Fixed Income Future Leaders Summit 2017

07 - 09 November, 2017

Beurs van Berlage, Amsterdam

+44(0) 207 368 9540

Wednesday May 17th 2017

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7:15 AM Exclusive Invite Only Buy Side Head Trader Breakfast How can the buy side better collaborate to drive mutually beneficial initiatives forward

07:15– 8:15
Open to 15 Global Heads of Trading from the top 30 European asset managers
Join this interactive session, air your own hot topics and together, with our professional independent moderator, brainstorm ways forward in conjunction and collaboration with your peers

7:30 AM Conference Registration & Networking Breakfast

8:20 AM Welcome Address

8:25 AM Chairperson’s Opening Remarks

David Bullen, Director, Bullen Management

 David Bullen
David Bullen
Director
Bullen Management

A 360 View From The Top
8:30 AM Head Trader Keynote Panel: Beyond MiFID II- What are the priorities for buy side global heads in a post MiFID II landscape?

Moderated By:
David Bullen
, Director, Bullen Management

Brett Chappell, Head of Fixed Income, Nordea Asset Management

Juan Landazabal, Global Head of Fixed Income and FX Trading, Deutsche Asset Management

  • With MiFID II now in the rear view mirror, what are the major buy side priorities for fixed income in 2018/19 and how will this change trading and investment structures?
  • How are trading desks being re-structured to facilitate the development of traders and PMs in a new market order? 
  • Where is the investment in new technology going in order to now focus trading resources where they are truly needed?
  • The buy side juggling act- with the ongoing challenge of regulation and cost reduction, how are the buy side ensuring they are still meeting their fiduciary duties for their clients?
Brett Chappell
Head of Fixed Income
Nordea Asset Management

 Juan Landazabal
Juan Landazabal
Global Head of Fixed Income and FX Trading
Deutsche Asset Management

Moderated By:

 David Bullen
David Bullen
Director
Bullen Management

9:10 AM Sell Side Keynote: Cross industry inspiration- How is the sell side implementing approaches from other industries to survive and thrive in fixed income markets?

  • How are the sell side optimizing their capital in a less liquid, more regulated and lower return world to better support the buy side? 
  • How are sell side business models evolving and how can the bulge bracket differentiate themselves to offer the buy side a tailored service? 
  • What types of e-trading technology can the sell side use to maximize the efficiency of their dealing activity and pass on cost savings to the buy side? 
  • In light of the move from a principal model of trading to an agency broking-centric trading model, which players are leading the way in offering the buy side innovative solutions?

9:30 AM Board Level Perspective: From best to smart execution- How to Build a thorough buy side technology workflow that meets your best execution obligations

Carl James, Global Head of Fixed Income Trading, Pictet Asset Management

  • Humans vs. machines- what can you automate through your trade execution and flow process to reduce the workload on your trading teams?  
  • How can you best strike the balance to ensure you are 
  • Smart analytics- how can you gain data insights for a trading desk to maximize transparency and better understand when and where to trade?  
  • What electronic tools are now essential to maximise efficiency for pre trade, on trade and post trade? 
  • In house vs. outsourcing technology- how can you establish what tools are best to keep in house and what you can outsource in your quest to find better liquidity?
 Carl James
Carl James
Global Head of Fixed Income Trading
Pictet Asset Management

10:10 AM Morning Refreshment Break

On The Doorstep of MiFID II
10:50 AM All Star Panel: The final stage of your MiFID II roadmap- How have the buy side and sell side implemented measures in preparation for the January 3rd deadline?

  • MiFID II reality check- how far along should you be with implementation and how can you ensure everything is in place and on time?
  • What have the buy side put in place to minimize the impact of MiFID II and what impact should you expect this to have on your buy side workflow?
  • From challenge to opportunity- what market changes from the new regulation could bring welcome opportunities for the buy side?
  • Predicting the unintended consequences- will the implementation of MiFID II stifle liquidity and business growth and lead to a more order driven market?
  • How will the market handle a more transparent environment and what impact will this have on trading behavior and risk taking?

11:30 AM Fireside Chat: The MiFID II research story- How will unbundling play out across fixed income and what impact will this have on your bottom line?

