brochure - tradetech liquidity 2012

7/29/2019 Brochure - TradeTech Liquidity 2012

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THURSDAY 29 NOVEMBER 2012

ETC. VENUES, ST. PAUL’S, LONDON

Sponsors confrmed so ar, include:

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N COLLABORATION WITH THE EUROPEAN COMMISSION, THE EUROPEAN PARLIAMENT AND NATIONAL EUROPEAN REGULATORS

the Boutique foRum foR the peopLe WhoDRiVe euRope’s equity tRaDiNg iNDustRy

suCCessfuLLy souRCiNg LiquiDity amiD fRagmeNtatioN,ReguLatoRy tuRmoiL aND eCoNomiC uNCeRtaiNty

oVeR 400 iNDustRy LeaDeRs WiLL Be theRe… WiLL you?

RegisteR toDay:

www.rdcld.c +44 (0)20 7368 9465 [email protected].

SENIOR EXPERTISE • VITAL KNOWLEDGE

Blackrock

HSBC Global Asset Management

Schroder Investment Management

Standard Lie Investments

BP Investment Management

GLG Partners

Alliance Bernstein

BZ WBK AIB Asset ManagementJohn Locke Investments

Artemis Investment Management

Eurobank EFG Equities

AMC Group

Alion Partners Capital LLP

Franchise Partners

Aspect Capital

Kempen Capital Management N.V

Barings Asset Management

Deutsche Asset Management

Invesco Perpetual

Macquarie Capital Europe Ltd

Pioneer Investments

First State Investments

ATP Investment Management

Molinero Capital Management

Janus International

Alken Asset Management

C8 Investments

Tibra Trading Europe

Ronin Capital

Riddlesdown Capital

Gul International Bank

Landesbank Berlin

Quant Lab

Sloane Robinson

Societe Europeenne de Banque SAPartners Group

HCL Investment Management Inc

Oddo & Cie

Royal London Asset Management

Brown Brothers Harriman

Alliance Trust

M&G Investments

Millennium Capital Partners

RJS

Morgan Stanley Investment

Management

Investec Asset Management

Franklin Templeton Investments

Brewin Dolphin

AXA Investment Managers

María Teresa Fábregas

Fernández,

Head o Unit, Securities

Markets,

European Commission

Mike Bellaro,

Head o Trading,

Deutsche Asset

Management

Mark Hemsley,

CEO,

BATS Chi-X Europe

Olle Schmidt,

Full member o ECON,

Shadow Rapporteur on

MiFID, Member o the

European Parliament

Christophe Roupie,

Global Head o Trading

and Securities Financing,

AXA Investment

Managers

Diana Chan,

CEO,

EuroCCP

Alasdair Haynes,

Independent Expert

Francois Bonnin,

CEO,

John LockeInvestments

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07:45 REGISTRATION & COFFEE

08:30 Opening remarks rom the chair

08:45 Markets structure/execution landscape panel discussion: Evolution orrevolution? Is the current market structure sustainable?

Volumes and margins are declining, competition is increasing, costs are up and revenuesare down. MiFID II and other regulatory updates are driving changes in market structure,but it could be the long term economic outlook that transorms the industry as we know it.The rise o dark pools, the blurring boundary between buy and sell side, and the shadow odisintermediation are the backdrop or this year’s TradeTech Liquidity and the topics or debateon your keynote panel:

• Isthecurrentbrokeragebusinessmodelsustainable?Assessingtheroleofbrokersintoday’smarketsandhowthatmaychange

• Determiningtheroleofstockexchangesinthefutureexecutionlandscape

- Howhastheroleofexchangeschangedthroughthenancialcrisisandthefragmentationofliquidityacrossvenues?

- Evaluatingwhetherexchangesshouldrepairthebalancebetweentheinterestsofallusersoftheirmarketplacesratherthanlobbyingpoliticiansandregulatorstoinhibitcompetitionandchoice

- Whatisthefutureforexchangesasmoreandmoreowismovingawaytoothervenues• Istheowmovingawaybecausethesellsidewouldprefertomatchinternallyratherthansendingittosomeoneelse?

• Doesitmeanit’sgoingtobecomeincreasinglydifcultforthebuysidetondliquidity?

