fow cee warsaw 2015 derivatives brochure v2

Derivatives World CEESeptember 30th 2015

The Westin, Warsaw

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Event Partners: Platinum sponsor: Gold sponsors:

Silver sponsors: Bronze sponsors: Masterclass and Drinks Supporting Media partners: Reception Partners: Association:

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FOW Derivatives Bro v2.indd 1 20/09/2015 14:47

TRADE › CLEAR › REPORT

Find out more at cmegroup.com/emea.

CME Group is the trademark of CME Group, Inc. The Globe logo, Globex® and CME® are trademarks of Chicago Mercantile Exchange, Inc. CME Europe Limited is a Recognised Investment Exchange (RIE) recognised and supervised by the Financial Conduct Authority in the United Kingdom.

Issued by CME Marketing Europe Limited. CME Marketing Europe Limited (FRN: 220523) is authorised and regulated by the Financial Conduct Authority in the United Kingdom.

Copyright © 2015 CME Group. All rights reserved.

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Derivatives World CEE September 30th 2015 • The Westin, Warsaw

Welcome to FOW Derivatives World CEE 2015. To make sure you get the most out of our conference, please take a moment to read this briefing. FOW staff will be on hand throughout the event and can assist you with any queries you may have. Please don’t hesitate to contact one of the team at the registration desk if you have any questions.

Name Badges: Each delegate is issued with their name badge at Registration. We would be grateful if you could wear your name badge at all times for ease of identification when you are entering or leaving the conference area.

Networking: There will be networking opportunities throughout the conference, with catering laid on during coffee breaks, lunch and a drinks reception at the end of the day. Do please take time to look around the exhibition halls, meet the exhibitors and your fellow delegates.

Questions: Time permitting; there will be the opportunity for questions after most panel sessions. Please waituntil the microphone comes to you before asking your question. For reasons of courtesy, please also state yourname and organisation.

Presentations: All presentations given at the event will be available to view on www.fow.com/events. Please note that if a presentation is not included, this is due to the fact that the speaker was unable to publish proprietary company information.

Sponsors: We would like to thank them all for their continued support.

Don’t forget to leave your business card at the registration desk to ensure we have your correct email address. We hope you enjoy the conference.

Yours sincerely,William Mitting, Publisher,[email protected]: +44 207 779 8350 • Fax: +44 207 779 8248

Dear Delegate,

TRADE › CLEAR › REPORT

Find out more at cmegroup.com/emea.

CME Group is the trademark of CME Group, Inc. The Globe logo, Globex® and CME® are trademarks of Chicago Mercantile Exchange, Inc. CME Europe Limited is a Recognised Investment Exchange (RIE) recognised and supervised by the Financial Conduct Authority in the United Kingdom.

Issued by CME Marketing Europe Limited. CME Marketing Europe Limited (FRN: 220523) is authorised and regulated by the Financial Conduct Authority in the United Kingdom.

Copyright © 2015 CME Group. All rights reserved.

CME GROUP





Event Agenda

9.00: Welcome address

Pawel Tamborski, President and CEO, Warsaw Stock Exchange

9:10: Keynote speaker

Cees Vermaas, Managing Director, CME Europe

9:30: Keynote speaker

Carl Gilmore, Co-Head of Futures, Wedbush Futures

9:50: State of the market

Bringing together key figures in the market across Western and Central and Eastern Europe, this panel outlines some of the issues that will dominate discussions throughout the day. Topics include the opportunities and the challenges faced by smaller regional exchanges both today and in the future and the challenges of attracting international participants to emerging markets. • How can regional exchanges boost volumes and

international participation? • What are the challenges in launching new contracts on

regional exchanges? • How can co-operation with international exchange boost

growth? • What threats are there to the business of regional

exchanges?

Moderator: Will Mitting, Publisher, FOW

Grzegorz Zawada, Vice President of the Management Board, Warsaw Stock ExchangePawel Hominski, CIO, Noble FundsMax Butti, Senior Advisor - Derivatives Markets, London Stock ExchangeTom O’Brien, Head of International Sales, Moscow ExchangeMuammer Cakir, Head of Derivatives Market, Borsa Istanbul

10:50: Coffee break

11:20: Power markets in CEE: looking to the futures

With the Polish Power Exchange continuing to grow and set to launch electricity futures the year, there is plenty of opportunity in the sector. This panel will look at how to expand participation in power trading and the opportunities ahead for Polpx and the region’s power markets.

• What role will CEE power derivatives markets play in the harmonisation of power prices across Europe?

• Who will trade electricity and gas futures in Poland? How to increase participation?

• Where are the opportunities in power trading in CEE?

