|
Day One Wednesday 18th June
|
8.30am | Registration and refreshments
|
9am | Chairman's opening remarks
|
| THE GLOBAL PROPERTY DERIVATIVES MARKET: WHAT LIES AHEAD? |
|
9.10am | Opening keynote address: the financial revolution in property markets, from physical to derivatives
• Is the timing right for investing in property derivatives?
• How can the property derivatives market successfully weather the looming recession?
• Assessing the effects of property derivatives on the real estate markets
• An outlook for the property market over the next year
|
| | Mr Guy Marty, Managing Director, IEIF (Property Research Institute)
|
9.50am | Investor roundtable: what is attracting investors to property derivatives?
• Examining the investor interest in gaining exposure to property derivatives
• An assessment of the market sentiment and major factors contributing to the growing investor confidence in property derivatives:
- improving legal standardisation
- increased number of deals
- low correlation to stock market
• How do property derivatives shore up the balance sheet?
• Examining a way to seek exposure to real estate between markets
• Assessing hedging opportunities
|
| | Mr Mark Long, Head of research and strategy, Invista Real estate investment management
|
10.30am | How can investors make the most of property derivatives?
• Relative value opportunities in real estate derivatives
• Different indices in different markets
• Comparing derivatives with brick-and-mortar investment
• REITs, property derivatives and what happens in the real estate market
|
| |
|
11am | Morning refreshments
|
| THE BROADENING INVESTOR BASE |
|
11.30am | Who are we seeing entering the market and when?
• To what extent is market education still a necessity?
• Derivative development in France, Germany and Italy- will other countries follow?
• What will bring in more investors?
• Different requirements: insurers and pension funds vs. small fund managers
• What types of transactions have been taking place so far?
|
| |
|
12pm | Panel session: understanding the growth of the property derivatives market – what can be learned from the UK experience?
• How can property derivatives be used as a valuable diversification tool?
• Bridging the gap between property investors and derivatives traders
• How can property derivatives serve as a safety net against weakening property prices?
• Estimating the potential size of the property derivatives market
• What is a realistic growth forecast over the next few years?
|
| | Dr Peter Hayes, Director of Research, Europe, Pramerica Real Estate Investors Mr Iain Reid, Chief Executive Officer, Protego Real Estate Investors
|
12.40pm | Networking lunch
|
| EFFECTIVELY DEALING WITH RISKS
|
|
1.40pm | Panel session: what risks are involved in using derivatives?
• What exactly are the risks that existing derivatives help us hedge against/benefit from?
• Are those risks really the ones principal investors want to manage?
• Evaluating the risk/return of a long/short position
• Underlying index related risks: valuation based versus repeat sales based indices
• Necessity of a two-sided market: liquidity risk and the current shortage of buyers
|
| |
|
2.20pm | Speed networking
|
3.20pm | Afternoon refreshments
|
3.50pm | An innovative way to invest in property: an alternative fund manager’s perspective
• The evolution of new financial instruments in other asset classes
• The further development of property as a financial asset class
• Assessing the motivations behind our involvement in property derivatives
• New sources of return in property – alpha and beta
|
| |
|
4.20pm | Case study: successful implementation of a derivatives based strategy
• The practicalities of doing the transaction
• What are the legal implications of using property derivatives?
• How did the deal work?
• What issues must be worked through to ensure smooth trading?
|
| |
|
4.50pm | Chairman's closing remarks
|
5pm | Networking drinks reception
|
|
Day Two Thursday 19th June
|
8.30am | Registration and refreshments
|
9am | Chairman's opening remarks
|
| EXAMINING THE LIQUIDITY CONUNDRUM: WHAT STILL NEEDS TO BE DONE? |
|
9.10am | Panel session: what steps does the industry need to take to create a buoyant property derivatives market in Europe?
• Analysing the factors affecting liquidity in various countries
• Update on the current market liquidity - how far have we come?
• How do we get liquidity?
• Who are the current liquidity providers and why?