  • Clarity on unbundling- what are the most important issues surrounding fixed income unbundling and what approach should you take to address these? 
  • Full service solutions vs. a lightweight service of providers- what are the buy side preferences and how are they preparing for the new requirements? 
  • How are the sell side rethinking their research model and strengthening their capabilities to show where their research is adding value? 
  • Flat fee vs. click and pay- what are the research pricing models and which could be best suited to fixed income markets? 
  • Breaking down research fees- how will both the buy and sell side work out the value of research and how will you pay for this?

11:50 AM Oxford Style Debate: True or False- Financial market regulation has had a positive effect on the financial landscape after almost a decade of reform

  • Outlining the pros and cons- since the 2008 crash, what has worked well, what has not worked and what needs to be improved? 
  • How have various regulatory frameworks impacted how the buy and sell side trade and has this overall impact been positive or negative? 
  • Is the new fixed income market structure more efficient and reliable under this regulatory regime or is it now insufficient to meet the demands of end investors? 
  • Should you be set for further regulatory reform once MiFID II is fully implemented?

Please select

12:10 PM Lunch and Networking Break

Please select

Exclusive Invite Only Buy Side Head Trader Lunch How can the buy side better collaborate to drive mutually beneficial initiatives forward

David Bullen, Director, Bullen Management

Open to 15 Global Heads of Trading from the top 30 European asset managers
Join this interactive session, air your own hot topics and together, with our professional independent moderator, brainstorm ways forward in conjunction and collaboration with your peers.

 David Bullen
David Bullen
Director
Bullen Management

Track A: Emerging Venues Under MiFID II

1:40 PM Fireside Chat: To be or not to be- What are the cases for and against the sell side becoming Systematic internalisers (SI) and how will these new models work under MiFID II?

  • Working under a new Systematic Internaliser (SI) regime- How can you best manage the impact when working with these new models under MiFID II? 
  • For and against SI’s- what benefits do these models bring to the buy side and what fixed income products are best suited to each model? 
  • How can you make reliable informed decisions in terms of what to do with transaction reporting, using systematic internalizes, and the impact this will have on your workflow?  
  • What are the entry requirements for Sis in fixed income, how can you handle this new type of player and what impact will it have? 
  • What are the determining factors for the sell side to consider when becoming systematic internalisers?

Track B: Workshop Maximum 25 buy side delegates

Synergy Workshop: The practicalities of MiFID II reporting requirements- Outlining exactly what your obligations are and how you can best prepare for them

  • What are the new pre and post trade reporting requirements under MiFID II and what impact will this have on your day-to-day trading operations?
  • Time of reporting- should you report from the point of which the investment decision was made or from the point of execution? 
  • How will transaction reporting on the buy side differ from MiFID I and EMIR and what will work going forward? 
  • The obligation to report- who is responsible for reporting and will there be there circumstances in which it can be avoided, delegated or outsourced? 
  • Local vs. global firms- How can local regulators be more coherent with their reporting obligations to make the reporting process uniform?

Track C: Upping Your Derivative Capabilities

Industry Perspective: How do the buy side and sell side need to re-think their business models to succeed in the new derivatives landscape?

  • Why has the derivative market not grown over recent years and how can it begin to grow again?  
  • New trading models- how can you efficiently adapt to a new structure with increased costs and regulation? 
  • With capital constraints on the sell side, how can non-traditional market makers step forward to provide an alternative liquidity service? 
  • Comparison to corporates- will new platforms come forward away from the traditional incumbents to offer a new service to the buy side? 
  • Is regulation stifling the growth of the OTC derivative market structure?

Track D: Workshop Maximum 25 buy side delegates

Synergy Workshop: How to drive collateral efficiency from your clearing counterparts and reduce the drag on your performance

  • Consolidating your risk directly into a CCP- how can this be done and what benefits can this bring on both your workload and trading costs? 
  • What are the requirements you should look for when selecting clearing brokers and what are the expected market standards? 
  • The electronification of the clearing process- how can you make your relationship with your clearinghouse more efficient? 
  • What are the innovations are now coming to the fore in the clearing space that can bring benefits to the buy side? 
  • Consolidation of CCPs- is this a benefit or drawback for the industry and could Brexit lead to the market becoming more fragmented?

