Untitled - iiforums.com

INTERNATIONAL TRADER FORUM 2013 

Adding value to the buyside trading desk 

Advisory Board 

Gianluca Minieri 

Global Head of Trading 

Pioneer Investment Management 

Ireland 

Nick Nielsen 

Head of Trading 

Marshall Wace 

United Kingdom 

David Miller 

Head of EMEA Equity Trading 

Invesco Perpetual 


Per Møller 


Nordea Investment Management 

Denmark 

Tom Wilkins 

Trader and Analyst 

Cedar Rock Capital 


Huw Gronow 

Director, Equity Trading 

Principal Global Investors 


Klaus Bentin 

Senior Equity Trader 

Maj Invest 

Denmark 

Pablo Fernandez Gomez 

Asset Management Dealing 

BBVA 

Spain 

Martin Ekers 

Head of Dealing 

Northern Trust 


Fabien Oreve 


Dexia Asset Management 

Belgium 

Brian R. Murray 


Wellington Management 


Jens Foged 


Sparinvest S.A. 

Luxemburg 

Nicolai Poulsen 


ADIA 

Abu Dhabi 

Adam Conn 


Baring Asset Management 

United Kingdom

Malene Forup 

Senior Equity Trader 

Government of Singapore Investment Corporation 


Eoin Edwards 

Senior Trader 

Gruppo Banca Esperia 

Italy 

Dennis Adams 

Head Trader 

Sands Capital Management 

United States 

Paul Collins 

Head of Equity Trading EMEA 

Franklin Templeton 


Bradford O’Grady 

Director of Trading 

Trilogy Global Advisors LP 

United States 

Michael McCauley 

Head of Global Equity Training 

Pyramis Global Advisors 

United States 

Craig A. Hurl, CFA 

Director, Equity Trading & Alpha/Beta Strategies 

Ontario Teachers’ Pension Plan 

Canada

SUNDAY 8 SEPTEMBER 2013 

18.30 BUYSIDE COCKTAIL RECEPTION AT THE FOUR SEASONS HOTEL LISBON 

MONDAY 9 SEPTEMBER 2013 

08.00 to 09.00 BUYSIDE REGISTRATION AND BUFFET BREAKFAST 

09.00 to 09.10 WELCOME AND INTRODUCTION 

09.10 to 09.40 WHAT CAN WE EXPECT FROM THE REGULATORS AND WHAT CAN THE 

INDUSTRY DO ABOUT IT? 

The ever evolving regulatory landscape costs buyside businesses both 

time and money, whilst creating a permanent sense of uncertainty. This 

address will outline some of the main issues firms need to be aware of, 

and also which issues lie in wait over the horizon. 

Guy Sears 

Director of Institutional 

Investment Management Association 


09.40 to 10.20 REPORTING BACK FROM BRUSSELS - THE BUYSIDE VIEW OF THE 

REGULATORY LANDSCAPE 

Panel 

An overview from buyside firms which have been actively engaged with 

the regulators in Brussels: Is the regulator listening and what is its 

attitude to issues such as high-frequency trading? 




Ireland 

Martin Ekers 


Northern Trust Global Investments 


Ari Burstein 

Senior Counsel 

Investment Company 

Institute 

United States 

Guy Sears 

Director of Institutional 

Investment 

Management 

Association 


10.20 to 11.00 BREAKOUTS – MY BIGGEST PROBLEMS AND WHAT I AM DOING ABOUT 

THEM

From maker- taker pricing models versus muted bans on high frequency 

trading, to dark pool regulation and venue selection, these focused 

breakouts will allow delegates to share their opinions with their peers. 

