Breakfast exclusively open to representatives of the Buy-Side

Risk Management in the Age of High-Profile Market Disruption

The specter of the high-profile market disruption continues to trouble the sleep of those in the electronic trading industry. A senior group of electronic trading experts will answer the questions that everyone has been afraid to ask out loud: What risk management protocols can be put in place to lower the risk of rogue code?  What business continuity plans should be put in place for quick recovery? What should the buy-side require of the sell-side to prevent disruptions? What can the buy-side itself do to decrease its vulnerability?

Moderator:

• Larry Tabb, Founder and CEO, Tabb Group

Speakers:

• Dmitry Bulkin, Director, Advanced Execution Services, Credit Suisse
• Neal Goldstein, Co-Chair FPL Americas Risk Management Working Group, Managing Director, Global Head of Connectivity Solutions, J.P. Morgan
• David Johnsen, Head of Electronic Trading Business Development, Barclays Capital
• Rishi Nangalia, Head of REDI Technologies, Goldman Sachs
• Charles Susi, Managing Director, Global Co-Head of Direct Execution, UBS

08:15

Event Registration

09:00

FPL: Shaping the Future of Trading Across the Asset Classes

FPL is leading efforts that are shaping the future of the trading environment. Focused on addressing the critical trading issues impacting your business, actively participating in FPL is becoming increasingly strategically important for many firms.

This session will provide an overview of the key initiatives that FPL has delivered to the American trading community over recent months promoting increased transparency, risk mitigation and cost reductions. This session will also provide insight into how the organization is working to deliver further efficiencies over the coming year.

Speakers:

• Bill Hebert, Co-Chair FPL Global Education and Marketing Committee, Principal Partner, Alpha Omega Financial Systems
• Jim Northey, Co-Chair FPL Americas Regional Committee, Co-Founder, The LaSalle Technology Group

09:15

Quality of Markets in Question

The last few years have bought the quality of global financial markets in question. Has fragmentation introduced too much complexity?  Has enforced correlation between different asset classes gone too far? Has increasing automation and higher frequency trading moved the markets away from their fundamentals? This panel will examine these questions in light of increased scrutiny by regulators globally and discuss whether market participants have come to a turning point in market evolution.

Moderator:

• Larry Tabb, Founder and CEO, Tabb Group

Speakers:

• Irene Aldridge, Managing Partner, ABLE Alpha Trading
• Colin Clark, CFA, Senior Vice President, Strategic Analysis & Market Data, NYSE Technologies
• Darren Jer, COO, MarketFactory
• Tom Jordan, President and CEO, Jordan & Jordan

10:05

Understanding the Needs of the Buy-Side Community

An influential group of buy-side practitioners have joined together to discuss how their needs can be efficiently met by the automated trading community.  Join us for a sneak-peek behind the scenes of the group’s initiatives including their continued push to:

• Standardize the information received in trade reports from the broker dealer community.
• Encourage the increased use of FIX for equity post-trade processing by increasing availability, reducing risk and providing end-to-end straight through processing.
• Provide the financial community with risk averse tools for production validation of complex trading and portfolio management systems.

Additionally, learn about some of latest and greatest areas of focus for the group.

Moderator:

• Courtney McGuinn, Operations Director, FIX Protocol Ltd.

Speakers:

• Scott Atwell, Manager of FIX Trading and Connectivity, American Century Investments
• Brian Lees, Co-Chair, FPL Buy-Side Execution Venue Subgroup, AVP, Trading Technology Manager, Capital Group
• Lee Saba, Chair FPL Americas Buy-side Working Group, Vice President, Trading Applications Wellington Management 
• David Tolman, Chair FPL Buy-Side Post-Trade Subgroup, Technology Manager, Greenline Financial Services 

10:50

Morning Networking Refreshments

11:20

Execution Quality and TCA Across Asset Classes

Transaction cost analysis and execution quality measurement have become more prominent in focus and comprehensive in their approach. Dynamic global market and regulatory conditions coupled with heightened accountability has caused this, alongside demands on both brokers and investment managers.

This includes expanding beyond the traditional decision-support and reporting models for equities to include other asset classes such as derivatives, FX, fixed income and futures.

This session will focus on the accelerating needs for TCA and execution quality across various asset classes including:

• Pre and post-trade analysis
• Defining best execution in fragmented markets
• Decision support for trading in diversified instruments
• Industry efforts to ensure best practices

Moderator:

• Bill Hebert, Co-Chair FPL Global Education and Marketing Committee, Principal Partner, Alpha Omega Financial Systems

Speakers:

• Michael Caffi, Co-Chair FPL TCA Working Group, Vice President and Manager, Global TCA Services,  State Street Global Advisors
• Ian Domowitz, CEO, ITG Solutions Network, Managing Director,  ITG
• Alex Hagmeyer, Vice President, Markit
• Vlad Rashkovich, Global Business Manager of Trade Analytics, Bloomberg
• Greg Wood, Director, FPL, Co-Chair FPL Global Derivatives Subcommittee, Director, Algorithmic Execution, Listed Derivatives and Foreign Exchange, Deutsche Bank Securities, Inc.

