Fixed Income Leaders 2025
14 - 16 October, 2025
Mövenpick Hotel Amsterdam City Centre + ij VENUES Amsterdam
Day 1 | 15th October
7:30 am - 8:30 am
Registration and “The Morning Trade” Breakfast
Start your trading day with a blend of breakfast classics and strategic conversation. Whether reconnecting or introducing yourself to new peers, this calm kick-off is your chance to map your priorities before the program begins.
8:30 am - 8:35 am
FILS Welcome Address
8:35 am - 8:40 am
Chairperson’s Opening Remarks and Market Overview
Bonds Through Macro Lenses
8:40 am - 9:00 am
Macro Outlook Keynote: How can you navigate 2025’s global uncertainty to secure liquidity and adapt your trading and investment strategies for greater stability?
Philippe Waechter -
Chief Economist,
Ostrum
Stefan Hofrichter -
Head of Global Economics and Strategy,
Allianz Global Investors GmbH
Dan Barnes -
CEO, Europe,
Markets Media
Amid rising geopolitical fragmentation, tightening liquidity, and inflationary pressures, fixed income markets are entering a new era of uncertainty. In this opening address, leading economists will provide critical insights into the 2025-2026 macroeconomic landscape, highlighting the strategic shifts asset managers must make to preserve resilience, optimise liquidity, and capture emerging opportunities.
Evolving Trading Desks & Buy-Side Collaboration: Optimising Technology, Execution & Partnerships
9:00 am - 9:20 am
Buy Side Initiatives Fireside Chat: The value of partnerships: How can strengthened industry collaboration enhance liquidity, efficiency, and execution quality against a backdrop of trade tensions, inflation and rising geopolitical uncertainty?
In an era of rapid technological evolution and shifting market dynamics, buy-side firms must rethink how they engage with the sell-side to optimise liquidity, execution quality, and overall efficiency. This session captures the current state of collaboration, addressing how firms can adapt their strategies, quantify the value of partnerships, and harness innovation to stay ahead in an increasingly digital trading environment.
Revolutionising Fixed Income Trading: Mastering Liquidity, Market Structure & Innovation
9:20 am - 10:00 am
The View on Liquidity Panel: Leveraging bank and non-bank LPs: How can you improve liquidity sourcing to optimise bond trading performance in a fragmented and volatile market?
Lynn Challenger -
Global Head of Trading,
UBS Asset Management
Christophe Pannelay -
Head of Fixed Income trading and OTC derivatives,
BNP Paribas AM
David Kalita -
Chief Executive Officer Quantitative Brokers,
Quantitative Brokers
With liquidity dynamics shifting due to evolving market structures, diverse liquidity sources, and technological advancements, traders must rethink their execution strategies. This panel will explore practical approaches to optimising liquidity access, balancing traditional and non-traditional counterparties, and utilising cutting-edge tools for improved trade performance.
10:00 am - 10:20 am
Market Transformation Fireside: Chat Navigating the next wave of change: What’s transforming fixed income trading — from evolving regulations to breakthrough technologies
In 2025, EU fixed income markets face accelerating change as new transparency rules under MiFID III and the ongoing push for consolidated tape reshape trading workflows and liquidity access. At the same time, firms are adopting AI-driven tools to manage data and execution more efficiently. This Q&A will explore how European trading desks are adapting to regulatory reforms while leveraging innovation to stay competitive.
10:20 am - 10:50 am
Market Structure Panel: Navigating the EU market structure evolution: How can you collaborate with major market participants to boost liquidity and overcome market data access and cost hurdles to optimise trading outcomes?
Nafisa Yusuf -
Head of EMEA Market Structure,
BlackRock
Yannig Loyer -
Global Head of Trading, Securities Financing and Derivatives,
AXA Investment Managers
Dominic Holland -
Director, Market Oversight,
FCA
Matthew Cheung -
CEO,
ipushpull
Annabel Smith -
Editor,
TheTRADE
At this pivotal moment in European fixed income, market participants must navigate ongoing structural shifts driven by regulation, technology, and liquidity dynamics. This session will examine the latest market structure developments and explore how buy-side and sell-side collaboration, innovation in trading technology, and regulatory engagement can shape a more efficient and resilient fixed income ecosystem.
Yannig Loyer
Global Head of Trading, Securities Financing and DerivativesAXA Investment Managers
Step into a sensory break experience. Indulge in warm poffertjes (Dutch pancakes), freshly pressed juices, and lavender-infused lemonades while you mingle amid lush floral accents and calming scents. The perfect pause to refresh and recharge.