Moderator: Henry Edwardes-Evans, Associate Editorial Director, Power in Europe, Platts

Jaroslaw Ziebiec, Director of Regulated Market Office, TGE (Polish Power Exchange)Sebastian Jablonski, Senior Power Trader, VattenfallSimon Gadd, Director Energy Products, CME

12:25: Derivatives trading in Poland: challenges and opportunities

Poland has long been the regional hub for derivatives trading but limitations to growth remain. Restrictions on bank and fund participation in certain markets have held back liquidity. But with international participation growing and local regulations changing, liquidity looks set to increase.

• What is holding back trading in Poland? • How can regulators and the exchange increase

international participation? • What new products does the market need to trade?

Moderator: Jacek Wieclawski, Fixed Income and Derivatives, Rabobank

Lukasz Boron, Member of the board, Erste SecuritiesMichal Pruski, CEO & Co-founder, Metrum CapitalOskar Pecyna, Member of supervisory board, SkyhedgeIan Firla, COO, OSTC


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13:10: Lunch

14:05: The impact of Mifid II on liquidity

Mifid II looks set to radically change European derivatives markets and severely impact liquidity in certain markets. This smaller panel will analyse the expected impact of Mifid II on liquidity in the derivatives market.

Moderator: Mariusz Wieckowski, Managing Partner, Areto Carolyn Jackson, Partner, Katten Muchin Rosenman Pawel Zbyszynski, Legal Advisor, mBankSam Tyfield, Partner, Vedder Price

14:50: Clearing: the emerging business model

The Emir regulatory reform sweeping Europe is bringing huge change to the business model for banks offering clearing to their clients. This panel will update the market on the latest timelines for implementation and how Europe’s leading firms are coping with regulatory reform and building a profitable model in a new market.

• What does Emir mean for CEE brokerages and their clients?

• How is the new clearing regime changing the FCM business model?

• What new opportunities does Emir create?

Moderator: Luke Jeffs, Editor, FOW

Nick Chaudhry, Head of OTC Client Clearing, CommerzbankMatthew Cullimore, Executive Director of Clearing Sales, Morgan StanleyAndrzej Stosio, Partner, Clifford ChanceVictoria Kent, Senior Fixed Income Sales Executive, Nasdaq

15:35: Coffee break

15:50 – 17:50: Derivatives masterclass

A series of presentations and workgroups looking at the latest thinking in derivatives trading. From options to finding yield in low interest rate environments, this session is aimed at local and regional brokers and their clients.

Bill Beagles, Director, Square Mile Education Ltd: Basic definitions of optionsFilip Duszczyk, Account Manager, Market Development Department, WSE: Using covered calls to increase portfolio performance and reduce volatilityBill Beagles, Director, Square Mile Education Ltd: Adding a protective put to create the “collar” strategy.

17:50: Drinks Reception sponsored by:





Biographies Pawel TamborskiPresident of the management board, Warsaw Stock Exchange

Since July 2014 President of the Management Board of the Warsaw Stock Exchange. From 2012 as Under-Secretary of State at the Ministry of Treasury, he was responsible

for privatisation processes, including those conducted on the public capital market. He coordinated cooperation with advisory firms, global investment banks and investors. He was responsible for the promotion of Poland’s financial and capital markets to international investors. His responsibilities included the oversight and supervision of a number of companies, including those in the financial sector, in which the State Treasury is a significant shareholder. He coordinated the development and implementation of the dividend policy of the Treasury.

From 2010 to 2012 at Wood & Co, an independent investment bank focused on Central and Eastern Europe, Paweł Tamborski fulfilled the role of Head of Investment Banking.

Previously, from 1994 at Unicredit Group (at the time CAIB, part of Creditanstalt Bankverein AG). Before that at Bank Staropolski SA, where he started his career in the capital markets as a securities broker and helped to establish one of the first brokerage operations in Poland, after which he joined the brokerage arm of Wielkopolski Bank Kredytowy S.A. (now Bank Zachodni WBK SA).

At Unicredit CAIB, he was in charge of the investment banking team in Warsaw (Head of Investment Banking and Member of the Executive Board of Unicredit CAIB Poland). From 2008 he was co-head of the London Equity Capital Markets team responsible for Central and Eastern Europe (ECM CEE).

During his career at Unicredit Group, Paweł Tamborski was responsible for advising many of the largest domestic and international corporates, entrepreneurs and investors on a wide variety of public and non-public market transactions. These included issuance of equities, bonds, and convertible bonds, as well as mergers and acquisitions, and privatisation transactions.

Chairman of the Supervisory Boards of Krajowy Depozyt Papierów Warto’sciowych S.A. (Central Securities Depository of Poland) and Towarowa Giełda Energii S.A. (Polish Power Exchange).

