Fixed Income Future Leaders Summit 2017

November 07-November 09, 2017

Beurs van Berlage, Amsterdam

44(0) 207 368 9540

Thursday 9th November 2017

08:20 AM - 08:45 AM Registration and Breakfast

08:45 AM - 08:30 AM Chairperson’s Opening Remarks

David Bullen, Director, Bullen Management

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David Bullen

Director
Bullen Management
  • The evolution of best execution- How are leading buy side heads measuring best execution and what changes have they made?
  • Developing a reliable best execution methodology in an OTC market- what are the building blocks and how can you build a fixed income specific best execution model in data sparse and liquidity constrained markets?
  • Broader than ‘best price’- What other parameters should you measure your best execution standards against other than pricing?
  • Strategy selection- How can you fully understand what is the right approach for the right environment?
  • Best ex for pre-trade- How can you establish the parameters pre-trade to determine what you need to do to achieve best execution for your clients?

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John Greenan

Front Office Trading Technology Consultant
Alignment Systems
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Carl James

Global Head of Fixed Income Trading
Pictet Asset Management

Louise Drummond

Head of Fixed Income and Foreign Exchange Dealing
Aberdeen Asset Management
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Mariano Goldfishcer

Managing Director - Global Head Credit Trading and Syndicate
Credit Agricole

09:30 AM - 09:50 AM Guest Speaker: The Mind Can Help Or Hinder Success - How Can You Train It To Make The Best Trading And Investment Choices?

Benjamin Kelly, Managing Director and Founder, CastleCliff
  • How do cognitive biases impact the investment process and what strategies can you implement to remove them?
  • How can behavioural finance hold out the prospect of a better understanding of financial market behaviour and scope for investors to make better investment decisions?
  • How are leading financial firms implementing the tenets of behavioural finance to improve their performance?
  • How an understanding of the nature of our all too human flaws can help us invest better

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Benjamin Kelly

Managing Director and Founder
CastleCliff

09:50 AM - 10:20 AM Guest Speaker: How focusing on building successful teams won Brawn GP and Jenson Button the F1 World Championship at their first attempt

Nick Fry, Former CEO and co-owner , Mercedes AMG

Nick Fry

Former CEO and co-owner
Mercedes AMG

10:20 AM - 11:00 AM Morning Networking Break

  • Voice vs. Electronic- Other than corporates, what other areas of fixed income is seeing electronic trading growth and how can you best utilize this?
  • Striking the balance- to what extent can automation replace the human touch?
  • Voice vs. electronic execution- how can you establish which method of execution is best suited for certain market conditions?
  • Addressing the conflict between voice and electronic trading- how can you set up your internal teams to maximize the benefits of both forms of trading?
  • Will the methodology of eTrading eventually work across all fixed income asset classes or is it only best suited to certain products under certain conditions?

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Oscar Kenessey

Head of Trading, Fixed Income, Derivatives and Currencies
NN Investment Partners
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Juan Landazabal

Global Head of Fixed Income and FX Trading
Deutsche Asset Management
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Julia Streets

CEO
Streets Consulting

David Walker

Head of Fixed Income Dealing
M&G Investments
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Rich Winter

Senior Managing Director
FENICS US Treasuries

11:40 AM - 12:00 PM Fireside Chat: Adopting a more proactive approach to sourcing liquidity- How can you navigate the fragmented fixed income world to set yourself up for improved access?

Lee Sanders, Head of Fixed Income Trading, AXA Investment Management Mike Poole, Fixed Income Dealing Manager, Jupiter Asset Management James Switzer, Global Head of Credit Trading, Alliance Bernstein
  • Liquidity conditions- how has liquidity changed, what works now and how has the progression been on providing new solutions to alleviate the liquidity shortage?
  • How can the buy side take a more proactive approach and become liquidity providers in liquidity constrained markets?
  • Adapting to the new norm - how should you set up your internal processes, connectivity and technology to maximize liquidity and meet your investment needs
  • The impact of MiFID II- will the new transparency regime help or hinder liquidity across fixed income markets?
  • Debate- what single change can be done to improve liquidity in fixed income markets?

