Fixed Income Leaders 2018

06 - 08 November, 2018

Beurs van Berlage, Amsterdam

44(0) 207 368 9540

Agenda Day 1

7:30 am - 8:30 am Conference Registration & Networking Breakfast

8:30 am - 8:35 am Welcome Address: Oliver Kirkbright, Editorial Director, Fixed Income Leaders Summit

8:35 am - 8:40 am Chairperson’s Opening Remarks:

David Bullen - Director Bullen Management
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David Bullen

Director
Bullen Management

8:40 am - 9:00 am Buy Side Keynote Interview: Raising the bar- Determining the critical success factors for building a ‘best in class’ fixed income trading business that not just survives but thrives in the new market order

Eric Boess - Global Head of Trading Allianz Global Investors Nicholas Greenland - Managing Director, Global Head, Broker/Dealer Relations, BNY Mellon Investment Management
Ø  What are the three biggest drivers influencing the buy side desk and how can you embrace these now to improve performance?
Ø  Where is the investment in new technology going and what capabilities are needed on the buy side to actually achieve the best execution result?
Ø  Navigating the new norm- How can you incorporate innovative ways of working to address the fragmented product, liquidity, and platform conundrum?
The increasing buy side influence over market convention- How can we as buy side heads continue to influence and drive fixed income markets forward in an age of digitalisation? 
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Eric Boess

Global Head of Trading
Allianz Global Investors

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Nicholas Greenland

Managing Director, Global Head, Broker/Dealer Relations, BNY
Mellon Investment Management

9:00 am - 9:20 am In Conversation With The Buy Side: Assessing the post MiFID II landscape- What have been the intended and unintended consequences of implementation and how can you turn the remaining regulatory challenges into business opportunities?

David Bullen - Director Bullen Management Antonio Pilato - Head Generali Investments Europe
Ø  A first assessment of MIFID II- What expected changes came to fruition after the deadline and what have been the unexpected consequences?
Ø  What new business models have emerged on the back of MiFID II to help buy and sell side firms meet their fiduciary and best execution duties?
Ø  Changes in buy side behaviour- How have the requirements for best execution, reporting and transparency been handled and how can you use this to your advantage?
MiFID 2.1- What small tweaks to the rules can be made on the back of implementation to improve fixed income markets?
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David Bullen

Director
Bullen Management

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Antonio Pilato

Head
Generali Investments Europe

9:20 am - 9:40 am Sell Side Keynote: Embracing digitalisation whilst retaining the ‘human touch’- Inspiration from the sell side on how they are adopting new ways of working to thrive in the disruptive technology-led landscape and the transferable lessons for the buy side

Mark Goodman - Managing Director, Global Head of Electronic Execution UBS Investment Bank
Ø  Machine learning, data processing and algos- Assessing the next generation technology coming to the sell side trading floor
Ø  Grasping the new opportunities in an age of digitalization- How can both the sell side and buy side capitalise on these to improve current relationships? 
Ø  The evolution of the sell side trader- How can humans work WITH machines to unlock new frontiers of performance?
The 5-year view- How are sell side business models evolving and what will the trading floor look like in 2023?
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Mark Goodman

Managing Director, Global Head of Electronic Execution
UBS Investment Bank

9:40 am - 10:20 am In Conversation With Liquidity Providers: The changing dynamics of liquidity provision- How are models progressing with both traditional partners and new entrants to meet the needs of the buy side?

Louise Drummond - Head of Fixed Income and FX Dealing Aberdeen AM Brian Oliver - European Head of Institutional Sales & Relationship Management Citadel Securities Aaran Rowsell - Head of Strategy Group Fencis
Ø  Redefining a fixed income liquidity provider- How are traditional liquidity providers and new market entrants evolving their business models to provide new avenues of accessing liquidity?
Ø  How is technology acting as an enabler for new models to provide new pools of liquidity and how can you incorporate these into your workflow?
Ø  The methodology of accessing liquidity pools- Where does this curranty sit and how is this set to evolve with new business models and enhanced connectivity coming to the fore?
Ø  Liquidity innovations- How will the market of liquidity provision develop to facilitate increased eTrading and automation?
Debate- With liquidity becoming de-centralised is this positive or does it lead to too much liquidity fragmentation?

