08.15 - Coffee & Registration Coffee & Registration

09.00 - Debate: Navigating the Lit-Dark Divide – Moving Towards Greater Transparency in Dark Pools to Determine Which Pools You Need to Connect with to Access Greater Liquidity Brian Gallagher, Executive Director, Morgan Stanley Joseph Gawrowski, President & COO, Rosenblatt Brad Hunt, Managing Director, Goldman Sachs Miranda Mizen, Principal, TABB Group Johnathan Rigler, Head of Centralised Dealing, Artemis Investment Management Natan Tiefenbrun, Commercial Directorr, Baikal So far the Heads of Desk we've spoken to identified the following as their key questions. How about you? Specify the question you are looking answer for in your booking from and shape your own conference How many dark pools are required for there to be “sufficient” liquidity for you? What would the impact of dark pools aggregation be on MTFs and exchanges and how would that in turn affect the buy side and the sell side? How is the bilateral risk of connected dark pools being addressed to avoid repeated pitfalls? How are the different pools addressing the interoperability and price of clearing to save you extra cost? How to ensure positive returns and fund performance when connecting directly to several CCPs? Will there ever be white pools, which will they benefit the buy side? If all liquidity is dark, how will price formation be managed and who (if anyone) will it help? Can an independent body that can access all pools ease the process at your trading desk? Is it in your interest to execute only in your broker’s dark pool? Where can you find quantitative data on the actual success rate of the different dark pools that would save you time and money? Moderated by Miranda Mizen, Principal, TABB Group Brian Gallagher Executive Director, Morgan Stanley Brian Gallagher is an Executive Director at Morgan Stanley and with the firm since 2003. With over 17 years of industry experience, Brian currently manages the MSET European desk. In this role, he is responsible for all client coverage and distribution of MSET’s algorithmic and direct access offering for equities, options, and futures products .In addition Brian had managed the US coverage desk fo [read more] Joseph Gawrowski President & COO, Rosenblatt Joe Gawronski is the President/COO of Rosenblatt Securities. Joe is formerly a securities lawyer with Sullivan & Cromwell, a Vice President in the equities division with Salomon Smith Barney and COO of Linx LLC, a block crossing network start-up. He received his B.A. in Public and International Affairs at Princeton’s Woodrow Wilson School and his J.D. from Harvard Law School. He is an Allied M [read more] Brad Hunt Managing Director, Goldman Sachs Miranda Mizen Principal, TABB Group Miranda Mizen is a principal at TABB Group, a research and advisory group that focuses on the capital markets. Before joining TABB Group, Miranda was senior vice president of transaction services at the American Stock Exchange, where she was responsible for the functional development of the Exchange’s hybrid trading platform for equities and Exchange Traded Funds. Prior to the Amex, she held senio [read more] Johnathan Rigler Head of Centralised Dealing, Artemis Investment Management Johnathan is Head of Centralised Dealing at Artemis, responsible for the secondary execution of all financial instruments. His further responsibilities include coordinating front office I.T implementation and being a key member of the Counterparty Risk Committee. Before joining Artemis in 2003, Johnathan was a sales trader with Cazenove & Co and held various positions within Cazenove since 199 [read more] Natan Tiefenbrun Commercial Directorr, Baikal Natan has extensive expertise in the business and technology of electronic trading platforms and algorithmic trading. Natan spent 12 years with Instinet, managing the firm's global algorithmic trading, dark pool equity and FX crossing, portfolio trading and transition management and transaction cost analytics services. He directed the development of Newport, the broker-neutral electronic trading p [read more]