Lee Sanders

Head of Fixed Income Trading
AXA Investment Management
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Mike Poole

Fixed Income Dealing Manager
Jupiter Asset Management

James Switzer

Global Head of Credit Trading
Alliance Bernstein

12:00 PM - 12:40 PM Fireside Chat: The use of market data throughout the trade life cycle- how can you use this information to establish market entry, pricing, counterparties and execution strategy?

  • MiFID II and Data- how will the buy side get access to new data under increased transparency and what can you do with it?
  • Pre trade transparency- What is currently available for pre-trade and how can you aggregate this information to make more informed
  • Data quality and deepness- how can you ensure you have the right access to data which can compliment your trading strategies and help you achieve best execution?
  • How can you use internal flow data as a management tool for traders and PMs which can be used to shape their trading strategy going forward?
  • Separating the good from the bad- how can you build an analytical methodology to ensure you are getting access to the right data to support your trading operations?

12:40 PM - 1:40 PM Networking Lunch

12:40 PM - 1:40 PM Women in Trading Think Tank: Confronting the lack of women in Trading- How can the fixed income industry better attract, develop and retain top female talent?

Carola Jansen, Head of Fixed Income, Kempen Capital Management Stephanie Suriyanon, Fixed Income Dealer, Ballie Gifford Louise Drummond, Head of Fixed Income and Foreign Exchange Dealing, Aberdeen Asset Management

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Carola Jansen

Head of Fixed Income
Kempen Capital Management

Stephanie Suriyanon

Fixed Income Dealer
Ballie Gifford

Louise Drummond

Head of Fixed Income and Foreign Exchange Dealing
Aberdeen Asset Management

Track A: Evaluating New Methods of Trading

1:40 PM - 2:20 PM 360 Perspective: Bridging the gap in O/EMS between where we are and where we should be- What makes a good buy side OMS and EMS system in 2018?

John Greenan, Front Office Trading Technology Consultant, Alignment Systems Christophe Bourgeois, Head of Fixed Income Dealing, BNP Dealing Services
  • Building a fixed income O/EMS- what makes a specialised fixed income OMS and EMS system and how far are we from making this a reality?
  • What are the needs of the buy side from their OMS/EMS counterparts and how can they be addressed so the providers are meeting these needs?
  • With O/EMS systems so vital to a trader’s workflow, what are the O/EMS providers doing to ensure they are keeping up with the pace of change in fixed income?
  • Cross asset vs. fixed income O/EMS- is a multi asset O/EMS the best way forward or should you use a product specific OMS due to the fragmentation of markets and nature of liquidity? 
  • Can O/EMS systems be standardized and made more flexible for ease of connectivity to new trading venues?

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Christophe Bourgeois

Head of Fixed Income Dealing
BNP Dealing Services
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John Greenan

Front Office Trading Technology Consultant
Alignment Systems

Track A: Evaluating New Methods of Trading

2:20 PM - 2:40 PM Fireside Chat: Corporate New issuance- Is the process currently fair and suffice or are there major improvement areas that can be made?

  • The health of the market today- How has the EU new issuance market changed in 2017?
  • Outlining the full life cycle of new issuance and the impacts of market volatility- how can you best handle this?
  • Allocation process- What is the process a new issue goes through when allocations are decided?
  • How can corporate new issuance be brought to a level playing field for the tier 2 buy side and sell side players?

Track A: Evaluating New Methods of Trading

2:40 PM - 3:20 PM 360 Perspective: The growth of bond ETFs- What are the benefits, challenges and opportunities and how can you incorporate them into your investment portfolio?