Track E: New Frontiers in Fixed Income Investing

Industry Perspective: How has recent geo-political uncertainty impacted market volatility, and what impact does this have on fixed income investing?

  • With heightened political instability in both developed and emerging markets, what impact does this have on fixed income markets?  
  • What do the major elections in Europe mean for the Eurozone on the back of Brexit- Is there a risk of further break-up? 
  • Geo-political landscape from a risk management perspective- How can you structure a profitable portfolio on top of this? 
  • Learning from past events- How can you use lessons from recent political events to best handle the unbalanced risks associated with major events in 2018?

Track A: Emerging Venues Under MiFID II

2:00 PM 360 Perspective: MTFs vs. OTFs- Clarifying the differences between the two models under MiFID II and how you can work with them

  • How do you define both MTFs and OTFs and what types of platforms fall under each category? 
  • What are the benefits of working with the different types of trading models?
  • New forms of trading- How are trading platforms differentiating themselves under MiFID II to provide new opportunities to the buy side?
  • How can both MTFs and OTFs help you meet and prove your best execution obligations under MiFID II?

Track B: Workshop Maximum 25 buy side delegates

Session Continued

Track C: Upping Your Derivative Capabilities

360 Perspective: Separating the hype from reality- What derivatives products can realistically be moved to a futures model in today’s electronic environment?

Ricky Maloney, Head of Rates and Absolute Return, Old Mutual Global Investors

Russell Oxley, Head of Rates and LDI, Formerly OMGI

  • What factors have led to the decline of the OTC derivative market and how can the differences between OTC and exchange traded derivatives be reduced?
  • With rules governing futures transactions being less restrictive than current swap rules, what products can realistically be futurized?
  • Levelling the playing field between swaps and futures- is the market infrastructure ready for this change? 
  • OTC vs. exchange traded swaps- can OTC swaps remain an important part of the derivatives market? 
  • Creating an open market for all- with low interest rates and capital constraints on the sell side, is there a possibility for the buy side to step in as liquidity providers?
 Ricky Maloney
Ricky Maloney
Head of Rates and Absolute Return
Old Mutual Global Investors

 Russell Oxley
Russell Oxley
Head of Rates and LDI
Formerly OMGI

Track D: Workshop Maximum 25 buy side delegates

Session Continued

Track E: New Frontiers in Fixed Income Investing

360 Perspective: A new era of interest rate risk- How can you position your portfolio in a rising rate environment to protect your investors from the interest rate rise?

Javier Dominguez, Managing Partner, Auriga Global Investors

Thierry de Vergnes, Global Head of Debt Fund Management, Lyxor Asset Management

  • What are the factors affecting interest rates and how can fixed income investments respond to the rate rise? 
  • Long vs. short duration- what will be the effect of long duration portfolios once the ECB’s Quantitative Easing scheme finishes In the context if an interest rate rise, what are the best products to invest in to maximize returns for your investors? 
  • Minimising duration risk – Is now the time to move away from longer-term bonds in order to minimize risk from increasing price volatility? 
  • What does the unwinding of European Quantitative easing mean for both European and global investing?
 Javier Dominguez
Javier Dominguez
Managing Partner
Auriga Global Investors

 Thierry de Vergnes
Thierry de Vergnes
Global Head of Debt Fund Management
Lyxor Asset Management

Thierry de Vergnes is the Former Global Head of Debt Fund Management of Lyxor Debt Fund Management activities: a business ( fka Egret Management LLP) that he founded and managed for Société Générale Group until its sale in January 2017. Mr de Vergnes joined Societe Generale in April 2004 as Managing Director of Projects and Development within t ...[Read More]

Track A: Emerging Venues Under MiFID II

2:40 PM 360 Perspective: Striking the balance in electronic trading- How are the buy side using different trading protocols and incorporating them into their workflow?

