Fixed Income Leaders Summit 2016 (past event)
08 - 10 November, 2016
44(0) 207 368 9540
Day 1- Wednesday 9th November 2016
08:00 - 08:30 Conference Registration & Networking Breakfast
08:30 - 08:35 Welcome Address
Oliver Kirkbright, Fixed Income Leaders Summit Director, WBR
08:35 - 08:40 Speed Networking
08:40 - 08:45 Chairperson’s Opening Remarks
08:45 - 09:25 Head Trader Panel: Building the modern buy side fixed income desk- What elements are crucial to create a highly streamlined trading business in the current market?
Christoph Hock Head of Trading Union Investments
Carl James Global Head of Fixed Income Trading Pictet Asset Management
Fabien Oreve Global Head of Trading Candriam Investors Group
Pauli Mortensen Global Head of Trading Norges Bank Investment Management
Moderator:
David Bullen Director Bullen Management
Regulatory reform, shrinking dealer balance sheets, liquidity shortages- these are just some of the major challenges keeping buy side heads awake at night. As the fixed income evolution kicks into full gear, traditional methods of trading fixed income are changing, meaning internal reform is required to keep abreast of the ongoing changes happening outside your office. This pan-European head trader panel will provide insights on how you can build a strong desk to sail through these winds of change, sharing their expertise on:
- Regulation- What processes are you putting in place now to practically prepare for the MiFID II deadline and what impact will this have on your trading?
- Technology- What technology is crucial to improve your fixed income trading capabilities and how should you stack this around your current fixed income desk?
- On the desk- How should you set up your internal structures to match an evolving external environment and maximise workflow efficiency?
- What strategies can you exploit to overcome reduced dealer balance sheets and ensure you are tapping into the right liquidity hubs?
09:25 - 09:45 Industry Keynote: The Blueprint for success- How are new entrants disrupting fixed income markets to break the norm and offer differentiation to the buy side?
With the dearth in liquidity across fixed income markets, and large powerhouses retrenching from FICC markets, this has opened the door to new non-bank market makers. Our afternoon keynote presentation will outline how these new entrants can offer a new, reliable service to the buy side and discuss how breaking the mould in fixed income can be a benefit to the buy side. Attend this keynote session to learn:
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New entrants vs. traditional players - What makes the ideal trading business in 2016 and how can new models bring to the buy side?
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Market structure through the lens - What has changed on the back of regulation and innovation, and what remains the same?
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Notes from a new entrant - What has been learned from new entrants and how must they develop their models to operate successfully across markets?
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How can new entrants work within a contrasting European landscape to offer more reliable liquidity globally?
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Mapping the journey - How can disruption benefit fixed income markets and how can these new entrants evolve?
09:45 - 10:05 Sell Side Keynote: The perils of nostalgia – Importance of a forward looking approach for banks reinventing their business models to better meet buyside needs
- How is the sell side optimising their capital in a less liquid more regulated and lower return world to better support the buy side?
- What types of e-trading technology is the sell side using to maximise efficiency of their dealing activity and pass on cost savings to the buy side?
- In light of the move from a principal model of trading to an agency broking-centric trading model which players are leading the way in offering the buy side innovative solutions?
10:05 - 10:45 All Star Panel: Adapting to the new fixed income landscape- How can the full fixed income industry better work together to achieve a more effective market model in parallel with regulatory change?
Brett Chappell Head of Fixed Income Trading Nordea Investment Management
Juan Landazabal Global Head of Fixed Income Trading Deutsche AWM
Mark Pumfrey CEO for EMEA Liquidnet
Simon Maisey Managing Director Tradeweb
Philip Simons Global Head of Sales Eurex
Moderator:
David Bullen Director Bullen Management
Lower dealer liquidity, increased regulation and new technology have been the chief incumbents relating to a radical shift in the fixed income market structure over recent years. With this evolution now in full swing, our market leading panel will debate exactly how the these changes have impacted the full value chain, and debate whether this type of market structure is sustainable, or if anything can be done to improve the current conditions. Attend this debate where you will learn:
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Have the intended and unintended consequences of regulation had a positive or negative impact on market structure?
