New business models and revenue stream analysis day - Monday 22 March 2010

New business models and revenue stream analysis day - Monday 22 March 2010 »

Opportunities for growth and diversification day - Tuesday 23 March 2010 »

Solutions to current industry challenges day - Wednesday 24 March 2010 »

Emerging Exchanges day - Thursday 25 March 2010 »

last modified: 19 March '10

New business models and revenue stream analysis day - Monday 22 March 2010

8.20am

Registration and refreshments

8.50am

CONFERENCE OPENING REMARKS

BUSINESS MODELS FOR AN UNCERTAIN FUTURE

8.55am

MORNING AND AFTERNOON MODERATOR

Mr Brian Taylor,

Managing Director, BTA Consulting

9am

UNIVERSAL EXCHANGE KEYNOTE ADDRESSES: Is the industry trending towards zero-cost ‘lit’ trading, and where will future revenues originate from?

Are we heading towards zero-cost trading, and does this challenge the very basis of why exchanges exist?
To what extent will trading revenues depend on how much added value can be created, and how can this be done?
Why is there such inconsistency between exchanges in the degree of dependency on different revenue streams?
Which revenue streams will decline in the long-term, and which have greater potential for growth?

Mr Cees Vermaas,

Executive Vice President & Head of European Cash Markets, NYSE Euronext

9.50am

MTF KEYNOTE ADDRESSES: Is the universal exchange model viable, or will exchanges develop more defined, niche roles?

To what extent can exchanges develop a competitive edge whilst pursuing a strategy of diversification?
Can MTFs and ATSs that rely purely on trading transaction commissions survive in the medium to long-term?
Are exchanges more likely to develop niche positions through customer or product specialisation?
Is consolidation or further fragmentation the way of the future?
What is the real return on MTFs for shareholders?

Ms Charlotte Crosswell,

President, NASDAQ OMX Europe

Mr Alasdair Haynes,

CEO, Chi-X Europe Limited

10.40am

Morning refreshments and networking

11.10am

Beyond trade execution - a proposition for exchanges

Mr Christian Katz,

CEO, SIX Swiss Exchange

11.45am

DARK POOL PANEL DISCUSSION: Assessing the move of traditional exchanges into dark pools, and defining different dark liquidity models

What is the USP of a dark pool operated by a traditional exchange, and can it really compete with its pure-play counterparts?
The business case for diversifying: is it possible to serve two masters at once?
What types of customers are currently being served by different dark pools, and what are the different business models in play?
What are the effects and implications of a dark pool being sponsored by a broker?

Mr John Barker,

Head of International & Managing Director of Europe, Liquidnet

Dr Robert Barnes,

Managing Director, Equities, UBS

Mr Mark Ryland,

Head of Technology, Turquoise

Kevin Rideout,

Director, Citi

12.25pm

NYSE Technologies – Powering the Exchanging World

Nick Thornton,

Global Head of Exchange Solutions, NYSE Technologies

1pm

Networking lunch

2.10pm

The Exchange Technology Arms Race – What’s Next?

Factors driving today’s accelerated pace of change
The move from technology-enabled to technology-centric markets
State of play by the end of 2010
Predictions: what’s next, and the challenges

Mr Gregory Smith,

CEO, Chi-Tech

CURRENT AND FUTURE REVENUE STREAMS

2.45pm

PANEL DISCUSSION: Narrowing the customer base: are short-term traders and long-term institutional investors destined for different marketplaces?

How significantly will the customer base of traditional exchanges narrow towards short-term, high-frequency traders over the next 2 years?
Does it make sense for a long-term institutional investor to use an exchange where they are not the primary customer?
Which exchanges will service which customers moving forward?

Mr Rainer Riess,

Managing Director, Xetra Markets, Deutsche Börse AG

Mr Jack Vensel,

Managing Director, Head of Electronic Trading EMEA, Citi

Mr Ludwik Sobolewski,

CEO, Warsaw Stock Exchange

3.25pm

PANEL DISCUSSION: How much growth potential do different exchange revenue streams hold, and what are the new opportunities to exploit?

Looking at the numbers: have revenues for each business been growing or declining over recent years?
What are the threats to each revenue stream?
To what extent can innovation keep these revenue streams alive and healthy?
Conclusion: which revenue streams will survive the next 5 years, and which will perish?

Mr Michael Buhl,

CEO, Vienna Stock Exchange

Ms Diana Chan,

CEO, EuroCCP

Mr Dato' Yusli Mohamed Yusoff,

CEO, Malaysia Stock Exchange

4.05pm

Afternoon refreshments and networking

4.35pm

GUEST ANALYST ADDRESS: What impact will shifting revenue streams and new business models have on exchange share prices?

Mr Dirk Hoffmann-Becking,

Senior Research Analyst, Sanford C. Bernstein

OPPORTUNITIES IN OTC TRADING AND CLEARING

5.10pm

PANEL DISCUSSION: Migrating OTC derivatives from off-exchange to on-exchange trading: what has happened to date, and what can we expect in the next 12 months?

What progress has been made to date in both trading and clearing OTC derivatives through exchanges?
With OTC derivatives being traded so infrequently, does the economics of trading them on-exchange make any sense?
How will traders be persuaded to clear their OTC business on an exchange?
What is the rationale for clearing houses taking on the risk of OTC business when there is no transparency or liquidity?
Beyond the lessons learned from CDSs: what next for interest rate and other derivatives?
What degree of standardisation needs to be achieved, and how?

Mr Laurence G. Allen,

CEO, NYPPEX

Mr Anthony Belchambers,

CEO, Futures & Options Association

Mr Clive Furness,

Managing Director and Founder, Contango Markets

5.50pm