Agenda
This one-day, top-shelf conference hosted at Cipriani Wall Street brings together compelling and provocative world-class speakers discussing recent market volatility and its impact on trading across asset classes on Monday, October 20, 2008.
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8:00 am Registration and Continental Breakfast
9:00 am Chair's Opening Remarks
Gillian Tett, Assistant Editor, Financial Times
9:10 am View from the Top
Governor Jon Corzine, Governor of New Jersey
9:30 am Equities panel: The Raging Battle for Liquidity
Growing trading volume is taking place off exchange on private markets or dark pools. How is the competitive landscape changing in the US and Europe? How are firms dealing with this fragmentation? Is consolidation among the dark pools inevitable? How will exchanges evolve? Will they become the largest venues for dark pools or will investment banks and alternative trading systems lead the way? What are traders looking for? Is speed still the key? When will the race for low-latency end? What are the implications of the growth of off-exchange trading for public markets? Can the public price of a stock really be representative if so much activity is happening off exchange?
Rishi Nangalia, Head of Electronic Trading, Business Development Group, Goldman Sachs
Ian Peacock, CEO, CA Cheuvreux North America
Alfred Eskandar, Corporate Strategy Group, Liquidnet
Tim Mahoney, CEO, BIDS Trading
Sinan Baskan, Financial Markets Director, Sybase
Will Sterling, Managing Director, Equities, UBS Investment Bank
Tom Richardson, Global Head of Transaction Services, NYFIX
9:00 am Chair's Opening Remarks
Gillian Tett, Assistant Editor, Financial Times
9:10 am View from the Top
Governor Jon Corzine, Governor of New Jersey
9:30 am Equities panel: The Raging Battle for Liquidity
Growing trading volume is taking place off exchange on private markets or dark pools. How is the competitive landscape changing in the US and Europe? How are firms dealing with this fragmentation? Is consolidation among the dark pools inevitable? How will exchanges evolve? Will they become the largest venues for dark pools or will investment banks and alternative trading systems lead the way? What are traders looking for? Is speed still the key? When will the race for low-latency end? What are the implications of the growth of off-exchange trading for public markets? Can the public price of a stock really be representative if so much activity is happening off exchange?
Rishi Nangalia, Head of Electronic Trading, Business Development Group, Goldman Sachs
Ian Peacock, CEO, CA Cheuvreux North America
Alfred Eskandar, Corporate Strategy Group, Liquidnet
Tim Mahoney, CEO, BIDS Trading
Sinan Baskan, Financial Markets Director, Sybase
Will Sterling, Managing Director, Equities, UBS Investment Bank
Tom Richardson, Global Head of Transaction Services, NYFIX
Moderator:
Anuj Gangahar, US Hedge Funds & Equity Markets Correspondent, Financial Times
10:30 am Networking Break
11:00 am Keynote Address: Charles Morris, Author, Trillion Dollar Meltdown
Charles Morris, author of "The Trillion Dollar Meltdown - Easy Money, High Rollers and the Great Credit Crash" does not mince words. His book forecast a badly weakening economy and a disorderly deleveraging of the financial sector throughout 2008, much as it has played out over the past few months. Hear his explanation of how it happened and why it will take a long time to heal.
11:45 am Credit panel: The Future of Credit Derivatives Trading
What is left following the worst of the credit crisis? What are some of the lessons learned and how will the market be reborn? Dealers in credit derivatives are already being urged to "tear up" some of the outstanding trades that could pose a potential risk to the financial system as part of renewed efforts by US regulators to improve the crucial sector's infrastructure. What do regulators and market participants see as the next step? Efforts to tackle operational inefficiencies in the infrastructure underlying the notional $62,200bn market for credit default swaps have taken on a fresh urgency because of the credit crisis, and are likely to draw more intense scrutiny in coming months. What efforts are being made to enforce the correct pricing of credit?
Francesco Cicero, Head of e-Trading, GFI Group
Gillian Christie, Director, Deloitte Consulting LLC
Pete Axilrod, Managing Director, Depository Trust & Clearing Corporation
Don DeLoach, President and CEO, Aleri
Jordan Yarett, Partner & Co-head Finance Group, Paul Weiss
Moderator:
Aline Van Duyn, US Markets Editor, Financial Times
12:30 pm Networking Luncheon
Robert Sheehan, President & CEO, Electronic Brokerage Systems LLC/Belzberg Technologies
1:30 pm Commodities panel: There will be Blood-Speculation, Regulation & the Commodities Markets
Are the recent oil price spikes and the steady surge in other commodities the result of the actions of speculators or a reflection of fundamental market and economic conditions? Turbulent conditions make the crude oil market vulnerable to illegal activity, US regulators warned recently, as they permanently imposed limits on the size of speculative positions that could be taken out on some trades made on overseas exchanges. How will the market cope if prices continue to spiral upwards? Are exchanges prepared to act?
