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Congress Day 1 – Strategy & Innovation - Tuesday 1 April 2008
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08.30 | Registration and refreshments
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09.00 | Chairman’s opening remarks |
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| THOUGHT-LEADERSHIP – MAPPING THE FUTURE OF THE GLOBAL EXCHANGE INDUSTRY
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09.10 | Opening keynote address: Meeting client needs by growing an efficient capital market
As new growth opportunities open up for exchanges around the world, how do we decide which paths to go down? As neutral, independent venues attracting new and ever more demanding customers, what are the most attractive options open to us that create value for our shareholders and the market as a whole?
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09.50 | Keynote Address: success factors for a global marketplace
Five months on from the introduction of MiFID, traditional exchanges are operating in a new world. But what is round the next corner? What does the future of the exchange industry look like, and are you in a position to respond? |
| | Mr Andreas Preuss, Chief Executive Officer, Eurex & Member of the Executive Board, Deutsche Börse
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10.30 | Morning refreshments and networking
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| TRADING PLACES – ALTERNATIVE VENUES & EXCHANGE REPSONSES |
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11.10 | Trader symposium: from the thick of the action – trading blows in the fight for liquidity provision
- Fragmentation - experiences with new trading venues
- Desk - how have buy side trading desks changed in the algodominated, post-MiFID environment?
- Exchanges - what are we looking for from exchanges moving forward?
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| | Mr Tony Whalley, Investment Director, Head of Dealing, Scottish Widows Investment Partnership
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11.50 | Chairman’s Interview: why listening to the customer is key to achieving a diverse and prosperous exchange industry
MifID has finally provided the framework in Europe to make the customer’s desire for competition in the exchange industry a reality. In this session we discover what the customers are demanding and how the new market entrants can satisfy their diverse needs. ‘One size fits all’ is now officially dead. |
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12.10 | Audience Q&A
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12.20 | Networking lunch
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| CONSOLIDATION – A COMPETITIVE STRATEGY? |
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13.30 | Global merger symposium: flirting with, accepting and rejecting advances – what is best for the exchange, and when?
- What prompted the proliferation of mergers, alliances and acquisitions?
- Reviewing the rationale behind consolidation of exchanges and how this will shape future businesses in the financial markets
- Is expansion to markets beyond country borders the main driving force?
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14.10 | Chairman’s interview: how do you successfully restructure following a merger?
Larger, better integrated exchanges make many promises, but do they deliver? In addition to capturing operational efficiencies that benefit shareholders, how do they create value for their customers? Is it through more liquidity, broader product lines, lower costs, better technology? In the wake of merger activity, we discover how to overcome the challenges in order to capitalize on the opportunities offered by integration. |
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14.30 | Audience Q&A
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14.40 | Speed networking
 The revolutionary, exciting, quick and non-pressurised way to meet fellow conference delegates and industry peers in a forty minute session. These brief meetings are the starting point for conversation and networking throughout the conference. This is where long lasting and fruitful relationships begin.
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15.35 | Afternoon refreshments and networking
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| PRODUCT DEVELOPMENT – PLACING YOUR EXCHANGE AT THE FOREFRONT OF INNOVATION |
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16.05 | Product symposium: how to create an inventory of attractive products that differentiate your exchange to attract new business
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| | Ms Deborah Fuhr, Managing Director & Head of ETF Investments, Morgan Stanley
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16.45 | Product focus: the rise n popularity and the role of index funds in an exchange business
- Analysing the index fund successes and failures
- Examining the objectives and developments of index funds
- Reviewing the process for approving new ETFs and preparing the market
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| | Ms Deborah Fuhr, Managing Director & Head of ETF Investments, Morgan Stanley
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17.15 | Chairman’s closing remarks |
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17.25 | Close of day one
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19.00 | The World Exchange Congress Gala Dinner
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Congress Day 2 Stream A – Strategy & Innovation - Wednesday 2 April 2008
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| In the new exchanges world the only constant is change. Stream A explores cutting-edge innovation and best practice for senior level executives |
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08.30 | Registration and refreshments
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09.00 | Chairman’s opening remarks
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| WINNING BUSINESS IN THE NEW EXCHANGES WORLD |
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09.10 | Keynote address: how to provide the markets with greater transparency and efficiency
The technical, operational and structural systems underlying the Spanish market today have resulted in significant growth in its activity and importance. What lessons can be learned from the Spanish experience for your exchange? |
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09.50 | Chairman’s interview: hoe do exchanges adapt for success in the new exchange world?
What opportunities exist for exchanges to attract new business? Is it through new asset classes, new products, international access, pricing? Can superior technology still be the differentiator? We will lean how one exchange maintains its competitive edge in the constantly evolving market environment. |
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10.30 | Q&A
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10.40 | Morning refreshments and joint networking with Steam B
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| PIONEERING THE TECHNOLOGICAL REVOLUTION |
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11.10 | Listings symposium: how to attract new global capital through cost-competitiveness, innovation and exchange efficiency
- Tactics for tapping into new markets
- Which new trading products will create a desirable destination for capital?
