FOW Derivatives World London: The Debates 2017


Grange City Hotel, London, UK

06 Dec 2017

We end the year with our annual Derivatives World London The Debates conference. The event brings together over 200 people from the London derivatives markets to discuss the events over the past year and look ahead to 2018. The conference opens with an Oxford Style debate and brings new formats and angles to the issues of the day.

If you have any questions about the event please contact Valerija Slavina valerija.slavina@globalinvestorgroup.com.
To discuss sponsor options email Hanna DeBank hanna.debank@globalinvestorgroup.com .

 

 

Agenda


 
9:30 Welcome address 
Luke Jeffs, 
Managing Editor, Global Investor Group


9:40 Keynote address TBA


10:00 Debate: The UK should abandon Mifid II after Brexit

Moderator:
Will Mitting,
Managing Director, Global Investor Group

For: Barney Reynolds, Partner, Shearman & Sterling 
Against: Sam Tyfield, Partner, Vedder Price


10:40 Coffee break


11:10 State of the market: reasons to be cheerful about 2018?


Mifid II is done, interest rate rises will return, capital charges will be relaxed and Brexit talks will gather pace towards a last minute optimal conclusion. Are the good times about to return in 2018? Another path could see a very different outcome but volatility is likely to be a dominant theme, as is a return to innovation at global exchanges and market participants.
- Just how tough was the 2017 for the market?
- What is the outlook for 2018?
- What new products will be launched during the year?
- Does an end to Mifid II implementation mean a return to innovation in the market?

Moderator:
Daniel Neeteson, Principal Strategy – New Products, Optiver 

Speakers:

Julian O'Leary, Managing Director of Development & Technology, GH Financials 
Matthew McFarland, Director of Business Development, CBOE 
Neil Treloar, Director Strategy and Business Development, Tradition 
Philip Simons, Global Head of Fixed Income Trading & Clearing Sales, Eurex
Bujar Bivolaku,
Head of Regulation and Market Structure Strategy, Simplitium


11:55 Ted talk 

Steve Grob, Director of Group Strategy, Fidessa


12:05 Replacing Libor: a realistic aim?


Following the Libor-rigging scandal and higher costs associated with the benchmark, the hunt is on for an alternative. A new benchmark has the backing of senior regulators and market officials across the globe but with the rate under-pinning trillions of dollars of trading activity, how realistic is a viable alternative?
- What alternatives to Libor are there?
- How might an alternative be brought in?
- What impact would fragmented alternatives have on the global market?
- Can there be an alternative to Libor?

Moderator:
Chris Barnes, SVP Europe, Clarus 

Speakers:
Alex McDonald, CEO, WMBA 
Lee Bartholomew, Head of Fixed Income & FX Product R&D, Eurex 
Tim Bowler,
President, ICE Benchmark Administration


12:50 Presentation
Natalia Bertinat,
Associate Director, B3 – Brazilian Exchange and OTC

 

13:00 Lunch


13:45 Is this the end of the small trading firm?


Proprietary trading groups and smaller hedge funds have been the key liquidity providers on European derivatives markets since the first days of the locals on the floor of Liffe. But with volumes dropping, costs rising and Mifid II and capital requirements forcing consolidation, times are increasingly hard for smaller firms.
- What impact would consolidation of prop firms have on the market?
- Can smaller prop groups consolidate operations without compromising independence?
- How will capital charges impact proprietary trading and smaller trading firms?
- Can a return to volatility save the day?

Moderator:
Martin Frewer,
Global Comemrcial Director, ABN AMRO Clearing

Speakers:
Max Butti, Head of Business Development, LSEG 
Mark Slade, CEO, OSTC 
Grant Oliver, Director, Financial Market Engineering,  
Tom Karlsson, Head of European Options Sales, Susquehanna


14:30 Ted talk - AI, The Financial Singularity and the Future of Markets

Paul Netherwood, Partner, Beach Horizon


14:40 What will happen on January 3rd 2018?


Mifid II is finally set for implementation on January 3rd 2018 but there remains numerous outstanding issues and significant concern over some aspects of the reforms. This panel will look ahead to M-Day as well as taking a longer look into what Mifid II will change for derivatives markets.
- What outstanding issues remain in Mifid II implementation?
- Will there be a liquidity crunch as firms are shut off from market access?
- How will market structure change in 2018 and beyond?
- How might post-Brexit Britain amend Mifid II?

Moderator TBA

Speakers:
Conor Foley,
Advisor - Government and Regulatory Affairs, Norton Rose Fulbright
Simon Puleston Jones, Head of Europe, FIA 
Olivier Laurent, Senior Product Manager – Regulatory Change Product Management, HSBC
Stephen Hanks, Manager,  FCA


15:25 Coffee break


15:45 Technology: consolidation, competition and changing approaches


Buy and build is the latest theme of technology development with firms enhancing and tailoring off-the-shelf software products. It is also the latest theme in the landscape for ISVs with firms consolidating and launching new versions and products. At the same time incumbent firms are seeking to expand their offerings into new markets.
- How are large technology firms working with smaller rivals?
- What is behind the latest wave of consolidation in the tech market?
- How is the move towards buy and build changing attitudes to technology outsourcing?
- How are tech firms expanding their existing offerings to take on more of the cycle?