• Whydostockexchangesneedtobeopenfor8.5hoursinEurope?

- AssessingifitwouldbenetliquidityandhurtHFTifexchangeswouldcutopeninghours

- Whoearnsthatextramoneytotheopeninghoursandwhyisthecurrentsituationusefulformarketparticipants?

• Understandinghowotherexecutionvenuessuchascrossingnetworks,brokerageservicesanddarkpoolswillbeintegratedinthenewconceptofMiFIDII

• Evaluatinghowbuysideandsellsideorganisationscopewithredundanciesandcapacityamidalowervolumetradingenvironment

• Identifyingtheleadingbrokers,whattheyaredoingtostayattheforefrontofthemarketandhowtheyarepreparingtodeveloplooking3-5yearsahead

• Iscurrenttradingtechnologyevolvingfastenoughtokeepupwiththepaceoftheeverchangingexecutionlandscape?

- Aretoolsandthetechnologyonyourtradingdesk(EMS,OMS,SOR,TCA)able todeliverwhatyouneedasliquidityfragmentsandrunsintothedark?

Moderator:

Alasdair Haynes, Independent Expert

Interviewers:

Michelle Price, Trading and Technology Editor, Financial News, Dow Jones

Larry Tabb, Founder and CEO, TABB Group

Philip Stafford, Deputy Editor, FT Trading Room, Financial Times

Panellists:

Mike Bellaro, Head o Trading, Deutsche Asset Management

Per Lovén, Head o International Corporate Strategy, Liquidnet

Mark Hemsley, CEO, BATS Chi-X Europe

Lee Hodgkinson, Head o Sales & Client Coverage, Europe, NYSE Euronext

09:50 Keynote presentation

Keynote speaker tbc

10:20 MORNING NETWORKING BREAK IN THE EXHIBITION AREA

10:50 Regulatory keynote presentation

Keynote speaker:

María Teresa Fábregas Fernández, Head o Unit, DG MARKT.G.3 “SecuritiesMarkets”, Financial Services Policy and Financial Market, Internal Market andServices DG, European Commission

11:20 Regulatory keynote panel discussion: Understanding i the current systemis ft or purpose and whether regulators have achieved their goal or airmarkets

Even the most vehement proponents o a sel regulating banking sector may fnd it hard tocontinue to argue against increased regulatory scrutiny in the wake o the LIBOR scandal– but anyone who has looked hard at the industry will agree that some o their points carryweight; the ever growing burden o regulatory compliance is undoubtedly increasing costs orinstitutions while their revenues decline; complex regulations have had ar-reaching, unintendedconsequences such as ragmented liquidity and a technological arms race in algo trading – thesehave cost the industry hard, and much o this cost has been passed through to the end investor.

Can a balance be struck? Can the bankers ever be trusted to act with integrity? Or are tightlypoliced markets the only way? And who should pick up the bill?

• Clarifyinghowthegrowingfrictionbetweenmarketsandregulatorscanbesolved–DoesMiFIDIIseemtoofarremovedfromanyrealbenettotheendclient?

• Effectivelylobbyingformoreefcientregulation

- Assessinghowthebuysidecaninuencelawmakersandhaveabiggervoicehelpingtheregulatorsunderstandingtheirviewsasthebuysidehaveavestedinterestintheendclients

- Isittoolateforthebuysidetobemorevocalandregulatorymoreproactiveorcanregulatorsmakethechoiceofliquidityforthebuyside?

- Willregulationsencouragethecreationofamoreefcient,uniedandsafe tradingandpost-tradeenvironmentforEurope?

• ExaminingwhysomemarketparticipantsarealreadytalkingaboutMiFIDIII&IV–IsMiFIDIIalreadycompletelywrong?

• Understandingthepowerofpoliticiansontheexecutionlandscapeandthe tradingcosts–Isthemarketcurrentlytradingonpoliticalstatementsratherthanfundamentals?

• AssessingifthecreationofOTFsarean‘unessentialcomplication’sinceitwouldcreateanothertypeoftradingvenueontopofexistingexchangesandMTFs

- Couldmarketstructuretransparencybefurtherdamagedbyambiguous

denitionsforthisnewcategory?

- OTFstatusofdarkpools–Willthebuysidecontinuetobeabletoexecuteinthedark?

