8:00 - Registration and Morning Coffee Registration and Morning Coffee

08.50 - Chair's Opening Remarks And Start of Morning Plenary Session John Lee, Editor, The Trade Chair's Opening Remarks And Start of Morning Plenary Session John Lee

09.00 - Address: Examining The Latest Changes In The European Exchange Landscape And The Role Of Electronic Trading Tim Wildenberg, Managing Director - Direct Execution Business Europe, UBS Successful markets share key features that promote liquidity, including anonymity, crossing, securities lending and direct execution. We're delighted to start TradeTech Japan 2009 with and address from Robert Barnes, one of the world's leading practitioners in market structures who will discuss: Reviewing emerging trends in trading and technology Understanding how crossing regulations and allowing anonymity increase investor confidence and a add liquidity How is the global downturn impact the trading marketplace? Evaluating the impact of innovations in AEVs on direct execution Tim Wildenberg Tim Wildenberg is the Managing Director running the Equity Direct Execution business in Europe for UBS Investment Bank. As such he is responsible for the product development, sales, marketing and day to day operations of UBS's award winning DMA and DSA (Direct Strategy Access) services. He has also recently taken responsibility for coordination of the Direct Execution sales teams around the world. Tim was one of the founding Director's of FIX Protocol Ltd. In prior roles Tim was a market maker [ read more ...]

09.30 - Allowing More Freedom And Choice Or An Unnecessary Complication – Do The Japanese Buy Side And Brokers Really Want CSAs (Commission Sharing Agreements) And What Lessons Can Be Learned From The Wider Asian Experience? Tomoatsu Yamamuro, Managing Director, Tokyo Dealing, BlackRock Japan Mark Burges Watson, Chief Operating Officer, Japan Invest Matt McKeith, Head of Equity Dealing, First State Investments Nick McDonald, Co-head of Equities, Asia Pacific & Japan,, Instinet CSAs are a contentious issue in Japan and to explore this further we are delighted to welcome a distinguished panel from the buy and sell side to debate: Reviewing how brokers are currently rated and assessed in Japan Identifying the main objections in Japan to CSA Explaining what benefits unbundling can bring to the Japanese buy side and broking community How does CSA impact counterparty risk? When can we expect to see CSAs become widespread in Japan? Tomoatsu Yamamuro Mark Burges Watson CV: Co-founder of Japaninvest, Mark has 17 years of Japanese equity sales experience gained at JP Morgan, Robert Fleming and BZW. Mark has an MA in History from St John's College Cambridge and also read Economic History at Pavia University, Italy. Matt McKeith Nick McDonald

10.00 - Educating The Audience On How The FSA's Regulations Are Helping The Trading Industry Yuko Takagi, Deputy Director - Securities Business Division, FSA To explain the FSA's policy we are delighted to welcome Yuko Takagi from the Japanese regulator. Understanding the FSA approach to the following: short-selling CSA Cross trades What future initiatives does the FSA plan? Yuko Takagi

10.30 - Understanding Complex Event Processing And How It Can Improve Algorithmic Trading Akira Togashi, Marketing Manager, Sybase No session description available. Akira Togashi

11.00 - Morning Coffee, Opportunity To View Exhibition And Opening Of Voting For The TradeTech Japan Awards Announcing Voting For The The TradeTech Japan 2009 Awards Categories And Rules For 2009: Best Japanese Execution Venue of The Year (either standard or alternative execution venue) – only buy side allowed to vote Most Innovative Product Of The Year – everyone allowed to vote but not for own company's product Best Japanese Vendor of the Year (i.e. for data, OMS/ EMS, smart order routing etc) – everyone allowed to vote but not for own company The Judging Process:Voting will be carried out on site. All attendees will be allowed to vote. Nominations: For more information about how to nominate yourself / your client please call Andrew Thake on +65 6408 9210 or at andrew.thake@wbresearch.com. Alternatively go to www.tradetechjapan.com.Nominations close on Friday May 29th 2009.