Room 1: Firms with AUM $20bn and < $100bn 

Moderator: 

Robert Adriaanse 

Head Trader 

DuPont Capital Management 

United States 

11.00 to 11.30 COFFEE 

Room 3: Firms with AUM > $100bn 

Paul Collins 

Head of Euro Equity Trading 

Franklin Templeton 


11.30 to 12.10 BUILDING A FULLY INTEGRATED TECHNOLOGY SYSTEM ON THE DEXIA 

TRADING DESK 

Case study 

This case study will show how Dexia integrated its internal IT team with 

the trading desk to facilitate immediate solutions to trading issues. It 

will detail how all team members were incentivised to contribute 

continuously to the ongoing development. It will also demonstrate how 

this trading desk is enhancing its overall value to its asset management 

parent. 

Fabien Oreve 



Belgium

12.10 to 12.30 HOW WE RUN OUR TRADING DESK (1) 

Case study 

A brief overview of the day-to-day operations of a leading buyside desk. 

What are the management issues faced by the head of the desk, and 

how is performance assessed? 

Emil R. Framnes 

Head of Electronic Execution/Transitions 

Norges Bank Investment Management 

Norway 


Case Study 




David Miller 





Case Study 

13.10 to 14.10 LUNCH 




Malene Forup 

Senior Equity Dealer 

GIC 


TRACK 1 

SIMULTANEOUS SESSIONS 

14.10 to 15.10 MANAGING THE BUYSIDE DESK IN AN ERA OF TIGHTENING MARGINS 

Breakouts 

Moderator 

Chris Spurlock

VP, Manager of International Trading 

American Century Investments 

United States 

Andreas Woolheim 

Head of Trading & Treasury 

SEB Investment Management 

Sweden 

Nicolai Poulsen 


ADIA 

Abu Dhabi 

15.10 to 16.10 MANAGING PORTFOLIO MANAGER RELATIONSHIPS 

Panel 

Craig A. Hurl, CFA 

Director, Equity Trading 

Alpha/Beta Strategies 

Ontario Teachers’ Pension Plan 

Canada 

Eoin Edwards 

Senior Trader 


Italy 

TRACK 2 

BLOOMBERG TRADEBOOK TUTORIAL 

` 

14:10 to 15:10 TRADING: THE NEXT FRONTIER PRESENTATION 

GATHERING AND ACTING ON MARKET INTELLIGENCE GATHERED BY 

ADAPTIVE ALGORITHMS 

Algorithms should combine quantitative modeling and a smart user 

interface so that traders can gather intelligence on changing market 

conditions and adjust trading strategy in real time. These algorithms are 

more focused on different types of liquidity and optimizing rather than 

liquidity capture alone. 

15:10 to 16:10 TRADING: THE NEXT FRONTIER WORKSHOP 

Workshop participants will break up into groups and with the above 

theme in mind: (1) discuss what are the most important insights that 

traders are looking for that may be buried in the data; and (2) provide 

input to describe a new innovative workflow to enable an algorithm to 

“converse” with the trader about what it sees in the marketplace and 

solicit changes in tactics from the trader. 

Kapil Phadnis 

Head of Quantitative Research 

Lisa Packham 

Head of Equity Product EMEA

Bloomberg Tradebook 

United States 

David Masullo 

Head of Sales EMEA 





Peter Howard 

Head of Trading EMEA 



16.10 to 16.30 COFFEE 

16.30 to 16.40 OUTLINING THE WORK OF THE FIX PROTOCOL EMEA BUYSIDE WORKING 

GROUP 

Short Presentation 

FPL is a non-profit making body made up of both buy-side and sell-side 

representatives, established to lead the industry driven development of 

standards at the heart of global trading. The subjects we are currently 

working on include the standardisation of post trade fix tags (tags 29 

and30 in particular); the development of standard flags for Transaction 

Cost Analysis; designing a protocol for the electronic transmission of 

orders in IPO’s and other primary issues as well as the development of 

industry standards for fixed income trading. 

Adam Conn 


Baring Asset Management 


Paul Squires 


AXA IM 


16.40 to 17.30 RESEARCH COMMISSION BUDGETING: THE NEXT FRONTIER? 