- WillbrokersofferOTFs?WhatwouldtheimpactbeonfragmentationasinadditiontheyprovidesystematicinternalisersforpropowandMTFs?

• TheEuropeanCommission’srecommendationontheabolitiononthereferencepricewaver–WilldarkpoolshavetocloseinEurope?

• UnderstandingifthenonexistentconsolidatedEuropeantapeisresponsiblefordeterioratingthemarketsandthepossibleimpactonvolumes

• ThesplitbetweentheTreasuryandtheEuropeanCommission:UncoveringtheTreasury’sviewpointonhowregulationisevolvinginaPan-Europeancontext

Panellists:

María Teresa Fábregas Fernández, Head o Unit, DG MARKT.G.3 “SecuritiesMarkets”, Financial Services Policy and Financial Market, Internal Market andServices DG, European Commission

Philippe Guillot,Executive Director, Markets Directorate,

Autorité des

marchés fnanciers (AMF)

Piebe B. Teeboom, Ph.D Senior Policy Advisor, Strategy, Policy, andInternational Aairs Division, Autoriteit Financiële Markten (AFM)

Christophe Roupie, Global Head o Trading and Securities Financing, AXA Investment Managers

Diana Chan, CEO, EuroCCP

Arlene McCarthy, Vice Chair, Economic & Monetary Aairs Committee,Member, European Parliament

12:20 NETWORKING LUNCH BREAK IN THE EXHIBITION AREA

13:40 Uncovering the role o dark pools in the new execution landscape paneldiscussion

How will dark pools be defned in the new regulation, and how will that defnition aect howthey are regulated? Can dark pools continue to exist when the current regulatory paradigm is

‘transparency good, secrecy bad’? Why do the regulators and the buy side polarise on thistopic – Should regulation not exist to protect buy side interests?

• WithmorethanadozeninvestmentbanksunderintensescrutinybyEuropeanauthoritiesovertheiractionsintheLibormarket,couldtheallegationshaveanimpactonthenalMiFIDIIwordingproposedbyMEPs?

- Analysingifthefailureofself-regulationofrate-xingcouldpotentiallyspelltheendforotherkindsof‘privateclubs’operatedbybrokers,suchasdarkpools

• Understandinghowthebuysidefeelaboutbrokerdarkpools

- Dothebuysidebelievetheygetenoughinformation,andtherightinformation,fromthebrokersabouthowtheyoperatetheirdarkpools?

- Whatarebuysideperceptionsofinformationusageandinformationleakageinbrokeroperatedpools?

- Arebrokercrossingnetworksessentiallyself-servingandthereforeaworthy targetofattentionforMiFIDII?

• Theascentandthefutureshapeofdarkpools:Themoredarkpools,themorefragmentation,themoreconnectionscompaniesneed,thebiggerinteractionis

createdwithHFT- Aretherecurrentlytoomanydarkpoolsandwillweseethesevenues

consolidatingasthenextlogicalstep?

- Thesurvivalofthettest–Ifconsolidationoccursandsomepoolsclose,whatwilldeterminewhichonesemergeaspreferredvenues?

RegisteR toDay: www.rdcld.c +44 (0)20

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TradeTechLiquidityistheboutiqueforumreservedforonlythemostseniorequitytradingprofessionalsinEurope.

Byattendingyouwillhaveunrivalled,top-levelinsightintotheevolvingexecutionlandscapegainedthroughaseriesofdynamic,

opinionatedpanelsessions.

N e W : t h e me D i a as k t h e q u e s t i o N s



- Uncoveringifusingandoperatingdarkpoolswillbecomemorecomplicated thantodayasaresultofregulatorychange,andhowthismayimpactexecutionstrategy

• Arepoolsthatexcludecertaincategoriesofparticipantsmoreappealingtothebuysideandisthisatrendthatislikelytocontinue?

• Analysingtheincreasingtradingvolumesinthedarkvs.smallerdarkaveragetradingsizes–Candarkpoolscontinuetoservethefunctionofexecutingblocktradeseffectivelywithliquidityspreadsothin?

• AredarkpoolsawaytohelpthebuysideavoidingHFT?

• Canmarketparticipantsgetexactlythesamethinginlitvenues?

