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TradeTech Liquidity
21 November, 2012
The Tower Guoman Hotel, London

TradeTech Liquidity - 2011 Agenda

Conference Main Day Agenda - Thursday, November 24th

 
08:00 Registration and Coffee
Registration and Coffee
08:45 Opening remarks
Niki Beattie, Managing Director, The Market Structure Partners
Opening remarks
Niki Beattie

Niki Beattie
Managing Director, The Market Structure Partners
08:50 First-hand clarity on the MiFID Review: Gaining a meaningful and in-depth understanding on consolidated tape, post trade transparency and the regulatory timeline - who is likely to be better off at the end of it all?
Kay Swinburne, Member, Committee on Economic & Monetary Affairs, European Parliament
Constantin Cotzias, Head of Bloomberg Law, Bloomberg LP
Valérie Ledure, Senior Policy Officer, Securities Markets, Directorate-General Internal Market and Services, European Commission
  • A candid insight on how consolidated tape will be organised and how it will enhance the quality and format of the currently inconsistent information
  • Post trade transparency: Forecasting what you will truly see in real-time reporting
  • Strengthening best execution requirements to ascertain you provide your customers with a more meaningful, clearer and more essential information so that they can examine if they have received best execution
  • Pre and post-trade transparency requirements on derivatives contracts when traded on an organised trading venue and OTC
  • Specifically evaluating the regulatory spirit and timelines until enforcement and at what point in the future it will really impact your trading desk
Kay Swinburne

Kay Swinburne
Member, Committee on Economic & Monetary Affairs, European Parliament
16557_004 Constantin Cotzias

Constantin Cotzias
Head of Bloomberg Law, Bloomberg LP

Constantin Cotzias is a member of the senior leadership team of Bloomberg Europe. He is head of Bloomberg Government Affairs EMEA with responsibility for Bloomberg's government, regulatory and external affairs. Constantin joined Bloomberg as their chief counsel and then moved to Bloomberg's commercial operations where he ran one of Bloomberg's key business divisions based out of New York City, ove [read more]

Valérie Ledure
Senior Policy Officer, Securities Markets, Directorate-General Internal Market and Services, European Commission

Ms Valérie Ledure is a senior policy officer and works in the field of securities markets for the European Commission, Directorate-General Internal Market and Services. She has played a key role in the review of Mifid and the package of policy documents recently adopted by the Commission.

 

Prior to joining [read more]

09:30 The future of dark pools: Examining how to remain anonymous in a developing regulatory environment so that you can continue to get a better quality execution for your block trading activities
Andrew Morgan, European Head of Autobahn Equity, Deutsche Bank
Per Lovén, Head of International Corporate Strategy, Liquidnet
Niki Beattie, Managing Director, The Market Structure Partners
Michael Seigne, Managing Director, Goldman Sachs
Lee Hodgkinson, CEO SmartPool; Head of European Sales and Relationship Management, NYSE Euronext
Tim Wildenberg, Head of Electronic Trading, Citi
  • Determining the winners and losers in dark pools and identifying the providers who really will effectively increase the performance of your funds
  • Highlighting the benefits and pitfalls your traders will encounter in case dark pools will change their identity into an MTF status after MiFID II
  • Overcoming block trading challenges and identifying key strategies to solve this issue
  • Securing a fair and reasonable single price at all times for block trading so that you can successfully avoid creating minimise market impact
  • Successfully taking advantage of brokers sharing liquidity in different dark pools to optimise liquidity for your trading desk
  • Fair access: Clarifying whether banks should operate in private pools or if they should be forced to be regulated as an MTF and assessing the likely impact of a forced status change
  • Is it possible to find a tolerable transparency balance so that dark will still be able to coexist alongside other platforms
  • Are broker crossing networks becoming the preferred execution partners for block traders?
  • Are the latest developments in HFT strategies such as gaming of pricing and efforts to detect traders in the dark undermining the purpose of dark pools?
speaker_default

Andrew Morgan
European Head of Autobahn Equity, Deutsche Bank
Per Lovén

Per Lovén
Head of International Corporate Strategy, Liquidnet
Niki Beattie

Niki Beattie
Managing Director, The Market Structure Partners
Michael Seigne

Michael Seigne
Managing Director, Goldman Sachs
16557_004 Lee Hodgkinson

Lee Hodgkinson
CEO SmartPool; Head of European Sales and Relationship Management, NYSE Euronext

