Fixed Income Leaders 2017

November 07-November 09, 2017

Beurs van Berlage, Amsterdam

44(0) 207 368 9540

Wednesday 8th November 2017

Fixed Income Leaders Summit Day 1- Wednesday November 8th 2017

7:15 AM - 8:00 AM Conference Registration & Networking Breakfast

7:15 AM - 8:00 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


8:00 AM - 8:05 AM Welcome Address

8:05 AM - 8:10 AM Chairperson’s Opening Remarks

David Bullen, Director, Bullen Management

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David Bullen

Director
Bullen Management

A 360 View From The Top

  • 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?

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David Bullen

Director
Bullen Management
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Brett Chappell

Head of Fixed Income
Nordea Asset Management
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Juan Landazabal

Global Head of Fixed Income and FX Trading
Deutsche Asset Management
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Fabien Oreve

Global Head of Trading
Candriam Investors Group
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Nik Louwye

Head of Trading
KBC Asset Management

Antonio Pilato

Head of Trading Desk
Generali Investments Europe
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Mehmet Mazi

MD, Global Head
Credit Trading

8:50 AM - 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?

Mark Goodman, Managing Director, Global Head of Electronic Execution (FX, Rates, Credit, Futures), UBS Investment Bank
  • 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?

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Mark Goodman

Managing Director, Global Head of Electronic Execution (FX, Rates, Credit, Futures)
UBS Investment Bank
  • 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?

Jutta Schneider

Head of Fixed Income
Allianz Global Investors
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Christoph Hock

Global Head of Trading
Union Investments
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Alex Sedgwick

Head of Fixed Income Market Research
T. Rowe Price
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Andy Ross

CEO
Curve Global

Carl James

Global Head of Fixed Income Trading
Pictet Asset Management
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Julia Streets

CEO
Streets Consulting

9:50 AM - 10:10 AM Fireside Chat: Broadening your view of EU financial markets- How can you leverage technology to improve your market data capabilities in a post MiFID II environment

10:10 AM - 10:50 AM Morning Refreshment Break

Special Guest Speaker

10:50 AM - 11:10 AM Political Keynote: Moving towards Brexit- What implications will this have on the European landscape and how will this affect your fixed income investments in the medium to long term?

On The Doorstep of MiFID II

  • 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?

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Gerben Everts

Member of the Executive Board
AFM
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Dan Barnes

Editor
The Desk
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James Wallin

Senior Vice President Fixed Income
Alliance Bernstein
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Philippe Guillot

Executive Director of the Markets Directorate
Autorité des Marchés Financiers

Henk Rozendaa

Global Head of Interest Rate Derivatives Trading
RaboBank
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Stephane Malrai

Managing Director, Global Head of Financial eCommerce
ING

11:50 AM - 12:10 PM 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?

Rebecca Healey, European Market Structure Specialist, Liquidnet Tom Conigliaro, Managing Director, IHS Markit Brokerage and Research Services
  • 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?

Rebecca Healey

European Market Structure Specialist
Liquidnet
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Tom Conigliaro

Managing Director
IHS Markit Brokerage and Research Services
  • 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?

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David Bullen

Director
Bullen Management
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Oliver Brian

Head of FICC Sales and Relationship Management – Europe & Asia
Citadel Securities
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Vincent Dessard

Senior Regulatory Policy Advisor
EFAMA
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Luca Bagato

Head of Sales, Strategy and Business Development
Euro TLX

Mark Yallop

Chair
FICC Markets Standards Board

12:50 PM - 2:00 PM Lunch and Networking Break

12:50 PM - 2:00 PM 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.


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David Bullen

Director
Bullen Management

Adjusting To A New Fixed Income World

Evaluating Emerging Venues Under MiFID II

2:00 PM - 2:20 PM 360 Perspective: MTFs vs. OTFs- Clarifying the differences between the two models under MiFID II and how you can work with them

Elizabeth Callaghan, Director, Market Structure and MiFID II strategy & regulatory response, ICMA Nathalie Masset, Deputy Director – Head of Fixed Income, Euronext
  • 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?

