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Pre-conference Workshop - Tuesday 26 February 2008
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| Application of real estate derivatives – a practical review of today’s opportunities |
An exciting full day workshop run jointly by DTZ and Reuters Real Estate will give you all the information you need to enable your business to make the most of the opportunities available through the use of real estate derivatives. With DTZ’s practical knowledge and Reuters overall knowledge of the global marketplace this promises to be a fantastic learning experience. With a small group atmosphere the day will be finished off with a trading game, enabling you to put all your new found knowledge into practice.
Run by:
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09.00 | Registration and refreshments
Workshop to by led by: |
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09.30 | Morning session A
- Introduction with News market & background
- Different applications of real estate derivatives & trading rationale
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11.00 | Morning refreshments
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11.30 | Morning session B
- Review of specific instruments - which index to trade?
- Current market conventions and alternative structures
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13.00 | Lunch
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14.00 | Afternoon session A
- Risks in dealing with real estate derivatives
- Information and analytics on real estate derivatives
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15.15 | Afternoon refreshments
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15.45 | Afternoon session B
- Who’s who in today’s market
- Mini simulation / trading game
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17.15 | Close of workshop
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Conference day one - Wednesday 27 February 2008
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08.30 | Registration and refreshments
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09.00 | Chairman’s opening remarks |
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| OVERVIEW OF THE CURRENT MARKETPLACE |
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09.10 | Keynote: the asset class of property derivatives
- Recent developments in the burgeoning US property
derivatives market
- Investment, diversification, risk management and speculation
through property derivatives
- Essential next steps for the continued growth and success of
these markets
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09.40 | Property derivatives: establishing liquidity in the U.S. market
- Why this market works
- The evolution of property derivatives trading
- Adopting a “spot” price
- Providing value to end users
- How to increase utility, liquidity and volume
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10.10 | Morning refreshments
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| DERIVATIVES AS AN INVESTMENT TOOL FOR THE END INVESTOR |
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10.40 | Panel session: overcoming barriers to investment
- Identifying the issues that are stopping investors from trading
- Considering what can be done to remove these barriers
- Who are we likely to see entering the market and when
- Investment and risk management strategies of investors
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| | Moderator: Mr Jim Clayton, Director of Research, Pension Real Estate Association Dr Richard Buttimer, Program Director, Ph.D. in Business Administration, The Belk College of Business, University of North Carolina at Charlotte Scott Landress, Managing Principal and Chief Executive Officer, Liquid Realty Partners
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11.30 | Investable indices
- The FTSE approach to building investable indices for real estate
- The market implications of pricing differences for derivatives on different indices
- How to make money out of property derivatives
- Identifying end-users for property derivatives
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12.00 | Networking lunch
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| RISK MANAGEMENT: DERIVATIVES IN THE CONTEXT OF THE PORTFOLIO |
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13.15 | Using derivatives as part of your overall portfolio management
- How will derivatives fit in your portfolio?
- Effectively managing derivatives to maximise your returns
- Using derivatives as investment and risk management tools
- Devising a future strategy that includes derivatives
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13.45 | The use of derivatives in a real estate portfolio
- Different investment tools and options available
- Explaining that they are not in competition but can be used together
- When are derivatives the better investment? And why?
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14.15 | Speed Networking
 The revolutionary networking session taking the market by storm! Connecting buyers and sellers of risk, this session allows you to meet the key players in a brief but informal session. You’ve learned about derivatives: now it’s time to meet the existing and future players in this market. Be on first name terms with the senior executives in the real estate market and exchange business cards with real industry drivers. We’ve taken the headache out of networking: you will meet all of your new business prospects – no more straining to read name badges!
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15.15 | Afternoon refreshments
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| MARKET LIQUIDITY: TRANSPARENCY AND PRICING |
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15.45 | How the introduction of derivatives impacts on real estate trading
- Global property investment markets – the current situation
- Where do traditional property companies fit in?
- Can derivatives help the current real estate market to expand?
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16.15 | Measuring and managing home price risk
- Housing market overview
- Index methodologies
- Market segmentation
- Home price derivatives
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16.45 | Panel session: pricing and indices – the way forward
- How market pricing shifts impact on deals – minimising any adverse effect
- Providing a forecast for the next 12 months
- Undestanding how the various indices are suitable for different situations
- Major banks are registered to trade on NCREIF, why and will this change?
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| | Moderator: Jim Valente, Managing Director, Research, Broadway Partners
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17.25 | Chairman’s closing remarks
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17.30 | Networking drinks
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Conference day two - Thursday 28 February 2008
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09.00 | Registration and refreshments
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09.30 | Chairman’s opening remarks |
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| A MARRIAGE MADE IN HEAVEN? REAL ESTATE MEETS CAPITAL MARKETS |
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09.40 | Residential housing trends in the 25 RPX markets
- An overview: leading and trailing markets
- Condominium performance
- Key trends and characteristics
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| | Mr Jonathan Miller, Executive Vice President and Director of Research, Radar Logic Incorporated
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10.10 | Panel session: residential vs. commercial derivatives
- Key differences in the two markets
- How these differences can translate into opportunities for investors
- How are the two markets developing – do they work in tandem?
- Future potential
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| | Jiao Grant, Head of Analytic Research , ING Clarion Partners Mr Steven Umlauf, Managing Director, Chief Risk Officer, Morgan Stanley Real Estate
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10.50 | Morning refreshments
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11.20 | Outlining the key legal and taxation issues to be considered
- The tax advantages of using real estate derivatives
- How are different swaps, PICs and other instruments taxed?
- What guidelines and regulations need to be observed
- Preparing the contracts and other documentation
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| HIGHLIGHTING THE KEY ISSUES THAT NEED TO BE ADDRESSED |
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11.50 | What steps need to be taken to move the market to the next level
- Market expectations for the next 12 months
- Is the current market structure sustainable or do changes need to be made?
- Increasing transparency of deals and pricing – the benefits
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12.20 | Networking lunch
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| THE GLOBAL MARKETPLACE: CURRENT DEAL STRUCTURES EXPLAINED |
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13.40 | Have France and Germany kicked off the European revolution?
- Considering the current European market – what has happened so far?
- European countries looking for a piece of the action, including Scandinavia
- How the different markets work and interact – potential for a global market?
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| | Mr Ian Cullen, Director, Head of Systems and Information Standards, Investment Property Databank (IPD)
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14.10 | Liquidity - how it can be achieved
- The global derivative market – how is liquidity achieved?
- What synergies can be introduced in real estate derivatives?
- Who are the current liquidity providers and why?
- Anticipating the potential development of the market, which sector is likely to expand faster and why?
- Will profiles shift as liquidity increases?
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| | Mr Phil Barker, Senior Vice President, Real Estate Derivatives, CBRE GFI
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14.40 | Afternoon refreshments
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15.10 | Commercial property derivatives – a Portfolio Manager’s perspective
- Considering the different ways in which they can be used
- Outlining some of the issues around implementation, both internal and external
- How derivatives can be used in a fund with a complex structure
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| MOVING THE MARKET FORWARD |
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15.30 | Commercial property derivatives
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15.50 | Question and answer session |
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16.00 | Outlook for the real estate derivatives market
- What is likely to happen in the next 12 months?
- Who is likely to be entering the market and when?
- How can the market be a success?
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16.20 | Chairman’s closing remarks and end of conference
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