09:40 - Debate: Assessing the Longevity of Exchanges Business Models: How Much Fragmentation Can the Market Take? – Preparing for a Consolidation of the Execution Landscape to Cut More Costs Andrew Delaney, Editor in Chief, A-Team Group Steve Grob, Director of Strategy, Fidessa Mark Hemsley, CEO, BATS Europe Cees Vermaas, Executive Vice President and Head of European Cash Market, NYSE Euronext Tim Wildenberg, Managing Director, UBS How fragmented can a market be before it completely evaporates the amount of liquidity you can access? Will Europe become like the US market? Where should you spend your money? How to know exactly which MTF to invest in and which order flow to choose Can there be a single multi-asset platform, which would save you time and money? How are the different venues addressing the interoperability and price of clearing to save you extra cost? How to ensure positive returns and fund performance when connecting directly to several CCPs? How can the buy side anticipate the successes and failures of new venues to make an informed decision on which one to use? Is fragmentation really saving you money? If so, where and how? Who has the market oversight when trading is split across platforms? How can you get more visibility on the trading and platforms so that you know exactly what you are getting out of them? Moderated by: Andrew Delaney, Editor in Chief, A-Team Group Andrew Delaney Editor in Chief, A-Team Group Steve Grob Director of Strategy, Fidessa Steve is responsible for Fidessa’s strategic development across new markets worldwide. He also heads up the firm’s strategy in response to the new post-MiFID trading landscape. As part of Fidessa’s Intelligent Liquidity Access strategy, Steve manages the firm’s initiatives in conjunction with both the established exchanges and the new and emerging alternative liquidity venues and dark pools. Steve [read more] Mark Hemsley CEO, BATS Europe Cees Vermaas Executive Vice President and Head of European Cash Market, NYSE Euronext Tim Wildenberg Managing Director, UBS Tim Wildenberg is the Managing Director running the Equity Direct Execution business in Europe, Middle East, and Africa 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 Algorithmic Trading services, our analytics platform: UBS Fusion, and our client execution management system, UBS Pinpoint. He [read more]

10:20 - Mid Morning Coffee in Exhibition Area Mid Morning Coffee in Exhibition Area

10:50 - The New Frontiers of Equity Trading Richard Balarkas, President & CEO, Instinet Europe The New Frontiers of Equity Trading Competition between trading venues Competition between brokers Are investors getting the benefits of competition? Richard Balarkas President & CEO, Instinet Europe

11:20 - Interactive Roundtables I Michael Broadbent, Head of trading & Technology, Otus Capital Management Scott Burrill, Partner, Rosenblatt Chris Clack, Director of Financial Computing, UCL Miranda Mizen, Principal, TABB Group Lilia Severina, Proximity Hosting Director, Interxion Natan Tiefenbrun, Commercial Directorr, Baikal Interactive Roundtables is series of interactive discussions allowing delegates to network and participate in high-level discussions with their peers and industry experts. They share their success stories and key challenges, and learn how others have overcome the market’s fundamental issues.Before the conference, each roundtable house will send the 3 issues they will address during their roundtable discussion, which is emailed to all event attendees to create awareness. During the group conversaton, the roundtable hose will take notes. These notes will be available to download on the conference website after the event. They will also be emailed to all conference delegates.  RT I: Buy Side Only Roundtable A: Accessing liquidity in an increasingly fragmented market – Buy side experiences of how to achieve smart execution Hosted by Michael Broadbent, Head of Trading & Technology, Otus Capital Management RT II: Buy Side Only Roundtable B: Future of Technological Innovation for the Buy Side Hosted by Christopher D. Clack, Director of Financial Computing, UCL and CEO, the Centre for Financial Computing RT III: Sell Side Only Roundtable: What is the role of the sell side in the new market paradigm? Are execution-only brokers really a threat?Hosted by a vendor or exchange RT IV: Execution-Only & Multi-Service Broker Roundtable: How can the sell side provision of TCA be improved? Hosted by Scott Burrill, Head of Product Development and Analytics, Rosenblatt RT V: Where to co-locate your black boxes in today’s fragmented markets in order to achieve low latency access to the key trading venues? How to choose which trading venues to connect to in order to access greater liquidity How to make an informed decision about the new trading venues How to minimize latency and costs whilst connecting to the various trading venues How to choose the best strategic location for your black boxes – London vs. Basildon vs. Slough How to decide in which European markets to be presenHosted by Miranda Mizen, Principal, Tabb Group and Lilia Severina, Proximity Hosting Director, Interxion      RT VI: Mixed Roundtable: Best Execution and Broker Profitability - Are they compatible? Brokers must choose where to trade in order to achieve best execution, but must also consider the impact on their profitability of trading and clearing fees associated with an execution venue as well as any ownership stake in venues or CCPs. When does one take clear precedence and when must a balance be struck, and can clients be confident that the outcomes are in their best interests?Hosted by: Natan Tiefenbrun, Commercial Director, Baikal Michael Broadbent Head of trading & Technology, Otus Capital Management Scott Burrill Partner, Rosenblatt Scott Burrill, CFA, is a managing director and a partner at the firm. At Rosenblatt, Scott has been responsible for the development of the firm’s pre-trade and post-trade analysis tools and more generally Rosenblatt Integrated Transaction Analytics (RITA), a forward thinking framework and toolkit for genuinely integrating TCA into the investment process rather than having it exist separately in th [read more] Chris Clack Director of Financial Computing, UCL Miranda Mizen Principal, TABB Group Miranda Mizen is a principal at TABB Group, a research and advisory group that focuses on the capital markets. Before joining TABB Group, Miranda was senior vice president of transaction services at the American Stock Exchange, where she was responsible for the functional development of the Exchange’s hybrid trading platform for equities and Exchange Traded Funds. Prior to the Amex, she held senio [read more] Lilia Severina Proximity Hosting Director, Interxion Lilia Severina is Proximity Hosting Director at Interxion and spearheads the development of Interxion Financial Hubs across 11 European countries. Interxion proximity hubs allow financial services firms to colocate their trading platforms in close proximity to the financial markets and facilitate high frequency and low latency trading. Lilia has over 10 years experience in technology sector, havin [read more] Natan Tiefenbrun Commercial Directorr, Baikal Natan has extensive expertise in the business and technology of electronic trading platforms and algorithmic trading. Natan spent 12 years with Instinet, managing the firm's global algorithmic trading, dark pool equity and FX crossing, portfolio trading and transition management and transaction cost analytics services. He directed the development of Newport, the broker-neutral electronic trading p [read more]