• Shouldreportingbeinstalledfordarkpoolsinorderforthemtobemoretransparentandtoputthematthesamelevelofplayingeldfromalegalperspective?

Moderator:

Larry Tabb, Founder and CEO, TABB Group

Panellists:

Andrew Morgan, European Head o Autobahn Equity, Deutsche Bank

Chris Marsh, Head o AES Europe, Credit Suisse

Rob Boardman, CEO, ITG

14:40 HFT panel discussion: Examining the impact HFT has on the executionlandscape and how it’s driving regulation in a way and driving exchangesto act

I you were to point an accusing fnger at the single most debatable and emotive issue inthe equity markets at the moment, would it be HFT? HFT has come under fre by regulatory

initiatives, politicians as well as the media or the high-speed trades driven by computers. Onthe other hand some believe HFT is bringing liquidity to the markets.

Ater high requency orders were implicated In causing trading delays and depressing pricingin a recent high profle IPO, should exchanges do more to l imit the activities o HFT, particularlywith new listings? Has the incident raised urther questions about the suitability o markets andtheir true unction, and the role o HFT in this?

Discover what HFT is currently targeting and its new direction bearing the Financial Transactionin mind.

• UncoveringtheregulatoryimpactonHFT:DoesHFTneednewrulesordoesthemarketjustneedtoenforceexistingrules?

• ThemediaandthepublicaredeterminedtodrawabadpictureofHFT–Realitycheck:UncoveringwhatitwouldtrulymeanforyourtradingdeskifHFTwouldbeoutofthemarketfromtomorrowmorning

• ReportsareshowingthatHFThasactuallydeclinedintheUSandinEuropeit’sstillincreasingbutnotatthesamerateasbefore–Whatdoesitmeanforyourtradingdesk?

• WhenHFTrecognizeordersinthemarket,isthatbecausetheassetmanagerhasn’tstructuredhis/hertradeswellenough?

- UncoveringhowthebuysidecaneffectivelygambleagainstHFTtomakeitharderforHFTguessingwhattradersaredoing

• EvaluatingifbrokersshouldsetupadaptivealgosthatareabletoconfrontHFTinthewaytheycanoutsmarttheseactivities

• ShouldHFTbeexcludedinthemarketplace?Cananyonejustbeforcedout?

• Analysingexchanges’rulesforordertollratioandchargingtheirclientsmore–AssessinghowHFTcanstanduptotheirpricemoreasatthemomentthey’restillrunning97%cancellationswhichexacerbatestheliquidityinthemarket:Bookingsvs.reality

• IsithardertomakemoneywithHFTbecauseofallthemarketdevelopments?

Introductory keynote remarks:

Olle Schmidt, Full member o ECON, Shadow Rapporteur on MiFID, Membero the European Parliament

Panellists:

Manoj Narang, Founder & CEO, TradeworxOlle Schmidt, Full member o ECON, Shadow Rapporteur on MiFID, Membero the European Parliament

Ståle Vilming, Head o Trading Strategies, Norges Bank Investment

Management

15:40 AFTERNOON NETWORKING BREAK IN THE EXHIBITION AREA

16:10 Financial Transaction Tax panel discussion: Analysing the rationale behindthe introduction o the FTT and whether it’s contributing to rebalancingBritain’s and Europe’s economies – Is the tax causing urther long-termpain or senior equity trading proessionals?

This debate will provide you a candid insight on the impact the FTT will have on marketliquidity as well as its implications on the way the buy side will trade. Since the fnancial crisissome European Governments have pushed to institute a fnancial transaction tax which eltlike a slap in the ace to many senior equity trading proessionals. Discover here i FTT is thegreatest ever opportunity or a monumental disaster or London.

• IstheFTTJUSTapoliticalbandwagon,orcanacasebemadethatitisgenuinelyagoodthingformarkets,marketparticipants,endinvestorsandsocietyasawhole?

- Cannanceparticipateintheoverallcostofthecrisis?

- AreGovernmentsbeingdesperateforsometaxincome?

- Potentialconictbetweentheobjectivesofpoliticiansandtheimpactithason theindustry

• Evaluatingthejuxtapositionbetweenpoliticianswhowantthetaxto‘punish’banksandbuildreservesforfuturecrisisandontheipsidewantingmarketparticipantsto trademoreinlitmarkets

• ExaminingtheinuenceofthistaxationinEuropeonliquidity

- Howexpensiveisitgoingtobetocomeinandoutofpositions

- Willliquidityeventuallydryup?

