jeremy amias

8/8/2019 Jeremy Amias

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Liquidity

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Asian BondInvestors November 2010

DisclaimerTHIS DOCUMENT IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, FURTHER DISTRIBUTED TO ANY PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE.No reliance may be placed for any purposes whatsoever on the information in this document or on its completeness. Neither the LLP nor its members, or advisers nor any other person makes any representation or warranty, express or impli ed, as to, and accordingly no reliance may be placed on, the fairness, accuracy orcompleteness of the information contained in the presentation or of the views given or impl ied. Neither the Company nor any of its respective members, or advisers nor any other person shall have any liability whatsoever for any errors or omi ssions or any loss howsoever arising, directly or indirectly, from any use of thisinformation or its contents or otherwise arising in connection therewith.The information contained in this document is for background purposes only. The subject matter of the document may be subject to change and neither the Company nor its members, or advisers undertakes any responsibility for updating or amending the contents to reflect such changes. The material contained in thisdocument reflects current legislation and the business and financial affairs of the Company which are subject to change without notice and audit, and is subject to the provi sions contained within legislation.This document is being communicated in the United Kingdom only to persons who have professional experience in matters relating to investments falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (all such persons being referred to as rel evant

persons). This document is only directed at relevant persons and other persons should not rely on or act upon this document or any of its contents.


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Amias Berman & Co.Is an independent, global fixed income agency brokerage,

execution, advisory and origination firm

Was founded in 2009 to address the structural changes in thefixed income market

Introduction to the speaker

Jeremy Amias

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pera es w an exc us ve y c en - ocuse , non-con c ebusiness model, in which we do not run positions, or hold legacyassets

Uses technology to provide alternative sources of liquidity in asimilar manner to the way that dark pools provide liquidity in equitymarkets

Our core business comprises of :Capital Markets

Portfolio Advisory

Transaction Advisory

Bank Balance Sheet Solutions

Private Placements

Began his career with Salomon Brothers in London in1984

In 2002, Jeremy transferred to Hong Kong to head bothEuropean and Asian fixed income sales for Citigroup.

He was later named Head of FICC (fixed income,currencies and commodities) for the Asia Pacific regionwithin Citigroup, where he managed a business of 950

employees in 20 offices and 17 countries.Took Citigroup to a market leading position in FICC in

the region

Prior to founding Amias Berman, Jeremy was ChiefOperating Officer - Finance at Noble Group, Asias largestdiversified commodities trading company


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How Big Is The Asian Bond Market?

Despite the growth, Asias debt market is small

H1 2010 Asian new debt issuance was $46bn compared to the developed worlds $1206bn

The amount of debt outstanding is also small relative to developed countriesNet inflows into global bond funds was $120bn with $40bn of that going into EM Debt funds (as of

September 2010)

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$2,964.71

$6,765.08

$396.39 $76.84Debt Securities Outstanding (in USD Billions)

United Kingdom

United States

Asia & Pacific

Hong Kong


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Local Currency Markets

2500

3000

Local Currency Corporate Debt Securities Outstanding (in billions of USD)

Asias Local Currency Markets Are Growing Fast

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Hong Kong SAR

China

Philippines

Singapore

South Korea

Chinese Taipei

Malaysia


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Liquidity Challenges For Institutional Investors

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Investors have to go through the funnel of market makers vastly reducing the level of liquidity


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Liquidity Challenges For Institutional Investors

ClientLiquidity

ClientLiquidity

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ClientLiquidity ClientLiquidity


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NYSE Stock Exchange Volumes

7

LehmanBrothersFiles ForBankruptcy


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Electronic Trading and Execution

abco e is an innovative buy-side to buy-side fixed income trading system. It gives institutionalbuy-side clients access to other buy-side client liquidity via Bloomberg ALLQ

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Order owner

has limitedtime to accepttrade

Trade blotterfeature

Ability to

simultaneouslyinactivate allorders

Specifieds read

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logs allcompletedtrades

Only ordersat the top ofthe book willbe displayed

on ALLQ.This isindicated bya tick.

converted

into bid/offerprice

Commissionclearly stated

All ordersmust be firmin order to beprocessed


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Our system taps into the existing client liquidity on Bloomberg

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