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Can the sell side still serve the needs of the full buy side community, or is there becoming a clear gap between what they offer the tier 1 buy side versus the rest?
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Is increased competition amongst trading platforms good for the industry or is further destabilising your access to liquidity?
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Are the buy side the new liquidity kings in fixed income markets or does the liquidity still remain on the books of the sell side?
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Is the infrastructure currently available for the buy side to effectively access new liquidity pools or are there still major gaps in the industry?
10:45 - 11:00 Fixed Income Leaders Summit Live! Reaction to the outcome of the US Election- What impact could this have on international capital markets?
11:00 - 11:40 Morning Networking Break
Track A: Getting MiFID II Ready
11:40 - 12:00 Industry Perspective: Meeting MiFID II transparency requirements: What are the new pre and post trade reporting requirements and how can you best prepare for this new regime?-
Record keeping and compliance- How is transaction reporting going to work under MiFID II?
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What should you put in place now to prepare for new transparency rules within MiFID II?
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What impact will the new pre and post trade transparency rules have on your ability to execute?
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Reporting liquid instruments- How will liquid instruments be defined under MiFID II?
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Lessons from TRACE- What can we learn from the US reporting regime and how does the Europe compare?
Roger Cogan
Head of European Public PolicyInternational Swaps and Derivatives Association (ISDA)
Track B: Derivatives Reforms Drill Down
11:40 - 12:00 Industry Perspective: Gaining clearing clarity- What are the new requirements and how will you be impacted?- What is the path for new clearing rules and how will this impact small and large buy side houses, including Frontloading?
- What are the 4 categories for clearing and what timelines do they fall under?
- Moving systematic risk- What are the recovery and resolution rules for CCPs themselves and what are the potential consequences for the buy side?
- Uncleared swaps- How will they be handled under the new mandate?
- What are the timelines for Variation and Initial Margin rules and which firms are affected?
Mark Gheerbrant
Head of Risk and CapitalINTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. (ISDA)
Track C: Exploiting Political Drivers
11:40 - 12:00 Industry Perspective: Grasping global politics- How are political drivers in the US, Europe and Asia influencing fixed income investment trends?-
With heightened political instability in both developed and emerging markets, what impact does this have on fixed income markets?
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What are the key geopolitical risks which will have an influence over the next 12 months and beyond?
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US- What impacts will the new presidential election have on US capital markets?
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Asia- How is China’s geopolitical ambitions destabilising investor sentiment across Asian markets?
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Europe- Is further stimulus required from the ECB to help bolster future growth?
Track D: Small Interactive Boardrooms And Workshops
11:40 - 12:00 Leadership Boardroom Establishing the real cost of research- How will unbundling work and who will drive it?Maximum 15 Delegates
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Research fees- How will this be valued and how do you pay for it?
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Will fees be standardised or will different aspects of research be valued on a case by case basis?
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Buy side and sell side views- How will they set up their accounts?
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Comparison to equities- How will unbundling work in fixed income markets and where do the differences lie?
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How will you divide the value of your research across different asset classes?
Track A: Getting MiFID II Ready
12:00 - 12:40 360° Perspective: Achieving best execution under MiFID II: How will it be defined and how can you prove it?-
What is the standard definition of best execution and what are the metrics for success?
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What are the new requirements for the reporting of best execution?
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What different methods are best for proving best execution and how can you implement them?
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How will the new best execution requirements impact how you trade?
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Illiquid products- How can you prove you have traded the best price?
Track B: Derivatives Reforms Drill Down
12:00 - 12:40 Oxford Style Debate: True or False- Additional collateral costs will make the OTC derivatives business model significantly less attractive & less well used by the buy sideDavid Bullen Director Bullen Management
Speakers:
James Wallin Senior Vice President, Fixed Income Alliance Bernstein
Patrik Karlsson Director, Market Practice and Regulatory Policy ICMA
Mark Rogerson Executive Director, EMEA Head of Interest Rate Products CME Group Inc
Erik Vynckier Board Member Foresters Friendly Society
Richard Walker Head of Business Development and Marketing Curve Global
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With rules governing futures transactions being less restrictive than current swap rules, are we likely to see the futurization of swaps?