Louise Drummond

Head of Fixed Income and FX Dealing
Aberdeen AM

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Brian Oliver

European Head of Institutional Sales & Relationship Management
Citadel Securities

Aaran Rowsell

Head of Strategy Group
Fencis

10:20 am - 11:00 am Morning Refreshment Break

11:00 am - 11:40 am All Star Panel: Segregating your low touch from your high touch business- How can you embrace the machine learning and AI driven future to improve workflow efficiencies and focus trader resources where they are truly needed?

John Greenan - Front Office Trading Technology Consultant Alignment Systems Carl James - Global Head of Fixed Income Trading Pictet Asset Management Stuart Campbell - Head of Central Dealing BlueBay Asset Management Juan Landazabal - Global Head of Fixed Income and FX Trading Deutsche Asset Management
Ø  The rise of artificial intelligence, smart learning and automation- What is the future of human interaction in the execution process?
Ø  High touch vs. low touch- What can you automate across your fixed income desk and what needs to retain the human touch?
Ø  Managing the intelligence of big data- How are the buy side adopting this to facilitate the rise of automated trading on their desk?
Ø  Smart learning, machine learning, obtaining data, and having the control to do this automatically or not- How can this be achieved?
Establishing a best execution policy around automation- How can you define a set of criteria for your low touch trading to allow your traders to focus on the high touch business? 
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Carl James

Global Head of Fixed Income Trading
Pictet Asset Management

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Stuart Campbell

Head of Central Dealing
BlueBay Asset Management

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Juan Landazabal

Global Head of Fixed Income and FX Trading
Deutsche Asset Management

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John Greenan

Front Office Trading Technology Consultant
Alignment Systems

12:20 pm - 1:00 pm All Star Panel: Taking the first steps towards a transparent market- How can you use multiple market data sources for critical pre, execution and post trade insights?

Elizabeth Callaghan - Director, Market Structure and MiFID II strategy & regulatory response ICMA Erik Tham - Head of Fixed Income Electronic Order Execution Desk UBS Wealth Management David Walker - Head of Fixed Income Dealing M&G Investments
Ø  Accessing data pools- How can you ensure you are accessing the right sources and paying the right prices when capturing fixed income data?
Ø  Harvesting data- How can you best store and package data in a way that it is easily accessible for your traders?
Ø  Intelligent execution- How can you adopt new data sources and electronic trading data to decide your execution path?
Ø  The value-add- How can you utilise new data sources and turn this into meaningful pre and post-trade analysis to aid your investment decisions?
The next steps on your transparency journey- How can market data access be improved and sources standardised to improve efficiencies for all market participants?
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Elizabeth Callaghan

Director, Market Structure and MiFID II strategy & regulatory response
ICMA

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Erik Tham

Head of Fixed Income Electronic Order Execution Desk
UBS Wealth Management

David Walker

Head of Fixed Income Dealing
M&G Investments

12:20 pm - 1:00 pm All Star Panel: Improving primary market efficiencies- How can we move closer to the goal of electronification and standardisation in new issue markets?