Presentation and audience discussion 

The UK Financial Services Authority (predecessor to the new Financial 

Conduct Authority) continued to press the boundaries of regulation 

over equity commission allocation late last year. The 2012 “Conflicts of 

interest between asset managers and their customers” document 

suggested “best practice” was for investment managers to set specific 

monetary research commission limits per provider and then pay 

execution-only rates to a broker who had been paid its research limit. 

The FSA then required 195 UK asset management CEOs to personally 

attest that their firms were compliant (along with the threat of multimillion 

pound fines). What are the implications of monetary limits on 

research spending for asset-manager commission allocation, equal

treatment of asset management clients globally and for investment 

bank research production? 

Neil Scarth 

Principal 

Frost Consulting 


17.30 to 18.00 TIME AT LEISURE 

18.00 ASSEMBLE FOR COACH TO DINNER 

18.30 JOINT BUYSIDE & SELLSIDE COCKTAIL RECEPTION AND DINNER AT THE 

NATIONAL PANTHEON 

Hosted by NYSE Euronext 

Located in the medieval district of Santa Clara, on the original site of the 

church of Santa Engracia, The National Pantheon houses the tombs of 

many of Portugal’s most noted historical figures. Within its walls can be 

found the tombs of the explorer Vasco da Gama and the president of 

the first Portuguese republic, Manuel de Arriaga. The building was 

founded during the second half of the sixteenth century and completely 

rebuilt at the end of the seventeenth century by the architect Joao 

Antunes. It was only fully completed in the twentieth century, leading to 

the proverb “obras de Santa Engracia” which means work that has no 

end.

TUESDAY 10 SEPTEMBER 2013 

08.00 to 09.00 SELLSIDE REGISTRATION AND BREAKFAST 

09.00 to 10.00 THE FTT AND ITS EFFECT ON EUROPEAN LIQUIDITY 

Panel 

In the week after the Italian tax on share trading was instituted in March 

2013, value traded in the Italian stock market fell by almost a third. 

France has also instituted a financial transaction tax (FTT) and the EU is 

working on a Europe-wide FTT. How have these taxes affected liquidity? 

Are there practical strategies for avoidance? Should European 

institutional investors oppose an EU FTT? 

Chris Marsh 

Head of European AES 

Credit Suisse 


Mark Hemsley 

CEO 

BATS CHI-X Europe 


Hans-Ole Jochumsen 

President, Nordics & Executive VP 

NASDAQ OMX 

Sweden 

Malene Forup 

Senior Equity Dealer 

GIC 


Rob Boardman 

Managing Director, CEO EMEA 

ITG 


10.00 to 10.40 IOIs in EUROPE 

Panel 

What is the general quality of indications of interest in European 

equities today? How many of them truly advertise natural liquidity? Has 

Bloomberg L.P.’s IOI qualification and feedback system improved the 

quality of IOIs in European markets? And what does the buyside want 

from IOIs in Europe? 

Stuart McGuire 

Co-Head Equity Trading EMEA 

Deutsche Bank 


Adam Toms 

CEO 

Instinet Europe 

United Kingdom

10.40 to 11.10 COFFEE 

11.10 to 12.20 SPLIT SESSION 

Martin Ekers Paul Collins 


Head of Equity Trading EMEA 

Northern Trust Global Investments Franklin Templeton 



Damien Vanderwilt 

Co-Head of EMEA One Delta Execution 

Services 

Goldman Sachs 


GROUP A 

Working together to solve 

liquidity problems 

Round Robin 

How can the buyside and sellside 

work together to tackle issues around 

liquidity. Working together in small 

groups traders will discuss both 

problems and solutions with a 

number of key sellside service 

providers. 

Moderators: 

Laura Depenbrock 

Vice President & Senior Trader 

Mercator Asset Management 

United States 

Joseph Greco 

Head Trader 

International Value Advisers, LLC 

United States 

GROUP B 

Gaining clarity on venue 

selection 

Presentation and table 

workshops 

How can buyside traders use FIX Tag 

30 data to do meaningful analysis on 

quality of execution from venue to 

venue? How can the sellside help? 