The Future of FIX: A View into the FIX Roadmap

Attend this session to learn about important upgrades to the FIX Protocol.  We’ll cover the highlights of what’s coming down the pipeline for 2013, recent enhancements to business functionality, regulatory reporting and more.  

Speakers:

• Jim Northey, Co-Chair FPL Americas Regional Committee, Co-Founder, The LaSalle Technologies Group
• Lisa Taikitsadaporn, Chair FPL Global Fixed Income Technical Subcommittee, Managing Partner, Brook Path Partners

FPL Americas Risk Management Working Group

An update on the 2012/2013 FPL Americas Risk Management Working Group agenda.

Led By:

12:10

SDRs and SEFs: Liquidity and Transparency in the New Market Structure

How have Dodd-Frank and the global financial crisis changed market structure and the landscape of SDRs and SEFs with respect to liquidity and transparency? 

Individual discussion points include:

• Dodd-Frank Regulation for Swaps
• Standardized Swaps and Central Clearing
• Swap Data Repositories
• Swap Execution Facilities and Organized Trading Facilities
• Pre-Trade Workflows and  Clearing Certainty

Moderator:

• Will Rhode, Principal, Director of Fixed Income Research, TABB Group

Speakers:

• James Cawley, Chief Executive Officer, Javelin
• George Harrington, Global Head, Fixed Income Trading, Bloomberg
• Jon Williams, Managing Director, Head of U.S. Markets, Tradeweb Markets LLC

Best Practices Case Study - Lowering Costs for Fixed Income

This session is aimed at architects, analysts and developers who are designing or implementing FIX solutions. It will explore how FPL’s Best Practices documentation can be used to lower connectivity costs for market participants for standard business scenarios within certain asset classes.

The session's focus is the Best Practices documentation produced by the Global Fixed Income Committee (GFIC) which provides clear, consistent FIX implementation guidelines for bonds and swaps markets. The audience will learn how to use the documentation to accelerate the design and implementation phases of their projects by understanding the business context and the business requirements that are in scope and receiving hands-on advice on the use of the FIX toolset (messages, fields, valid values) to implement the business requirements.

Speakers:

• Sassan Danesh, Co-Chair FPL Global Fixed Income Committee, Managing Partner, Etrading Software Ltd
• Borys Harmaty, Global Head Trading Integration Services, BGC Partners
• Lisa Taikitsadaporn, Chair, FPL Global Fixed Income Technical Subcommittee, Managing Partner, Brook Path Partners

FIX 101: An Introduction to the FIX Protocol

Delivered in an informal workshop environment, this interactive session will aim to provide an open learning environment for industry professionals new to the FIX family of standards. It will seek to provide participants with an understanding of what the FIX Protocol is, the areas of the trade life-cycle it supports, who uses it and the benefits it delivers to market participants.

Presented By:

• Jim Northey, Co-Chair FPL Americas Regional Committee, Co-Founder, The LaSalle Technology Group
• James Timmins, VP, Enterprise Software, NYSE Technologies

12:55

Lunch

14:00

Tectonic Shifts in FX Trading

A dozen new venues suddenly changed the global FX market in 2012, and cemented adoption of the instrument as an asset class. This session will address pressing questions both new and renewed, as the old answers no longer apply, including:

• New heights of fragmentation – good, bad, or depends on who you are?
• Anonymity vs. transparency - how do you get the best prices?
• Biodiversity vs. specialized markets - does segmenting participant pools help or hinder liquidity?
• The technology arms race - how can the mid-tier compete on an uneven playing field?

Moderator:

• Candyce Edelen, Chief Executive Officer & Founder, PropelGrowth

Speakers:

• Ben Ernest-Jones, Capital Markets Solutions Architect, Progress
• Bill Goodbody, Jr., Managing Director, Knight Hotspot FX
• Harry Gozlan, CEO and Founder , SmartTrade Technologies
• Franz Schmidpeter, Head of Client Relations, BuysideFX
• Alan Schwarz, CEO, FX SpotStream

OTC Derivatives Reform & Technology – Managing Change

• What are the latest developments for facilitating pre-trade credit checks for clearing certainty?
• What are the key technology features market participants look for when evaluating SEF readiness?
• Implementation: what are firms on the sell-side, vendors etc.doing to meet the new market structure?