Sponsored by: J.P.Morgan
Sponsored by: Bank of America
Sponsored by: S&P Global Market Intelligence
Keynote Stage 1: Optimising Execution
11:10 am - 11:50 am Industry Fireside Chat Bridging the desk: Strengthening the PM-Trader relationship Ravi Sawhney - Global Head of Buyside Execution, BloombergIn today’s volatile markets, aligning Portfolio Managers and Traders is key to executing strategies efficiently while minimising risk and cost. This session explores how firms are streamlining this relationship, empowering PMs to define strategy and risk parameters, while Traders act as execution advisors, optimising market access and outcomes.
We’ll also look at how Bloomberg’s integrated workflow, from pre-trade analytics to post-trade insights supports this collaboration, delivering greater efficiency and transparency across the trade lifecycle.
Keynote Stage 1: Optimising Execution
11:50 am - 12:30 pm E-Trading Panel: Electronification beyond liquid markets: How can electronic trading drive efficiency, cost reduction, and optimise execution in opaque areas of fixed income? Karim Awenat - Head of EMEA & APAC Macro Trading, Invesco Christopher Minck - EMEA Head of Systematic Execution, BlackRock Andy Browning - Head of Electronic Trading, valantic FSA Steve Grob - Founder, Vision57With electronic trading now accounting for over 50% of fixed income flows in Europe—and projected to rise—market participants must refine their approach to automation, algorithmic execution, and data-driven decision-making. This panel will examine how firms can harness cutting-edge technology to streamline workflows, reduce costs, and enhance execution quality in an increasingly digital fixed income landscape.
Andy Browning
Head of Electronic Tradingvalantic FSA
Keynote Stage 1: Optimising Execution
12:30 pm - 1:00 pm ETFs Panel: Optimising ETF selection: How can you leverage ETF innovations to enhance liquidity, diversification, and risk management? Nancy Davis - Managing Partner & CIO, Quadratic Capital Lidia Treiber - Consultant, IndependentThe global ETF market has surged past $14 trillion in AUM, with fixed income ETFs seeing record inflows exceeding $300 billion in 2024. This panel will explore how investors can optimise ETF selection, leverage short-duration bonds to manage rate risk, and assess liquidity to enhance trading efficiency in evolving market conditions.
Keynote Stage 2: Portfolio Strategies
11:10 am - 11:50 am Active vs. Passive Strategies Presentation: Active vs. Passive in Sterling Credit: Why Bigger Isn’t Always Better Bryn Jones - Head of Fixed Income Research and Director of Fixed Income, Rathbones Asset Management LtdPassive investing has reshaped stock markets—but does it work as well in fixed income? In sterling corporate bonds, active managers have consistently outperformed by exploiting structural index flaws, off-benchmark opportunities, and tactical positioning. Join us to unpack why passive approaches may fall short in credit markets and how active strategies add real value, especially when navigating downgrades, upgrades, and overlooked sectors.
Bryn Jones
Head of Fixed Income Research and Director of Fixed IncomeRathbones Asset Management Ltd
Keynote Stage 2: Portfolio Strategies
11:50 am - 12:30 pm Portfolio Strategy Panel: Traditional and alternative portfolio construction: How can you proactively manage geopolitical, market risks, and leverage private credit to protect fixed income portfolios? Takaya Sekine - Deputy Head of Quant Portfolio Strategy, Amundi Asset Management Christie Goncalves - Portfolio Manager, Rathbones Group Thierry Vergnes - Head of Acquisition Debt Funds, Amundi Asset Management Desmond Lawrence - Senior Investment Strategist, State Street Global Advisors Brian Mangwiro - Portfolio Manager, BaringsIn 2024, fixed income markets faced heightened volatility as China’s U.S. Treasury holdings hit 15-year low and bond-equity correlations turn positive amid inflation above 3%. Traditional diversification strategies are being tested, prompting investors to seek alternative approaches to risk management and hedging, such as private credit. This panel will explore how investors can adapt to global instability by integrating private credit into their portfolios to optimise portfolio positioning and enhance diversification strategies.
Keynote Stage 2: Portfolio Strategies
12:30 pm - 1:00 pm Treasury Clearing Fireside Chat: Redefining treasury markets: How will UST clearing reforms reshape the global treasury market and how can buy side firms prepare for the deadline?With regulatory mandates and market structure shifts, U.S. Treasury (UST) clearing is set to redefine global fixed income markets. This fireside chat will explore how the evolution of clearing requirements affects trading, settlement efficiency, and risk management across global treasury markets.
