Intelligent Access to Liquidity in a High Frequency Environment

High Frequency Trading is becoming an integral part of global markets, yet its impact is not fully understood.  This panel will take an in-depth look at:

• Market fragmentation and consolidation
• How traders are evaluating liquidity sources
• Whether HFTs are hiding in dark pools
• Whether algorithms and IOR products are up to the challenge of protecting their clients and achieving best execution
• The difference between liquidity and volume
• Does HFT provide “real” liquidity or confusion?

Moderator:
Mohan Virdee, Founder & CEO, Markets Media

Speakers:
Paul Daley, Senior Managing Director, Fox River Executions a SunGard Company

Joe Gawronwski, President and Chief Operating Officer Rosenblatt

Dmitri Galinov, Head of Liquidity Strategy, Credit Suisse

Dave Johnson, Vice President, Goldman Sachs

Market Access Rule – More than Just Naked Access

The Market Access Rule introduces a new layer of complexity in measuring pre-trade risk and exposure. This session will discuss:

• How firms will perform aggregate credit and capital checks
• Approaches for integrating capital thresholds across markets and across asset classes
• Implementation of pre-trade controls across trading platforms
• Necessary infrastructure and technology changes

Moderator:
Bill Karsh, Principal, Karsh Consulting

Speakers:
Michael Chin, President & CEO, Mantara

Julian Jacobson, President, Fundamental Interactions LLC

Ralston Roberts, SunGard

Tim Lang, CEO, Global Liquidity Partners

John Prewett, Co-Chair FIX Protocol Implementation and Optimization Working Group, Senior Vice President, Lava Trading, Citi

Updates on the Global Technical Roadmap

Attendees at this session will gain an understanding of how the FIX family of protocols have developed over the past 12 months.  It will then look at additional technical projects currently in progress by FPL and the developments that FPL will be delivering to the trading community to meet the industry's evolving needs in the next months.

Presenters:

Kevin Houstoun, Co-Chair FIX Protocol Global Technical Committee, Chairman & Founder, Rapid Addition

Hanno Klein, Co-Chair FIX Protocol Global Technical Committee, Senior Vice President, Deutsche Börse

Transaction Cost Analysis Across  Asset Classes

This panel will consider best practices for assessing execution quality, including:

• How to measure against benchmarks and which trade analytics can be used for this purpose
• Pre and post trade analytics
• Understanding the impact of varying sized trades
• A review of the current approaches of buy-side firms to reduce execution costs

Moderator:
Adam Sussman, Partner, Director of Research, Tabb Group

Speakers:
Richard Dixon, Bloomberg LP

Ian Domowitz, ITG

Brian Lees
AVP, Application Development Manager, Capital Group Companies, Inc.

Peter Weiler, Executive Vice-President Global Sales, Abel Noser

The Evolution of Swap Execution Facilities

The swaps execution landscape is evolving from a proprietary-policed industry to a regulated one.  This session will provide an overview of regulatory mandates, growth opportunities and industry challenges, including:

• How does a buy-side firm approach the selection of a clearing broker and clearing house to engage for swaps clearing?
• Can you clear the same instrument with different clearing houses?
• What are the steps a buy-side firm needs to take to get ready for the clearing of swaps?
• How will swaps clearing be different than the clearing of listed futures and options?
• How is the FIX Protocol used for trading swaps?  What is the status of the adoption of FIX among SEFs?

Moderator:
Kevin McPartland, Principal, Director of Fixed Income Research, TABB Group

Speakers:
Chris Crowley, Senior Director, ICE

Umesh Gajria, Director, Clearing Solutions and Services, CME Group

Thomas Levy, Morgan Stanley

Jim Rucker, Ops, Credit & Risk Officer MarketAxess

Lisa Taikitsadaporn, Chair FIX Protocol Global Fixed Income Technical Subcommittee, Managing
Partner, Brook Path Partners, Inc.

A Survey of Technologies for Reducing Latency

This session will present a discussion of latency from a hardware and software perspective including the benefits each approach and a cost vs. benefits analysis.  The session will also touch on FPGA, PCi express-based experience, co-location and networks.

Moderator:
Brian Haag, Company Product Owner, RTS Realtime Systems

Speakers:

Falke Bruinsma, Chief Architect WebSphere Front Office, IBM

Matt Dangerfield, Head of Trading Solutions, FIXNetix

Philippe Thomas, Managing Director, ULLINK

Challenges in Cross-Asset Trading

This panel will debate the challenges faced in implementing true cross asset trading strategies in counterpoint to multi-asset trading.  Points for discussion will include:

• Cross margining silos across asset classes
• Strategies to determine aggregated risk
• How firms are utilizing cross-asset trading from both a technology and human resources standpoint
•  Developments within the FIX Protocol that facilitate cross-asset trading

Moderator:
Greg Wood, Director, FIX Protocol, AES Futures Business Development Manager, Credit Suisse

Speakers:
Scott DePetris, COO, Portware

Harry Gozlan, CEO and Founder, SmartTrade Technologies

Sang Lee, Managing Partner, Aite Group

Lee Saba, Wellington Management Company, LLP

New Offerings in Post Trade Buy-Side and Sell-Side Communication
This panel discussion will consider recent development in institutional post trade processing, including:

