Fixed Income Leaders USA 2015 (past event)
June 02 - 04, 2015
Contact Us: 1.888.482.6012
Empowering The Buy Side
08:00 - 08:50 Conference Registration and Networking Breakfast
08:50 - 09:00 Chairperson Opening Remarks
09:00 - 09:40 All Star Panel: How is the industry adapting its trading desks to compete in a new Fixed Income market?
Speakers:
Sam Priyadarshi Head of Fixed Income Derivatives Vanguard
Chris Yoshida Global Head of Rates Sales Deutsche Bank
Elizabeth Duggan Managing Director Interactive Data
Stephen McLaren Senior Sales Manager MarketAxess
Moderator:
Kevin McPartland Head of Marketing and Research Greenwich Associates
Sam Priyadarshi Head of Fixed Income Derivatives Vanguard
Chris Yoshida Global Head of Rates Sales Deutsche Bank
Elizabeth Duggan Managing Director Interactive Data
Stephen McLaren Senior Sales Manager MarketAxess
Moderator:
Kevin McPartland Head of Marketing and Research Greenwich Associates
In light of new regulatory reforms 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 with the top three US money managers will give you an insight into how you can adapt your trading desk to best respond to these trends. Attend this session to find out:
- What has been the impact of regulation on the fixed income market place- Defining the implications for the buy side
- Unintended consequences- What has been the impact on market liquidity and economic growth?
- Outlining a new market structure- How are the roles of market participants changing and the traditional roles becoming indistinct?
- Technological innovation- How has new technology changed buy and sell side interaction and trading desks?
- Have regulatory reforms led to a fragmented market structure with increased competition?
MarketAxess
- What has been the impact of regulation on the fixed income market place- Defining the implications for the buy side
- Unintended consequences- What has been the impact on market liquidity and economic growth?
- Outlining a new market structure- How are the roles of market participants changing and the traditional roles becoming indistinct?
- Technological innovation- How has new technology changed buy and sell side interaction and trading desks?
- Have regulatory reforms led to a fragmented market structure with increased competition?
Stephen McLaren
Senior Sales ManagerMarketAxess
09:40 - 10:05 Industry Keynote: From challenge to opportunity- New liquidity providers in a shifting regulatory landscape
- 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?
- 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?
10:05 - 10:30 Regulatory Keynote: What impact will the next set of domestic and international reforms have on US Fixed Income markets?
With the evolution of fixed income market regulation moving faster than the equivalent European regulations, the implications of unintended consequences and cross border compliance is high on everyone’s agenda. All in all, you are faced with increased complexity as you strive to mange this miss match. This keynote presentation by a regulatory expert, will give you first hand clarity on how you can best manage the conflicts in Dodd Frank and EMIR through insights on:
- An update on US and European regulatory reforms- How will the current regulatory environment affect liquidity?
- What should the buy side be expecting in terms of liquidity, and what are they required to do to provide liquidity to investors?
- Cross Border Compliance- What is being done to manage conflicts between Dodd Frank and EMIR?
- What are the next European regulatory changes which will have ramifications for the US market
10:30 - 11:15 Morning Networking Break / Innovation Theatre
Establishing New Platform Partners
11:15 - 12:00 Oxford Style Debate: Can innovative ‘all to all’ models prosper in the new Fixed Income landscape?
All to all trading models have been on the horizon within fixed income for a number of years now. However the success of this form of trading in fixed income is yet open to debate. During this session, sit back and witness these industry experts pit themselves against each other, as one camp argues for all to all models and the other against. Then have your say by putting each speaker on the spot with questions before you vote for the winning argument. This debate will cover:
- Will the ‘all to all’ model eliminate the need for banks and brokers?
- Will the market benefit from a neutral ‘all to all’ electronic order book?
- Will the development of ‘all to all’ models alleviate the liquidity drought?
- Will the intended consequences of greater transparency and stability materialise as a result of ‘all to all’ models?
- Will the ‘all to all’ model eliminate the need for banks and brokers?
- Will the market benefit from a neutral ‘all to all’ electronic order book?
- Will the development of ‘all to all’ models alleviate the liquidity drought?
- Will the intended consequences of greater transparency and stability materialise as a result of ‘all to all’ models?
Evaluating Your Sell Side Relationships
11:15 - 12:00 360° Perspective: The Changing Buy and Sell Side dynamic- What services should you now be expecting?
Basel III reform has made it harder for banks to provide liquidity in fixed income markets, leaving you the buy side holding much more liquidity on your books, resulting in your expectations from the sell side shifting. Each of these panellists have extensive experience working with the sell side throughout their career and will be providing their advice on:
- Other than liquidity, what are the key criteria you should consider when selecting your broker?
- Performance vs. relationship- Are now the driver over the human touch when choosing your broker?
- Outlining the increased importance of research to help combat the liquidity drought
- How will your relationships evolve with brokers as the market moves further towards an electronic model?
- Other than liquidity, what are the key criteria you should consider when selecting your broker?
- Performance vs. relationship- Are now the driver over the human touch when choosing your broker?
