Main Conference Day 2

08.00 Registration and morning coffee Registration and morning coffee

08.50 Chair’s opening remarks Chair’s opening remarks

09.00 Opening keynote address: Examining how Japan’s economy is looking ahead for 2012 and beyond: What can we expect? Opening keynote address: Examining how Japan’s economy is looking ahead for 2012 and beyond: What can we expect?

09.30 Chief Economists’ panel: How will the global economic turmoil has an impact on the acceleration of Japan’s growth: What does this mean for your investment in the region? Junko Nishioka, Chief Economist, RBS Securities Japan Kyohei Morita, Chief Economist, Barclays Securities Japan Following our keynote address, let’s hear what the Japanese marketplace thinks with first hand views from leading chief economists and strategists. Topics covered include: Examining the development of the financial markets in Japan and how it will impact your investments in the region Reviewing the analysis of growth in Japan for equity and derivatives – what are the economic indicators to look out for? Identifying the role of the Japanese government in pressing ahead with reforms to deepen Japan’s financial market What are the investment strategies, risks and implications on returns you should be looking out for the next 12 months – how will these have an impact on your investment plans moving forward? Ascertaining how Japan’s regime shift will drive investment inflows Junko Nishioka Chief Economist, RBS Securities Japan Junko Nishioka, Head of Research & Strategy, Japan and Chief Economist is based in Tokyo. She is responsible for research and analysis of Japanese economy. Before joining RBS Securities Japan in July 2008, she worked at ABN AMRO Securities (2007-2008), Mitsubishi UFJ Securities (2006-2007) and Bank of Japan (2002-2006). Nishioka joined the Industrial Bank of Japan, currently Mizuho [read more] Kyohei Morita Chief Economist, Barclays Securities Japan Kyohei Morita is a Director and Chief Economist, Japan at Barclays Securities Japan Limited. Based in Tokyo, he is responsible for forecasting and analysis of the Japanese economy and monetary /fiscal policy. After starting his career as an economist at Nomura Research Institute (NRI) in 1994, Mr. Morita studied from 1998 to 2000 at Brown University, where he obtained his MA in Economics. From 200 [read more]

10.10 Keynote address: Analysing Japan’s hedge fund market fundamentals to justify larger investment allocations in the region Nori Kawana is a founder pf BFC as well as its Chairman and Chief Executive Officer. He has over forty years of experience in the pension fund sales and investment business. He spent thirty years at Mitsui Trust Bank and over eight at Barclays Global Investors (BGI), Tokyo, Japan as a Managing Director, Deputy Chairman. In this session, he will discuss: What and where are the opportunities for hedge funds to get capital? Are we seeing an overall increase in risk appetite for Japan? Identifying new investment opportunities

10.40 Keynote address: Identifying the pension investment allocation strategies for 2013 and mitigating risk for better returns Japanese pension executives are rethinking their core equity allocations as they strive to better manage the volatility and risk. Since 2011, it was reported that many have increased their allocations to products based on equity long/short, managed futures and other hedge fund strategies. In this session, we have invited Tokihiko Shimizu, Director-General of the world’s largest pension fund (which holds about $1.4 trillion in assets) to share his views and long-term investment strategies. Examining the strategies for long-term pension investment What are the strategies pension funds should be looking at for global asset allocation? How can Japanese investors incorporate new strategies into their portfolio to better mitigate risk and return?

11.10 Morning networking break Morning networking break

11.40 Chair’s opening remarks Chair’s opening remarks

11.45 Trading conditions in the Tokyo market and future system enhancement measures Yoshinori Suzuki, Executive Vice President and Chief Information Officer, Japan Exchange Group Examining TSE's new Market Maker system, other features and post-launch trend of the transcations Identifying TSE's plan for performance improvement and functionality enhancement on the cash system (arrowhead) Determining TSE's development plan for the next generation arrowhead Yoshinori Suzuki Executive Vice President and Chief Information Officer, Japan Exchange Group Professional Experience: Aug. 2007 Senior Executive Officer & CIO, Tokyo Stock Exchange Group, Inc. Jun. 2006 Managing Director & CIO, Tokyo Stock Exchange, Inc. Feb. 2006 Executive Officer & CIO, Tokyo Stock Exchange, Inc. Jun. 2005 President and CEO, NTT DATA FORCE CO., LTD. May 2004 Senior Vice President, Senior Executive Manager, Regional Banking [read more]

12.15 Examining where and how Japanese investors– are investing in hedge funds Katsuyuki Tokushima, Chief Investment Advisor of Financial Research Group, NLI Research Institute Japan’s corporate pension funds (which manage more than $900 billion), hobbled by a slow-moving domestic stock market, are raising their allocations to hedge funds in search for absolute positive returns. What are Japanese pension fund investors seeking to achieve through hedge fund investments? How are the investors viewing FoFs and what are they expecting from them? How do you manage risk through hedge funds? What are some of the tax and regulatory issues that investors are facing when investing in Japan – what are the global strategies they are looking at? Examining what are the fund investors’ strategies of allocating their investment especially after the AIJ scandal Katsuyuki Tokushima Chief Investment Advisor of Financial Research Group, NLI Research Institute