Tim Wildenberg
Head of Electronic Trading, Citi
10:15 Networking Morning Coffee in the Exhibition Area
Networking Morning Coffee in the Exhibition Area
10:50 The HFT bubble and its very latest impact on the market quality: assessing whether the low-latency arms race is coming to an end
Natan Tiefenbrun, Commercial Director, Turquoise - London Stock Exchange
Mark Hemsley, CEO, BATS Europe
Manoj Narang, Founder and CEO, Tradeworx
Jeremy Grant, Editor, FT Trading Room
Rainer Riess, Managing Director, Xetra Market Development, Deutsche Börse
  • Evaluating if increasing costs for fast messaging might result in investments exceeding the profits and whether it means the flow of money into the market will cease
  • Should regulators make an effort to treat market ills on their own and clarifying how regulators can protect you from what has been called a “technology-led disaster”?
  • Circuit breakers: Are they good for the buy side or does single security circuit trading halt that meaningfully interrupt price- discovery serve to aggravate rather than fix uncertainty?
  • Analysing the implications for liquidity in equity markets in case consolidation of HFT and prop trading firms continues
Natan Tiefenbrun

Natan Tiefenbrun
Commercial Director, Turquoise - London Stock Exchange
Mark Hemsley

Mark Hemsley
CEO, BATS Europe
Manoj Narang

Manoj Narang
Founder and CEO, Tradeworx
Jeremy Grant

Jeremy Grant
Editor, FT Trading Room
speaker_default

Rainer Riess
Managing Director, Xetra Market Development, Deutsche Börse
11:40 Best practice broker selection: Classifying brokers at the forefront of reliability to boost your trading performance immediately
Vincent Mooijer, Investment Manager, Head of Equities Trading, PGGM
Fabien Oreve, Global Head of Dealing, Dexia Asset Management
Simo Puhakka, Head of Trading, Pohjola Asset Management
Lisa Packham, Head of R&S Europe & Asia, Bloomberg
Rebecca Healey, Senior Analyst, TABB Group
  • Quick routes to building a lasting partnership with your broker so that this will result in always making the right investment decisions
  • Successfully evaluating broker fragmentation and their future role in Europe so that you can focus on their productivity rather than ending up with information overload
  • Has unbundling in the UK really had the desired effect, and is there any incentive to push unbundling more forcefully across the whole of Europe?
  • Determining how much buy side companies really need the sell side as the buy side is increasingly taking control of the actual trade - Is this the way forward for the bigger buy side?
  • Uncovering additional fundamental benefits brokers can provide you to make the best decisions on price and service levels
  • Innovative and time-saving ways to efficiently compare brokers’ performances so that you can obtain the best possible results for your clients
  • Determining which broker pre and post trade application tools optimize your trading performances
Vincent Mooijer

Vincent Mooijer
Investment Manager, Head of Equities Trading, PGGM
Fabien Oreve

Fabien Oreve
Global Head of Dealing, Dexia Asset Management
Simo Puhakka

Simo Puhakka
Head of Trading, Pohjola Asset Management
16557_004 Lisa Packham

Lisa Packham
Head of R&S Europe & Asia, Bloomberg

Lisa Packham heads up Product Management for Bloomberg Tradebook Europe Ltd, Bloomberg's agency brokerage. This is a position she has held since 2006, overseeing development of Tradebook's 6 businesses - US & Global equities, Futures, Options, FX and algorithmic trading for the EMEA region. Lisa joined Bloomberg Tradebook in 1999, and prior to starting up the product team she led t [read more]

Rebecca Healey
Senior Analyst, TABB Group
12:30 CEO Interview: Evaluating the place of market makers in the evolving landscape
CEO Interview: Evaluating the place of market makers in the evolving landscape
13:00 Networking Lunch in the Exhibition Area
Networking Lunch in the Exhibition Area
14:10 Evaluating the ‘three flavours of fragmentation’ and the future of the European execution landscape: “survival of the fittest”?
Steve Grob, Director of Group Strategy, Fidessa
Alasdair Haynes, CEO, Chi-X Europe
Diana Chan, CEO, EuroCCP
Brian Gallagher, Managing Director, Morgan Stanley
Lisa Dallmer, COO European Cash Markets, NYSE Euronext
Owain Self, Managing Director - Global Co-Head of Direct Execution & Global Head of Algorithmic Trading, UBS
  • Exchanges vs. MTFs
    • Unraveling the different structures in MTFs, and assessing the nature of liquidity they provide to the market
    • How will MTFs and exchanges continue to compete? Will trading venues supporting interoperability be at a competitive advantage?
  • Competition between primary exchanges
    • How significant are the economies of scale in operating an exchange? Will mergers deliver value for participants and / or shareholders?
    • Assessing if competition is a good for the market and evaluating whether consolidation will impact the quality of liquidity
    • Is post-trade strategy the key to the merger “mania”? What’s in it for the trading community?
  • Lit vs dark
    • Should we expect to see 30 dark pools in Europe?
    • Will too much dark pool trading hurt price discovery and execution certainty?
    • Volume discovery: Evaluating the benefits dark can provide in relation to volatility
    • Considering dark vs. lit in terms of market impact and best execution
  • The future of the electronic execution landscape
    • Have increasingly faster markets become more inherently volatile and prone to market shocks?
    • How has the increasingly fragmented market impacted surveillance, and what role will technology play in this in the future?
    • How much more distributed do we expect markets to become?
Steve Grob