• Operational efficiencies
• Using the FIX Protocol from allocation to affirmation and confirmation.
• Same-day comparisons
• Central trade matching
• Intra-day/post trade on a global basis

Moderator:
Greg Drumma, Founder, Gamma Three Trading

Speakers:
Lee Cutrone, Managing Director, Industry Relations, Omgeo

Michael Fiscella, Global Head of Equity and Fixed Income Cash Client Processing, Morgan Stanley

Ignatius John, Director Financial Services, Sapient Global Markets

Dave Tolman, Professional Services – Technology Manager, Greenline

FIX Inter-Party Latency: From Concept to Implementation

For the first time with FIX Inter-Party Latency (FIXipl), the trading community will have a common bench-mark for the measurement of latency, and mechanism for interoperability between latency measurement solutions, delivering significant industry-wide benefits. Attendees at this session will receive technical guidance and implementation advice from the experts responsible for its development.

Presenters:
Rolf Andersson, Co-Chair FIX Protocol High Performance Interfaces Working Group, CEO, Pantor Engineering AB

Henry Young, Co-Chair FIX Protocol Inter-Party Latency Working Group, CEO, TS-Associates plc

Emerging Markets and the Elements of Cross-Border Trading

Cross-border trading continues to flourish.  This session will examine aspects of trading outside North American markets, especially in the substantial growth-area of emerging markets.  Topics including:

• Accessing the markets electronically through local brokers
• The impact of tax implications on trading
• How local regulators are adapting to encourage capital formation
• An exploration of the competitive landscape in emerging markets

Moderator:
Candyce Edelen, President & CEO, PropelGrowth

Speakers:
Nigel Roberts, CEO, Marco Polo Networks

Brian Ross, CEO & Founder, FIX Flyer

Jim Schapiro, Senior Advisor ,BSE Limited

Adam Striffler, Vice President, Goldman Sachs Electronic Trading

Pragmatic Approaches to New Technologies

This session will discuss the current technical buzzwords in financial services. The panel will talk about practical uses for these technologies and distinguish between the over-hyped versus helpful use cases. Topics will include:

• FPGA
• Hardware Acceleration
• Cloud Computing
• Co-Location and proximity hosting
• Complex Event Processing
• Vertical store databases
• In memory databases
• Big Data

Moderator:

Moderator:
Adam Honoré, Research Director, Institutional Securities Practice, Aite Group

Speakers:
John Edge, Red Kite Financial Markets

Jennifer Johnson, CEO & Co-Founder, Stocktouch

Varghese Thomas, COO, Savvis

Corwin Yu, Director of Electronic Trading, PhaseCapital

On-boarding Best Practices

This panel discussion will cover client on-boarding best practices for exchanges, sell and buy sides. Now that trading is accessible for local and international market participants alike, providing global access to trading venues is and will continue to be a key driver of growth for many market participants.  On-boarding is one of the final stages of the go-live process, yet current on-boarding processes vary among counterparties as well as among asset classes which can lead to inefficiencies. Process improvements have been known to significantly streamline client on-boarding, helping to add trading access for both local and international market participants.

Moderator:
Matthew Chimento, Consultant,
Credit Suisse

Speakers:
James Crosson
Client Services, Creditex | Intercontinental Exchange

Rehan Masood, Product Manager, Bloomberg LP

Jacob Northey, Partner, LaSalle Technology Group

John Prewett, Co-Chair FIX Protocol Implementation and Optimization Working Group, Senior Vice President, Lava Trading, Citi

Sean Ristau,Manager, Professional Consulting Services, Greenline Financial Technologies

Developments in Wealth Management and Investment Advisor Solutions

The migration of assets to Registered Investment Advisors (RIA’s) highlights the need for more rapid development of standards.  This discussion will focus on the growing push from the wealth management community for:

• Demand for more sophisticated desk automation including OMS/EMS solutions
• Streamlining allocations processing for thousands of accounts
• Optimizing step-out trade processing using FIX
• Other clearing and settlement processes that enhance asset management workflow
• Discussion of the MMI Committee developments

Moderator:
George Kledaras, Founder and Chairman, FIX Flyer

Speakers:
John Bird, Director, Product Marketing, Advent Software

Scott Kurland, Director, Senior Product Manager, ITG

Aaron Schumm, Senior Vice President, Products, FolioDynamix

Tom Jordan, President and CEO, Jordan & Jordan

Latency Measurement: The New Benchmark

Moderator:
Rolf Andersson, Co-Chair FIX Protocol High Performance Interfaces Working Group, CEO, Pantor Engineering AB

Speakers:
Shawn Melamed, Founder, President & CTO, Correlix

Raymond Russell, CTO & Founder, Corvil

Henry Young, Co-Chair FIX Protocol Inter-Party Latency Working Group, CEO, TS-Associates plc

FIX vs. Proprietary Protocols: The New Fragmentation

At the same time that the FIX Protocol adoption is gaining global traction there has also been resurgence in proprietary protocols being promoted by exchanges and execution venues.  This panel seeks to consider whether those proprietary protocols are filling a gap left by FIX, the reason behind this resurgence of proprietary protocols, and what must FIX Protocol do to remain relevant.  What role do proprietary protocols play and are they better suited for niche requirements of the trading community.

