Fixed Income Leaders Summit 2015 (past event)
13 - 15 October, 2015
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Embracing The New Fixed Income World
08:00 - 08:45 Conference Registration & Networking Breakfast
08:45 - 08:50 Welcome Address
08:50 - 09:00 Chairperson Opening Remarks
09:00 - 09:20 Buy Side Keynote Interview: Outlining your top 5 priorities over the next 12 months- How to transform your trading desk to capitalise on new fixed income trends
- How should the buy side prepare for impending regulatory reform taking into account the2017 MiFID II deadline?
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What global market opportunities will dominate fixed income trading over the next 12 months and how you can best capitalise on them?
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What are the latest technology trends the buy side should be looking to take advantage of to improve trading performance?
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What strategies can the buy side exploit to ensure they are tapping into all the liquidity into the market?
Stephen Grady, Head of Global Trading, Legal & General Investment Management will be interviewed by Carl James, Global Head of Fixed Income Trading, Pictet Asset Management
09:20 - 09:40 Industry Keynote: From challenge to opportunity- New liquidity providers in a shifting regulatory landscape
At Citadel Securities, Paul is responsible for the client facing fixed income market-making businesses, including interest rate swaps, government and corporate bonds, credit default swaps and cleared FX. During this keynote presentation, Paul will be outlining how the shifting market structure has opened up doors for new players to service you- the buy side. During this presentation, Paul will elaborate on:
- What effects has the developing regulatory environment had on market participants?
- What opportunities have arisen for new breeds of liquidity providers and how can the buy side take advantage of this?
- New entrants- What challenges do new market entrants face and how can they overcome these?
- What strategic considerations should you take on board for the future?
09:40 - 10:20 All Star Panel: A view from the top- How are all fixed income players adapting to new market structure opportunities (and challenges!)?
Erik Tham Executive Director Fixed Income Execution UBS Wealth Management
Elizabeth Duggan Managing Director Interactive Data
Mark Russell Head of UBS PIN UBS Investment Bank
Juan Landazabal Head of Fixed Income Trading Deutsche Asset and Wealth Management
Simon Maisey Managing Director, Finance and Business Development Tradeweb
Moderator:
Carl James Global Head of Fixed Income Trading Pictet Asset Management
In light of ongoing regulatory reform, new fixed income initiatives and the influx of new technologies, one of the biggest challenges facing buy side organisations like yours today is how to adapt to the new market structure. This market leading panel provides representation from all corners of the industry, who will outline how market participants are adapting to work more effectively with each other going forward. Attend this market leading panel discussion to learn:
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How are individual market participants adapting their business models to support the demand for liquidity and prosper in a new market
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Technological innovation- How is new technology influencing the way buy side, sell side and platforms interact with each other?
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Outlining a new market structure- How are the roles of market participants changing and the traditional roles becoming indistinct?
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Will a new market structure have a positive effect on liquidity growth, or is the liquidity drought here to stay in fixed income?
10:20 - 10:30 Speed Networking
10:30 - 11:15 Morning Networking Break
Tackling Political Priorities
11:15 - 11:00 MiFID II Update: The devil is in the detail- How will the new rules impact fixed income trading?In January 2017, MiFID II goes live, with the aim to create a more open, safer and responsible financial system, and as a consequence restore investor confidence post financial crisis. This presentation from the MiFID II regulator will provide you with the details on the key deliverables for your trading desk. This is a must attend session to gain clarity on:
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What is the current status of MiFID II and how can market participants start preparing?
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What is next for MiFID II - and how will these changes impact market participants?
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How will MiFID II requirements change the way you do business?
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Pre and post trade requirements and reporting- What are the actual requirements?
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How will pre and post trade transparency affect liquidity?
Track B
11:15 - 11:00 EMIR Update: How to adapt your front office decision making to take account of the new clearing and collateral reformsNew derivatives reforms are continuing to push for more transparency through new trading, clearing and collateral requirements. This session will shed light on how your front office can best prepare for these changes to avoid a negative impact on your trading activities. Attend this session to learn:
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Clarifying what ESMA’s guidelines are on margin requirements for non cleared derivatives
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Outlining the infrastructure you need to meet the new clearing and collateral requirements
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Looking ahead- Where is swaps regulation heading?
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Benchmarking how key players are adapting to the new clearing and collateral reforms
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How the new clearing and collateral requirements will impact your daily trading activities
11:00 - 11:15 QE Fireside Chat: An insight into the ECB’s Quantative Easing programme- What does this mean for you?
The ECB launched the new European Quantitative Easing (QE) programme on March 9th 2015. This presentation, led by an expert on QE from the ECB, will give you clarity on:
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What can be expected of QE in the Eurozone and what is the overall aim the programme?
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How will European QE impact interest rates and what consequences will this have on your trading activities?
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How can you best manage the different levels of QE globally?
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Is the end of US QE a reliable roadmap for European QE- What are the similarities and differences?
11:15 - 11:45 Exclusive Invite Only Buy Side Think Tank: Collaboratively driving buy side initiatives forward
Track A
11:45 - 12:30 360° Perspective: How to prepare your trading desks for the MiFID II January deadline- What are the practical implications of MiFID II on your bond trading desk?
