electronic fixed income

FUTURE OF
ELECTRONIC
FIXED INCOME
TRADING
May 15, 2012
W Hotel Lexington
New York, NY
Co-hosted by
Fixed Income Summit 2012
Markets Media is pleased to present its inaugural Future of Electronic
Fixed Income Trading event, bringing together leaders from all the
segments that make up the financial markets to tackle the most
pressing issues affecting the industry-at-large.
Electronic trading of fixed income securities runs the gamut in terms
of market penetration, ranging from on-the-run U.S. Treasury bonds
that trade nearly fully electronically to illiquid corporate credit issues
that still require a very high touch. But on the whole, the fixed-income
market continues to move towards electronic trading, which presents
opportunities for the traders who are ahead of the curve, the venues
that host trades, and the technology vendors that provide algorithms
and other tools of the trade. This migration comes amid heightened
importance for fixed-income securities and their role in helping
governments fund deficits, while also helping investors find a safe
haven from stock-market tumult.
Markets Media was launched in 2007 to provide sophisticated, in-depth content spanning all sectors of the securities industry,
delivered across a synergistic platform of print, online and events. Markets Media’s editorial mission is to cover the complex
interrelationships among key decision makers at hedge funds, institutional money managers, exchanges, broker-dealers,
alternative trading systems, technology providers and regulators in an ever-evolving marketplace. In print, online and live at our
conferences, Markets Media aims to demystify the strategies and sequence of events that shape investing and trading via direct
communication with the most senior people who shape markets; the end-product is business-critical content that cannot be
obtained anywhere else.
Registration and Networking Breakfast
9:05 – 9:10
Opening Remarks
Mohan Virdee, Chief Executive Officer, Markets Media
9:10 – 9:30
9:30 – 10:15
Morning Keynote Address
Tom Joyce, Chairman and Chief Executive Officer, Knight Capital Group, Inc.
Regulation and Compliance: The New Landscape
§§Risk management lessons from MF Global: how have traders adjusted?
§§Dodd-Frank Act: implications for primary dealers
§§Examining the SEC’s proposals related to fixed-income securities
§§Are big banks pulling back from the market due to new regulatory mandates?
§§The importance of compliance in an enhanced regulatory environment
§§Understanding which products fall under SEC and CFTC jurisdictions
Moderator:
Sean Owens, Director of Fixed-Income, Woodbine Associates
Participants:
Ron Levi, Chief Operating Officer, GFI Group
Kenneth M. Raisler, Head of Commodities, Futures and Derivatives Group, Sullivan & Cromwell LLP
John Robbins, CFA, Managing Partner, Global Compliance Risk Management Corp.
Guy Dempsey Jr., Partner, Katten Muchin Rosenman LLP
Steven D. Lofchie, Co-Chairman, Financial Services Department at Cadwalader, Wickersham & Taft
10:15 – 10:30
Refreshment Break
10:30 – 11:15
Convergence of Institutional and Retail Trading
§§Roles of ECNs and application providers for retail bond investors
§§Similarities and differences between the retail and institutional bond markets
§§Will other exchanges develop products to compete with LSE’s electronic Order Book for Retail
Bonds?
§§Role of outreach and education in demystifying the bond market for retail investors
§§The benefits of retail platforms for institutional accounts
Moderator:
Douglas Newsome
Participants:
Luigi Campa, Head of Business Strategy and Development, EuroTLX
James Keenan, Managing Director, Head of Leveraged Finance, BlackRock
Angela Fenwick, Co-Head of Retail Hub, Banca IMI S.p.A
Marshall Nicholson, Managing Director, Knight BondPoint
Alex Sedgwick, Head of Research, MarketAxess
11:15 - 11:30
Refreshment Break
11:30 -12:30
SPOTLIGHT: THE MOVE TO THE SCREEN
§§Evolution of institutional bond trading
§§The long transition from voice to electronic: what’s next?
§§Similarities and differences vis-à-vis the equity market
§§What challenges and opportunities does the diversity of the bond market present for traders?
§§Block trading: which medium remains the de facto standard?
§§What is the true cost of liquidity in fixed income?
Moderator:
Larry McDonald, Senior Director, Credit Sales and Trading, NewEdge
Participants:
Philippe Buhannic, Chief Executive Officer, TradingScreen
Howard Corb, Managing Director, Tradeweb Markets
James Wangsness, Chief Operating Officer, TMC Bonds
Supurna Vedbrat, Managing Director, Co-head Electronic Trading & Market Structure, BlackRock
Chris White, Business Manager, Global Credit eDistribution, Product Development, Goldman Sachs
Sunil Biswas, Business Manager, Bloomberg
Agenda 2012
8:30 – 9:00
Agenda 2012
12:30 - 1:30
Luncheon-GENERAL
1:30 - 2:00
Luncheon Keynote Address “Policy Challenges Around The World”
Joshua Feinman, Chief Economist, Managing Director, Deutsche Asset Management
§§US: Is there more that monetary policy can do? When/how should fiscal policy start shifting gears?
§§Europe: Reform, rebalance, restructure
§§China: Navigating a soft landing and dealing with longer-term challenges
2:00 - 2:45
Elephant in the Room: Treasury Debt
§§How might action on the government deficits affect electronic trading of Treasurys?
§§How to address the liquidity disparity between most and least liquid Treasury securities
§§What developments from electronic equity trading have moved into Treasurys?
§§What moves bond markets in this era of a less-relevant Federal Reserve?
§§Has the Federal Reserve’s POMO materially affected bond markets?