11.30 - Evaluating The Next Wave Of Algorithms And Assessing The Benefits That They Will Bring To The Buy Side Kenichi Shikano, Senior Trader, Mitsui Asset Management Tamaki Takahashi, Trader, Portfolio Management Department, AXA Rosenberg Investment Management Mark Brady, Sales Director, Instinet Nobuo Wazaki, Senior Manager - Equity Group, Mizuho Securites Recent markets events have highlighted the importance of algos and in this panel leading buy side and sell side discuss: How successful are algos in Japan at ‘not leaving a footprint in the market' can smart algos be gamed? Evaluating how successfully have algos performed under current volatile market conditions Co-existing with discretionary strategies: how can algos support rather than supplant the discretionary trader? Kenichi Shikano Tamaki Takahashi Mark Brady Mark Brady joined Instinet in September 2008 to oversee sales and distribution of the firm's Transaction Cost Analysis products in the Asia-Pacific Region. He previously spent five years on the trading desk at JPMorgan Asset Management in Tokyo. His work experience in Japan spans over fifteen years and he is fluent in Japanese. Nobuo Wazaki Nobuo Wazaki joined Credit Suisse Japan in April 1988. He worked at the company for 19 years holding a variety of positions such as CB/Warrant Trader, Equity Sales Trader, and Algorithmic Sales Trader. He joined Lehman Brothers Japan in May 2007, and has managed the domestic execution trading service including Sales Trading as well as Electronic Sales Trading desk. Subsequently, he has joined Mizuho Securities in October 2008 to be senior manager of the Electronic Trading team.

12.00 - Understanding The Role Of Transaction Cost Analysis (TCA) In Measuring And Reducing Costs Takashi Hiratsuka, Chief Trader, Resona Trust & Banking Glen Gee, Head of Analytical Research - Asia Pacific, ITG Takashi Hiratsuka, Chief Trader - Asset Management Division, Resona Bank Kazuhiro Kobayashi, Vice President, BlackRock Japan This session looks in greater detail at the use of TCA in controlling total trading costs: An overview of Asian trading costs in light of market volatility – how much and why have costs soared across different Asian markets? How is the Japanese market reacting to these increased costs? The practicalities of TCA – what are the benefits, and what is required to implement it effectively? How relevant is it for Japanese fund management firms, and how do they get started? Identifying the challenges of managing costs across multiple markets - what are the practical solutions available? Integrating TCA into the broader investment process to get real results – making sure the results of TCA are acted upon. Further Buy side panelists to be announced – please see www.tradetechjapan.comfor updates. Takashi Hiratsuka Glen Gee Glen Gee is the Asia Pacific Head of Analytical Products and Research at ITG, and he moved to Tokyo in 2008 to lead ITG’s business operations in Japan. Since joining the firm in 2000, Glen has overseen the development of ITG's pre- and post-trade analysis tools, TCA® andITG Logic™. Prior to joining ITG, Glen worked as an Equity Portfolio Manager at BGI Australia and also held positions at ABN Amro Securities and ANZ Securities. He holds B Ec and M App Fin degrees from Macquarie [ read more ...] Takashi Hiratsuka Kazuhiro Kobayashi I joined Industrial Bank of Japan in 1994 and traded FX till 1998from 2000, I traded Japanese equity and convertible bond till 2007 joined BlackRock since June 2008.

12.30 - Analysing The Rise Of Agency Only Dark Pools, ECNs, (Crossing Networks), And PTS's (Proprietary Trading System) In Japan And How Exchanges Are Responding To The Challenge To Their Dominant Status Kotaro Yamazawa, Executive Director, Osaka Securities Exchange Tomoyoshi Uranishi, Senior Executive Officer, Tokyo Stock Exchange Francisco Izawa, Managing Director, Liquidnet Robert Rooks, Chief Administration Officer - Asia Pacific , Chi-X In this session we look at how the future AEV landscape will pan out in Japan. Reviewing the impact of the introduction of AEVs (Alternative Execution Venues) in Japan – what has been the response and uptake by the buy side? – what are the specific concerns that the Japanese buy side have on using agency only dark pools? – tick sizes and trading costs – can a dark pool be cheaper than the TSE? – What are ECNs and dark pools being used for? Is it mainly small and mid-caps? Encouraging the buy side to open up order flow to dark pools: addressing the buy sides' major concerns towards dark pools and crossing networks: can they be overcome? – are there potential conflicts of interest in full service broker dark pools? – how can the buy side limit their exposure to toxic flow and counterparty risk? What are dark pool operators doing to prevent this unwelcome activity and is this enough? Predictions for the future of AEVs in Japan – what market share can we expect to see AEVs take in Japan and why? – are the barriers to entry too great in Japan? Modernising the exchanges: what do they need to do to meet the increasing needs of the buy side and combat the rise of AEVs? Kotaro Yamazawa Tomoyoshi Uranishi Francisco Izawa Robert Rooks