- Outlining the increased importance of research to help combat the liquidity drought
- How will your relationships evolve with brokers as the market moves further towards an electronic model?
Stream A
12:00 - 12:20 Case Study: The essential role of buy side coordination in exchange-traded fixed income product innovation
Yoshiki is responsible for IP research and development in collaboration with academics and commercialization in partnership with institutions in the finance industry. Over the last 5 years, Yoshiki and his team have been working with Professor Antonio Mele of the Swiss Finance Institute on the design of fixed income volatility indexes and listed derivatives thereon, and with Chicago Board Options Exchange and S&P Dow Jones Indices on their creation and market development in the US and Japan. Attend this session where Yoshiki will share his expertise on:
- What are the challenges of migrating OTC trading activities onto exchanges?
- How have the dynamics between buy side, sell side, and exchanges evolved in recent years?
- How can the buy side best shape the exchange-traded fixed income market landscape?
- What are some major buy side institutions doing now to support desirable product innovation?
- What are the challenges of migrating OTC trading activities onto exchanges?
- How have the dynamics between buy side, sell side, and exchanges evolved in recent years?
- How can the buy side best shape the exchange-traded fixed income market landscape?
- What are some major buy side institutions doing now to support desirable product innovation?
Stream B
12:00 - 12:20 Case Study: The revolution of agency trading- How will it change your broker relationships?Declan is responsible for the strategic development of UBS's fixed income agency trading products, including the award-winning UBS Neo SEF Aggregator. Declan works with UBS’ clients to help them benefit from new market structures. Attend this presentation to understand how the confluence of regulation, fragmenting liquidity and technology will change your broker relationships
- How can moving to an Agency trading model help the Buy-Side?
- How will the move to Agency re-define the role of your Broker?
- How can Agency Brokers help you adapt to the changing market structure?
- Moving to an order-driven environment – How beneficial is this for the Buy-Side ?
12:20 - 14:00 Networking Lunch / Innovation Theatre
Sourcing Liquidity
14:00 - 14:45 360° Perspective: Buy side to buy side trading- Is this the best alternative means to source liquidity?
As banks balance sheets become strained and the buy side continues to grow, the pressure to develop new trading models has increased. There are a whole bunch of new ideas that the industry is talking about, and one of the more popular strategies has been buy side to buy side trading. This panel is made up of speakers at the forefront of fixed income innovation, who have different views on what method of trading will be best to source liquidity. Attend this session to learn:
- Why have there been so many failed attempts at buy side to buy side trading models?
- As volatility increases and rates begin to move, will buy side to buy side platforms take off in the market?
- In what way is the existing trading model limited in terms of sourcing liquidity and achieving best execution?
- Is it possible that buy side to buy side trading will take over the market?
- What can be done to move the buy side over to a price maker/price taker model of trading?
- Why have there been so many failed attempts at buy side to buy side trading models?
- As volatility increases and rates begin to move, will buy side to buy side platforms take off in the market?
- In what way is the existing trading model limited in terms of sourcing liquidity and achieving best execution?
- Is it possible that buy side to buy side trading will take over the market?
- What can be done to move the buy side over to a price maker/price taker model of trading?
Achieving Best Execution
14:00 - 14:45 Drill Down Roundtables: Incorporating new technologies for compliance, liquidity and best executionJoin these informal, subject specific roundtables to drill down on the details you need on new e-trading and fixed income technologies. Each roundtable host has been selected based on their specialist area of expertise to offer you the focus you need. One roundtable is limited to 10 people for maximum interaction.
RT1- Transaction Cost Analysis: How to efficiently use TCA in Fixed Income? Hosted by Michael Sanderson, Partner, MOS Solutions
RT2- Inter-dealer brokers: How does the buy side get direct access to inter-dealer broker platforms?
RT3- OMS/EMS: How to improve your OMS/EMS system to keep pace with new market regulations, compliance and structure?
RT4- TRACE Reporting: What resources should you allocate to reduce time and get TRACE reporting right? Hosted by Radi Khasawneh, Senior Fixed Income Analyst, TABB Group
Stream A
14:45 - 15:30 360° Perspective: The e-trading evolution- Which technologies should you invest in to be successful in a new electronic market?
Speakers:
Michael Sanderson Partner MOS Solutions
Karl Kutschke Senior Director Charles River Development
Erik Tumasz Managing Director, Fixed Income Trading Technology Wellington Management
Chris Amen Managing Director, Head of U.S. Institutional Rates Markets Tradeweb
Francis ‘FA’ Romano Head of KCG BondPoint Institutional KCG
Moderator:
Kevin McPartland Head of Marketing and Research Greenwich Associates
Michael Sanderson Partner MOS Solutions
Karl Kutschke Senior Director Charles River Development
Erik Tumasz Managing Director, Fixed Income Trading Technology Wellington Management
Chris Amen Managing Director, Head of U.S. Institutional Rates Markets Tradeweb
Francis ‘FA’ Romano Head of KCG BondPoint Institutional KCG
Moderator:
Kevin McPartland Head of Marketing and Research Greenwich Associates
The evolution of fixed income trading technology has rapidly developed in recent times to solve the liquidity drought. There is now an inflow of new and existing technologies tailored for fixed income. This panel, consisting of industry pioneers who have implemented new technologies to improve their capabilities, will discuss:
- What is the current state of e-trading in Fixed Income markets and what solutions are available for different market segments?