Dan Barnes - Editor The Desk Cathy Gibson - Head of Fixed Income Trading Deutsche Asset Management
Ø  An update on the state of European primary markets- How are innovations progressing in this space and what has been the response from both buy and sell side houses?
Ø  Reducing the strain- How are we progressing to simplify the IPO and syndication process to make it more streamlined and less time consuming for the buy side?
Ø  Reducing the impact on the bottom line- How can you make efficiency gains without pushing up costs?
Ø  What can be done to push a behavioural change across the market to help all market players adapt to standardisation while retaining their competitive advantage?
The future of the new issuance process- How does this need to change over the next 5 years to become more efficient for all parties involved? 
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Cathy Gibson

Head of Fixed Income Trading
Deutsche Asset Management

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Dan Barnes

Editor
The Desk

1:00 pm - 1:20 pm Keynote Address: The Future of Credit Markets in the Connected Age

Larry Fondren - President/CEO DelphX Capital Markets Inc.
How will Distributed Ledger, AI and other new technologies change the way:

- Credit securities are originated and administered?
- Trades are cleared and settled?
- Credit Risks are hedged? 
- Yields are enhanced?
- Liquidity is sourced? 
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Larry Fondren

President/CEO
DelphX Capital Markets Inc.

1:20 am - 2:20 am Lunch and Networking Break

Group 5

Track A: Credit

2:20 pm - 2:40 pm Case Study: Lessons learned from TRACE- How have Alliance Bernstein managed to increase pre and post trade transparency data in the US and what experiences can be applied to Europe
Elizabeth Callaghan - Director, Market Structure and MiFID II strategy & regulatory response ICMA Alex Sedgwick - Vice President, Fixed Income Market Structure T. Rowe Price
Ø  Analysing the effects of increased pre and post trade transparency through TRACE- How did this impact transaction costs, market activity and liquidity and how does Europe compare?
Ø  A review of the historical experience in the US of market data and transparency- What could this mean for the potential costs and benefits for Europe?
Ø  The drivers for data- How does the landscape differ in the US and how can the buy side use these new data feeds to enhance execution performance?
Applicable lessons from TRACE- How can you use increased market data feeds and transparency to your advantage? 
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Elizabeth Callaghan

Director, Market Structure and MiFID II strategy & regulatory response
ICMA

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Alex Sedgwick

Vice President, Fixed Income Market Structure
T. Rowe Price

Enhancing Your Pre and Post-Trade Workflow

Track A: Credit

2:40 pm - 3:20 pm Oxford Style Debate: True or False- The fragmented landscape of the asset class and high touch nature means a fixed income EMS is not needed
Yann Couellan - Head of Fixed Income Execution BNP Paribas Asset Management David Bullen - Director Bullen Management Carl James - Global Head of Fixed Income Trading Pictet Asset Management
Ø  Evaluating the value proposition for a fixed income EMS- What are the use cases for and against adopting this technology?
Ø  Can a fixed income EMS fit all the buy side needs including connectivity, fragmentation and execution?
Ø  Is the market data environment rich enough in fixed income to suit the characteristics of an EMS or is this technology better suited to other asset classes?
Are there viable alternatives to a fixed income EMS, or is the push for more transparency and market data inevitably going to lead to more adoption of this technology? 

REFEREE: David Bullen
TRUE: Yann James
TRUE: Carl james
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Yann Couellan

Head of Fixed Income Execution
BNP Paribas Asset Management

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David Bullen

Director
Bullen Management

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Carl James

Global Head of Fixed Income Trading
Pictet Asset Management

Enhancing Your Pre and Post-Trade Workflow

Track A: Credit

3:20 pm - 4:00 pm 360 Perspective: Beyond box ticking- What are the parameters you should be measuring when building out your best execution policy?
John Greenan - Front Office Trading Technology Consultant Alignment Systems David Scilly - Head of Fixed Income & Currency Dealing First State Investments Mike Poole - Fixed Income Dealing Manager Jupiter Asset Management