Moderator:

• Sassan Danesh, Co-Chair FPL Global Fixed Income Committee, Partner, Etrading Software Ltd

Speakers:

• Pat DeFrancesco, Chief Technology Officer, Creditex
• Borys Harmaty, Director, Global Head Trading Integration Services, BGC Partners
• Justin Peterson, Managing Director, Tradeweb Markets LLC
• Kurt Vile, Global Head of Credit IT, Bank of America Merrill Lynch  

AT 9000

Events over the last few years have focused attention on how algorithms are used within today's markets.  The use of an automated trading system carries a responsibility to ensure that it protects the integrity of the market.  AT 9000 is an initiative to create an ISO 9000-style quality management standard for the development, testing, deployment, control and monitoring of automated trading systems.

Attendees will benefit from an informal roundtable discussion exploring how the industry can look to regulate itself.

Led By:

• Jim Northey, Co-Chair FPL Americas Regional Committee, Co-Founder, The LaSalle Technology Group
• Greg Wood, Director, FPL, Co-Chair FPL Global Derivatives Subcommittee, Director, Algorithmic Execution, Listed Derivatives and Foreign Exchange, Deutsche Bank Securities, Inc.

14:50

Electronic Trading in Fixed Income

Regulatory and technological change is resulting in a major structural shift in fixed income markets. Electronic trading is increasingly prevalent, as is a proliferation of new bond electronic execution venues with different business models.

This session will discuss the implications and opportunities this change presents to bond market participants from the buy-side, sell-side, execution venues and ISVs:

• What is the role of the sell-side in the new world?
• How many of the new execution venues will survive?
• How should market participants handle increasing market fragmentation?
• How is FIX being used to address the identified challenges?

Moderator:

• Sean Owens, Director, Fixed Income and Derivatives, Woodbine Associates

Speakers:

• Ricardo Elvir, Executive Director, Sales/Algo Trader-Matched Principal Trading, UBS
• Vijay Rao, VP Product Management, Alpha Omega Financial Systems
• James N.B. Rucker, Credit and Risk Officer, MarketAxess
• Christopher White, VP Global Credit eBusiness, Goldman Sachs

Party Reference Data

New business requirements drove the need for Party Reference Data. How can the PartyDetail message suite introduced in FIX.5.0SP2/EP105 help you communicate not just counterparty details, but also the relationships between parties?

• How are risk limits applied to parties, relationships and instruments?
• How should the PartyDetail messages be used and who by?
• How are fundamental data items such as the legal entity identifier used to aggregate and analyse systematic risk?

Speaker:

• Ryan Pierce, Director and Architect, Post Trade Technology, CME Group

High Performance Working Group

An informal roundtable session with an update on current activity in the FPL High Performance Working Group

Led By:

• Fred Malabre, Co-Chair FPL High Performance Working Group, Senior Director, Trading & Business Systems, CME Group
• Jim Northey, Co-Chair FPL Americas Regional Committee, Co-Founder, The LaSalle Technology Group

16:05

Implications of True Multi-Asset Class Trading

As the adoption of electronic trading accelerates across multiple asset classes, many business and technical challenges arise when the lines begin to blur between traditionally defined operational segments.  In this session we’ll build upon the depth of discussion in the previous sessions of individual asset classes and address the challenges of unifying them.

• Are we moving away from silos based on asset class at the buy-side and sell-side?
• Does it make sense to consolidate trading desks?  What are the driving forces?
• How are vendor systems supporting multiple asset classes?
• Is there consolidation around modeling, compliance, risk management, and trading?
• How does FIX play a role in harmonizing underlying architecture?

Moderator:

• Gregg Drumma, Co-Chair FPL Global Cross Asset Committee, Founder, Gamma Three Trading, LLC

Speakers:

• Scott Atwell, Manager of FIX Trading and Connectivity, American Century Investments
• Des Gallacher, Director, Product Management, Charles River Development
• Jeffrey Gangl, Managing Director, ULLINK
• David Polen, Head of Business Development, Fidessa
• Greg Wood, Director, FPL, Co-Chair FPL Global Derivatives Subcommittee, Director, Algorithmic Execution, Listed Derivatives and Foreign Exchange, Deutsche Bank Securities, Inc.

16:55

The Hijacking of Relationships: Are Vendors and ISV’s Disintermediating Market Participants?

This panel will discuss how electronic trading has changed established business models.  Technology has allowed firms to transcend traditional definitions – buy-sides have become active traders; sell-sides develop marketplaces; exchanges provide risk management technology; technology vendors establish broker/dealer subsidiaries. This has created an information ecosystem which requires a measure of collaboration in order to succeed – FPL is a perfect example of this - but as electronic markets mature, is there a danger that some parts of the ecosystem represent a net cost to the industry as a whole?

Moderator:

• George Kledaras, Chairman, FIX Flyer

Speakers:

• Adam Honoré, Research Director, AITE Group
• Amy May, Executive Director, Morgan Stanley
• Brian Nathan, Managing Director, Client Services, ITG
• George Rosenberger, Managing Director and Head of ConnEx, ConvergEx Group