12.55 Building Transaction Cost Analysis (TCA) into your trading strategies to improve your execution prices Takashi Hiratsuka, Chief Trader, Asset Management Division, Resona Bank Neil Katkov, Senior Vice President, Celent Adoption of TCA tools is growing in Japan, driven by the need of the buy-side for order transparency and best execution analysis as their use of algorithms become increasingly sophisticated. In this session, we bring together leading experts to share their experiences on the usage and benefits of adopting TCA tools. How does one define TCA - is it all about cost or is it now about performance? How TCA can, does and does not increase performance at your trading desk How quickly and accurately can transaction costs be delivered, and what do you do with the information once you have received it? Takashi Hiratsuka Chief Trader, Asset Management Division, Resona Bank Joined Resona Bank in 1999. In charge of the trading in equities, bonds, foreign exchange and money market in Asset Management Div. Started the career as a buy side trader at Daiwa Asset Management in 1998. Joined Barclays as a new graduate in 1988. Traded Euro dollar warrants and Nikkei 225 future & options as the proprietary trader and traded Japanese equities as the proprietary [read more] Neil Katkov Senior Vice President, Celent Neil Katkov is Senior Vice President, Asia, for Celent, a global provider of strategic business and IT research and consulting for the financial industry. His areas of expertise include the Asian financial services industry, capital markets structure and electronic trading, and compliance issues including anti-money laundering and business continuity planning. Dr. Katkov is widely quoted in the pr [read more]

13.25 Networking lunch and opportunity to view exhibition Networking lunch and opportunity to view exhibition

14.30 Examining how Japanese pension fund investors are strategising their plans to move into the alternativeinvestment space In a recent report, it showed that Japanese corporate pension funds are starting to move their investments into alternatives, and this has risen to 13 percent in 2011 from less than 3 percent in 2010. To discuss this, we welcome our panel of investors to discuss: Is there an increase or decrease of their hedge fund allocations? What kind of alternative investment is under discussion for their new allocation or reshuffling? Identifying the investor’s expectation for hedge funds in Japan Examining the new frontier of alternative investment and its returns

15.10 Examining the current role and future initiatives of the Japan Securities Clearing Corporation (JSCC) to enhance functionality of Japanese financial market Japan Securities Clearing Corporation (JSCC) was established in July 2002 as the first cross-market clearing organisation in the Japanese securities market. For the first time at TradeTech Japan we are delighted to welcome Yasuo Tobiyama, President & CEO of JSCC to review their clearing initiatives that they are introducing.

15.40 Maximising investment returns when investing locally vs internationally The global financial crisis significantly increased investors’ worst fears about the stock market being risky. To play it safe, many consider IT prudent by investing in domestic markets. Yet the ideal investment portfolio is believed not to “put all your eggs in one basket.” In this discussion, the experts will identify: What are challenges investors have to be mindful of when investing in both Japan and overseas? What are the alternative investments that are available in Japan and outside of Japan? Which strategies are likely to appeal most to investors in 2013? How can investors mitigate risk and protect their portfolio during the economic turmoil?

16.10 Afternoon coffee break and opportunity to view exhibition Afternoon coffee break and opportunity to view exhibition

16.40 What strategies are fund of funds (FoF) managers using to meet the needs of investors in Japan? Over the past few years, we saw the trend of fund investors shifting away from FoF to more direct allocations to single managers. However many investors are still using FoF especially those who offer flexible approaches. We’ve invited CEOs from FoFs managers to discuss: How has AIJ changed the landscape for FoFs in Japan? How will FoFs deliver their services to investors in the future? In a world of flattening investment returns, are investors becoming more fee-sensitive?

17.20 Case study: Examining what strategies fund managers can take to manage risk sufficiently to protect investorsduring the downside Understanding risk is one of the most important parts in making investment decisions, especially during the downside. How do you keep your investment healthy during an economic downturn? In this case study Seiji explains how Millburn manage its risk and what practices you can learn from. What are some of the proper due diligence strategies institutional investors should conduct before investing in hedge funds? How can hedge funds handle macro risks such as natural disasters or nuclear threats? How will regulatory changes impact risk management? What are some of the operational practices and procedures hedge fund managers should conduct for proper institutional set ups?

17.50 Chair’s closing remarks Chair’s closing remarks

18.00 End of TradeTech Japan 2012 End of TradeTech Japan 2012

18.30-21.00 Tokyo Hedge Funds Club Summer Party at the Canadian Embassy Tokyo Hedge Funds Club Summer Party at the Canadian Embassy. A by invitation only event for hedge fund managers and investors. To request an invitation, please email Stefan Nilsson at stefan.nilsson@hedgefundsclub.com.