David Scilly

Head of Fixed Income & Currency Dealing
First State Investments

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Mike Poole

Fixed Income Dealing Manager
Jupiter Asset Management

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John Greenan

Front Office Trading Technology Consultant
Alignment Systems

Enhancing Your Pre and Post-Trade Workflow

Track B: Rates

2:20 pm - 2:40 pm Industry Perspective: The fragmentation, innovation and evolution of benchmarks- Assessing the world of new indices and alternative benchmarks to LIBOR
Ø  The practicalities of benchmark reform- How have regulators handled this and what are the timelines for change?
Ø  Assessing the new benchmarks for key geographical locations- How are you going to transition to these new benchmarks?
Ø  How do reference rates differ from each other and how do the respective policies differ across jurisdictions?
Ø  The implications of moving to an alternative benchmark- What will this mean for legacy contracts and how will you shift all of this business into a new format?
Adapting To The New Era In Rates eTrading

Track B: Rates

2:40 pm - 3:20 pm 360 Perspective: Breaking down barriers between D2D and D2C markets- What are the factors driving eTrading and how can you embrace them to thrive in this new environment?
Dan Barnes - Editor The Desk Rutger Olthof - Fixed Income Trading NN Investment Partners
ØØ  What infrastructure is needed to push innovation across rates markets and how will eTrading continue to evolve?
Ø  Increased transparency, more competitive execution, efficient trade processing and a complete and permanent audit trail- What steps should you be taking now to help you achieve these goals?
Ø  Equity and FX parallels- Where do the similarities between equities, FX and rates lie and what transferable lessons can you take to improve your eTrading capabilities?
The move from RFQ- Should the market move to an all-to-all model and if so can it be done and what would the implications of this be?
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Dan Barnes

Editor
The Desk

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Rutger Olthof

Fixed Income Trading
NN Investment Partners

Adapting To The New Era In Rates eTrading

Track B: Rates

3:20 pm - 4:00 pm Oxford Style Debate: True or False- Brexit will not cause London to loose its place as the clearing capital of Europe
David Bullen - Director Bullen Management
Ø  Competition vs. fragmentation- Establishing the case for and against moving clearing to the continent
Ø  The role of EMIR II on clearing and Brexit- What impact will this have on UK domiciled clearing houses and their role in European markets?
Ø  Is it possible for euro derivatives clearing to be mandated to move to the continent from London, and if so would what impact would this have on the current market structure?
The push for power- Where will the dominant clearing hub be in 5 years time and how will the current landscape differ?
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David Bullen

Director
Bullen Management

Adapting To The New Era In Rates eTrading

Track C: Investments

2:20 pm - 2:40 pm Industry Perspective: The ECB tapering plan- How will they break out from Quantitative Easing and what does this mean for Eurozone investing?
Ø  How are the ECB responding to the end of their own Quantitative Easing scheme and what is the strategy for tapering?
Ø  An in-depth analysis of a post QE world- What are the implications for lending standards and the operation of the financial system?
Ø  A synchronized growth outlook for the currency bloc- What are the forecasts for the ECB on European economic growth on the back of central bank tapering?
Ø  The ECB agenda post QE- What is on the horizon in terms of policy plans and the future of financial markets in the Eurozone?
Prospering In The New Investment Landscape

Track C: Investments

2:40 pm - 3:20 pm 360 Perspective: Thinking outside the box- How can you best position your portfolio to compensate for a rising rate environment?
David Saab - Managing Director JP Morgan Private Bank Thierry de Vergnes - Head of Acquistion Debt Funds Amundi Richard Kelly - Head of Global Strategy TD Securities
Ø  Ø  Responding to the end of QE- What impact will central bank tapering have on both your investment strategy and the dealing desk?
Ø  Preparing your investment portfolio for a new era- How the end of the ECB bond buying scheme impacts interest rates and where should you position yourself on the yield curve?
Ø  Reaching the finish line- What impact will the end of QE have on yields and the eligibility of different types of debt instruments?
Assessing the implications on the dealing desk- How will this impact liquidity and how you exit positions?
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David Saab