11:50 - Interactive Roundtables II The same roundtables as above run for the second time to ensure you can join a completely different discussion than before and make the most of this unparalleled brainstorming and networking opportunity!

12:20 - Lunch Lunch

13:20 - GUEST SPEAKER: The 2011 Review of MiFID Regulatory Impact and Pipeline Maria Velentza, Head of Internal Market and Services, Securities Markets Unit, European Commission Followed by industry feedback through interactive voting This will be a platform for the regulators to find out what you, the industry participants want and expect from them.  Some of the questions for which the regulators will seek industry feedback are: Should consolidated tape be regulated? Is transparency in dark pools needed? What regulatory actions should be warranted to respond to investor protection and market integrity concerns raised by dark pools? Does MiFID make a positive or negative difference for the buy side? What should the European Commission and regulators do about consolidated tape to make it a reality in Europe? Should best execution be prescriptive? What sort of regulation is needed for clearing? How can the regulator be helpful rather than a hindrance to enhance liquidity? Maria Velentza Head of Internal Market and Services, Securities Markets Unit, European Commission Maria Velentza is the head of unit of the Securities Markets of the European Commission. She was born in Athens, Greece and has the Greek nationality. She's a graduate of the German School of Athens and studied law at the University of Athens. She continued her post-university studies (DEA en Droit Communautaire) in European Law in Paris, Sorbonne (Paris II). She qualified as a lawyer in Greece in [read more]