Jordan Yarett, Partner & Co-head Finance Group, Paul Weiss
Moderator:
Aline Van Duyn, US Markets Editor, Financial Times
12:30 pm Networking Luncheon
Robert Sheehan, President & CEO, Electronic Brokerage Systems LLC/Belzberg Technologies
1:30 pm Commodities panel: There will be Blood-Speculation, Regulation & the Commodities Markets
Are the recent oil price spikes and the steady surge in other commodities the result of the actions of speculators or a reflection of fundamental market and economic conditions? Turbulent conditions make the crude oil market vulnerable to illegal activity, US regulators warned recently, as they permanently imposed limits on the size of speculative positions that could be taken out on some trades made on overseas exchanges. How will the market cope if prices continue to spiral upwards? Are exchanges prepared to act?
John D'Agostino, CEO, Dagger LLC
Ed Morse, Managing Director and Chief Economist, LCM Commodities
Ed Morse, Managing Director and Chief Economist, LCM Commodities
Ron Oppenheimer, General Counsel, Merrill Lynch Global Commodities
Dr. Wolfgang Ferse, EVP Commodities & Energy Solutions, OpenLink Financial
Moderator:
Michael MacKenzie, US Markets Correspondent, Financial Times
2:30 pm Afternoon Keynote: Keeping your head in this market when all those about you are losing theirs&
Richard Peterson will discuss specific techniques for understanding and optimizing your mental state during the current market crisis. Dr. Peterson will explain the biology and psychology of fear, share techniques for managing the effects of stress, and teach how to identify and exploit excessive fear in the markets. Gain expert views into the mind of the market with some of the latest findings from neuroscientists, financial practitioners, and psychologists. This keynote provides both buyside and sellside asset managers with insights and tools to improve their decisions in today's chaotic markets. It's an opportunity to learn how to take control of one's reactions to market moves.
Richard Peterson, MD, Managing Member of MarketPsy Capital, LLC
3:30 pm Networking Break
4:00 pm Panel: The Changing Face of Exchanges From the Exchange Heads Themselves
Consolidation in the exchange space continues apace. How have the exchanges coped with the integration of their new businesses? Is there more consolidation to come? How are they coping with the dual responsibilities to shareholders and users? How are they responding to the threat of dark pools and bank sponsored platforms and automated trading systems? What about the listings battle? Is the holy-grail the exchange that is fully diversified across all asset classes? Or is there still room for exchanges specializing in single asset classes?
Gary Katz, President & CEO, ISE
Larry Leibowitz, Head of US Markets & Global Technology, NYSE Euronext
Ed Tilly, Executive Vice Chairman, CBOE
Rick Redding, Managing Director Products & Services, CME Group
Magnus Bocker, President, NASDAQ OMX
Pedro Zorrilla Velasco, COO, Bolsa Mexicana de Valores
Moderator:
John Authers, Investment Editor, Financial Times
5:15 Closing Remarks
Chrystia Freeland, US Managing Editor, Financial Times
Dr. Wolfgang Ferse, EVP Commodities & Energy Solutions, OpenLink Financial
Moderator:
Michael MacKenzie, US Markets Correspondent, Financial Times
2:30 pm Afternoon Keynote: Keeping your head in this market when all those about you are losing theirs&
Richard Peterson will discuss specific techniques for understanding and optimizing your mental state during the current market crisis. Dr. Peterson will explain the biology and psychology of fear, share techniques for managing the effects of stress, and teach how to identify and exploit excessive fear in the markets. Gain expert views into the mind of the market with some of the latest findings from neuroscientists, financial practitioners, and psychologists. This keynote provides both buyside and sellside asset managers with insights and tools to improve their decisions in today's chaotic markets. It's an opportunity to learn how to take control of one's reactions to market moves.
Richard Peterson, MD, Managing Member of MarketPsy Capital, LLC
3:30 pm Networking Break
4:00 pm Panel: The Changing Face of Exchanges From the Exchange Heads Themselves
Consolidation in the exchange space continues apace. How have the exchanges coped with the integration of their new businesses? Is there more consolidation to come? How are they coping with the dual responsibilities to shareholders and users? How are they responding to the threat of dark pools and bank sponsored platforms and automated trading systems? What about the listings battle? Is the holy-grail the exchange that is fully diversified across all asset classes? Or is there still room for exchanges specializing in single asset classes?
Gary Katz, President & CEO, ISE
Larry Leibowitz, Head of US Markets & Global Technology, NYSE Euronext
Ed Tilly, Executive Vice Chairman, CBOE
Rick Redding, Managing Director Products & Services, CME Group
Magnus Bocker, President, NASDAQ OMX
Pedro Zorrilla Velasco, COO, Bolsa Mexicana de Valores
Moderator:
John Authers, Investment Editor, Financial Times
5:15 Closing Remarks
Chrystia Freeland, US Managing Editor, Financial Times
5:30 Closing Networking Reception