13.00 - Networking Lunch And Opportunity To View Exhibition Networking Lunch And Opportunity To View Exhibition

14.10 - Harnessing The Benefits Of Smart Order Routing To Navigate Through An Increasingly Fragmented Market Place Olivier Thiriet, Managing Director - Asia Alternative Execution Products, Credit Suisse There are a variety of SOR techniques and to explain these and how they will impact traders we welcome Olivier Thieret who will uncover the following key aspects: Getting the basics right: how does SOR work in practice? Delivering on its promises? How smart is SOR? Can they be differentiated? Successfully incorporating SOR into your DMA and algo strategy Integrating SOR with your OMS and EMS systems Olivier Thiriet

14.40 - Dancing With The ‘Enemy': How The Interaction Between Exchanges and AEVs (Alternative Exchange Venues) Can Improve The Capital Markets For Everyone. TonyMackay In this presentation Tony brings his experience of working in Japan Live Via Satellite Keynote Address with his current role to examine how AEVs may shake up the Japanese trading marketplace: Understanding how new markets interacting with established markets increase the pie for everybody Examining the new breed of market makers – payment models for supplying liquidity The interaction of Dark versus Light

15.10 - Evaluating The Robustness Of The Japanese Economy In Dealing With The Global Economic Crisis – Will It Emerge Stronger Or Weaker From The Worldwide Slowdown? Jesper Koll, President & Chief Executive Officer, Tantallon Capital Gwen Robinson, Editor, Financial Times To debate this we bring together one of Japan's leading economists and one of Japan's leading financial journalists to examine key critical economic issues such as: Entering survival mode– who will the winners and losers be? Predicting how we can expect to see Japan equities perform in 2009 - how will this compare to other Asian economies? Reviewing the latest Japanese consumer confidence metrics– what do they tell us about the severity of the downturn? What opportunities has the down turn created for Japanese brokers looking to supersede their international counterparts who have seen their reputations tarnished by the international crisis? Jesper Koll Jesper is the President and CEO of our new Tokyo office, Tantallon Research Japan KK.Jesper has been researching and investing in Japan since becoming a resident in 1986. For the past eight years he was the Chief Economist of Merrill Lynch Japan. Prior to that, he had worked for the Tiger Fund. He was also the head of research for JP Morgan in Tokyo (1994-1998) and the chief economist of SG Warburg (1989-1994). His analysis and insights have earned him a spot on several Japanese government [ read more ...] Gwen Robinson Gwen Robinson is a Tokyo-based correspondent and editor for the Financial Times. She writes commentary and a daily newsletter for the FT's financial blog, FT Alphaville, focusing on financial, business and markets news. This is her second stint in Tokyo. Before moving back to Japan in 2007, she was the FT's Comment Editor based in London from 2003-07 and news editor of the FT's online edition, FT.com, from 2001. She joined the FT in Tokyo in 1995 and in 1997 became the FT's Australia-Pacific [ read more ...]

16.20- Implementing Effective Counterparty Risk Management Techniques In Today's Trading Environment To Meet The Buy Side's Expectations In Terms Of Guarantees Jesper Koll, President & Chief Executive Officer, Tantallon Capital Rory Kennedy, Chief Operating Officer, United Managers Japan Rick Okuno, Managing Executive Officer, Rheos Capital Works Counterparty risk is the new buzzword in 2009's trading environment and to discuss this we welcome some key buy side players to discuss: Will the buy side shift order flow to more agency brokers to avoid counterparty risk? Implementing more rigid due diligence processes when dealing with sell side – what steps can be taken? Understanding whether there are additional counterparty risks of trading off exchange and if so what contingencies can be taken Reviewing the role of the clearing house in Japan How does counterparty risk impact stock lending? Predicting whether the current concern over counterparty risk will lead to the sell side investing less in EMS platforms Jesper Koll Jesper is the President and CEO of our new Tokyo office, Tantallon Research Japan KK.Jesper has been researching and investing in Japan since becoming a resident in 1986. For the past eight years he was the Chief Economist of Merrill Lynch Japan. Prior to that, he had worked for the Tiger Fund. He was also the head of research for JP Morgan in Tokyo (1994-1998) and the chief economist of SG Warburg (1989-1994). His analysis and insights have earned him a spot on several Japanese government [ read more ...] Rory Kennedy Rick Okuno Joined Rheos in 2008. Founded fund marketing company Teneo Partners in 2003 following a career at Morgan Stanley, Salomon Smith Barney and Templeton Investment Management. Knowledgeable on domestic and global asset management industry and trends.