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Does this regulatory arbitrage opportunity threaten the transparent trading of instruments, the free flow of pricing data, and the security of futures clearing houses?
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Can policy makers mitigate potential dangers by using other measure such as strengthening oversight of futures clearinghouses and increasing their capital requirements?
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Could the increased costs from these new requirements prompt a move towards exchange-traded derivatives?
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Prospects of futurization- Are we seeing signs of it being a reality or still just hype?
Richard Walker
Head of Business Development and MarketingCurve Global
Track C: Exploiting Political Drivers
12:00 - 12:40 360° Perspective: FED vs. ECB vs. BOJ- How can you use the alpha generation opportunities presented by diverging rates across different jurisdictions to your advantage?Imene Rahmouni-Rousseau Deputy Director, Markets Department Banque de France
Javier Dominguez Managing Partner Auriga Global Investors
Jorge Nuno Manager, Global Strategy Fidentiis Asset Management
Jose Brito Chief Economist Millenium bcp
Moderator:
Thanos Papasavvas Co Founder and CIO Equant Analytics
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How can you best manage working across different jurisdictions with diverging rate policies?
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What impact does a negative rate environment have on fixed income portfolios and how can this be overcome?
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Life below zero- What can be proposed to investors in a negative rate environment?
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How low can you go- Are rates set to drop further or is the only way up from here?
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How effective is Quantative Easing and negative interest rates- Has it had the desired impact?
Track D: Small Interactive Boardrooms And Workshops
12:00 - 12:40 TRACK D CONTINUEDNetworking Lunch
12:40 - 14:00 Networking LunchExclusive Invite Only Buy Side Think-Tank
12:40 - 14:00 How can the buy side better collaborate to drive mutually beneficial initiatives forwardOpen to 15 Global Heads of Trading from Europe’s top 20 asset managers
Join this interactive session, air your own hot topics and together, with our professional independent moderator, brainstorm ways forward in conjunction and collaboration with your peers.
Track A: Challenging Current Trading Models
14:00 - 14:40 360° Perspective: The changing role of IDBs- How are they reshaping themselves to offer an alternative liquidity service to the buy side?-
How will IDBs provide increased and alternative access to liquidity for buy side firms?
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How has the IDB market evolved over the last 18 months and how are they now offering additional liquidity to the buy side?
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Is the traditional role of an IDB over- What is the transformational process that the IDB’s are going through?
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How will IDB’s work with both buy and sell side firms and offer value on both sides of the market?
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The transformation from the traditional IDB role to trading platforms- How have they transitioned into a suitable platform for the buy side?
Track B: Improving Your Access To Liquidity
14:00 - 14:40 360° Perspective: Evaluating A2A, CLOB, RFQ and Dark Pools- What are the pros and cons of accessing each trading model?Elizabeth Callaghan Director, Secondary Markets - Market Practice and Regulatory Policy ICMA
Speakers:
Chris Perryman Vice President, Fixed Income Trading Pinebridge Investments
Christoph Bourgeois Head of Fixed Income Paris BNP Dealing Services
Ravi Sawhney Global Head of Fixed Income Credit Bloomberg LP
- One year on- How have new fixed income initiatives developed and have they met their goals?
- What are the key aspects you should look out for when partnering with new platforms?
- What are the integration implications when partnering with new platforms and how can they be overcome?
- How can fragmentation be reduced amongst different trading platforms in order to provide more reliable liquidity?
- 5 year view- What does the future of electronic trading hold and how will trades be executed?
Elizabeth Callaghan
Director, Secondary Markets - Market Practice and Regulatory PolicyICMA
Track C: Building A Profitable Portfolio
14:00 - 14:40 360° Perspective: Evaluating the corporate new issuance market- How can the full process be made quicker and more efficient?-
The health of the market today- How has the new issuance market changed in 2016?