• How is the market is expected to develop?
|
| | Mr Iain Reid, Chief Executive Officer, Protego Real Estate Investors
|
9.50am | Derivatives on listed real estate indices: how to use this new tool
• Understanding the choice of FTSE EPRA/NAREIT as underlying indices
• Leveraging exposure to the European real estate market
• Diversifying a portfolio through decorrelation
• Hedging an existing portfolio or managing subscriptions/redemptions to come?
|
| |
|
10.20am | Morning refreshments
|
11am | Panel session: country updates on indices and activity
• Which European markets are covered by IPD Indices, and which are in the pipeline?
• How does the coverage vary across the major markets?
• Are there any valuation or other differences between the market measurements available?
• Which indices are licensed for OTC trading, which have been traded to date and in what volumes?
• How are the OTC markets in investment property indices developing across Europe?
• Could the IPD Pan-European Index be traded?
• What about across the global investment arena, and the new IPD Global Index?
• Is there a role for sector and segment indices in deal structures?
|
| | Mr Ian Cullen, Co founding director, Investment Property Databank (IPD)
|
| UNDERSTANDING AND OVERCOMING LEGAL AND TAX ISSUES
|
|
12pm | Overview of the key legal/documentation issues that impact on property derivatives
• Preparing the legal documents, contracts and sourcing the right advisors
• How to achieve and structure the deal efficiently
• What are the main guidelines that affect your deals?
• Is the market moving towards standardisation?
|
12.30pm | Understanding the tax issues when using derivatives
• Assessing the tax advantages of using of property derivatives
• Looking at the taxation of PTRS, PICs, CFDs and other property derivatives instruments
• Understanding relevant tax, regulatory and accounting concerns to enter the market
|
| |
|
1pm | Networking lunch
|
| ADDING FLEXIBILITY TO YOUR INVESTMENT STRATEGY |
|
2.30pm | Afternoon keynote address: comparing property derivatives to alternative indirect investment tools
• Direct or indirect investment?
• Understanding the impact property derivatives can have on the market
• Examining the opportunity to invest in property derivatives synthetically
• How trends will have the potential to affect derivatives use and development
|
| |
|
3pm | Panel session: opportunities of hedging through property derivatives in a falling market
• Examining market trends - what are the most popular structures?
• How can leverage be used to boost returns while minimising risk?
• How can property derivatives provide sector and market diversification?
|
| |
|
3.40pm | Afternoon refreshments
|
| HOW DO PROPERTY DERIVATIVES WORK WITHIN THE OVERALL INVESTMENT PORTFOLIO? |
|
4pm | Panel session: how can pension funds benefit from investing in property derivatives?
• What are the motivations behind the decision to invest in property derivatives?
• How are the decisions made around investing in property derivatives?
• Understanding the impact on the risk/return
• How does it affect the overall volatility of the pension fund portfolio?
• How to manage a swap more efficiently
• How to conduct a transaction effectively
|
| |
|
4.40pm | Constructing the optimal property portfolio including property derivatives
• How effective are they as hedging instruments?
• Recognising which structure best tailors your needs
• Identifying situations where property derivatives are the preferable investment
• Hedging positions whilst maintaining direct market participation
• How to achieve rapid portfolio diversification
|
| |
|
5.40pm | Chairman's closing remarks and end of conference
|
|
Pre-conference workshop Tuesday 17 June 2008
|
| Fundamentals of property derivatives |
|
1.30pm | Registration and refreshments
|
2pm | Back to basics
• Overview of the use of derivatives
• Background to their development
• Who uses derivatives and why: basic strategies
|
| |
|
3pm | Market structure
• Detailed look at the structure of derivative products: swaps, structured products and forwards
• Roles of the various parties
• Explanation of cash flows associated with different types of products and how they emulate what is intended in the direct market
• Residential property derivatives
|
| |
|
4pm | Afternoon refreshments
|
4.30pm | Background to the development of real estate derivatives in Europe
• Why derivatives make sense in property fund management and investment
• Reference entities – property indices
• How property derivatives have been and are being developed globally
|
| |
|
5.30pm | Questions and Answers session
|
6pm | Close of workshop
|
