japanese buy side have found when using algos
• savings on commission rates
• greater power and control in setting trading parameters
• What can brokers do to improve their service offering?

News, Blogs, and Full-Tick Logs: Innovative approaches for quantitative and event-driven trading

Richard Brown Global Business Manager Reuters NewsScope

As a Global Business Manager for Reuters, Mr. Brown is responsible for Reuters machine readable news programme, including Reuters NewsScope Archive and Reuters NewsScope Real-time. Prior to joining Reuters, Mr. Brown co-founded and was the Chief Operating Officer of Foresight Research Solutions, LLC, a New York-based independent research firm. Foresight serviced the institutional investment community with fundamental equity research on energy, industrials, biotechnology, and small capitalization securities, as well as macro economic and foreign exchange research. Prior to Foresight, Mr. Brown was a Senior Client Manager for International Business Machines managing its solution portfolio for Fortune 500 customers. Mr. Brown holds an MBA from the Stern School of Business at New York University and a Bachelor's degree in Management and International Business from the Smeal College of Business at The Pennsylvania State University. In addition, Mr. Brown holds the Series 7 and Series 24 licenses from the NASD.

Best Practices for Japanese Investors and Asset Managers to Capitalise on China’s Changing Pension Fund and QDII Landscape?

Chair’s Opening Remarks

Examining Opportunities To Increase Profits After Market Close

Mitsunori Fukushi Representative Director SBI Japannext

SBI’s after hours trading PTS (Proprietary Trading System) has been in existence for nearly 9 months. How successful has it been? What market impact has it had? To discuss this we’re joined by Mitsunori Fukushi, Director at SBI Japannext who will explain:

• What have been the drivers behind the growth of after hours trading?
• Who is using it and why?
• How is after hours trading impacting market infrastructure?

Capitalising On The Growth Of The Retail Investment Industry In Japan

Shigeo Mizuta President Monex Alternative Investments

One of the big trends over the last year in Japan has been the rise of the retail investment industry. What significance does this have for the Japanese investment landscape? To discuss this we are joined by Shigeo Mizuta of Monex Alternative Investments who will discuss:

• Examining the big push from retail investors from low interest bearing bank and post office accounts to towards higher return investments – how is this transforming the investment landscape?
• Who are the new retail investors? Baby boomers (dankai sedai)? Over 40s?
• capitalizing on the changing sentiment towards the national pension system
• Examining how retail distribution channels in Japan are evolving
• Identifying the regulatory barriers that still need to be overcome for investment banks to start serving the retail broking market

Refreshment Break And Opportunity To Network In The Exhibition Area

In Conversation: Evaluating The Experiences Of A Leading European Pension Fund In Establishing A Dealing Desk Whilst Embracing Trading Technology

	Bertil Meijer Head of Trading ABP Investments
	In conversation with:
	John Lee Editor The Trade

Japanese pension funds are viewed as conservative in their approach to risk. As a result, many are quite reluctant to embrace electronic trading. In Europe, however, most pension funds have been more willing to adopt electronic trading and have reaped the benefits.

Bertil Meijer is responsible for Global equity and equity derivatives trading.  ABP has 210bn euros in assets and Bertil runs all global equity implementation out of Amsterdam with a team of 4 traders. Prior to this, he was an Investment Manager at a hedge fund in London, implementing hedge fund strategies in European and US Equities and worked for F&C Management in London and Amsterdam.

In this interview Bertil and John:

• Identify the prerequisites that institutional investors must meet when adopting trading technology
• Examine the relationship between investment strategies and implementation strategies and its impact on technology adoption
• Review the main challenges and opportunities for institutional investors going down the electronic trading route?

Hedge Fund Panel Discussion: Employing Electronic Trading Technology To Deal With The Complex Requirements Of Hedge Funds

Panelists:

	Toshio Aoki Fund Manager StatArb
	Fangsheng Liu Chief Executive Officer MaxVA Investors
	Thomas Giuffre Chief Operating Officer 8 PEAK CAPITAL
MODERATOR:
	Neil Katkov Group Head of Research CELENT JAPAN

It is generally recognized that hedge funds are further along the adoption of advanced electronic trading techniques in comparison to traditional asset managers. In this panel we uncover the reasons for this, discussing:

• Reviewing the adoption of electronic trading amongst Japanese hedge funds
• Evaluating the popularity of hedge funds in Japan towards DMA, unbundling and algorithmic trading
• Examining how outsourcing trade execution to outside Japan impacts the hedge fund communities’ trading technology requirements

Chair’s Closing Remarks

End Of Day One

TradeTech Japan Networking Reception

Unwind, relax, network and drink. Unwind, relax, network and drink some more. Unwind, relax, network and…..well I’m sure you get the picture. Enjoy yourself at what’s going to be a great party, fantastic opportunity to catch up with some old acquaintances as well as make some new friends.