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Elizabeth Callaghan

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

Deputy Director – Head of Fixed Income
Euronext

Evaluating Emerging Venues Under MiFID II

2:20 PM - 3:00 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?

Rebecca Healey, European Market Structure Specialist, Liquidnet Ashlin Kohler, , Citigroup Cathy Gibson, Head of Fixed Income Trading, Deutsche Asset Management Elizabeth Callaghan, Director, Market Structure and MiFID II strategy & regulatory response, ICMA Pamela Gachara, Manager, Markets, The Investment Association
  • 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?

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Rebecca Healey

European Market Structure Specialist
Liquidnet
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Ashlin Kohler


Citigroup
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Cathy Gibson

Head of Fixed Income Trading
Deutsche Asset Management
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Elizabeth Callaghan

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

Manager, Markets
The Investment Association
  • 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

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Chris White

CEO
ViableMKTS

Chris Perryman

Senior Vice President, Trader, Emerging Markets Fixed Income
Pinebridge Investments
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Alex Sedgwick

Head of Fixed Income Market Research
T. Rowe Price
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Jonathan Gray

Head of Fixed Income EMEA
Liquidnet

Nicole Shumpert

Head of BrokerTec Direct
NEX

Anthony J. Perrotta

Chief Executive Officer
TABB Group

Upping Your Derivative Capabilities

2:00 PM - 2:20 PM Industry Perspective: How do the buy side and sell side need to re-think their business models to succeed in the new derivatives landscape?

Michael O'Brien, Director of Global Trading, Eaton Vance Erik Vynckier, Board Member, Foresters Friendly Society
  • 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?

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Michael O'Brien

Director of Global Trading
Eaton Vance
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Erik Vynckier

Board Member
Foresters Friendly Society

Upping Your Derivative Capabilities

2:20 PM - 3:00 PM 360 Perspective: What impact have the bilateral margin rules had on non-cleared OTC derivatives and how has this affected buy side trading models?

Marcus Hooper, Managing Director, Agora Global Consultants Mark Gheerbrant, Head of Risk and Capital, ISDA


Marcus Hooper

Managing Director
Agora Global Consultants
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Mark Gheerbrant

Head of Risk and Capital
ISDA

Upping Your Derivative Capabilities

3:00 PM - 3:40 PM 360 Perspective: Separating the hype from reality- What derivatives products can realistically be moved to a futures model in today’s electronic environment?

Mike O'Hara, Director, The Realization Group 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?

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Ricky Maloney

Head of Rates and Absolute Return
Old Mutual Global Investors
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Russell Oxley

Head of Rates and LDI
Formerly OMGI
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Mike O'Hara

Director
The Realization Group

New Frontiers in Fixed Income Investing

2:00 PM - 2:20 PM Industry Perspective: How has recent geo-political uncertainty impacted market volatility, and what impact does this have on fixed income investing?

Marc Chandler, Head of FX Strategy, Brown Brothers Harriman
  • 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?

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Marc Chandler

Head of FX Strategy
Brown Brothers Harriman
  • 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?

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Javier Dominguez

Managing Partner
Auriga Global Investors
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Thierry de Vergnes

Global Head of Debt Fund Management
Lyxor Asset Management

David Saab

Managing Director
JP Morgan Private Bank
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Fraser Lundie

Co-Head of Credit
Hermes Investment Management

Itziar Mendia

Head of Fixed Income Investments
Fineco Patrimonios
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Brigitte Posch

Managing Director, Global Head of Emerging Markets Corporates
Barings
  • 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?

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Dan Barnes

Editor
The Desk
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Brigitte le Bris

Managing Director, FX and Global Bonds
Natixis Asset Management
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Adam Purzitsky

Co-Head, Global Rates Team
Old Mutual Global Investors
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Shahzad Hasan

Senior Portfolio Manager
Allianz Global Investors
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Erik Vynckier

Board Member
Foresters Friendly Society

Zack Ellison

Director, US Public Fixed Income
Sun Life Investment Management

Workshop Maximum 25 buy side delegates

2:00 PM - 3:00 PM 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?