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Electronification of new issuance- How can innovation make the process more efficient while preserving or enhancing what is working well today?
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How are emerging regulations and best practices shaping the new issuance process?
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Buy side and sell side perspective- What ways can you deal with the major challenges arising from new issuance?
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How is the new issuance market going to evolve and how can it be improved in the future?
Stephen Grady
Head of Global TradingLegal and General
Chris Jones
Global Head of Local Currency SyndicateHSBC
Track D: Small Interactive Boardrooms And Workshops
14:00 - 14:40 TCA Workshop: What are the building blocks for obtaining reliable pre and post trade fixed income TCA?-
How can you implement fixed income TCA to meet your execution needs?
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What types of fixed income TCA models are being developed and how are they different to other asset classes?
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Can a reliable fixed income TCA model encompass the full fixed income product range or should you use different TCA methodology for different products?
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Is there the appropriate level of reference data within fixed income to create a reliable TCA methodology?
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Pre and post trade TCA- How to use TCA to measure your trading performance
Pamela Gachara
Manager, Markets TeamThe Investment Association
Track A: Challenging Current Trading Models
14:40 - 15:20 360° Perspective: Beyond the bulge bracket- What does it mean as the bulge bracket shrinks and what opportunities can this leave for mid-tier players?-
Beyond the bulge bracket- Will tier 2 banks now offer a more reliable, tailored service or are tier 1 banks still the most dependable?
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With lower balance sheet offerings from tier 1, is now the time to have more partners and turn to the mid-size tier 2 banks?
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Is the budge bracket becoming increasingly selective on who they work with or can small-mid size players still rely on them?
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Are the largest global banks creating an environment where money circulates around the top players in the industry and cutting out the small to mid-sixe players?
Track B: Improving Your Access To Liquidity
14:40 - 15:20 Oxford Style Debate: True or False- Request for Quote (RFQ) trading protocol will cease to remain the pre-dominant form of executing your fixed income business over the next 12 months- RFQ- Is this trading model now less attractive under the new reforms?
- What is the best suited model for the buy side for pre trade transparency- RFQ or A2A?
- Shifting paradigms- Is regulation pushing fixed income trading towards an order book model?
- Are RFQ systems at a significant disadvantage under the new transparency rules?
James Della Porta
Independent Expert,formerly Barclays Bank
Track C: Building A Profitable Portfolio
14:40 - 15:20 360° Perspective: The rise of ETFs- What benefits do they bring and how can you incorporate them into your portfolio?-
What is the value of using fixed income ETFs in terms of liquidity, trading and best execution?
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What are the key benefits of using fixed income ETFs and how can they give you increased liquidity and exposure?
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What are the risks of using ETFs in stressed market conditions and how do they perform?
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How can you incorporate ETFs in your fixed income portfolio alongside more traditional products?
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Equity ETFs vs Bond ETFs- What lessons can be transferred from the equities space?
Track D: Small Interactive Boardrooms And Workshops
14:40 - 15:20 TRACK D CONTINUEDTrack A: Challenging Current Trading Models
15:20 - 15:40 Fireside Chat: Pinpointing the key differences between SIs and MTFs/OTFs- What are the main benefits each of these models can offer?-
MTFs, OTFs and SIs- What are the differences between the various venues?
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How will MiFID II affect these venues and influence your different choices to trade?
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What are the benefits of each model and what type is best matched to different trading scenarios?
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What are the pre and post trade compliance standards of SI’s?
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How will trades be done and executed on SIs to meet your best execution standards?
Track B: Improving Your Access To Liquidity
15:20 - 15:40 Fireside Chat: How can you enhance your OMS/EMS functionality to create the most efficient trading process?-
Flexibility in connectivity- What is now required from your current OMS system to improve it?
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How can OMS providers build new functionalities and innovate to keep up with the new electronic fixed income market?
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How can you aggregate your technology within your OMS to maximise your data capture and workflow?
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How can both platforms and OMS providers work together to create an improved service for the buy side?