  • What are currently the most commonly used trading protocols on the buy side and is this set to change once MiFID II kicks into gear?
  • The growth of all to all- How can you in corporate an all to all protocol without hurting your sell side relationships? 
  • What developments are different platform protocols bringing to give complete and bring additional pre and post trade transparency to the buy side? 
  • Debate- what type of platform protocol will become the dominant form for fixed income trading over the next 5 years (RFQ, A2A, CLOB, Dark Pool, Auction)?  
  • How can a consolidation be brought amongst trading venues and protocols without stifling open and fair competition to bring an more efficient market for all? 
  • Combination of OTC, dark pools

Track B: Workshop Maximum 25 buy side delegates

Session Continued

Track C: Upping Your Derivative Capabilities

360 Perspective: The supply and demand of collateral- How can you bring your Repo operations into the trading function and what impact will this have on trading?

David Bullen, Director, Bullen Management

  • Why is the repo not functioning sufficiently well to supply you with the required collateral and how can this be overcome? 
  • How can you set up your internal structures to be more organised with regards to collateral- should it be an operational or front office issue? 
  • How are banks managing their repo on the back of increased regulation and what consequences is this having on the market? 
  • The electronification of Repo markets- how is technology improving your access in Repo to find new liquidity and collateral? 
  • Peer-to-peer repo- with banks retrenching how can you gain alternative access to repo markets and sufficiently meet your collateral needs?
 David Bullen
David Bullen
Director
Bullen Management

Track D: Workshop Maximum 25 buy side delegates

Session Continued

Track E: New Frontiers in Fixed Income Investing

360 Perspective: Alternative investment in a low yield environment- what new strategies should you implement to give your portfolio the best exposure?

  • How should you position your portfolio on the yield curve and how can you minimise the impact of negative yields? 
  • Yield vs. risk- how can you position your portfolios to keep yield while keeping risk well managed?  
  • Long term investments- how can investors find the yield they need to be successful over a longer timeframe? 
  • What asset classes, sectors and geographies are investors looking at to find yield. 
  • Corporate vs. Municipal bonds- what products and strategies support a low yield environment?

3:20 PM Afternoon Refreshment Break


Track A: Obtaining Accurate Pricing

3:50 PM 360° Perspective: Price takers vs. price makers- How are the buy side taking a proactive pricing approach to become more efficient for their investors?

  • Engaging in a price making manner- How can buy side firms go down the road of price making and what information do they need to accurately make prices? 
  • What services and infrastructure can help the buy side set up reliable methodologies for price making? 
  • How has eTrading and technology alongside a behavioural change opened up the door for the buy side to become price makers?
  • Will an increasingly transparent market under MiFID II lead to an information asymmetry and mean the buy side will be better equipped to make prices than the sell side?
  • How are platforms and exchanges equipping themselves and becoming more sophisticated to facilitate the needs of buy side price makers?

Track B: Workshop Maximum 25 buy side delegates

Synergy Workshop: Your A-Z guide to fixed income ETFs- How can you incorporate them into your portfolio to give you increased liquidity and exposure?

  • ETF Transparency- what benefits can ETFs bring to a fixed income portfolio and what are the potential risks associated with these?  
  • What are the key characteristics of fixed income ETFs and what problems do they solve?  
  • What are the risks of using ETFs in stressed market conditions and how do they perform? 
  • How do fixed income ETFs compare to equity ETFs and where do major differences exist? 
  • Implementation and execution- how can you build ETFs into your portfolio

Track C: Broadening Your Access To Liquidity

360 Perspective: Setting yourself up to work with non-traditional liquidity providers- what issues currently exist and how can you overcome these for increased liquidity?

  • Non-traditional market makers- who are the alternative providers of liquidity in rates and what does the emergence of these mean for the traditional market structure?
  • How should you re-structure your rates desk on the back of increased electronification and the emergence of non-traditional liquidity providers?
  • Expanding your list of counterparties- How can you be comfortable dealing with non-bank liquidity providers and how can you get this past your investment teams?
  • What are the risks when working with non-traditional liquidity providers during major black swan events- Do they have sufficient balance sheets? 
  • Debate- with rates liquidity becoming more centralised around a wider community of banks and NBLP is this positive for the industry with more equality or does it lead to too much liquidity fragmentation?

Track D: Synergy Workshop: What are the advantages of using swaptions and how can they be incorporat

Synergy Workshop: What are the advantages of using swaptions and how can they be incorporated into your mainstream portfolio?