§§The demand for more efficient derivatives standards
Moderator:
Jeff Kilburg, Portfolio Manager, Treasury Curve
Participants:
Tom Sowanick, Co-President & Chief Investment Officer, OmniVest Group
George Gonclaves, Managing Director, Head of US Rates Strategy, Nomura
Fidelio Tata, Managing Director, Head of US Rates Strategy, Société Générale
2:45 - 3:30
The Rise of SEFs, OTC Derivatives and Central Clearing
§§SEFs: What are the advantages and disadvantages?
§§Examining the challenges of bringing OTC derivatives onto an exchange
§§The impact of CCPs on the swaps market
§§The demand for more efficient derivatives standards
Moderator:
Chris Ferreri, Managing Director, ICAP
Participants:
Christian Martin, Chief Executive Officer & Co-founder, TeraExchange
Bob Burke, Head of Global OTC Clearing, Bank of America Merrill Lynch
Floyd Converse, Executive Vice President, Strategic Development, LCH.Clearnet
Woody Garavente, Director, Interest Rate Swaps, Tradeweb Markets
Grant Biggar, President, CreditEx
3:30 - 3:45
Refreshment Break
CO-HOSTED BY:
LEAD-SPONSOR:
CO-SPONSORS:
AUTOMATION IN TRADING
§§Are interest-rate algorithms as advanced and innovative as their equity counterparts?
§§How are algos being applied to less-liquid instruments such as corporate and munis?
§§Costs and benefits of connectivity with different exchanges and trading venues
§§Exploring rules-based trading strategies
§§Finding the information needle in the market-data haystack
§§Trading ETFs and the need for liquidity?
Moderator:
John Jay, Senior Analyst, Aite Group
Participants:
Robert Almgren, Co-founder, Quantitative Brokers
Frederic Dassori, Director, Investment Banking Division, Credit Suisse
Joshua Walsky, Chief Technology Officer, Broadway Technology
Michael Noto, Head of Fixed Income Ecommerce Sales, Americas, Barclays
Jim Toffey, Chief Executive Officer, Benchmark Solutions
4:30 - 5:15
Agenda 2012
3:45 -4:30
The Global Interest Rate ENVIRONMENT
§§Role of the futures market in electronic trading of IRs
§§Commercial hedging from a financial institution’s perspective
§§Implications of the Federal Reserve’s low-rate environment
§§Combating the low-rate environment outside of central banks
§§Trading the short-end and long-end of the curve
§§The importance of the cross-border flow of Eurodollar trading
§§Demand for high-yield in a low-yield environment
Moderator:
Keith McCullough, Chief Executive Officer, Hedgeye Risk Management
Participants:
Paul MacGregor, Executive Director, Head of Fixed Income Derivatives, NYSE Liffe
Jay Feuerstein, Chief Executive Officer & CIO, 2100 Xenon
Martin Fridson, Global Credit Strategist, BNP Paribas
Grant Nichols, Senior Broker, RBS Financial Markets
5:15 - ...
Networking Cocktail Reception
SUPPORTERS:
itrsgroup.com
MARKETS THIS MONTH MARKETS MEDIA SUMMER TRADING 2011
The Downpour
JULY/AUGUST 2011 | Driven by Content
Sunshine After the Storm
THE MINDS OF THE MARKET: Capitalize on the opportunity to interact with industry experts
during the Fixed Income 2012 event. Key players in the industry will convene to engage in
lively and informative dialogues in a unique format and setting. Content will include our highly
anticipated keynote addresses, special presentations and much more...
EXCHANGE: Handshakes and business cards at our signature networking experiences put you
together with the buy-side, sellside and the rest of the financial world throughout the day
including breakfast, lunch, and the closing cocktail reception.
VENDOR EXCHANGE: Meet with your peers and industry leaders throughout the event. This
is your opportunity to exchange ideas and strategies with unparalleled access to investments
experts and industry peers.
Standard Registration Details:
Registration Details
Things You Simply Can’t Afford To Miss :
3 Easy Ways To Register: Call: Lindsey Diana at 646.442.4655 |
Email: ldiana@marketsmedia.com | Fax: Registration form to 646.839.2957
For additional event information, please send inquiries to:
Danielle Hall at 646.442.4645 or dhall@marketsmedia.com
STAY TUNED FOR EVENT UPDATES....
“
just wanted to commend you and your team and the
extremely professional job they did with yesterday’s
conference. The general buzz was rather positive in terms
of content, speakers, format and venue. You and your team
should all be quite pleased for their hard efforts, as it was
clearly recognized. - Steven M. Simmons, Head of Prime Services,
Maxim Group LLC
“
Having been a part of the financial community for over eleven years
I have attended many events focused on the financial services arena.
The Sumer Trading event sponsored by Markets Media was one of the
best I have been a part of in recent memory. Markets Media delivered a
perfect balance of market relevant content, active market participants,
and insightful speaking panels. It was a productive was to spend the
afternoon. - Marcos Bermeo, Sales Director, Corvil
ALWAYS A LEADER
Knight BondPoint
Knight BondPoint is a leading provider
of electronic fixed income trading solutions
that offers access to centralized liquidity
and automated, cost-efficient trade
execution services.
• Linking more than 400 financial institutions
to 120,000* live, executable offerings
• Access to a large and unique pool of
liquidity, exemplary service and a range
of trading options
• New trade monitoring and compliance
solutions with BondScope
*Based on Knight BondPoint platform statistics for the full year 2011.
For more information contact
Knight BondPoint Sales at 800.764.7609
or sales@knightbondpoint.com.
© 2012 Knight Capital Group, Inc. All rights reserved. www.knight.com