A graduate of the Academy of Economics in Pozna ’n and holder of a stock broker license since 1991.

Cees VermaasManaging Director and CEO, CME Europe Limited

Cees Vermaas has served as Managing Director and CEO of CME Europe Limited, CME Group’s European-based derivatives exchange, since January 2015. He is responsible for the

ongoing build-out of CME Europe to meet the needs of customers in the European marketplace, following the exchange’s initial launch in April 2014. Prior to joining CME Group, Vermaas served as CEO of NYSE Euronext Amsterdam and as a member of the Management Committee of NYSE Euronext, with global responsibility for international business development for cash and listings. Prior to that, he served as Executive Vice President, Head of European Cash Markets, where he was responsible for NYSE Euronext’s European cash trading business, including equities, fixed income, operations, projects and business development. He originally joined Euronext in 2002 as Director Cash Market Netherlands before being promoted to Executive Director Sales and Marketing, Cash Market. His background also includes a decade working in IT and commercial roles at leading Dutch and international companies.

Vermaas holds a degree in business engineering from the Rijswijk University of Technical Education in The Netherlands. He serves on the Board of Directors of the Confederation of Netherlands Industry and Employers and the American Chamber of Commerce of the Netherlands. He also Ambassador of the War Trauma Foundation.

Carl GilmoreCo-Head, Wedbush Futures

Carl W. Gilmore is Co-Head of Wedbush Futures, responsible for creating and implementing the strategic direction for the firm. He also serves as a member of the NFA

Compliance and Risk Committee.

Previously, Gilmore was managing director and chief executive officer of the futures division of KCG Americas LLC, the firm that resulted from the merger of Getco and Knight Capital. Formerly, he was global enterprise risk officer for Penson. Before that he served as general counsel for Penson GHCO, a wholly owned subsidiary of Penson Worldwide Inc. (PNSN). Prior to joining GHCO, Gilmore was operations, risk, and compliance officer with First American Discount Corporation, a Futures Commission Merchant.

Gilmore began his career in 1988 as marketing manager for Westvaco, a Fortune 500 company.

His interest in securities prompted him to accept a position with Prudential Insurance Corporation as a securities floor desk clerk. Gilmore also served as marketing project manager in the U.S. Automotive Division of British Steel.

Gilmore is a member of the National Futures Association, American Bar Association, Chicago Bar Association, Global Association of Risk Professionals (GARP), as well as the Futures Industry Association, Law and Compliance Division. He is a qualified Eurex clearer and has Series 3, Series 7, Series 24, Series 30, and Series 63 licenses.

Bill BeaglesDirector, K2

After graduating in economics in 1984, Bill traded FX spot,fowards and options for Lloyds Bank before helping establish their presence on Liffe when options started trading in 1985.

Moving to specialist option market maker AOT, Bill successfully traded on many of Europe’s markets, including the London Stock Exchange and Liffe in London, The German DTB (now known as Eurex, the Dutch. EOE and the French MATIF. He is author of “Equity and Index Options Explained” (Wiley Publishing).

Bill worked at a hedge fund from 2008 to 2010 and has trading experience of all asset classes, including equities, fixed income and commodities.

Lukasz BoronMember of the board, Erste Securities Polska S.A.

Lukasz Boron serves as the Board Member at Erste Securities Polska S.A., a provider of brokerage services for institutional investors in Poland and internationally. Erste

Securities Polska S.A. is fully owned subsidiary of Erste Group Bank AG one of the largest banking groups in Central and Eastern Europe headquartered in Vienna. Erste Securities Polska S.A. services include securities and derivatives trading and settlement, research, ECM, M&A and DCM advisory. He oversees ECM, DCM and M&A advisory as well as, Institutional Sales (Equities and Derivatives). Prior to this Mr. Boron served as the Chief Executive Officer, Member of the Management Board, and Chief Financial Officer at PKP CARGO S.A., a company of the PKP Group in Poland responsible for freight transport. It is the largest railway cargo carrier in Poland and second largest in the European Union. In this capacity, he successfully IPO’ed the second largest rail


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cargo operator in EU. Prior until December 2010, he was Associate Director at KPMG Corporate Finance, an audit, tax and advisory services firm. He holds an MBA, General Management from the International Institute for Management Development- Business Programs and Master’s Degree in Finance and Banking from Warsaw School of Economics (SGH).

Max ButtiSenior Derivatives Advisor, London Stock Exchange

Max started his career at Switzerland as equity option and futures trader. In his career has worked in equity derivatives for international firms like Societe’ Generale and Merrill

Lynch before joining LIFFE in 2001 where he was responsible for Single Stock Futures, the acquisition of Cscreen and the launch of Bclear.