- As the buy side continue to grow, what trading mechanisms are best suited to support the demand for liquidity?
- What tools can you exploit to ensure you are tapping into all the liquidity in the market?
- Does the growth of e-trading represent a true and permanent market shift?
- What can the buy side do to execute ‘sleeping’ liquidity?
- What is the current state of e-trading in Fixed Income markets and what solutions are available for different market segments?
- As the buy side continue to grow, what trading mechanisms are best suited to support the demand for liquidity?
- What tools can you exploit to ensure you are tapping into all the liquidity in the market?
- Does the growth of e-trading represent a true and permanent market shift?
- What can the buy side do to execute ‘sleeping’ liquidity?
Stream B
14:45 - 15:30 Case Study Revolution: How to implement next generation TCA capabilities to reduce costs?
MAN Group are one of the worlds leading alternative investment managers, and Yoav oversees the systematic fixed income trading at AHL Partners within Man Group. Recently, Yoav has successfully implemented TCA with his fixed income trading team to measure best execution. Attend this interactive case study where Yoav will share his first hand experience on:
- What is driving interest in TCA for Fixed Income?
- How do you develop next generation strategies to use TCA technologies to monitor cost performance of your desk and broker? - How can TCA improve trading expertise and processes to reduce costs and achieve best execution?
- No consolidated tape- How TCA will improve over the next 5 years to help you mitigate costs?
- Self-policing- should the buy side monitor banks and brokers independently?
- What is driving interest in TCA for Fixed Income?
- How do you develop next generation strategies to use TCA technologies to monitor cost performance of your desk and broker? - How can TCA improve trading expertise and processes to reduce costs and achieve best execution?
- No consolidated tape- How TCA will improve over the next 5 years to help you mitigate costs?
- Self-policing- should the buy side monitor banks and brokers independently?
15:30 - 16:00 Afternoon Networking Break
16:00 - 16:45 360° Perspective: Who should you partner your desk with to improve your trading capabilities?
Speakers:
Zack Ellison Director, US Public Fixed Income Sun Life Investment Management
Josh Barrickman Head of Bond Indexing Vanguard
Stu Taylor Chief Executive Officer Algomi
Barry Cohen Managing Director, Head of Rates Sales Americas Societe Generale
Nathan Jenner Head of Market Transparency Bloomberg
Moderator:
Kevin McPartland Head of Marketing and Research Greenwich Associates
Zack Ellison Director, US Public Fixed Income Sun Life Investment Management
Josh Barrickman Head of Bond Indexing Vanguard
Stu Taylor Chief Executive Officer Algomi
Barry Cohen Managing Director, Head of Rates Sales Americas Societe Generale
Nathan Jenner Head of Market Transparency Bloomberg
Moderator:
Kevin McPartland Head of Marketing and Research Greenwich Associates
This buy side panel, with leading industry figures, will summarise the key themes of the day on the changing market structure and its impact on your trading desk. They will discuss which partners are best placed to help you source liquidity, reduce costs and ultimately prosper in a new fixed income market. With the panel consisting of industry pioneers from across the spectrum, they will be providing their expert views on:
- Who are the main providers of liquidity in the new market?
- Which is the best combination of brokers and platforms you need to prosper?
- What technology can help you reduce costs and achieve best execution?
- What systems and processes can best help you overcome the liquidity drought?
Vanguard
- Who are the main providers of liquidity in the new market?
- Which is the best combination of brokers and platforms you need to prosper?
- What technology can help you reduce costs and achieve best execution?
- What systems and processes can best help you overcome the liquidity drought?
Josh Barrickman
Head of Bond IndexingVanguard
16:45 - 17:15 Trading Psychology Expert: Intuiting markets and differentiating risks- The X factors in great trading
Denise Shull, a thought leader in neurofinance the resulting new psychology of risk, founded The ReThink Group in 2003 in order to solve the vexing problem of human misperception of risk. Today, Shull has taught thousands of Wall Street professionals how to avoid their typical behavioral responses to fear and greed. Her trading career began with equities in 1994 “upstairs” at the Chicago Board Options Exchange. Later she traded futures as a member of the Chicago Mercantile Exchange and it was then that she began transforming neuroeconomics -the new science of the brain on risk- into investing profits. An engaging speaker, Shull has received rave reviews for her talks “How Risk Psychology is Fractal” and “Emotions as Key Data”. Attend this final session to find out:
- Brain and behavioral research on what makes a great PM or Trader
- The latest on the relationship between cognition and emotion
- What is emotional intelligence for risk?
- How to hire and train for the qualitative elements of the X factor?
- Brain and behavioral research on what makes a great PM or Trader
- The latest on the relationship between cognition and emotion
- What is emotional intelligence for risk?
- How to hire and train for the qualitative elements of the X factor?