  • Why has there been growth in ETF adoption and how are the buy side managing ETFs?
  • Analyzing ETF liquidity and transparency- how do you use them, how do you trade them and what are the benefits and drawbacks?
  • How do you distinguish a good ETF vs. a bad ETF and what are the systematic risks when trading ETFs?
  • Sidestepping bond illiquidity- how sustainable is it to use ETFs as an alternative means of sourcing liquidity?
  • Electronic trading of ETFs- how are market makers and banks adapting to the electronification of ETF products and how are they bringing them market?
  • Debunking ETF Myths- are they really more expensive to trade than a bond and do they stop working during times of market stress?

Track B: Buy Side Only Working Groups Open to 10 buy side delegates per group

1:40 PM - 2:20 PM Buy side only working groups: Setting new standards for buy side technology- How can you ensure your technology set-up is sufficient to meet your best execution requirements?

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

Join our closed door, buy side only working groups, open to a maximum of 10 buy side delegates per topic, in which you will share ideas and best practices processes with your buy side peers around a particular topic and walk away with a fresh mind-set on how to tackle a particular challenge:

  • Working Group 1- how can you improve your OEMS system to ensure it is keeping up with the rapid change across fixed income?
  • Working Group 2- how can you ensure you have a reliable TCA methodology in place to meet your pre and post trade requirements?
  • Working Group 3- how can you utilise market data to ensure you are establishing the best method of execution and uncovering any hidden costs
  • Working Group 4- how can you reduce the burden to improve your connectivity when partnering with new platforms?

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Ricky Maloney

Head of Rates and Absolute Return
Old Mutual Global Investors

Track C: Plotting The Future of Derivative Trading

1:40 PM - 2:20 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?

  • How was the transition to the non-cleared margin rules and how have the buy side adapted to the early changes in regulation?
  • How are the buy side measuring and posting initial margin and efficiently coping with the new requirements and what impact has this had on the products they trade?
  • What products are going to be more prevalent in the new environment and what will move towards an exchange traded model?
  • How are all market participants ensuring the rules can be effective and minimise unintended consequences?

Track C: Plotting The Future of Derivative Trading

2:20 PM - 2:40 PM Industry Perspective: The Unwinding of Dodd Frank- What could change and how would this impact the imbalance across US and EU markets?

  • What is the new CFTC Chairman’s plans for Dodd Frank and the Volcker rule and what will the knock on effects of this be?
  • Repealing the progress of Dodd Frank and Volcker- what are the potential consequences for this regulation under a new Trump Presidency?
  • Separating the hype from reality- what elements of Dodd Frank can realistically be rolled back and what impact will this have with equivalence between the US and EU?
  • Could the roll back of Dodd Frank lead to a two tired market with the US being a more attractive market for investors?

Track C: Plotting The Future of Derivative Trading

2:40 PM - 3:20 PM 360 Perspective: Aligning derivatives trading operations between Europe and the US- How can you overcome the current cross-border inconsistencies in swaps?

  • What are the permitted protocols of swaps trading in Europe and how does the US currently differ?
  • How can cross border standardization of clearing requirements be achieved globally and what steps are regulators taking to put this in place?
  • How can the clearing industry be more robust to give all market players access to clearing including small-mid size firms?
  • How can the swap execution market be opened up to increased competition amongst venues without causing fragmentation?

Track D: Buy Side Only Working Groups Open to 10 buy side delegates per group

1:40 PM - 2:20 PM Buy Side Only Working Groups: MiFID II Gap Analysis- How are the buy side approaching different aspects of MiFID II in readiness for the January deadline?

Join our closed door, buy side only working groups, open to a maximum of 10 buy side delegates per topic, in which you will share ideas and best practices processes with your buy side peers around a particular topic and walk away with a fresh mind-set on how to tackle a particular challenge:
  • Working Group 1- how can you best prepare for the new unbundling regime and what impact will this have on your access to research?
  • Working Group 2- what are the new best execution requirements and how can you ensure you are meeting these?
  • Working Group 3- how can you prepare for the new transparency regime and what impact will this have on your workflow?
  • Working Group 4- how should you set up your internal processes to meet the new reporting requirements?