From 2006 to 2010 he was Strategic Development Director at Liquid Capital Securities. In 2011 he joined software consulting boutique Sofistar as a managing partner and since July 2015 is a Senior Advisor for Derivatives Markets at London Stock Exchange. Max is a Chartered Alternative Investment Analyst, holds a Investment Management Certificate from the CFA Society of the UK and he is member of the Financial Derivatives Diploma Panel of the Chartered Institute for Securities and Investment.

Nicholas ChaudhryHead of OTC Client Clearing, Commerzbank

Nicholas Chaudhry is Head of OTC Client Clearing at Commerzbank. In his 17 years’ Capital Market experience he has held senior positions in Fixed Income Prime

Brokerage and OTC Client Clearing businesses in Europe and Asia.

At Commerzbank Nicholas is responsible for developing Derivative Clearing solutions and strengthening the product offering to clients. Derivative Clearing at Commerzbank is focussed on delivering tailored solutions to clients looking to address the regulatory requirements that have arisen from EMIR.

Derivative Clearing is a core component of the new Market Services’ product which is a complete offering for post-trade activites, which the Bank offers to its clients

Muammer ÇakirHead of Derivatives Market (VIOP), Borsa Istanbul

Muammer Çakir is the Head of Derivatives Market (VIOP) at Borsa Istanbul. Prior to joining Borsa Istanbul, Çakir served as Executive Director of WestLB London. He

joined Borsa Istanbul, after serving as the Head of Turkey Desk at the Debt Capital Markets of WestLB London. He is currently responsible for establishing the multi-asset derivatives platform at Borsa Istanbul. His first job was at a convertible arbitrage/stress debt hedge fund in the United States.

Upon joining Borsa Istanbul, Çakir launched the first listed single stock futures & options market, and later on the first Equity Index & Non-deliverable FX Options products at Borsa Istanbul Derivatives Market (VIOP). He was appointed as the CEO of Turkish Derivatives Exchange (TurkDex) during the acquisition and merger of the two exchanges.

From 2002-2008, he was the head of derivatives market at the Capital Markets Division at Akbank where he developed the derivatives & precious metals business.

Çakir holds a master’s degree in financial engineering from Princeton University and he is a Fulbright fellow.

Matt CullimoreExecutive director, Morgan Stanley

Matt Cullimore is an Executive Director at Morgan Stanley covering sales for the execution and clearing of Derivatives. In his 15 years in the industry Matt has worked at both

Morgan Stanley and Goldman Sachs within the Derivatives arena. At Morgan Stanley Matt is responsible for selling derivatives to the Eastern European market and has been instrumental in developing a market leading product at Morgan Stanley.

Filip DuszczykAccount Manager, Market Development Department, Warsaw Stock Exchange

Filip Duszczyk began his professional career in 1998, after graduating from the University of Chicago. Beginning as a clerk on the floors of Chicago’s exchanges, he learned the ropes

of option trading and in 2002 became Senior Trader at Infinium Capital Management – one of Chicago’s bigger proprietary trading groups.

He worked as a market maker in the Dow Jones Futures at the Chicago Board of Trade (CBOT), S&P 500 Future Options at the Chicago Mercantile Exchange (CME) and SPX and DJX/DIA Options at the Chicago Board Options Exchange (CBOE). In 2008, Filip became Options Desk Manager for MF Global at the CME.

In 2012, Filip returned to his native Poland and began an MBA program at the Warsaw School of Economics. After completing his studies in early 2014, he started work at the Warsaw Stock Exchange. He currently holds the position of Account Manager in the Market Development Department.

Henry Edwardes-EvansAssociate Editorial Director, Power in Europe, Platts

Henry Edwardes-Evans has edited Platts’ flagship European electricity newsletter Power in Europe since 2000. From 2003 to 2013 he was Managing Editor of Platts Power

in Asia and Energy in East Europe. He is now Managing Editor of Energy Economist and International Gas Report.

He is a regular contributor to European Power Daily and a frequent speaker/moderator on the European power conference circuit.

From 1992 to 2000 Henry was a journalist at Financial Times Energy, where he edited EC Energy Monthly and wrote/edited annual electricity reviews and management reports. He graduated from Worcester College, Oxford University in 1990 and is married with two children.

Ian FirlaCOO, OSTC

Ian Firla was born in Poland and raised in the UK and Canada; he joined OSTC with the specific aim of setting up and running the Polish arm of the business. He has a background in

IT and ran an IT consultancy for nearly 10 years managing projects in London, Oxford, Rome, Verona and Milan. Mr Firla has degrees from the University of Toronto and Leicester University as well as extensive experience running a research project at St John’s College, Oxford.