13:55 - Debate: Is TCA Truth or Fiction? – How to Capture Fragmentation through Better Transaction Cost Analysis & Consolidated Tape Niki Beattie, Managing Director, The Market Structure Practice Carl James, Head of Trading, Fortis Investments Eric Karpman, Business Manager, Trading Analytics and Strategy, Bloomberg L.P. Michael Sparkes, Managing Consultant, ITG Part I: How to Make Systems More Efficient How has TCA adapted to market fragmentation? What has been the trend in European trading costs since MiFID? How are clients using TCA? Is it possible to improve investment performance by using TCA? What are the key challenges in European market data? Would TCA benefit from a consolidated tape in Europe? To what extent is it possible for there to be a TCA equivalent of GIPS? Part II: Are the Brokers Really Limited by the Systems They Use? How can brokers be compared with one another? Is your broker giving you the cheapest price and the best overall service? Will brokers keep holding on to information to retain competitive advantage? How can you get your broker to work for you and add value to your trade? Even if price is transparent, can associated broker costs also be transparent so that the buy side can negotiate the best deal from their brokers? How can transparent pricing be profitable for brokers even if the volumes are low and would the banks agree to disclose all pricing information in a uniform manner? Getting data is expensive, is it even worth? How can the quality of the data be guaranteed to make buy side’s investment worthwhile? Moderated by: Niki Beattie, Managing Director, The Market Structure Practice Niki Beattie Managing Director, The Market Structure Practice Carl James Head of Trading, Fortis Investments Eric Karpman Business Manager, Trading Analytics and Strategy, Bloomberg L.P. Eric Karpman has over 17 years of a broad financial industry experience and is currently a Business Manager at Bloomberg responsible for trading analytics and strategy consulting. His specific current initiatives at Bloomberg are centered on the improvements to the Transaction Cost Analysis (TCA) and Indications of Interest (IOI) products. Prior to his current position, Eric was a Head of Trading [read more] Michael Sparkes Managing Consultant, ITG Michael Sparkes heads the team of consultants servicing European clients with ITG’s analytical products and services. Michael has more than 25 years experience in the City, including several years as Head of International Equities at Morley Fund Management. He was a Director of Morley’s asset management operations in Japan and Singapore, and also spent two years as Managing Director of a stockbrok [read more]

14:40 - Debate: How Smart Are Smart Order Routers? – How to Gain More Visibility in Smart Order Routing to Determine the Value Added by Your Broker Miranda Mizen, Principal, TABB Group Michael Seigne, Managing Director, Goldman Sachs Chris Sims, Head of Investment Operations, Gartmore Investment Management How much of the SOR is in the market right now and how can you compare the different offerings? How can you measure the value of your broker to help you easily choose one over the other? Can you have SOR access to all the different platforms that would save you time and cost? When can a consolidation of smart order routing, DMA and algos be expected? How good or bad are the algos and how can you tell brokers are doing what you want them to do? How to get your broker to give you reassurance on the delivery on your trade? How to get a more accurate reporting and forensic examination on the venue used, percentages, pricing, and what the market share was Moderated by Miranda Mizen, Principal, TABB Group Miranda Mizen Principal, TABB Group Miranda Mizen is a principal at TABB Group, a research and advisory group that focuses on the capital markets. Before joining TABB Group, Miranda was senior vice president of transaction services at the American Stock Exchange, where she was responsible for the functional development of the Exchange’s hybrid trading platform for equities and Exchange Traded Funds. Prior to the Amex, she held senio [read more] Michael Seigne Managing Director, Goldman Sachs Chris Sims Head of Investment Operations, Gartmore Investment Management

