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TradeTech Japan
8 - 9 June, 2010
The Westin, Tokyo

TradeTech Japan 2010

MAIN CONFERENCE DAY ONE – 8 June
08.00 Registration and Morning Coffee and Opportunity to View Exhibition
Registration and Morning Coffee and Opportunity to View Exhibition
08.50 Chair's Opening Remarks
Chair's Opening Remarks
09.00 Arrowhead – how has it revolutionised trading in Japan?
Yoshinori Suzuki, Managing Director And Chief Information Officer, Tokyo Stock Exchange
Even the most hardened sceptic would admit that Arrowhead's launch has gone smoothly. But what will be its impact moving forward? To start TradeTech Japan 2010 we welcome the Tokyo Stock Exchange who will discuss:
  • Understanding the background to Arrowhead
  • What have been the performance improvements so far?
    - Transparency - Execution speed
    - Effi ciency of the trades
    - Tick sizes and bid/offer spreads
    - Capacity
    - Liquidity
  • Examining the effect of allowing co-location and will it lead to an explosion in high frequency trading?
  • Outlining what other future plans the TSE has for improving customer service after Arrowhead
    - Examining the latest developments and success of TOSTNET, Arrownet and Tdex+
    - Why have the rules on opening and closing auctions remained unchanged?
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Yoshinori Suzuki
Managing Director And Chief Information Officer, Tokyo Stock Exchange
09.40 Evaluating Arrowhead's success since market launch – what has been the feedback from market participants?
Atsuo Tachikawa, Manager, Information Technology Dept, Daiwa Sb Investments Ltd.
Ian Cross, Japan Trading, Fidelity Investments
Pedro Muniz, Head Of It, Pictet Asset Management Japan Ltd
Robert Smith, Managing Director Asia Pacific, Getco
Christina Makiguchi, Advanced Execution Services, Credit Suisse Securities (Japan) Limited
Hiroshi Matsubara, Head Of Marketing - Japan, Fidessa
So what do the users of Arrowhead think? Does the world's third largest economy now have an exchange to match its trading volumes? In this session we welcome leading buy and sell side professionals from both the trading and technology functions to give their view on Arrowhead's success. Issues under the microscope include:
  • Evaluating how has Arrowhead improved best execution
    - What has been the improvement in latency reduction?
    - What has been the impact on timing and market impact costs?
    - What has been the impact on price fl uctuation?
    - How has Arrowhead changed the use of DMA and algos?
  • Overcoming the challenges of upgrading infrastructure and
    • trading front and back offi ce processes to support Arrowhead
  • What additional improvements would the buy and sell side still
    • like to see from Arrowhead?
  • Which brokers have taken up the co-location opportunities
    • offered by Arrowhead and can the costs be justifi ed?
  • How has the OSE and other execution venues responded to
    • Arrowhead?
  • Will Arrowhead lead to a growth in ATV usage or will it
    • strengthen the position of the TSE?
  • What other changes would market participants like to see from
    • the TSE such as remote membership?
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Atsuo Tachikawa
Manager, Information Technology Dept, Daiwa Sb Investments Ltd.
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Ian Cross
Japan Trading, Fidelity Investments

Apart from Japanese equity trading, leads initiatives in the electronic trading space for fidelity throughout Asia. Previous roles include interest rate derivatives sales, and risk management consulting.
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Pedro Muniz
Head Of It, Pictet Asset Management Japan Ltd
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Robert Smith
Managing Director Asia Pacific, Getco
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Christina Makiguchi
Advanced Execution Services, Credit Suisse Securities (Japan) Limited
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Hiroshi Matsubara
Head Of Marketing - Japan, Fidessa
10.30 Reviewing the status of trading and market liquidity in Japan – what are the opportunities for participants and what can further be done to empower the buy side trader?
Brian Fagen, Global Head Of Electronic Trading Distribution, Barclays Capital
At the time of going to press liquidity in Japan was still low relative to 2007. According to the TABB Group, electronic trading declined to 38% of the value of all trading in Japan in 2009, compared to 45% in 2008. So what challenges has created for market participants and more importantly what are the opportunities? Issues covered in this presentation include:
  • Comparing and contrasting the market for onshore and offshore
    • trading
  • Exploring the relationship between buy side traders and portfolio
    • managers
  • What can be done to more fully empower the buy side trader
    • in Japan?
  • With the TSE being market dominant, how can brokers
    • differentiate on service?
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Brian Fagen
Global Head Of Electronic Trading Distribution, Barclays Capital
11.00 Morning Coffee and Opportunity To View Exhibition
Morning Coffee and Opportunity To View Exhibition
11.40 Examining the role for the next generation of algorithmic trading In Japan
Zach Tuckwell, Head Of Electronic And Programme Trading, Morgan Stanley
Zach's wide and varied sell side experience has given him and excellent insight into how algos can best be applied by the buy side and under what conditions. In this presentation Zach discusses:
  • What has the past 2 years taught us?
  • Predicting the future direction of algo strategies
  • Identifying the key criteria for deciding which algos to use?
  • Can you measure their effectiveness?
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Zach Tuckwell
Head Of Electronic And Programme Trading, Morgan Stanley
12.10 Evaluating the impact of Arrowhead on algorithmic trading use in Japan
Kazuhiro Kobayashi, Senior Trader, Blackrock Japan
Christine To, Head Of Trading, T Rowe Price
John Lim, Trader, Prudential Asset Management
Kumiko Oe, Head Of Asian Trading, Alliance Bernstein
Nobuo Wazaki, Senior Manager - Equity Group, Mizuho Securites
Neil Katkov, Group Head Of Asia Research, Celent Japan
Arrowhead has provided algo developers with a much richer data set to back-test their models. The increased depth of the market will open new possibilities for enhancing current algos and creating more sophisticated ones. Our distinguished panelists discuss:
  • Overcoming the technical and operational challenges of
    • customising algorithms for the Japanese market
    - Reviewing and understanding how local market structures and barriers distinct to Japan have shaped the growth of algorithmic trading. How do they need to be tailored?
    - Determining the transferability of algos to the Japanese market – can they be modifi ed or must they be designed from scratch?
    - Dealing with the problems of designing algos for varying tick size and trading increments
  • Determining what algos are good at and where they fall short?
    • - How good are algos at dealing with variance over execution times?
    - Are algos always being used in the best possible way? What sort of timeframe do you need to judge an algo? What happens if you input the wrong aggression levels? Are algos sometimes just given the diffi cult trades that sales traders can't handle?
    - Evaluating algos ability to deal with low volatility, illiquid stocks and wide spreads
    - Utilising algos for intraday pricing
  • How successful are algos in Japan at ‘not leaving a footprint in
    • the market'
    - Can smart algos be gamed?
  • Examining the practicalities and benefits of smaller hedge funds
    • using algos
  • Co-existing with discretionary strategies: How can algos support
    • rather than supplant the discretionary trader?
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Kazuhiro Kobayashi
Senior Trader, Blackrock Japan