As Managing Director of OSTC Poland, Mr Firla was responsible for day-to-day activity in Poland but has since moved up to take the Group COO role; he is based in Poland from where he manages operations for the whole group.



Biographies

Simon GaddDirector, Energy Products, Europe

Simon Gadd is Director of Energy Products at CME Group in London. Simon joined the London energy team in early 2014, bringing with him more than 15 years of experience in trading

amongst others, Power, Gas and Emissions and is currently responsible for launching Power and Gas on CME Europe – CME Group’s new European exchange.

He spent a large part of his early career in Munich at citiworks, the trading arm of Europe’s largest municipal utility, Stadtwerke Muenchen, before moving back to London to head up Power options trading at Sempra Energy Europe.

Subsequently Simon helped set-up successful emissions trading outfits, Greyhound and Saxon, before moving full circle back into Power and Gas with CF Partners and then LEAP energy – a specialist market making business that he set-up in 2012 specifically for exchange cleared utility markets.

Simon brings a deep knowledge of Power to CME Group, as well as hands on trading experience in both longer term investing and day trading of most of the primary energy contracts.

He has been integral in designing and launching the CME Europe utility slate that now encompasses 26 contracts across European Power and Gas.

Paweł HomińskiCIO, Noble Funds TFI

Paweł Hominski is CIO of Noble Funds TFI, a Warsaw-based asset manager.

He started his professional career in 1995 at a local brokerage firm and then joined a small German investment boutique in 1997.

Since the very beginning of the Polish pension system (1999) until 2006 he managed the equity portion of OFE DOM pension fund portfolio (KBC Group).

In 2006 he joined the Noble Funds team as a fund manager and now holds the position of Chief Investment Officer.

Paweł Hominski holds a CFA title. He is a licensed stock-broker and an investment advisor.

He is a graduate of University of Economics in Kraków.

Sebastian JablonskiPower Trader, Vattenfall Energy Trading GmbH

Sebastian Jablonski is the Power Trader at Vattenfall Energy Trading GmbH. Prior to joining Vattenfall he has been working for Polish Power Exchange. In Vattenfall he is

responsible for trading European Power, with the main focus on CEE region. His scope of interest are Spot Markets, Forward and Futures contracts and non-standard contracts in Poland, Slovakia, Czech and Hungary. He has been awarded the title of The Trader of the Year by Polish Power Exchange for two consecutive years.

Carolyn JacksonPartner, Katten Muchin Rosenman UK LLP

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of

market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. She is adept at addressing US registration issues for non-US entities looking to transact business into the US, including clearing organizations and exchanges as well as asset managers and swap dealers.

Having practiced outside of the United States for her entire legal career, she is particularly well-versed in the cross-border effects of US regulations including the Dodd-Frank Act. She is a frequent speaker on topics including OTC derivatives regulatory reform and investment management regulation.

Prior to joining Katten, Carolyn was the European head of Allen & Overy LLP’s US Regulatory Practice. Before becoming a lawyer, Carolyn was the executive director and a board member of the International Swaps and Derivatives Association, Inc. (ISDA). Carolyn spent the first 13 years of her career as a derivatives trader and was part of the original swaps team at Chase Manhattan Bank, NA. She established the New York derivatives trading desk for Banque Nationale de Paris, and was the first vice president and manager of the Banque Indosuez International Capital Markets Group in New York.

Luke JeffsEditor, FOW

Luke Jeffs is the editor of FOW, having joined the magazine in late 2013. Prior to joining FOW, he was a correspondent at Thomson Reuters looking at market structure issues, exchange mergers and regulation. Before Reuters he was the Trading and Technology Editor at Financial News, part of Dow Jones. He has been a business journalist for 15 years.

Victoria KentSenior Fixed Income Sales Executive, Nasdaq

Prior to Nasdaq Ms Kent ran global relationship management for listed derivatives at UBS based in New York before heading commodity sales at Morgan Stanley in London, she also

held management roles in both Credit Suisse and Rabobank.

Ms Kent started her banking career in Fixed Income at Salomon Brothers. Born in Essex, Victoria gained a first class degree from Leicester University.

William MittingPublisher, FOW

William Mitting was appointed Editor of FOW in March 2011 and publisher in May 2012. He has been a business journalist for ten years and his previous positions include editor of

Corporate UK magazine. Prior to his appointment at FOW he worked in Malawi in east Africa where he launched the country’s first national business magazine.

Andrzej StosioPartner, Clifford Chance

Andrzej Stosio is an advocate and the partner responsible for the Clifford Chance Warsaw Derivatives and Structured Products Group. With more than 15 years’ experience in this area,

he acts for derivatives dealers, end-users as well as clearing houses. Among others, recently he has been advising on EMIR- and CCP clearing-related matters. In 2010 he was seconded to Clifford Chance’s derivatives and financial regulation group in London.