- Understanding key potential sectors such as consumer products,water treatment, shipping, property & biotechnology
- Listing financial derivatives, exchange traded funds, REITS, futures
- How to ensure that the benefits of listing on your exchange are worth the costs
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| | Mr Michel Maquil, President and Chief Executive Officer, Luxembourg Stock Exchange
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11.50 | Tech roadmapping: next generation trading systems – what should they look like and how will our clients benefit?
- Opportunities and challenges created by evolving exchange technology
- Can order matching be achieved in milliseconds, and what will that mean for our clients?
- The commoditisation of technology and the impact upon the exchange
- Managing technology relies on reliable, scalable, and real-time platforms with virtually zero latency – how is this achieved?
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| EMERGING THEMES IN THE SPOTLIGHT – SOVEREIGN WEALTH & THE CHANGING CLIMATE |
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12.20 | Government spending: addressing the concerns surrounding sovereign wealth funds in the global markets
- What are potential systemic problems if SWFs assume a greater role in markets?
- As these funds are blended with the massive pool of private capital, is tracking the sovereign wealth funds impossible?
- Could a sudden portfolio adjustment by a single institution have significant price effects on certain asset classes?
- Will best practice disclosure standards recommended by multilateral lending organizations allay concerns over political versus commercial agendas?
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12.50 | Networking lunch with Steam B
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| MiFID + 5 MONTHS & LESSONS LEARNED FROM REG NMS |
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14.00 | European case study: how MiFID has impacted on the ISE and how it can be used to gain a competitive advantage
- An analysis of the changes competitive landscape
- How have the requirements for pre and pist trade transparency played out?
- How has MiFID promoted innovation?
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| | Mr Brian Healy, Director of Trading and Regulation, Irish Stock Exchange
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14.30 | US perspective: parallels between Europe and the US in a post-MiFID world
- Growth drivers of volume and profitability
- Aligning exchanges with the needs of the local and global economies
- Finding the right ownership structure to meet the needs of all stakeholders
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15.00 | Best Execution: how can we learn from the experiences of the last five months?
- Have flow providers been able to guarantee best execution within the meaning of the MiFID?
- How do best execution targets differ across trades?
- Is transparency achieved by calculating fees at the order placement stage?
- Will MiFID/RegMNS-like regulations come into play globally?
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| | Mr Brian Healy, Director of Trading and Regulation, Irish Stock Exchange
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15.40 | Afternoon refreshments and joint networking with Steam B
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16.10 | U-TURN (joined by Stream B)
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16.40 | Close of day
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17.40 | Chairperson’s closing remarks
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Congress Day 2 Stream B – Alternative Trading Venues - Wednesday 2 April 2008]
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| Over the barricades. Stream B facilitates your understanding of the varying types of alternative liquidity pools from both the perspectives of buy-side, sell-side and venue. |
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08.30 | Registration and coffee
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09.00 | Chairman’s opening remarks
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| MARKET FACING - EXPANDING THE BUYSIDE TRADER’S TOOLKIT |
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09.10 | Keynote address: how to evaluate new sources of liquidity in the marketplace
- How to exploit DMA to tap into global liquidity from one efficient entry point
- How to evaluate competing brokers and technology vendors with their SOR solutions
- How you position your trading desk to take advantage of tomorrow's algorithmic solutions
- Why human and intellectual capital is more important then ever
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| | Mr Paul Taylor, Global Head of Portfolio Trading, Schroders Investment Management
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09.40 | Keynote address: Humpty Dumpty and the new yellowstripe – how to make sense of alternative trading venues
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10.10 | Keynote symposium: how has the buy-side/sell-side relationship changed and what does it mean for the market?
- The buy-side look like the sell-side – do looks deceive?
- Has the broker become the technology provider?
- How are sell-side traders innovating in their new found role?
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| | Mr Paul Taylor, Global Head of Portfolio Trading, Schroders Investment Management Rainer Riess , Member of the Management Board, Frankfurt Stock Exchange and Managing Director, Cash Market Business Development, Deutsche Börse
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10.50 | Morning refreshments and joint networking with Steam A
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| WHO’S AFRAID OF THE DARK? |
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11.20 | ATSs vs. exchanges: what does the future hold?
- Is a true global institutional marketplace possible?
- Does one solution fit all or will it be regional markets versus global markets?
- Will the institutional market operate side by side with retail?
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11.50 | Anonymity: fragmentation and anonymity - both a blessing and a curse?
- To what extend have the different trading techniques to source dark liquidity yielded success?
- How many dark pools are there room for – who will be winners and losers?
- What are the key issues around anonymity?
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12.20 | Dark pools: has the emergence of non-displayed pools of liquidity prompted the market shift we expected?
- Are match rates limited and what does this mean for the trader?
- How can multiple dark pools be linked?