This session will incorporate a brief 

presentation, followed by table 

workshops, where the buyside and 

sellside can discuss issues around FIX 

Tag 30 analysis. Each table will then 

be expected to give feedback to the 

group. 

John Bajus 

Managing Director and Head of Global 

Electronic Trading Solutions 

Jefferies 

United States 

Demetrius Pope 

Senior International Trader 

Teacher Retirement System of Texas 

United States 

Elizabeth Holt 

European Trader 

Dodge & Cox 

United States 

Scott Hammond 

Head Trader, International Equities 

State Teachers Retirement System of 

Ohio 

United States

GROUP A continued… 

Panelists: 

Chris Jackson 

Director, Head of EMEA Execution 

Sales 

Citigroup 


Nicholas Wills 

Director 

Citigroup 


Miguel Geraldes 

Head of Cash and Market Listings 

NYSE Euronext 

Portugal 

Bill White 

Head of Equities Electronic Trading 

Barclays 

United States 

Ben Springett 

Head of Electronic Trading 

Instinet Europe 


Duncan Higgins 

Head of Electronic Sales, EMEA 

ITG 


12.20 to 13.50 LUNCH 

13.50 to 15.00 SPLIT SESSIONS 

Group B 

Working together to solve 

liquidity problems 

Round Robin 

Group A 

Gaining clarity on venue 

selection 

Breakout sessions 

15.00 to 15.40 FROM LOW TOUCH TO MID-TOUCH HIGH TOUCH, WHAT DO TRADERS 

WANT, AND CAN THE SELLSIDE DELIVER? 

Panel 

Moderator: 

Jim Muller 

Executive Director

Institutional Investor 

United States 

Brian Gallagher 

Managing Director, MSET – Europe 

Morgan Stanley 


Steve Grob 

Director of Group Strategy 

Fidessa 


Owain Self 

Global Head of Algorithmic Trading 

UBS 


Tony Walker 

M.D. European Execution Services 

Bank of America Merrill Lynch 


David Miller 




Fabien Oreve 



Belgium 

Julie El-Taher 

Head of International AES, 

Americas 

Credit Suisse 

United States 

Michael Seigne 

Co-Head of European Electronic 

Trading 

Goldman Sachs 


15.40 to 16.10 COFFEE 

16.10 to 16.50 WHAT WILL THE SELLSIDE BUSINESS MODELS LOOK LIKE IN THREE 

YEARS TIME? 

Panel 

Moderator: 

Michael Harris 

President 

Campbell & Company 

United States 

Panelists: 

Jack Clein 

Head of Delta One Execution 



Richard Semark 

Managing Director, Equities 

UBS 

Switzerland

Ashok Krishnan Andrew Morgan 

Head of Execution Services 

Co-Head Equity Trading EMEA 

Bank of America Merrill Lynch Deutsche Bank 



James Harris 

European Head of Prime 

Finance Sales & Delta One 

Citigroup 


Edward Duggan 

Head of ECS Sales EMEA 

J.P. Morgan 

United States 

16.50 to 17.40 TRENDS IN EUROPEAN EQUITY TRADING COMMISSIONS 

Greenwich Associates will review trends in institutional European equity 

commission rates and budgets for 2011 and the outlook for 2012. Are 

commission budgets and rates still under pressure? How are institutions 

changing their use of high- and low-touch trading, CSAs and transaction 

cost analysis? And how are these trends affected by the Euro debt crisis 

and other investment issues? 

David Guest 

Executive Interviewer – 

Sales Manager, Europe 

Greenwich Associates 


Jeffrey Estella 

Co-Director of 

Global Equity Trading 

MFS Investment 

Management 


17.40 to 18.30 TIME AT LEISURE 

18.30 ASSEMBLE FOR COACH TO DINNER 

19.00 DINNER AT MUSEU DA CERVEJA 

Hosted by BATS Chi-X Europe 

The beer museum sits on the east side of the Palace Square and enjoys 

spectacular views over the river Tejo. The dinning venue is in a 

reconstructed old brewery and is homage to the various beers brewed, 

and drank, in Portuguese speaking countries of the world. These include 

Angola, Brazil, Mozambique, Guinea and Cape Verde. This is a 

wonderful opportunity to enjoy great food with wonderful views, while 

tasting a beer or two along the way.