Steve Grob
Director of Group Strategy, Fidessa
Alasdair Haynes

Alasdair Haynes
CEO, Chi-X Europe

Diana Chan

Diana Chan
CEO, EuroCCP
Brian Gallagher

Brian Gallagher
Managing Director, Morgan Stanley
16557_004 Lisa Dallmer

Lisa Dallmer
COO European Cash Markets, NYSE Euronext
speaker_default

Owain Self
Managing Director - Global Co-Head of Direct Execution & Global Head of Algorithmic Trading, UBS
15:20 Exclusive insight on important changes in a continuously evolving market structure: Have regulators successfully balanced required fair pricing vs. the need for transparency?
Rob Boardman, Chief Executive Officer, ITG
Dale Brooksbank, Head of European Trading, State Street Global Advisors
Christophe Roupie, Global Head of Trading and Securities Financing, AXA Investment Managers
Tim Rowe, Manager - Trading Platforms & Settlement Policy, Financial Services Authority
Chris Skinner, Chairman, The Financial Services Club
  • Pinpointing the future role of equities in case market participants will focus heavier on the less strict regulatory controlled OTF venues
  • Demystifying how OTFs are related to MTFs and to Systematic Internalisers and how many venue categories the industry will end up with
  • Next generation of exchanges: Are regulators squeezing the small specialist providers out of the market and will this result in finding liquidity at “Walmart” type of exchanges only?
  • Post trade transparency information to be published as close to quickly as is technically possible and clarifying how to publish all transactions by the end of the day
Rob Boardman

Rob Boardman
Chief Executive Officer, ITG
Dale Brooksbank

Dale Brooksbank
Head of European Trading, State Street Global Advisors

Christophe Roupie

Christophe Roupie
Global Head of Trading and Securities Financing, AXA Investment Managers
Tim Rowe

Tim Rowe
Manager - Trading Platforms & Settlement Policy, Financial Services Authority

Chris Skinner
Chairman, The Financial Services Club
16:10 Networking Afternoon Coffee in the Exhibition Area
Networking Afternoon Coffee in the Exhibition Area
16:45 Efficiently tapping into emerging markets liquidity
Pinar Emirdag, Head of Professional Business Development, London Stock Exchange
Simo Puhakka, Head of Trading, Pohjola Asset Management
Chris Skinner, Chairman, The Financial Services Club
Hendrik Klein, CEO, Da Vinci Invest
  • Effectively unlocking the Central and Eastern European financial world amid technological revolution
  • Identifying the multiple trading barriers to efficiently arrange DMA access in a booming equity markets region
  • What do regional/specialist brokers need to deliver in order to become a partner of choice for the UK & European buy side
  • Proven successful ways to manage trades and settlement requirements in emerging markets
  • Developing algorithmic solutions that will truly understand the underlying market enabling to outperform their stock competition
  • Evaluating the nature of liquidity in these emerging markets and assessing the best strategies to identifying access the liquidity you need
Pinar Emirdag

Pinar Emirdag
Head of Professional Business Development, London Stock Exchange
Simo Puhakka

Simo Puhakka
Head of Trading, Pohjola Asset Management

Chris Skinner
Chairman, The Financial Services Club

Hendrik Klein
CEO, Da Vinci Invest
17:30 Regulatory wrap up
Kay Swinburne, Member, Committee on Economic & Monetary Affairs, European Parliament
Regulatory wrap up
Kay Swinburne

Kay Swinburne
Member, Committee on Economic & Monetary Affairs, European Parliament
17:50 Closing remarks
Niki Beattie, Managing Director, The Market Structure Partners
Closing remarks
Niki Beattie

Niki Beattie
Managing Director, The Market Structure Partners
18:00 Drinks Reception
Hosted by: UBS
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