Russell Oxley, Head of Rates and LDI, Formerly OMGI

  • Why has there been growth in the adoption of swaptions and how are the buy side managing these products? 
  • Swaption transparency- what benefits can swaptions bring to a fixed income portfolio and what are the potential risks associated with these? 
  • The use of swaptions- why use them, where can you get them, how are they made and how do they trade?
  • What clearing solutions are available for swaptions which can help reduce costs and reach new levels of capital efficiency? 
  • The digitalisation of swaptions- How is MiFID II pushing swaptions to become more electronically traded?
 Russell Oxley
Russell Oxley
Head of Rates and LDI
Formerly OMGI

Track E: Passive vs. Active Investing

Oxford Style Debate: Passive vs. Active investing- Increased political instability and the move away from aggressive quantitative easing means active investing is set to outperform passive investing in the next 12 months

  • Why have active managers predominantly underperformed in the past and what are the indicators that this trend is set to reverse?
  • With increased costs resulting from regulation and increased eTrading how is this affecting both active and passive margins and what impact does this have on their trading?
  • Are current market conditions providing a fertile backdrop for active managers to demonstrate their true value or do passive managers still offer the best source of returns? 
  • Is the period of outperformance of passive funds vs. active funds set to be reversed with more opportunities arising for active managers around rising rates? 
  • With increased market volatility, do passive managers present too much risk should they react to the same event?

4:35 PM Transit Time To Main Conference Room

4:40 PM Buy Side Keynote: Putting together the pieces of the puzzle- The power of buy side technology aggregation

Erik Tham, Executive Director, Fixed Income Execution Desk, UBS Wealth Management

  • In a market where fragmentation is king what technology capabilities are essential for the buy side to cope with volatility and unpredictable events
  • Driving efficiency through aggregation- how can you set up your internal technology to maximise the aggregation of liquidity across several pools
  • How can the buy side build up a strong network to access multiple liquidity pools and maximise their access to multiple sources of liquidity?
  • Bringing isolated systems together- How can you combine your technology to bring market colour and information together and have everything combined in one place?
 Erik Tham
Erik Tham
Executive Director, Fixed Income Execution Desk
UBS Wealth Management

5:00 PM Sell Side Perspective: The role of the sell side in a new fixed income landscape- How are tier 1 and tier 2 banks adapting and working with the buy side to continue offer a full service?

  • How are the sell side maintaining their relationships with the buy side on the back of capital constraints and reduced risk appetite? 
  • What are the technical building blocks to make an efficient market making business in fixed income? 
  • Dealer balance sheets- how do the sell side make their balance sheets available for clients and how much of their business has changed on the back of capital constraints? 
  • Beyond the bulge bracket- how can mid-tier players offer a niche service and where do they see themselves working with the buy side 
  • The future of the sell side trader- how do the sell side expect their roles to evolve over the coming years as innovation continues in fixed income markets?

On The Doorstep of MiFID II
5:40 PM Fixed Income Dragons’ Den: Disruptive technologies- What are the next big breakthroughs you should expect from the FINTECH world?

John Greenan, Front Office Trading Technology Consultant, Alignment Systems

Dan Schleifer, CEO, ChartIQ

Join our fixed income sharks during this exciting ‘Dragons’ Den’ style session, where you will hear from four new and innovative start-up FINTECH firms as they present their offerings in a bid to win first place. Listen up as the ’dragons’ review the technologies’ benefits to your business, predict their future success and deliver their verdicts. The ultimate decision is in your hands though, as the audience get to vote for their favourite. Will you find the next big thing? Suggested Technologies:
  • Machine learning/AI 
  • Information flow 
  • Data Connectivity/API 
  • Cloud 
  • Automatic research 
  • Liquidity innovation 
  • Best Ex innovation 
  • Algorithmic technology 
  • Surveillance
 John Greenan
John Greenan
Front Office Trading Technology Consultant
Alignment Systems

 Dan Schleifer
Dan Schleifer
CEO
ChartIQ

6:10 PM Chairperson’s closing remarks

David Bullen, Director, Bullen Management

 David Bullen
David Bullen
Director
Bullen Management

6:15 PM Cocktail Drinks Reception

David Bullen, Director, Bullen Management

 David Bullen
David Bullen
Director
Bullen Management