- Utility or consortium approach vs. independent crossing networks
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12.50 | Networking lunch with Steam A
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| BESPOKE SYSTEMS – EFFECTIVELY CUSTOMIZING & USING BROKER ALGORITHMS |
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14.00 | Next generation: exploring customised algorithms and the future for sell-side traders
- How fast have I got to trade versus how much impact am I going to have?
- Incorporating news feeds directly into algorithms’ execution logic – a reality?
- Is this symptomatic of the evolution of the sell-side trader’s role?
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| EXPLORING HEDGE FUND INTERACTION WITH THE EXCHANGE WORLD |
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14.30 | Hedge funds: IPOs and acquisitions: implications for investors, and strategies for fund managers
- M&A and investment bank activity in the hedge fund sector
- Valuations, growth strategies and business models
- Implications for clients, counterparties and competitors
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15.00 | Futures symposium: how can fund managers minimise their market impact?
- As CTA/managed futures get bigger, are they in danger of cannibalising themselves?
- More players, less return?
- High frequency trades – what do mangers need to know?
- How can algo execution on exchanges minimise slippage?
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15.40 | Afternoon refreshments and joint networking with Stream A
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16.10 | U-TURN (joining Stream A)
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16.50 | Chairperson’s closing remarks
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17.00 | Closeof day two
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Pre-Congress Briefing Day - Emerging Market Exchange Development - Monday 31 March 2008
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08.30 | Registration & refreshments
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09.00 | Briefing host’s opening remarks
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| ECONOMIC GROWTH FACTORS FOR EMERGING MARKETS & THEIR EXCHANGES |
The morning session draws upon the research and experiences of the world’s leading voices on emerging market trends and the ability to unlock the growth potential in regional markets.
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09.20 | Keynote address: facilitating financial market growth as an instrument of economic development |
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09.50 | Country classification: why country classification is important for stock markets and how to gain promotion from emerging markets status |
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10.20 | Audience Q&A |
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10.30 | Morning refreshments & networking
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| UNLOCKING POTENTIAL AND WINNING BUSINESS FOR EMERGING MARKET EXCHANGES |
Liquidity is often described as the ‘fuel’ that drives stock markets. In this session we learn how to overcome difficulties in liquidity provision. You will benefit from those who are already working with emerging markets to pioneer innovative steps in this field.
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11.00 | Geoeconomics: capital market leaps and stumbles – emerging market lessons |
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11.30 | Economic barometer: how to create a liquid and attractive securities market – a practical approach |
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12.00 | Micro finance: how to create an exchange in the absence of liquidity – an architect’s guide |
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12.30 | Networking lunch
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| THE STRATEGY BEHIND BUILDING AN EMPIRE – AGGRESSIVE AND ORGANIC TACTICS UNCOVERED |
The afternoon session takes a tour around the world’s emerging market exchanges, discussing how they have overcome their regional challenges and outline the investment and strategic business partnerships available for international fund managers and investment banks.
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14.00 | Case study speakers discuss how to:
- Attract new IPOs
- Catalyse organic growth
- Create regional common indexes
- Establish dual listing arrangements
- Raise funds for mergers and acquisitions
- Advance from the emerging market funds to the courting the big investment houses
- Launch alternative markets for small/medium companies to bolster attractiveness to international investors
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15.30 | Briefing host’s closing remarks
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15.40 | End of pre-congress briefing
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Post-Congress Briefing Day - Private Placements - Thursday 3 April 2008
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‘Private exchanges’ have emerged as the hottest topic in not just the exchanges space, but in the private equity and hedge fund arenas too. Unregistered securities are traded by ‘qualified institution
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08.30 | Registration and coffee
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09.00 | Chairman’s opening remarks |
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| RAISING CAPITAL – WHERE DOES THE PRIVATE EXCHANGE FIT? |
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09.10 | Keynote address: what is a private exchange and how can they be accessed?
- Raising capital without the disclosure requirements of public markets
- Does it make sense to go to Institutional then retail?
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09.40 | Keynote address: why would a company use a private exchange?
- Why have private exchanges come onto the scene and who uses them?
- How have they been affected by the globalization of the Capital Markets?
- Do private exchanges provide a sufficient investor pool to achieve cost effective valuations and appropriate liquidity?
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10.10 | Keynote address: how a securities exchange can develop a private placement program
- Initial Private Listing process – how it works
- Understanding the nuances of accounting regulations for international institutional investors
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10.40 | Morning refreshments & networking
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| WHAT ARE THE ADVANTAGES FOR QUALIFIED INVESTORS AND THE IMPACT UPON THE END-USER? |
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11.10 | In depth: navigating the post-trade administrative minefield
- Discussing the balancing act between an open system and regulatory compliance
- Highlighting best practices for managing shareholder tracking
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11.50 | Fund of funds: how does off-exchange investing look to a fund of funds and how does a ‘private’ exchange differ? |
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12.30 | Networking lunch
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15.30 | End of congress
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