Managing Director
JP Morgan Private Bank

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Thierry de Vergnes

Head of Acquistion Debt Funds
Amundi

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Richard Kelly

Head of Global Strategy
TD Securities

Prospering In The New Investment Landscape
Ø  Asset allocation- How should you develop and construct portfolios to maximise returns in the current environment?
Ø  Diversifying your portfolio beyond traditional means- What are the biggest macro transitions driving potential risk and opportunities?
Ø  What are the nuances that you should analyse and why to build a successful portfolio in todays fixed income markets?
Where do the most lucrative return opportunities and related investment opportunities lie within the fixed income spectrum?
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Fraser Lundie

Co-Head of Credit
Hermes Investment Management

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Mary Pieterse-Bloem

Global Head of Fixed Income
ABN AMRO Private Bank

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Thanos Papasavvas

Founder and CEO / Fixed Income and Currenc
ABP Invest and former Strategisy / Investec Asset Management

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Bryn Jones

Head of Fixed Income
Rathbones Wealth Management

Adrian Helfert

Head of Global Fixed Income USA
AmundiPioneer

Prospering In The New Investment Landscape

Tracks D Workshop

2:00 pm - 3:20 pm Workshop: The evolution of market data post MiFID- How to take advantage of the new reporting and transparency laws to give your trading desk the information edge
Ø  Ø  Assessing the new data models under MiFID II- what are the different types of data sets and what is crucial to gain an information advantage?
Ø  Bringing together a fragmented world- What sources can you now tap into to gain access to crucial pre and post trade insights?
Ø  Turning your data feeds in to an advantage- How can you turn this into meaningful information to help you decide your path to best execution?
Ø  Post trade insights- What can you learn from RTS28 and how can you use this information to undertake a review of the trading books and aid future investment decisions?
Improving Transparency Through Market Data - Maximum 20 buy side delegates

Track E: Workshop

2:20 pm - 3:40 pm Workshop: Unbundling the research universe- How is research classified, where are the best new sources and how much should you be paying for this?
Ø  Assessing the different research models arising from MiFID II- How can you efficiently gain access to the most relevant research to improve your trading decisions?
Ø  Unbundling unbundling- What constitutes research how is it defined and how is it priced?
Ø  Regulatory interpretation at a local level vs. a European level. What type of research constitutes an inducement?
Ø  How are the sell side and independent providers managing and providing their research to the buy side?
Ø  Research performance metrics- How can providers prove their research is adding value?
Defining And Accessing Research - Maximum 20 buy side delegates

4:00 pm - 4:30 pm Afternoon Refreshment Break

4:00 pm - 5:00 pm Exclusive Invite Only Buy Side Head Trader Think Tank

David Bullen - Director Bullen Management
How can the buy side better collaborate to drive mutually beneficial initiatives forward?
Hosted by David Bullen, Director, Bullen Management
5:00 – 6:00: Private drinks reception hosted by Jane Street
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David Bullen

Director
Bullen Management

Group 9

Ø  Assessing the use cases for and against all-to-all- With so many new entrants why has all-to-all trading not grown as expected in corporate bond markets?
Ø  Is the traditional RFQ model still the most reliable and efficient way to execute corporate bonds?
Ø  Is there a behavioural issue with the buy side that needs to evolve in terms of taking on more of a market making role?
Ø  What protocol is best suited to price discovery, liquidity access and negotiation on the trade?
Fragmented European market structure- Are all-to-all protocols better suited to US fixed income markets?
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Lee Sanders

Head of Execution FX and UK & Asia Fixed Income Trading
AXA Investment Management

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Elizabeth Callaghan

Director, Market Structure and MiFID II strategy & regulatory response
ICMA

Ricky Goddard

European Head of Credit Trading
Schroders

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Usman Khan

Chief Technology Officer
Algomi

Establishing The Best Protocol In Corporate Bonds
ؠؠ How is automated trading being developed in rates markets and what are the conditions that facilitate this?
Ø  Establishing the workflow benefits for automated execution- How can you incorporate this to compliment your current trading system?
Ø  Rules based execution- What are the parameters you should consider and how are the buy side already using this to improve efficiencies and focus trader resources where they are truly needed?
Ø  Retaining the human touch- How can buy side traders still add value to the low touch execution process in rates?
Beyond futures- What other fixed income products within Rates now lend themselves to automated execution and how can you take advantage of this?
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Mitesh Popat