Traded convertible bond at Mizuho Securities, and joined BlackRock in June 2008.
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Christine To
Head Of Trading, T Rowe Price
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John Lim
Trader, Prudential Asset Management
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Kumiko Oe
Head Of Asian Trading, Alliance Bernstein
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Nobuo Wazaki
Senior Manager - Equity Group, Mizuho Securites
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Neil Katkov
Group Head Of Asia Research, Celent Japan
12.10 Evaluating the impact of Arrowhead on algorithmic trading use in Japan
Kazuhiro Kobayashi, Senior Trader, Blackrock Japan
Christine To, Head Of Trading, T Rowe Price
John Lim, Trader, Prudential Asset Management
Kumiko Oe, Head Of Asian Trading, Alliance Bernstein
Nobuo Wazaki, Senior Manager - Equity Group, Mizuho Securites
Neil Katkov, Group Head Of Asia Research, Celent Japan
Arrowhead has provided algo developers with a much richer data set to back-test their models. The increased depth of the market will open new possibilities for enhancing current algos and creating more sophisticated ones. Our distinguished panelists discuss:
  • Overcoming the technical and operational challenges of
    • customising algorithms for the Japanese market
    - Reviewing and understanding how local market structures and barriers distinct to Japan have shaped the growth of algorithmic trading. How do they need to be tailored?
    - Determining the transferability of algos to the Japanese market – can they be modifi ed or must they be designed from scratch?
    - Dealing with the problems of designing algos for varying tick size and trading increments
  • Determining what algos are good at and where they fall short?
    • - How good are algos at dealing with variance over execution times?
    - Are algos always being used in the best possible way? What sort of timeframe do you need to judge an algo? What happens if you input the wrong aggression levels? Are algos sometimes just given the diffi cult trades that sales traders can't handle?
    - Evaluating algos ability to deal with low volatility, illiquid stocks and wide spreads
    - Utilising algos for intraday pricing
  • How successful are algos in Japan at ‘not leaving a footprint in
    • the market'
    - Can smart algos be gamed?
  • Examining the practicalities and benefits of smaller hedge funds
    • using algos
  • Co-existing with discretionary strategies: How can algos support
    • rather than supplant the discretionary trader?
speaker_default

Kazuhiro Kobayashi
Senior Trader, Blackrock Japan

Traded convertible bond at Mizuho Securities, and joined BlackRock in June 2008.
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Christine To
Head Of Trading, T Rowe Price
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John Lim
Trader, Prudential Asset Management
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Kumiko Oe
Head Of Asian Trading, Alliance Bernstein
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Nobuo Wazaki
Senior Manager - Equity Group, Mizuho Securites
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Neil Katkov
Group Head Of Asia Research, Celent Japan
12.50 High frequency trading (HFT), changes in global execution landscape and how the direct execution business – lessons learnt from outside Japan
Phil Allison, Global Co-Head Of Direct Execution & Head Of Client Trading - Emea, Ubs Investment Bank
Phil Allison, a leader of UBS's execution business and an original architect of the fi rm's innovative electronic trading platform, offers unique insights into how the global trading marketplace is evolving. In this presentation, Phil will review the growth of high frequency trading and short-term trading strategies' impact on the global markets, and will explore how the Japanese market can apply the lessons we've learned over the last 18 months.
  • Who are the high frequency traders? Understanding the many
    • types of HFT players, and where the lines begin to blur.
  • Examining what impact have HFT strategies and increased
    • short-term liquidity had on the markets, algorithmic trading strategies, and market effi ciency
  • Evaluating negative selection and gaming risks:
    • - Have gaming concerns been overplayed?
    - Have HFT strategies been unfairly accused?
    - What are the best practices for lowering your risks of gaming and negative selection?
    - What are the top takeaways Japan can learn from the growth of HFT in other markets
  • Predicting what's next for the global execution landscape -
    • sponsored access, co-location, market regulation etc
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Phil Allison
Global Co-Head Of Direct Execution & Head Of Client Trading - Emea, Ubs Investment Bank
13.20 Lunch and Opportunity To View Exhibition
Lunch and Opportunity To View Exhibition
18.10 Chair's Closing Remarks
Chair's Closing Remarks
18.20 End of Day One
End of Day One
18.30 TradeTech Japan 2010 Networking Reception
Unwind and relax and carry on the day's discussions over a drink as a great way to ease into the evening
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