He is ranked in various finance-related sections of the latest editions of Chambers Global, Chambers Europe, Legal 500 and IFLR 1000. For instance, Legal 500 2015 ranks him as one of the leading banking and finance lawyers in Poland.


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Sam TyfieldPartner, Vedder Price

Sam Tyfield is a Partner and a member of the firm’s Finance and Transactions team. Mr. Tyfield’s broad range of financial services experience includes a focus on acting for a large number

of proprietary trading firms and alternative investment asset managers, particularly those in the high frequency variety of business concerns.

His experience also includes advising on numerous mergers and acquisitions, and serving as private equity and venture capital counsel in relation to European and international transactions.

Specifically, he has participated in several significant M&A transactions in the Russian market, including the acquisition of the insurer NASTA by Société Générale.

Mr. Tyfield has been recognized by Legal 500 for his financial services work and praised for his “unique perspective on new regulations.”

Additionally, he was named a European Legal Expert in the Legal Business directory for Private Equity, Corporate and M&A (2009) and Investment Funds (2012).

Mr. Tyfield has had numerous articles published on topics relating to hedge funds and asset managers, and he is a frequent speaker at seminars and events. He routinely provides updates on upcoming and relevant regulation, policies and procedures to industry organizations.

Mariusz WięckowskiManaging Partner, Areto

Mariusz Wieckowski – Managing Partner at Areto consultancy. His experience in implementation of financial market regulations spans over more than 15 years.

Advising many banks and other financial institutions in implementation of EU and local regulatory requirements (including EMIR and MiFID II).

He actively contributes to the work of various industry associations (including the Polish Bank Association working groups , among others, EMIR Implementation Working Group and MiFID II Working Group).

He has also conducted numerous training sessions devoted to derivative transactions, their documentation and their regulatory requirements.

Jacek WieclawskiGFM GI Fixed Income & Derivatives, Rabobank London

Jacek joined Rabobank London in September 2011 to grow the Germany, Austria & CEE Fixed Income & Derivatives team. In 2014, Jacek also joined and contributed to build

the European Sovereign, Supras & Agencies (SSA) Interest Rates Derivatives desk. Prior to joining Rabobank he worked in Equity Derivatives at Deutsche Bank AG in London and started his career in Risk Management at Lloyds Bank in London. Jacek holds an MSc in Management from City University London/Cass Business School, Diplome de Grande Ecole from ESCP in Paris and Diplomkaufmann from ESCP Berlin.

Grzegorz ZawadaVice-president of the Management Board, Warsaw Stock Exchange

Grzegorz Zawada holds a degree from the Warsaw School of Economics and the University of Minnesota MBA Programme. Chartered Financial Analyst.

He joined the Polish capital market in 1996. He started his professional career in the National Investment Fund programme and later joined the financial advisory practice of the international consultancy Deloitte. In 2000-2007 with the Erste Bank group as CEE Banking Analyst, Country Director of Research in Poland and from 2005 Member of the Management Board.

In 2007-2011 in the London City as Director in the research division of Nomura, RBS and HSBC specialised in the CEE banking industry (from Austria to Russia and Kazakhstan). From 1 February to the end of December 2011, Deputy Director of Dom Maklerski PKO Bank Polski responsible for market research. Since January 2012 till July 2014 he held the position of Director of Dom Maklerski PKO Bank Polski. Chairman of the Supervisory Board of BondSpot S.A. Member of the Supervisory Board of Towarowa Giełda Energii S.A. (Polish Power Exchange).

Pawel ZbyszyńskiLegal Advisor, mBank

Pawel is a legal adviser. He started his career in 2007 in Kredyt Bank S.A. (member of KBC Group). He advised on legal issues relating to outsourcing, IT, payments and

intellectual property rights. Since 2011 Pawel is responsible for investment banking advisory

covering derivatives and structured finance. He is responsible for implementing EMIR, MiFID II and MiFIR regulations in mBank S.A. He contributed to the working groups of Polish Bank Association (ZBP).

Pawel graduated from the Faculty of Law and Administration at Warsaw University. He is a member of District Chamber of Legal Advisers in Warsaw. Jarosław ZiębiecDirector of Regulated Market Office at TGE (Polish Power Exchange)

Since March 2014 at TGE. Responsible for creating and developing Financial Instruments Market, which will Initially provide the market participants with the opportunity to trade electricity-

based futures, to be followed by instruments linked to natural gas prices at a later date.

In 2013 he rejoined Warsaw Stock Exchange (WSE) where as Deputy Director, Derivatives Department at Warsaw Stock Exchange, he was responsible for development and marketing of financial derivatives.