Fixed Income Trading and Portfolio Management
Goldman Sachs Asset Management

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Mikael Bjorkman

Associate Director, Fixed Income Electronic Execution Specialist
UBS Wealth Management

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Radi Khasawneh

Fixed Income Market Structure and eTrading Expert
TABB Group

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Christophe Marcilloux

Deputy Head, Fixed Income Dealing
Amundi Asset Management

Balancing The Use Of Tech With Human Touch

Track C: Portfolio Management

4:30 pm - 5:10 pm Oxford Style Debate: True or False- Increased political instability and the move away from aggressive QE means active investing is set to outperform passive investing in the year ahead
Thanos Papasavvas - Founder and CEO / Fixed Income and Currenc ABP Invest and former Strategisy / Investec Asset Management
Ø  Ø  Why have active managers predominantly underperformed in the past and what are the indicators that this trend is set to reverse?
Ø  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?
Ø  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?
Ø  With increased market volatility, do passive managers present too much risk should they react to the same event?
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Thanos Papasavvas

Founder and CEO / Fixed Income and Currenc
ABP Invest and former Strategisy / Investec Asset Management

Debating Passive vs. Active Investing

Tracks D Workshop

4:30 pm - 5:30 pm Workshop: Reducing the bottom line through TCA- Clarifying the latest market standards and defining how to address the pending limitations
  Ø  How can you apply your TCA directly to fixed income markets and how are different firms using it to justify their execution?
Ø  Incorporating new data feeds to fuel your TCA- How can you take advantage of new data sources to create more accurate pre and post-trade analysis?
Ø  More than a compliance tool- How can you ensure you are getting the most out of your TCA beyond just the transaction price?
Ø  How can you ensure you have the right TCA methodology to accurately measure market conditions and ensure you are taking ‘all sufficient steps’ to get the best price for the instrument you are trading?
Engaging with TCA providers- What can the buy side do to ensure they are getting what they want? 
Setting New Standards In TCA Maximum 20 buy side delegates

Tracks E: Workshop

4:30 pm - 5:30 pm Workshop: Overcoming preconceptions of a traditional EMS- How to put in place the building blocks to support an agile system that can withstand future changes
Ø  Building a fixed income EMS- What makes a specialised EMS system and how far are we from making this a reality?
Ø  The role of EMS in fragmented markets and diversified liquidity- How should an EMS be built to operate in an increasingly fragmented landscape?
Ø  Understanding execution performance through EMS- How can EMS offer a valid solution for data capture and storage, record keeping and compliance?
Can EMS systems be standardized and made more flexible for ease of connectivity to new trading venues?
Addressing Pitfalls In EMS Technology Maximum 20 buy side delegates

5:10 pm - 5:40 pm Special Guest Speaker: Negotiation secrets from a Hostage Negotiator- How to master the art of negotiation in the workplace

Chris White - CEO ViableMKTS
Before transitioning to the financial services sector, Chris boasts a 25-year career undertaking crisis negotiation work, including roles at the UK government. Now, serving as the Group Head of Operational Security at Prudential, Chris will be sharing real-life lessons on the transferable skills you can apply from hostage negotiation, and ultimately how you can turn this to your advantage in your day-to-day lives. 
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Chris White

CEO
ViableMKTS

8:00 am - 12:00 am Chairperson’s Closing Remarks:

David Bullen - Director Bullen Management
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David Bullen

Director
Bullen Management

5:45 am - 6:45 am Fixed Income Leaders Summit Cocktail Drinks Reception