- What technology and automation is needed to implement the new pre- trade transparency requirements?
- How can the sell side, platforms and technology providers assist you with your MiFID II obligations?
- Are we seeing the intended transparent fixed income model or has regulation led to a more fragmented market?
Track B
11:45 - 12:30 360° Perspective: Dodd Frank vs. EMIR: How to win the global regulation game and achieve cross border compliance-
Where do the key similarities and differences of regulations across different jurisdictions lie?
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When rules do not align which should you follow?
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Which Dodd Frank guidelines are essential to know when trading under US legislation?
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Are US regulatory guidelines a reliable roadmap for the direction of European regulation?
Track C
11:45 - 12:30 Oxford Style Debate: Will Quantative Easing have a positive or negative effect on your fixed income trading?-
Are there more pros than cons to QE in Europe for the economy?
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Will QE bring more opportunities or challenges to the fixed income industry?
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Will the impact of QE have the intended consequences on interest rates?
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End of QE in US and beginning of QE in Europe- Is this good or bad for firms based in Europe?
Track D
11:45 - 12:30 TRACK D continued12:30 - 14:00 Networking Lunch
Track A
14:00 - 14:45 Case Study Revolution: MTFs, OTFs and Systematic Internalisers- Where are they now and how will they develop?In 2013, US regulators began the establishment of SEFs (Swap Execution Facilities). Now, Europe is set to follow suit with numerous offerings including OTFs, MTFs, and Systematic Internalisers. This session will provide you with clarity on the status of these in Europe and the roadmap to help you best prepare for these new trading platforms. Attend this session to find out:
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OTFs, MTFs and systematic internalisers- How will they work in Europe?
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SEFs vs. OTFs/MTFs- Is the US market a reliable comparison for Europe?
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How will the three new platform offerings affect OTC trading and when will you need to start using them?
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What models will be available for you and who fits this criteria?
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Implementation- The technology and connectivity will you need to work with OTFs
Audience Interaction
Track B
14:00 - 14:45 360° Perspective: The Liquidity Race- What factors will determine which platforms will be the winners and losers?Simon Linwood Head of Credit Markets and Data MTS Markets
Dan Marcus Group CIO Tradition
Lee Sanders Head of Fixed Income and FX AXA Investment Management
Christine Kenny MD, Senior Fixed Income Market Strategist Loomis Sayles Investments
Moderator:
John Greenan Front Office Technology Manager Alignment Systems
With a wave of new fixed income platforms coming forward, deciding between the various options can be a tough challenge. This industry leading panel will provide insights on:
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What progress has been made by key fixed income platform initiatives ?
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Are we seeing signs of obvious winners and losers?
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How will the alternative ways of dealing impact access to liquidity?
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How far are we from seeing cases of market consolidation between key players?
Track C
14:00 - 14:45 360° Perspective: What role will the sell side play in a new buy side empowered landscape?Regulation has arguably hit the sell side hardest, with capital constraints crippling banks business models, and balance sheet constraints reducing their role as liquidity providers. In conjunction with this, the buy side have improved their trading capabilities with new technologies and access to platforms. All these changes have left the sell side in a state of flux, as they are forced to adapt their business offerings to survive Attend this panel to find out:
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Key updates on the latest sell side initiatives in bonds and derivatives
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How the sell side are adapting their offerings to add value to your fixed income trading
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How will the buy and sell side relationship evolve in the new electronic world?
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How will your relationships evolve with the sell side as the market moves further towards an electronic model?
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Do limited balance sheet offerings increase the importance of a strong relationship with the sell side?
Matthew Miller
Managing Director - Global Business Manager FIC Credit Sales and Trading PlSociete Generale
14:00 - 14:45 Synergy Workshop: Interdealer Brokers- What value can an IDB bring in new fixed income markets? (Limited to a maximum of 25 buy side participants)
This senior level workshop on Interdealer Brokers (IDB) will provide an excellent opportunity for you to drill down on how to best work with IDBs going forward. This workshop will be limited to 25 buy side participants for maximum interaction and will be led by a leading global IDB. Join this interactive workshop to learn:
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How are IDBs adapting to the changing role of buy side and sell side market participants?
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How are IDBs adapting their internal infrastructure as certain fixed income markets become more electronic?
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With the diminished role of the sell side, are IDBs set to become more vital for fixed income trading?
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How can you ensure you reap the full benefits from the services offered by an IDB?
David Berry
Market Data, Exchange, Commissions Global Sourcing CIQIPUG , COSSIOM, FISD Exec Committee
Jeffrey Hogan
Senior Managing Director, Global Head, Client & Regulatory LiaisonBGC Partners
Track A
14:45 - 15:30 Case Study Revolution: What role will exchanges play in an increasingly competitive market?With the growing influx of new platforms and initiatives, exchanges are left in a state of flux, and one of the key questions being asked is how will they adapt to compete in a new market structure? This session, led by one of the top global exchanges, will provide expertise on:
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How are exchanges reacting to increased regulatory reform in fixed income?