Take a seat, recharge, and exchange insights in a relaxed setting. Fuel up for an intense afternoon with thoughtfully prepared dishes—and get to know the peers who could shape your next strategic partnership.
Sponsored by: Market Axess
Sponsored by: Morgan Stanley
Sponsored by: J.P.Morgan
Track A: AI & Automation
2:30 pm - 3:00 pm Panel: AI in FI Overview: Narrowing the gap between theoretical potential and practical implementation of AI in FI – How are LLMs and ML driving trading and investment strategies? Sachin Anandikar - Chief Technology Officer, Pemberton Capital Advisors LLP Timothee Consigny - COO, H2O
Track A: AI & Automation
3:00 pm - 3:20 pm Panel: Data Science & Machine Learning: Assessing the latest in ML and data science for financial markets: What are the practical applications for execution, hedging and portfolio construction? Konul Mustafayeva - Senior Portfolio Engineer & Assistant Portfolio Manager, Fidelity International Orlando Gemes - CIO, Fourier Asset Management
Track B: Trading & Workflow Strategies
2:30 pm - 3:00 pm Panel: Trading & Tech - Best Execution: How can you leverage trading tools to implement best execution practices beyond pricing? Benjamin Mahe - Head of HT Execution, AXA Investment Management Sam Ratcliff - Head of Order Management & Analytics, Man Group Lucy Carter - Reporter, Markets Media
Track B: Trading & Workflow Strategies
3:00 pm - 3:20 pm Panel: Protocols trends and strategies: How can you navigate the latest in fixed income trading protocols to optimize liquidity in 2025? Derek Milner - Senior Portfolio Manager Rates, a.s.r. Asset Management Ed Wood - Fixed Income Trader, Ninety One Kerry Barr - Director, Head of EMEA EM FI Trading, BlackRock Kristoffer Haugen - Lead Trader Fixed Income, Norges Bank Investment Management
Track C: Portfolio Management Strategies
2:30 pm - 3:00 pm Panel Active vs. Passive Strategies: How can you balance active vs. passive strategies to optimise risk-adjusted returns and protect your portfolio in high yield environments? Luca Ferramosca - Portfolio Manager:Fixed Income, Aegon Asset Management Steffen Ullmann - Senior Portfolio Manager for Investment Grade, HAGIM GmbH Suparna Sampath - Fixed Income Analyst, Vanguard Utku Eroglu - Fixed Income Portfolio Manager, BCP Bank Lidia Treiber - Consultant, Independent
Track C: Portfolio Management Strategies
3:00 pm - 3:20 pm Panel: Emerging Markets: How can you capture growth and manage risk in Emerging Markets amid global shifts? Guillaume Tresca - Global EM Strategist, Generali Investments Jean-charles Sambor - Head Emerging Markets Fixed Income, FORMER - BNP Paribas Asset Management Krešo Vugrinčić - CIO, Intercapital Asset Management Thais Brige Batista - Senior Portfolio Manager, HY Corporate debt, Schelcher Prince Gestion Lulu Wang - Relationship Director, Coalition GreenwichGuillaume Tresca
Global EM StrategistGenerali Investments
Jean-charles Sambor
Head Emerging Markets Fixed IncomeFORMER - BNP Paribas Asset Management
By invitation only
Head Trader Think Tanks
2:20 pm - 3:00 pm Head Trader Think Tank: Outsourced Trading: Weighing costs, risks, and rewardsHead Trader Think Tanks
3:00 pm - 3:30 pm Working Group hosted by ICMADrop by for a round of curated European craft beers, bite-sized sweets, and Dutch snacks. Designed to keep the energy flowing, this social reset lets you switch gears before diving into the next panel or roundtable.
Gerard Moerman
Head of Core Fixed Income, LDI and Investment SolutionsAegon Asset Management
Amir Fergani
Head of Credit – LDIGenerali Asset Management
Laurent Chevallier
Head of Portfolio Management and Dedicated Institutional SolutionsEdmond De Rothschild
*closed-door and not open to media*
The trading industry is often associated with high stakes, rapid decision-making, and intense pressure. However, the impact these challenges have on mental health is rarely addressed.
We will host a closed-door session featuring a panel of market experts who will share their personal insights into mental health within the trading industry. The discussion will explore the critical role that managers and colleagues play in fostering a mentally healthy workplace, as well as highlight various industry initiatives designed to better support employees.
5:00 pm - 6:00 pm
Barrel & Bloom Networking Drinks Reception
Escape to a botanical hideaway complete with tulip arrangements, floral scents, and light acoustic ambiance. Sip elderflower spritz or rose martinis and sample macarons while sharing fresh takeaways from the morning’s content.