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

Chair’s Opening Address

Investor Keynote Address: How Do Japanese Investors Perceive Electronic Trading?

Traditionally, Japanese investors have been viewed as conservative in their approach to risk. As a result, they have often been perceived by some as holding the growth of the electronic trading market back. Is this really fair? In this presentation Takashi Hiratsuka, who has been with Resona Trust and Banking for 8 years will discuss:

• Understanding the inter-relationship between pension funds and asset management companies and its impact on technology adoption
• What are institutional investors main concerns regarding trading technology?
• Has recent regulation on average cost pricing fully alleviated pension fund concerns?
• What are the prospects for institutional investors going down the DMA route?
• Reviewing the development of the asset management environment in Japan and its impact on the pension fund industry
• How is the perception of Japanese pension funds towards hedge funds changing

Hedge Fund Manager’s Keynote Address: Prescribing An Investment Philosophy For The Japanese Market

Takeshi Fujimaki Chief Executive Officer Fujimaki Japan

To Japanese delegates Takeshi Fujimaki needs to introduction. Hedge fund manager and author of numerous books on trading and investing, his views are highly sought after. We are delighted to welcome him to TradeTech Japan 2008 where he will discuss:

• Evaluating the outlook for the Japanese equity markets in light of recent US$ vs Yen performance
• Developing effective risk limits – strategies to overcome market, credit and illiquidity risks
• Exploring what opportunities may lie in fixed income

Algorithmic Trading In Turbulent Markets

	Robert W. Hogan Managing Director Deutsche Securities
	Hirofumi Takayama Director Deutsche Securities
	Mark Maloney Director Deutsche Securities

Where to next for algorithmic trading? What new developments can we expect to see? And what opportunities do they provide for the buyside in Japan?

In their presentation Deutsche Securities:

• Assess the demand and range of algos currently being used in Japan
• Evaluate the true market impact of algorithmic trading in Japan
• Address customer service concerns regarding algos
• client redress when something goes wrong in algo deployment
• increasing volatility by overreacting to positive and negative news
• Examine trends seen in the US and Europe and when toexpect these developments to be adopted in Japan

Refreshment Break And Opportunity To Network In The Exhibition Area

Buy Side Panel Discussion: Afraid Of The Dark? Evaluating The Adoption Of Dark Pools By The Buy Side And Overcoming Their Concerns

	Tetsuya Wakabayashi Head of Trading Morgan Stanley Investment & Trust Management
	Michi Mochizuki Trading Department Schroders
	Christine To Head of Asia Trading T Rowe Price International
	Christian Chan Head of Electronic Trading Asia INSTINET

Statistics vary, but there is a broad consensus that current adoption of dark pools amongst international buyside based in Japan has been strong. However, adoption amongst the domestic Japanese buyside is still at a very nascent stage. To understand this lack of adoption, we must first uncover how the domestic Japanese buyside truly view dark pools.

Join this lively discussion where leading members of the Japanese buyside community to discuss and debate the following key issues:

• Evaluating the impact that the Japanese buyside believe dark pools will have on they way they conduct trading – how will they be seamlessly integrated?
• Identifying what technology adoption paths the buyside will adopt to implement dark pools
• effectively integrating OMS/EMS systems with dark pools
• How efficient and easy to use have the buyside found dark pools so far?
• what post trade metrics are the Japanese using to measure the efficiency of dark pools?
• Addressing the Japanese buysides’ major concerns towards dark pools crossing networks: can they be overcome?
• information leakage concerns
• low level of crossing technology
• regulatory requirements
• reluctance to move away from the exchanges
• building in anonymity identifiers to avoid gaming and front running
• maintaining sufficient liquidity levels in the dark pool / crossing network
• matching and conflict of interest concerns with internal dark pools
• how much do the Japanese buyside really need or want dark pools?
• addressing concerns about accountability
• greater fragmentation
• internalization if there is a prop desk involved

Will Global Financial Market Trends Impact on Japan

Exchanges Panel Discussion: Examining How Exchanges Are Responding To The Changing Buy And Sell Side Demands

	Kotaro Yamazawa Executive Director Osaka Securities Exchange
	Hironaga Miyama Senior Executive Officer Tokyo Stock Exchange
MODERATOR:
	Ulf Carlsson General Manager NASDAQ OMX

If one accepts that dark pools are inevitable in Japan, what does this mean for the exchanges? How will they react in Japan? Will they consolidate as we have seen in some international markets or will they adopt a different strategy?

Walk away with some clear answers to these questions as we are joined by the leading exchanges in Japan. Key learning points include:

• Understanding how recent regulatory and market structure changes are driving the exchanges’ strategy towards servicing market participants
• What steps are the exchanges currently taking in Japan to meet the demands for more efficient trading? What lessons can be learnt from exchanges outside Japan?
• what liquidity providing and alternative trading options are the exchanges offering?
• How successful have the exchanges been in achieving the following objectives?
• improving latency
• increasing flexibility
• increasing robustness
• greater price dissemination
• What level of mergers and consolidation can we expect to see in Japan? Can some of the exchanges survive without joint ventures?
• should exchanges be protected by the regulator
• evaluating the opportunity for JVs and alliances with exchanges from outside Japan
• OSE and Eurex
• TSE with NYSE and the LSE
• What future trading improvements can the buyside and sellside expect to see from the exchanges?
• can we expect to see tick sizes being decimalized?
  

Lunch And Opportunity To Network In The Exhibition Area

The Evolving Securities And Exchange Landscape in Japan: Where To Next?

Neil Katkov Group Head of Research CELENT Japan

Neil, an expert commentator on the Japanese trading landscape, is well positioned to address what further changes we can expect to see within the Japanese securities and exchange landscape. In this ‘crystal ball’ session Neil looks at:

• Evaluating the impact of the following exchanges initiatives on electronic trading technologies
• TSE
• OSE
• JASDAQ
• Japanese Commodities Exchange
• What has been the response of the sell side?
• What has been the impact on market infrastructure?

The Equity Trading Marketplace Five Years On: What Lessons Are There To Be Learnt For The Japanese Market?

In the US the buyside have really started to take control of their orders due to the enhancements in FIX, OMSs, DMA, and algorithmic trading.

Amongst the issues Rich touches upon in his presentation are:

• Examining the changing role of the sales trader
• Understanding the enhancements to OMSs
• How will developments in the following areas impact the equity trading market?
• crossing networks
• enhanced FIX capabilities
• enhanced DMA capabilities
• better algorithms
• unbundling

Refreshment Break And Opportunity To Network In The Exhibition Area

Exploring How Regulations Affect The Activities Of Asset Managers and Hedge Funds Within Japanese Regulatory Framework

J-SOX: Understanding its Impact On Transparency and Financial Reporting

Chair’s Closing Remarks

End of TradeTech Japan 2008