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With more platforms coming to the fore, how will this impact the role of exchanges?
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How will exchanges prosper in the new fixed income market?
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Which execution venues are emerging and become dominant on the back of MiFID II?
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Which fixed income products are best suited to an exchange traded environment?
Audience Interaction
Track A
14:45 - 15:30 Oxford Style Debate: RFQ vs CLOB: Which will be the dominant model for fixed income trading?Erik Tham Executive Director Fixed Income Execution UBS Wealth Management
Philippe Buhannic CEO and Co-Founder TradingScreen
Ruben Winnink Head of Trading APG Asset Management
Gareth Coltman Head of European Product Management MarketAxess
Gavin Miller Global Sales Manager for FICC Bloomberg
John Greenan Front Office Technology Manager Alignment Systems
The Request for Quote (RFQ) vs. Central Limit Order Book (CLOB) debate rages on, and as fixed income trading becomes more electronic, some believe that CLOB trading can become the dominant form of trading on platforms. Join this interactive debate on the divisive issue to hear both sides of the argument and decide for yourself which form of trading is best suited to your trading operations:
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Is the evolution from RFQ to a CLOB natural, or is RFQ the best way of trading on fixed income platforms?
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Do you get better liquidity from a Request for Quote (RFQ) model or a Central Limit Order Book (CLOB)?
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Can RFQ models and CLOBs work in tandem with each other or will one version dominate fixed income markets?
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Over the next 5 years, will a CLOB be the more favoured style of fixed income platform or is the RFQ model here to stay?
Track C
14:45 - 15:30 Oxford Style Debate: Is the principal sell side business model in risk of becoming extinct or does it still have a role to play in Fixed Income?Both regulation and e-trading has changed the buy side perception of the sell side value offering. The traditional principle sell side model has been the market standard for many years, however agency based models are now increasing as the sell side adapt to a new fixed income landscape. This contentious debate will provide both sides of the argument to help you decide on what model is best suited to your trading operations.
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Does the principle based model still have a role to play in fixed income or is the agency based model the future?
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Does the principle model still offer value or can the buy side find this value through different avenues?
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Can a principle model still offer a successful business model for the sell side?
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Is a principle model still a reliable source of liquidity or has this been pushed out of the market by new participants?
Track D
14:45 - 15:30 TRACK D continued15:30 - 16:00 Afternoon Networking Break
16:00 - 16:30 Buy Side Chat: Cutting through the noise- Determining the criteria for selecting the perfect fixed income trading platform to meet your liquidity needs
With the boom of e-trading capabilities hitting fixed income markets, and a seemingly endless wave of new fixed income platforms available to the buy side, this high-level discussion will give you the buy side perspective on what you should be looking out for when considering new platforms. This is a must-attend session where you will find out:
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How do you make sense of the new initiatives and which offerings are best suited to improve your trading strategy?
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How will the new initiatives alter the market structure?
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Which of these initiatives will succeed and what will be the deciding factors?
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What options are available to integrate dealers and platforms and create fixed income liquidity hubs?
16:30 - 17:10 In Conversation Panel: Making sense of all the new fixed income initiatives- Who should you select to alleviate your liquidity fears?
At the time of writing, there are currently 67 fixed income initiatives, all with unique offerings to help the buy side overcome the liquidity drought. While all have credible offerings, it is not feasible for all to survive and inevitably there will be a streamlining of the very best fixed income initiatives. This panel provides insights from the top 3 initiatives, alongside a buy side user perspective. This is a must-attend session where you will find out:
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Which fixed income initiatives are going live this year- Who should you be monitoring?
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How do you make sense of the new initiatives and which offerings are best suited to improve your trading strategy?
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How will the new initiatives alter the market structure?
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How can these new initiatives help you shift buy side liquidity from your books?
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Which of these initiatives will succeed and what will be the deciding factors?
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What options are available to integrate dealers and platforms and create fixed income liquidity hubs?
Grant Wilson
DirectorE-trading Software
17:10 - 17:40 Guest Speaker: “Emotional Intelligence”- What amateurs ignore and professionals exploit to adapt to change and work your way to the top
Doug is a Guru on Networking, Behavioural Psychology and Relationship Management, whose services are sought after by Major Corporations around the World and also some of the biggest names in Sport to help them manage their Sponsorship obligations. This includes the Elite, in Soccer (including David and Victoria Beckham.!), Tennis, Golf (The Ryder Cup) and Formula 1, so you can imagine what his address book looks like! His company slogan is “the people behind great people” and his passion for people development is both insightful and inspiring. So don’t miss this session on ““Emotional Intelligence” What amateurs ignore and professionals exploit as I know from experience you will feel refreshed, energised and equipped to take your Networking and Relationship management up not one gear, but two!
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Balancing intellect and emotions to manage changes and reflect the needs of V.I.P’s
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Give to get strategies, go slower to get there quicker
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Optimising relationships post conference- top 7 success drivers
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‘People profiling’- The secret to 5x more effective networking- Hitting the hot buttons and avoiding the icebergs
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Taking control and leveraging key relationships