Elizabeth Callaghan

Fixed Income Leaders 2018

06 - 08 November, 2018

Beurs van Berlage, Amsterdam

44(0) 207 368 9540

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

In her current role, Elizabeth directs ICMA's efforts with MiFID II/MiFIR bond trading regulatory obligations, and the structural changes that MiFID II is driving is at the core of this role. The focus is creating commercially viable best practices in bond market trading. As the MiFID II deadline approaches, Elizabeth will be sharing her specific knowledge around MiFID II and advise you on how you can best prepare your trading desk for the January 2017 deadline.

12:20 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?

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?

2:20 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

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?

4:30 PM Oxford Style Debate: True or False: The current characteristics of the market means a dominant form of all-to-all trading will not materialise

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?

Check out the incredible speaker line-up to see who will be joining Elizabeth.

Download The Latest Agenda