- IfcapitalmarketswouldbecomeextremelystressedagaincouldtheFTTmakeanyfuturecrashesevenworse?

- HowwilltheFTToffermorestabilityandhowdoesitworkwithtransparency?

• WilltheFTTeradicatepracticessuchasHFTorwillitmerelyshiftthemtostockexchangeswhichdonothaveaFTT,suchasLondon?–OpportunityordisasterforLondon?

• Assessingwhatlessonscanbelearntfromtheexperienceofothercountries–suchastheFTTintroducedinSweden1984andabolished7yearslater–inrelationtoanancialsectortaxationscheme

• HowvitalisthepotentialfortheFTTtoraisemeaningfulrevenuesandhow trustworthywoulditbeasarevenuestream?

• AssessingtheprobabilitythattheFTTwouldforcenancialservicestorelocateoutsidetheEUortocontributetoamigrationofnancialtransactionstowardslesssupervisedpartsofthenancialsector

• Ifthetaxisgoingtobebroadlyintroducedwillthebuysideturnoverdecreasedramaticallywhichmeanscommissionstobrokerswilldecreaseaswell?

- Doesthismeanthatsomebrokerswillbeintroubleandthattheoriginalequity tradingmodelmightnotworkforthemanymore?

- Ifbrokerswillgetlowercommissionsfromthebuyside,doesitmeanthatthequalityofbrokerserviceswilldeteriorate?

- Willbrokershavetominimisecostsandstopdoingequities?• Whatdoesitmeanforthebuyside?

• Asthere’slessliquidity,lesscommissions,FTTandbrokerstryingtominimisecosts:WillSalesTradersfromnowondomuchmorethantheyusedtodo?

- Insteadofonlydoingcashequitiesmighttheydoprogrammingaswellandalgos?

• Doesitmeanthatlesspeoplewillfacilitatethebuysideandspendlesstimewith them?

• Doesitalsomeanbrokerscouldleakinformationastheywille.g.docashequitiesandprogrammetrading?

Panellist:

François Bonnin, CEO, John Locke Investments

16:50 Panel discussion: Uncovering i the equity markets still serve the realeconomy – Examining the uture or equities and how much real volumethere is let

What is the purpose o markets? Equity fnancing only 30% o fnance taken by Europeanbusinesses vs. 70% in the US -0 remainder is debt… is that sustainable? Why are so manycompanies preerring the debt option – is it market structure, HFT, public perception drivingthis trend and how can it be reversed?

Is the regulatory regime serving the right sector o the market?

Did the occupy movement have a legitimate point?

• Whodothemarketscurrentlyserve,whoaretheydesignedtoserve,andwheredowetinthis?

• Doesthecurrentmarketstructureandregulatoryregimesupportthetraditionalfunctionofmarketsasaplacetoraisecapitalandforinvestorstoseekgrowth?

- Ifnot,whatcanbedonetoreturnthemtotheiroriginalpurpose?

• Canstockexchangesstepuptogetsanitybackinthemarket?

• Assessingtheshiftofliquidityoutoftheequitiesmarketintootherassetclasses

- Areequitiesadeathspiralasitisnowfoundinotherassetclasses?

- AreequitycapitalmarketsstillaneffectivesourceofgrowthfundingforEuropeanbusinesses?

• AnalysingtheKayreportreviewingtheeffectofUKequitymarketsonthecompetitivenessofBritishbusinesses

- Areequitymarketsconcentratingtoomuchontrading,tothedetrimentofinvestors?

- Evaluatingthedegreeoftransparencycontributingtotheefcientofequity trading

Moderator:

Simon Conyers, Head o Research, Capital Markets, Worldwide BusinessResearch

Panellist:

Louis Gargour, Chie Investment Ofcer, LNG Capital

17:30 Closing remarks rom the chair

17:45 NETWORKING DRINKS RECEPTION

368 9465 [email protected].

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“ TradeTech promulgates best practice.” Michel Debiche, Quantia Capital Management

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brochure - tradetech liquidity 2012

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