From 2011 to 2013 at Bloomberg LP London, he was working in Exchange Business Management Team, responsible for cooperation and relation with CEE and CIS exchanges.

Between 2010 and 2011 Advisor to the Management Board of Polish Power Exchanges where his responsibilities included a creation of financial derivatives market.

From 1998 to 2010 he was working for Warsaw Stock Exchange, holding various positions including Head of Derivatives (2008-2010).

He was responsible for creation, development and marketing of financial derivatives market (futures and option based on various underlying – indices, currencies, single stocks and interest rates).

He was also responsible for creation of structure products market on WSE and introduction of the first ETF to WSE.

Previously, from 1994 to 1998 lecturer (financial markets, derivatives) at the Faculty of Economics University of Gdansk.

During his career he was running many financial market & derivatives lectures & seminars to broad audience including brokers, banks, financial market professionals and students.


Company profiles

Event Partners

The Warsaw Stock Exchange is the largest stock exchange in Central and Eastern Europe. It operates one of the most dynamically growing stock markets in Europe. The WSE also runs a regulated market for equities and derivatives, as well as an alternative equities market called NewConnect for companies with high growth prospects. The WSE also develops Catalyst, a market of corporate and municipal bonds, as well as commodity markets. The Warsaw Stock Exchange derivatives market is the most significant market of its kind among CEE exchanges. WSE offers a wide range of derivative products: futures on the WIG20 and mWIG40 indexes, currencies (USD/PLN, EUR/PLN, CHF/PLN), single stocks, T-bonds and STIRs, as well as WIG20 index options. The diversity and liquidity provided by market makers results in WSE’s offer being a very attractive opportunity for all investor types in this market segment.

For more information, please visit http://www.gpw.pl

TGE (Polish Power Exchange) is the only licensed energy exchange in Poland. The launch of TGE in 2000 was one of the first steps towards the liberalisation of the Polish electricity market and the privatisation of the power sector. Since February 2012 TGE has been a wholly owned subsidiary of the Warsaw Stock Exchange.

TGE operates the following markets: electricity (Commodity Forward Instruments Market with Physical Delivery - CFIM, Day-Ahead Market - DAM, Intraday Market - IDM and gas market

(CFIM, DAMg, IDM), as well as Property Rights Market. This year TGE will launch Financial Instruments Market - futures contracts based on electricity prices. TGE is currently one of the most rapidly growing commodity exchanges in the region.

More information: www.tge.pl/en<http://www.tge.pl/en>

Platinum Sponsor

As the leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk, offering the widest range of global benchmark products across all major asset classes. We bring buyers and sellers together through our CME Globex electronic trading platform and our trading facilities in the United States and Europe. CME Clearing, an industry-leading central counterparty clearing provider, offers clearing and settlement services for exchange-traded and over-the-counter derivatives.

CME Europe, our London-based derivatives exchange, offers FX contracts and a suite of commodity contracts and will become a multi-asset class exchange over time. CME Clearing Europe, our London-based clearing house, provides a single, integrated platform for a broad range of OTC financial and commodity derivatives and futures in a European regulatory framework.

http://www.cmegroup.com/clearing/

Gold Sponsors

Nasdaq NLX (NLX) is a London-based market for trading interest rate derivatives. Market participants have the ability to trade a suite of UK- and European-listed interest rate

derivatives products across the yield curve. For the first time, the short and long ends of the interest rate curve are merged onto a single market for trading and clearing.

NLX enables simplified execution of a broad range of hedge, strategy and contingent trades, and will support registration of both Central Order Book (COB) and off-order book trades on the same Genium INET platform.

All NLX products are cleared through a single clearing house, LCH.Clearnet, and margined using a Value at Risk (VaR) methodology and LCH.Clearnet’s Portfolio Approach to Interest Rate Scenarios (PAIRS).

NLX is built upon the Nasdaq infrastructure, which powers one in every 10 transactions worldwide, and leverages the expertise and knowledge of tried and trusted partners to create an efficient, robust and flexible market.

SunGard is one of the world’s leading financial software companies, with annual revenue of $2.8 billion. We provide solutions for financial services, the public sector and education. Our software is delivered via Software as a Service (“SaaS”), in the cloud and on premises, surrounded by an extensive suite of service offerings.

Through the depth and breadth of our solution portfolio, global capabilities and domain expertise, we are capable of supporting virtually every type of financial organization, including the largest and most complex institutions in the world.

SunGard’s approximately 13,000 employees serve approximately 14,000 customers in more than 100 countries, bringing fresh ideas and inventive solutions to help our customers adapt and thrive.

For more information, please visit www.sungard.com.