Workshop Maximum 25 buy side delegates

2:00 PM - 3:00 PM Synergy Workshop: Fixed income trading automation- What is both desirable and achievable?

  • 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?

3:40 PM - 4:10 PM Afternoon Refreshment Break

Challenging The Status Quo

Obtaining Accurate Pricing

4:10 PM - 4:50 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?

John Greenan, Front Office Trading Technology Consultant, Alignment Systems Yann Couellan, Head of Trade Execution Fixed Income, AXA Investment Management David Scilly, Head of Fixed Income & Currency Dealing, First State Investments
  • 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?

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John Greenan

Front Office Trading Technology Consultant
Alignment Systems
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Yann Couellan

Head of Trade Execution Fixed Income
AXA Investment Management

David Scilly

Head of Fixed Income & Currency Dealing
First State Investments

Broadening Your Access To Liquidity

4:10 PM - 4:50 PM 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?

David Bullen, Director, Bullen Management Mike O'Hara, Director, The Realization Group Russell Oxley, Head of Rates and LDI, Formerly OMGI Ricky Maloney, Head of Rates and Absolute Return, Old Mutual Global Investors Mike O'Hara, Director, The Realization Group
  • 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?

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Mike O'Hara

Director
The Realization Group
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Russell Oxley

Head of Rates and LDI
Formerly OMGI
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Ricky Maloney

Head of Rates and Absolute Return
Old Mutual Global Investors
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Mike O'Hara

Director
The Realization Group
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David Bullen

Director
Bullen Management

Passive vs. Active Investing

4:10 PM - 4:50 PM 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

David Saab, Managing Director, JP Morgan Private Bank Dan Barnes, Editor, The Desk Louis Gargour, CIO and Managing Partner, LNG Capital Paul Malloy, Head of Fixed Income Trading, Vanguard Tim Beck, Senior Investment Executive, Stenham Investments
  • 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?

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Dan Barnes

Editor
The Desk
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Louis Gargour

CIO and Managing Partner
LNG Capital

David Saab

Managing Director
JP Morgan Private Bank
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Paul Malloy

Head of Fixed Income Trading
Vanguard

Tim Beck

Senior Investment Executive
Stenham Investments

Workshop Maximum 25 buy side delegates

4:10 PM - 5:10 PM 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?

Ashley Curtis, Director, iShares by BlackRock Simon McGhee, Head of ETF Advisory, Bluefin Europe
  • 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

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Ashley Curtis

Director
iShares by BlackRock
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Simon McGhee

Head of ETF Advisory
Bluefin Europe

Workshop Maximum 25 buy side delegates

4:10 PM - 5:10 PM 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?

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Russell Oxley

Head of Rates and LDI
Formerly OMGI

4:50 PM - 4:55 PM Transit Time To Main Conference Room



4:55 PM - 5:15 PM Buy Side Keynote: Technology vs. Fragmentation: The Power of Liquidity Aggregation

Mazy Dar, CEO, OpenFin

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Mazy Dar

CEO
OpenFin

5:15 PM - 5:35 PM Afternoon Keynote: Simplifying Fixed Income Innovation- How can you apply lessons from the mobile industry to ‘de-clutter’ the desktop and come up with a better end user experience?

FinTech Dragons Den

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

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John Greenan

Front Office Trading Technology Consultant
Alignment Systems
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Dan Schleifer

CEO
ChartIQ
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Julia Streets

CEO
Streets Consulting

Jim Wyatt

Co-founder
Raidne

Stuart Plane

CEO
Liquidity Cube

Zack Ellison

Director, US Public Fixed Income
Sun Life Investment Management
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Kristoffer Fürst

CEO
Limina

6:05 PM - 6:10 PM Chairperson’s closing remarks

David Bullen, Director, Bullen Management

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David Bullen

Director
Bullen Management

6:10 PM - 7:10 PM Cocktail Drinks Reception

David Bullen, Director, Bullen Management

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David Bullen

Director
Bullen Management