Moderator:
Jim Northey, Co-Chair FIX Protocol Americas Regional Committee, Co-Founder, The LaSalle Technology Group, LLC


Speakers:
Greg Ginzburg, Head of Connectivity Solutions, Greenline Financial Technologies

Carlos Hernandez, Head of Trading Technology, Interacciones

Hanno Klein, Co-Chair FIX Protocol Global Technical Committee, Senior Vice President, Deutsche Börse

Michael O'Rourke, Director,
NASDAQ OMX

How does the Buy-Side Interpret Risk?

Investment managers have always had a very different perspective on risk and risk management. The relative nature of risk and performance has led managers to use different methods of measuring and reporting risk. Industry trends, however, have forced more and more communication on risk topics and a convergence of risk practices appears potentially on the horizon. This panel discussion will examine the management of market and credit risk in buy side institutions and discuss both current practices and anticipated changes in risk management. 

• What is unique about the way investment managers look at risk? How is this different from sell-side and exchanges each perceive and manage risk. 
• What measures are used to communicate risk? Do differences in buy side vs. sell side risk measures make it difficult to communicate?
• Where is the demand for risk coming from? How much does investor needs influence methodologies, measures and risk practices?
• What type of cooperation between buy and sell side firms exists today to meet investor requirements? How might this change given the marketplace changes and regulatory requirements?

Moderator:
Jeff Kutler, Editor GARP

Speakers:

Sebastian Ceria, CEO, Axioma

Franklin Loughlin, Senior Vice President, AllianceBernstein L.P.

Arnaud Vinciguerra, Head of Research and Development, Misys

Effective Unbundling and Revenue Models for Institutional Trading

As trading, research, and other brokerage services continue to be unbundled, broker and vendor lists streamlined and firms embrace more global strategies, how do buy side firms pay for services?  In an environment of ever-shrinking trading margins,   what services will brokers offer the buy-side going forward? 

This panel will look at trends in research and other sell-side services with an emphasis on  how best to evaluate quality and value:

• OMS / EMS Offerings
• Commission Sharing  Arrangements
• Algorithms
• Research

Moderator:
William Hebert, Co-Chair FIX Protocol Global Events Committee, Executive Director, CFS Consulting

Speakers:
Gregg Drumma, Founder, Gamma Three Trading

John D. Meserve
Executive Managing Director, ConvergEx Group

Jack Miller, Director Electronic Trading Services, Robert W. Baird

Rishi Nangalia, Managing Director, Goldman Sachs

Implementing the Investment Roadmap: a common model in a multi-syntax world

This panel will take a look at the Investment Roadmap and how the different financial protocols service the different areas of the financial services transaction life cycle.  Specifically how does FIX, FpML and ISO 20022 complement each other.  We will also discuss the on-going effort of establishing a common business model under ISO 20022 which will support different message syntaxes in the different business areas.

Moderator:
Lisa Taikitsadaporn, Chair FIX Protocol Global Fixed Income Technical Subcommittee, Managing
Partner, Brook Path Partners, Inc.

Speakers:
Tom Brown, Omgeo

Brian Lynn
Founder and Chief Technology Officer, Global Electronic Markets, Inc.

Karla McKenna, Director, Market Practice and Standards, Citi Global Transaction Services

Malene McMahon, Senior Business Manager, Securities Initiatives, S.W.I.F.T

Title VII – Anticipating Dodd Frank

Dodd-Frank is designed to migrate trading in over the counter derivatives to electronically traded, centrally cleared marketplaces.   The intention is to improve price transparency and liquidity and enable regulators to have an accurate assessment of the total risk exposure of these instruments.   The move from bilaterally negotiated contracts to centrally traded and cleared products should present opportunities for new players in this space, including new trading facilities, new liquidity providers, new sell-side brokers, and new clearing houses.  What are some of the new opportunities that will be presented as a result of this important legislation?

Moderator:
Leslie Sutphen, Chopper Trading

Speakers:
Jeff Lowe, BNP Paribas

The Great Debate: Electronic Trading in 2011

What has changed since the May 6th 2010 flash crash?  Have the subsequently employed safeguards really made things safer?  How will the 2011 debt-crisis volatility impact structure and activities at buy-side and sell-side firms in response?  What does the future hold?  Not an agree-fest!

Moderator:

Telis Demos, US Markets Reporter, Financial Times

Speakers:

Thomas Chippas, Managing Director, Global Head of Quantitative Prime Services, Barclays Capital

Robert M. Hegarty, Managing Director, Global Head of Market Structure, Thomson Reuters

Kevin Houstoun, Co-Chair FIX Protocol Global Technical Committee, Chairman & Founder, Rapid Addition

Dr. John Bates, Chief Technology Officer, Progress Software