WEDNESDAY 11 SEPTEMBER 

09.00 to 09.40 DOING MORE WITH LESS ON THE SELLSIDE 

Panel 

As value traded in Europe and the US has slumped and commission 

spending has atrophied, brokers of all stripes have had to reduce 

headcount. How are brokers reallocating resources and adjusting 

service levels when covering client accounts with fewer people? 

Chris Amorello 

Head of Institutional Electronic Sales 

KCG 

United States 

Bill Bell 

Head of Equities Electronic and Program Trading Distribution 

Barclays 

United States 

Brian Pomraning 

Head of EMEA ECS Product Coverage 

J.P. Morgan 


09.40 to 10.20 TABLE WORKSHOPS 

10.20 to 10.50 COFFEE 

Topic 1: Effectively trading emerging and frontier markets 

Moderator: 




Ireland 

Topic 2: Running a multi-asset desk 

Moderator: 

Eoin Edwards 

Senior Trader 


Italy 

10.50 to 11.30 MEASURING THE SOURCES OF TRADER ALPHA

We attribute portfolio manager performance to different contributing 

components, and we adjust that performance for risk. Why not do the 

same thing for traders? The speaker examines how to carve out trader 

alpha from overall portfolio returns and explore trader performance 

attribution by identifying the main components of trader alpha and 

suggesting benchmarks to measure each component. 

Vlad Rashkovich 

Global Business Manager, Trade Analytics 

Bloomberg, LP 

United States 

11.30 to 12.00 TRANSACTION COST ANALYSIS FROM AN ASSET OWNER PERSPECTIVE 

With greater pressure than ever from pension fund boards to cut down 

on costs, this session will review the attitudes gleaned from a survey of 

Dutch pension funds. There will also be comparisons with data on wider 

European views on what pension funds are looking for when examining 

transaction cost analysis. 

Eric Velpaus 

Strategy Director 

Novarca Group 

The Netherlands 

12.00 to 12.50 KEYNOTE PRESENTATION: CHALLENGES OF THE EARLY PART OF THE 21 ST 

CENTURY 

13.00 to 14.30 LUNCH 

Sir John Beddington was Chief Scientific Advisor to the British 

Government and Head of the Government Office for Science from 2008 

– 2013. In this role, he reported directly to the Prime Minister, Cabinet 

and various Sub-committees to provide expert advice on scientific and 

technological matters as well as risk management. Sir John directed the 

Foresight team - the policy and planning group that helps government 

think systematically about the most critical global future trends. 

Sir John Beddington CMG Kt FRS 

Director of UK Government Foresight Team 2008 - 2013 

Senior Advisor to Oxford Martin School, Oxford University 


14.30 END OF FORUM

SPONSORING ORGANISATIONS 

Tutorial Sponsor 


Global Sponsors 

Bank of America Merrill Lynch 

Barclays 

Citigroup 

Credit Suisse 

Deutsche Bank 

Goldman Sachs 

Instinet 

ITG 

Jefferies International Limited 

J.P. Morgan 

KCG 


UBS 

Lead Sponsors 

Bloomberg 

Fidessa 

NASDAQ OMX 

Dinner Sponsors 

BATS CHI-X Europe 

NYSE Euronext 

Exhibition / Delegate Sponsors 

Auerbach Grayson & Company 

BBVA 

Exane BNP Paribas 

Kepler Cheuvreux 

Linedata 

Liquidnet 

London Stock Exchange Group 

M.M. Warburg & CO 

Pictet & Cie 

RBC Capital Markets 

Sanford C. Bernstein Ltd 

Societe Generale 

Traiana

Untitled - iiforums.com

Create successful ePaper yourself

Delete template?

Save as template?