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Aggregation of pre and post trade technology- Is an OEMS beyond the realms of possibility in fixed income?
Track D: Small Interactive Boardrooms And Workshops
15:20 - 15:40 TRACK D CONTINUEDTrack C: Building A Profitable Portfolio
15:20 - 15:40 Industry Perspective: Responding to increasing market volatility- What are the best performing strategies to minimise risk and maximise returns?-
What have been the key influencers to increased market volatility over the past 12 months and is this set to continue?
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What opportunities can increased volatility bring to fixed income portfolio managers?
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Volatility risk- How can market volatility impact the pricing of fixed income products?
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How can you spot the right kind of trends to predict market movements in fixed income?
15:40 - 16:10 Afternoon Networking Break
16:10 - 16:20 Innovation Spotlight: Building a connected ecosystem- Connecting Market Participants in the Evolving Landscape of Capital, Liquidity and Leverage Requirements
16:20 - 16:40 Buy Side Keynote: Visualising the post MiFID II world- What will the fixed income market structure look like and how will it impact your access to liquidity?
The MiFID II delay in early 2016 gave market participants a welcome, albeit temporary, relief from the swathe of changes set to come once the reforms are implemented. MiFID II is set to have ramifications across the financial markets industry, impacting all market players from front to back office. Our regulatory keynote will shed light on the intentions of MiFID II, explaining how your world will operate once the regulation is implemented, helping you understand how you can prepare for this. Attend to learn:
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MiFID I vs. MiFID II- What are they key differences between the two regulations and how will they impact you during and post implementation?
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MiFID II checklist- What are the main aspects of MiFID II which will impact your fixed income trading and what is the end goal of these requirements?
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All you need to know- What are the requirements for implementing MiFID II and the key timelines of the directive which will impact how you trade?
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A post MiFID II world- how will the regulations directly impact liquidity and market structure once fully implemented?
16:40 - 17:15 All Star Panel: Adapting to the new norm - How can you adjust your strategies to better source liquidity in the current fragmented landscape?
Paul Malloy Head of Fixed Income Trading Vanguard
Philippe Guillot Executive Director of the Markets Directorate Autorité des Marchés Financiers
Luca Bagato Head of Sales Strategy and Business Development Euro TLX
Gareth Coltman Head of European Product Management MarketAxess
Antonio Pilato Head of Trading Desk Generali Investments Europe
Moderator:
David Bullen Director Bullen Management
With capital constrains crippling the sell side and shrinking balance sheets, alongside the on-going growth of fixed income markets, the demand for liquidity has never been higher, and arguably never been worse. In an era where traders have become accustomed to a trading environment dearth of liquidity, this market leading panel, representing the full value chain, will outline how you can build new liquidity sourcing strategies which reflect these ever-changing market conditions. Attend this session to learn:
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Addressing the imbalance between supply and demand of liquidity- How can this be done?
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How has regulation impacted liquidity- Will conditions ever improve or is this a permanent shift?
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How can you adjust your investment strategies to best overcome the lack of liquidity?
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How can technology and connectivity be used to bring a fragmented liquidity back together to build a more efficient eco-system?
Philippe Guillot
Executive Director of the Markets DirectorateAutorité des Marchés Financiers
Antonio Pilato
Head of Trading DeskGenerali Investments Europe
17:15 - 17:50 Dragons’ Den: Disruptive technologies- What are the next big breakthroughs you should expect from the FINTECH world?
Join our fixed income dragons during this exciting ‘Dragons’ Den’ style session, where you will hear from four new and innovative start-up FINTECH firms as they present their offerings in a bid to win first place. Listen up as the dragons review the technologies’ benefits to your business, predict their future success and deliver their verdicts. The ultimate decision is in your hands though, as the audience get to vote for their favourite. Will you find the next big thing?
- Connectivity- Steve Toland, Founder, TransFICC
- Best execution analytics- Pete Eggleston, CEO, BestX
- Big data technology- Thanos Papasavvas, Co Founder and CIO, Equant Analytics