15.40 - Afternoon coffee and networking break Afternoon coffee and networking break

16.20 - How Did We Get To Where We Are Today? Examining The Role Played By Technology In The Sub- Prime Crisis And Avoiding Future Mistakes Neil Katkov, Senior Vice President, Head of Asia Research, Celent Neil will examine the sub prime crisis and the role that technology played. Issues discussed include: Re-examining the root causes of the sub-prime crisis:– to what extent was poor data governance to blame?– what does the sub-prime crisis show us about the dangers of liquidity risk? Quantifying the importance of creating an integrated, overarching data governance program that addresses data security, data privacy and data quality so that risks can be better understood and outcomes anticipated Overcoming the technological challenges of measuring liquidity risk effectively, and creating reliable safeguards to guard against dangerous exposure levels Neil Katkov 16.20 - 18.00 - A success at TradeTech Asia 2008 we are delighted to be bringing this exciting innovation to Japan. Stream Option : Buy Side Heads of Trading Summit Greg Atkinson, Global Head of Trading, Nikko Asset Management Hironobu Nagaoka, Head of Trading, Nomura Asset Managent How it works:This session is specifically for buy side heads of trading and their deputy heads. No Sell Side, Press or even WBR staff is allowed. We’ll supply a few bottles of sake to kick things off – the rest isup to you! There will be 2 round table moderators, one a Japanese speaking Head of Trading, one an English speaking Head of Trading. Issues discussed on the day will be determined by the audience on the day. Greg Atkinson Hironobu Nagaoka

16.50 - OMS, EMS or OEMS? Deciding What System Best Supports Your Trading Requirements Masaya Fujii, Senior Manager - System Planning & Development Dept., Nomura Asset Management In this session we examine buy side experiences of OMS/EMS integration in Japan as well as offering advice on what may work best for you Overcoming the practical challenges of integrating foreign OMS/ EMS systems into Japanese trading architectures Identifying the issues of technology transfer – to what extent does OMS/EMS technology that works in Europe or the US can be easily transferred to Japan? Weighing up the advantages and disadvantages of using your OMS system in house vs a 3rd party vendor Masaya Fujii

17.20 - Tapping Into New Sources Of Liquidity: Evaluating The Impact Of Sovereign Wealth Funds (SWFs) And The Prospects And Implications Of A Japanese SWF Economy Michael Maduell, President and Founder, The Sovereign Wealth Fund Institute To discuss SWFs and how it will impact liquidity we welcome Richard Maduell, one of the founders of the Linaburg-Maduell Transparency Index, a method of rating levels of disclosure for sovereign wealth funds worldwide. Quantifying how SWFs will grow the pool of liquidity in the Asian market place Compiling reliable data on the SWF portfolio mix – what is their investment appetite like and how do they manage their investment process? Measuring the transparency of sovereign wealth funds within the region Michael Maduell Michael Maduell is President and Founder of the Sovereign Wealth Fund Institute. He conducts extensive research in the field, manages key relationships, and executes the organization's mission. As an expert on sovereign wealth funds, Mr. Maduell is a frequent guest speaker on the topic. Mr. Maduell currently works as a Consultant to the Investment Management and Banking Industry for an international services firm. Previously he worked for CalPERS, one of the largest public pension funds in the [ read more ...]

17.50 - Chair's Closing Remarks No session description available.

18.00 - End of Day One End of Day One

18:10 - Unwind and relax and carry on the day's discussions over a drink as a great way to ease into the evening. Unwind and relax and carry on the day's discussions over a drink as a great way to ease into the evening.