15:25 - Afternoon Coffee in Exhibition Area Afternoon Coffee in Exhibition Area

15:55 - Debate: The Role of the Agency Brokers versus Investment Banks: How to Repair the Breakdown in the Buy Side – Sell Side Relationship to Restore Credibility Matthieu Chardot, Head of Sales, Global Execution Services Europe, BNP Paribas Jeremy Grant, Senior Corporate Reporter, Financial Times Stephen Harrison, Head of Dealing and Portfolio Finance, Old Mutual Asset Managers Carl James, Head of Trading, Fortis Investments Robert Maher, Head of European Advanced Execution Services Sales, Credit Suisse Andrew Sharpe, Partner, Redburn Partners How can the sell side regain credibility, safety of operations and capital? How can the buy side have more visibility on the financial success and failure rates of their brokers? With the buy side acquiring new skill sets by recruiting people formerly on the sell side, are large banks all that necessary? With the proliferation of new brokers, do you still need the same old brokers and pay large sums of broker fees? With new brokers coming into the market, how much do you need the sell side for technology? Does the new role of sell side only revolve around smaller and mid-cap liquidity stocks? Don’t the sell side have a role in block trading and block execution anymore? Where does sell side add value now? What do the buy side actually value in a broker? Is it the price and size or other service aspect? Moderated by: Jeremy Grant, Editor, FT Trading Room Matthieu Chardot Head of Sales, Global Execution Services Europe, BNP Paribas Matthieu Chardot has been heading the sales effort for Global Execution Service (GES) Europe since March 2009. Prior to this appointment, he had been Head of the DMA Sales for Asia and Japan from 2005 to 2007 before selling GES’ services on foreign markets to US clients. Matthieu Chardot started his career in 2002 at CA Indosuez Cheuvreux in Paris. In August 2005, he was part of the Cash Equity br [read more] Jeremy Grant Senior Corporate Reporter, Financial Times Jeremy Grant, returned to the FT’s London office in March, 2008 after six years with the FT in the United States. As Senior Corporate Reporter he covers British business news and trends, as well as stock and derivatives exchanges/clearing and emerging trading platforms in Europe. Most recently (2005-08) he was Washington, DC-based US Financial Correspondent covering financial markets regulation (S [read more] Stephen Harrison Head of Dealing and Portfolio Finance, Old Mutual Asset Managers Carl James Head of Trading, Fortis Investments Robert Maher Head of European Advanced Execution Services Sales, Credit Suisse Robert is head of European Sales for Credit Suisse’s Advanced Execution Services (AES) group. He is one of the original members of the AES group and has recently relocated to Europe after spending 5+ years in the United States. AES has grown to be a full-service suite of algorithmic strategies, tools, and analytics for trading securities throughout the world. Prior to joining Credit Suisse, Robert [read more] Andrew Sharpe Partner, Redburn Partners Andrew Sharpe. Andrew has 20 years experience of the industry. After serving in the Royal Hong Kong Police he started his broking career in Hong Kong with Cresvale before moving to Smith New Court. Before returning to London 9 years ago with Morgan Stanley Andrew worked in Tokyo and New York. He has broked and/or traded most of the major markets during that time. In London he worked as a sales tra [read more]

16:40 - Interactive Voting Panel Discussion: What Does the Future of Electronic Trading Look Like and How Should Buy Side Capabilities Evolve to Keep Up with Fast Changing Technologies, High Frequency Trading and Risk Controls? John Barker, Managing Director, Liquidnet Europe Daemon Bear, Managing Director, Head of BlockCross, ICAP Chris Clack, Director of Financial Computing, UCL Nick Neilsen, Head of Quantitative Trading, Wace LLP Ralph Silva, Director, Tower Group Some of the questions for which the panellists will seek audience feedback and then discuss are: Deciding where to invest your money: What does the future hold for electronic trading and how might it evolve? What are the key challenges with technology for the buy side? What does the buy side must know about high frequency execution and risk control platforms? Is the buy side really reliant on brokers for technology because they face budget and pace challenges? How long is the average life span of OMS or EMS in a company? The pros and cons of electronic trading versus voice order routing Are buy side traders now developing capabilities and skill sets to trade with different assets? Moderated by: Ralph Silva, Research Director, Tower Group John Barker Managing Director, Liquidnet Europe Based in London, John Barker heads the EMEA region for Liquidnet—the global institutional marketplace. John is responsible for the growth of Liquidnet throughout the EMEA region, ensuring Liquidnet’s Members enjoy an expanding liquidity pool and achieve best execution. Prior to joining Liquidnet in June 2001, John served as Head of Equity Operations at Tokyo-Mitsubishi International—a Japanese int [read more] Daemon Bear Managing Director, Head of BlockCross, ICAP Chris Clack Director of Financial Computing, UCL Nick Neilsen Head of Quantitative Trading, Wace LLP Nick joined Marshall Wace LLP in 2008 and is Head of Quantitative Trading in London. Prior to this, he was at Citadel Investment Group in London and Chicago. He started his career in high frequency trading at Goldman Sach's Hull Group in the US. Nick has a BS in Finance from the Massachusetts Institute of Technology Ralph Silva Director, Tower Group

17:25 - End of Conference End of Conference

17:30 - 18:30 - TradeTech Liquidity Drinks Reception TradeTech Liquidity Drinks Reception