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Silver Sponsors

London Stock Exchange is the world’s most international exchange. Nearly 2,500 companies from more than 90 countries are quoted across its markets, with a combined value of £4.4 trillion.

London Stock Exchange’s markets include the Main Market – London’s flagship venue for equity, debt and exchange traded products, offering businesses access to Europe’s most liquid pool of capital – and AIM – the world’s leading market for small and growing companies. Since its launch in 1995 AIM has helped 3,500 companies raise £87 billion.

Trading participants access London Stock Exchange markets via a range of secure, low latency interfaces, including the Order book for Retail Bonds (ORB), which since its launch in 2010 has allowed private investors to trade bonds in small denominations, and has helped companies raise over £4 billion. Bronze Sponsors

Clifford Chance is one of the world’s pre-eminent law firms with significant resources across five continents. Our Warsaw office (opened in 1992) is regarded as a first choice adviser to major Polish and international corporates, private equity funds and financial services groups. Our high-profile work has earned us a market leading reputation in Poland.

Chambers Europe 2015 ranks us Band 1 in eight separate areas (including banking & finance, debt capital markets, and restructuring/insolvency), three more than our nearest competitor. Our dedicated Warsaw Derivatives Group advises on all forms of derivatives: OTC, exchange traded and securitised, repos and securities lending.

Stellar Trading Systems provides cutting-edge futures, options, equities and treasuries capabilities to professional traders worldwide. With over a decade of industry experience, Stellar continues to deliver outstanding performance, innovation and stability. Stellar Trader offers an intuitive front end with comprehensive order and risk management. The powerful Stellar spreadMachine delivers exceptional synthetic spreading performance whilst the Stellar API and Quantum Server’s rich functionality answer the needs of today’s algorithmic trader. Through continuous development Stellar ensures its clients retain the advantage in execution they demand. For full details of Stellar’s product range, exchange connectivity and global co-location facilities, please visit www.stellartradingsystems.com

Borsa Istanbul, with historical roots going back to 1873, is a diversified regional exchange in Turkey, providing trading, settlement, custody and registry services for equities, derivatives, fixed income & repo, precious metals and Islamic finance markets all under a single umbrella. Borsa Istanbul Derivatives Market (VIOP) is the region’s leading and most liquid derivatives marketplace where the investors and corporates come to manage their risk.

VIOP offers the widest range of regional benchmark products across all major asset classes, including futures and options based on equity indices, currencies, interest rates, precious metals, commodities and energy with a central counterparty clearing service.

For more information, please visit http://borsaistanbul.com/en/viop

Masterclass and Drinks Reception Partner

OSTC is a proprietary multi-asset derivatives trading company and liquidity provider founded in 1999 in London. Operating on the leading global exchanges, we specialise in disciplined, risk-averse trading strategies.

In 2015, we are in 16 locations across the UK, Eastern and Continental Europe, Asia and America, employing 400 people globally.

OSTC’s success derives from our investment in people. We create an environment in which we nurture and develop talent and where our traders can maximise their potential.

OSTC warmly invite you to celebrate their 10th anniversary in Poland during the drinks reception that they will be hosting at the FOW CEE.

OSTC’s educational initiative, Square Mile Education, brings together a proven team of industry leading experts to offer the very best in education on understanding and applying Futures and Options, Technical Analysis, Psychology of Trading, Compliance and Regulation, FX and Equities.

The Square Mile team has a track record of delivering bespoke solutions to financial markets frontline performers for over 15 years.

We are delighted to be able to offer outstanding training courses and workshops that are carefully tailored to the needs and demands of clients, both retail and institutional.


Sponsorship and exhibiting: Helen Seidenberg: [email protected] • +44 207 779 8351 Nicole Berkland: [email protected] • +1 312 480 8318 Speaker opportunities, media partnerships and press: Yasmin Okolo: [email protected] • +44 207 779 8046

For more information visit www.fow.com/events

Contact us

Coming up in 2015 & 2016TRADING MIDDLE EAST19th NovemberThe Conrad Dubai

DERIVATIVES WORLD LONDON: THE DEBATES8th DecemberGrange City Hotel, London

TRADING AMSTERDAMMarch 2016Hilton Apollolaan Hotel, Amsterdam

DERIVATIVES WORLD ASIA, HONG KONG12th-13th April 2016Renaissance Harbour View Hotel, Hong Kong

FOW delivers highquality events forindividual marketsaround the globeWhy attend FOW events?

• Listen to industry experts debate the most important topics of the day during our panel discussions

• Hear unique presentations from our key note speakers • Network with clients and industry peers during our networking breaks, lunches and drinks receptions

• Broker new business and position your company to thrive in this period of recovery


fow cee warsaw 2015 derivatives brochure v2

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