Track E: Preparing For A New Investment Landscape

1:40 PM - 2:20 PM Quick Fire Interviews: The year ahead- What will be the key macro indicators in 2018 and how will this impact fixed income markets?

  • Global outlook- what is the medium-long term outlook for mature economies and how can you use this to your benefit?
  • What themes will dominate the fixed income agenda over the next 12 months and how can you steer your desk through these new changes?
  • Will global divergence in economic growth and monetary policy continue into 2018 or could we finally see a stabilising global economy?
  • Fundamental investment trends- Are we seeing enough global growth to underpin performance or are we potentially closing in on another recession?
  • How has the US rate hike impacted global markets- Could we see a further hike over the next 12 months or are the risks too great?

Track E: Preparing For A New Investment Landscape

2:20 PM - 2:40 PM Industry Perspective: 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?

  • Will the EU market no longer be ‘single’ and become more of a tiered market on the back of Brexit?
  • The beginning of the end for London’s crown jewel? Can London realistically remain as a global financial powerhouse on the back of Brexit?
  • What are the implications of Brexit on Europe and the periphery- are we heading for further economic downturn?
  • Risk of contagion- could other EU members follow suit and leave the EU in light of Brexit?
  • With the likelihood of a ‘hard Brexit’, what impact will this have on developed countries and Eastern Europe?

Track E: Preparing For A New Investment Landscape

2:40 PM - 3:20 PM 360 Perspective: Emerging markets focus- Which countries will offer the most profitable opportunities in 2017?

  • The return of emerging markets in 2017/18- why has investor confidence returned for EM debt after a barren 2 years?
  • What are the key trends and themes that will dominate EM and generate returns over the next 12 months?
  • Long vs. short term- which countries should you invest in over the next 12 months?
  • How are different markets reacting to the interest rate rise in the US and what opportunities does this bring?
  • What is the relationship between commodity prices and EM trends and how does this influence EM trading?

Fixed Income Markets Under A New Regime

3:20 PM - 3:25 PM Transit to main conference room

3:25 PM - 3:55 PM Fixed Income Crystal Ball: How will the global capital markets landscape evolve in an era of Brexit and President Trump?

David Bullen, Director, Bullen Management
  • What does a post Brexit Britain and a Trump White House mean for financial regulation?
  • With the threat of deregulation under a Trump presidency, what will be the knock on effects of further financial reform on electronic trading and market structure?
  • How will the UK’s standing as a global financial powerhouse be impacted on the back of Brexit and no access to the single market and what impact will this have on day to day trading and MiFID regulation?
  • Paradigm shifts- how will global macro themes differ from the past with the potential for new trade policy restrictions and the on-going theme of de-globalisation?
  • How has both Brexit and the Trump administration affected exchange rates so far, and what is next- are there alpha opportunities or is it time to hedge, cut risk, and protect capital?

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David Bullen

Director
Bullen Management

3:55 PM - 4:00 PM Chairperson’s Closing Remarks

David Bullen, Director, Bullen Management
  • The return of emerging markets in 2017/18- why has investor confidence returned for EM debt after a barren 2 years?
  • What are the key trends and themes that will dominate EM and generate returns over the next 12 months?
  • Long vs. short term- which countries should you invest in over the next 12 months?
  • How are different markets reacting to the interest rate rise in the US and what opportunities does this bring?
  • What is the relationship between commodity prices and EM trends and how does this influence EM trading?

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David Bullen

Director
Bullen Management

4:00 PM - 4:05 PM Conference Close

  • The return of emerging markets in 2017/18- why has investor confidence returned for EM debt after a barren 2 years?
  • What are the key trends and themes that will dominate EM and generate returns over the next 12 months?
  • Long vs. short term- which countries should you invest in over the next 12 months?
  • How are different markets reacting to the interest rate rise in the US and what opportunities does this bring?
  • What is the relationship between commodity prices and EM trends and how does this influence EM trading?