Moderator:
Rob Smith,
CEO, Applied Financial Technology

Speakers:
Chris Bartz, CEO, Elinvar
Ollie Cadman,
Head of Business Operations, Vela
Paul Clark,
Head of Institutional Strategy and Product Management, Broadridge 


16:30: Capital, liquidity and collateral


Pressure on capital is resulting in liquidity squeezes in a number of markets as traditional liquidity providers pull away from certain services. And with FX forwards coming into the margined environment in 2018 that pressure is only likely to grow. This panel will look at how capital rules are impacting liquidity and what can be done to ease the pressure.
- How are fund managers changing their treasury functions?
- What impact will margin on FX forwards have?
- How will capital rules impact non-banks in the market?
- Is a relaxation of the Basel III capital rules likely and what impact might that have?

Moderator:

David Field, Managing Director, The Field Effect

Speakers:
Mark Higgins, Managing Director, EMEA Product Management, BNY Mellon Markets 
William Garner, Partner, Charles Russell Speechlys
Thomas Hansen,
Managing Director, Credit Suisse
Robert de Roeck,
Head of Multi-Asset Structuring, Standard Life Investments

17.15 Networking drinks reception

 

 

 

Confirmed Speakers


 

Chris Barnes, Head of Europe, Clarus
Chris Bartz,
CEO, Elinvar
Lee Bartholomew, 
Head of Fixed Income & FX Product R&D, Eurex
Natalia Bertinat,
Associate Director, B3 – Brazilian Exchange and OTC
Bujar Bivolaku,
Head of Regulation and Market Structure Strategy, Simplitium
Tim Bowler, President,
ICE Benchmark Administration
Max Butti, Head of Business Development, LSEG
Ollie Cadman,
Head of Business Operations, Vela
Paul Clark,
Head of Institutional Strategy and Product Management, Broadridge
Robert de Roeck,
Head of Multi-Asset Structuring, Standard Life Investments 
David Field, 
Managing Director, The Field Effect
Conor Foley, Global Head of Government Relations and Public Policy, Norton Rose Fullbright
Martin Frewer,
Global Comemrcial Director, ABN AMRO Clearing
William Garner, Partner, Charles Russell Speechlys
Steve Grob, Director of Group Strategy, Fidessa
Stephen Hanks, Manager, FCA
Thomas Hansen,
Managing Director, Credit Suisse
Mark Higgins, Managing Director, EMEA Product Management, BNY Mellon Markets 
Luke Jeffs, 
Managing Editor, Global Investor Group
Tom Karlsson,
Head of European Options Sales, Susquehanna
Yelena Kozhemyakina,
Operations Manager/Lead Mifid II, Argonaut Capital Management
Olivier Laurent,
Senior Product Manager – Regulatory Change Product Management, HSBC
Alex McDonald, CEO, WMBA
Matthew McFarland, Director of Business Development, CBOE
William Mitting, Managing Director, Global Investor Group
Daniel Neeteson,
Principal Strategy - New Products, Optiver
Paul Netherwood, Partner, Beach Horizon
Julian O'Leary, Managing Director of Development & Technology, G.H. Financials
Grant Oliver, 
Director, Financial Market Engineering
Simon Puleston-Jones, Head of Europe, FIA
Barney Reynolds, Partner, Shearman & Sterling
Philip Simons, Global Head of Fixed Income Trading & Clearing Sales, Eurex
Mark Slade, CEO, OSTC
Rob Smith, CEO, Applied Financial Technology

Neil Treloar, Director Strategy and Business Development Tradition
Sam Tyfield, Partner, Vedder Price

Gold Sponsors

 

 

B3 – BRAZILIAN EXCHANGE AND OTC.

B3 is one of the world’s largest financial market infrastructure providers by market value. The services it offers range from exchange trading, clearing,depository, trade repositoryand other post-trade services to registration of over-the-counter (OTC) transactions and of vehicle and real estate loans. We are committed to Brazil, ourclients, and constant development of the financial and capital markets.

 

Eurex Exchange is one of the world’s leading derivatives exchanges, serving a growing global distribution network. It offers more than 2,000 products covering all major
as well as alternative asset classes. Our marketplace – based on innovative IT infrastructure – is gateway to the most heavily traded euro-denominated equity index and
fixed-income derivatives. As part of Eurex Group,  we provide access to a global liquidity network with daily trading volumes of around 7 million contracts.
Eurex Exchange uses Eurex Clearing, one of the leading central counterparties globally.

 

 

 

Fidessa's platform provides unrivalled execution capabilities, sophisticated algos and powerful execution analytics to ensure that users can meet the varied and complex liquidity and execution requirements of their own clients. Fidessa's unique distributed architecture means that orders can be delivered to the OMS, via terminal order entry, EMS, proprietary products or black boxes, and best routed to the exchange to achieve optimum execution outcomes regardless of the client's location. With powerful 'follow the sun' global order management capabilities any order can be put through the same workflow technology, regardless of where it originated, and benefit from the same range of advanced execution tools. Fully integrated risk functionality manages client limits globally and multiple allocation workflows are handled simply and efficiently. Powerful order analytics bring greater precision to the control and measurement of derivatives algos, helping meet the increasing demands for transparency of execution.

 

Silver Sponsors

Broadridge

Broadridge, a global fintech leader with over $8 billion in market capitalisation, provides communications, technology, data and analytics. We help drive business transformation for our clients with solutions for enriching client engagement, navigating risk, optimising efficiency and generating revenue growth.

Simplify and improve your derivatives trade processing with a single, integrated platform that works across asset classes and in more than 70 markets worldwide. Our award-winning, real-time solution supports every step, from execution, clearing and settlement, to risk and collateral management.

broadridge.com

 

 CBOE

Cboe Global Markets, Inc. (Cboe: CBOE | NASDAQ: CBOE) is one of the world’s largest exchange holding companies, offering cutting-edge trading and investment solutions to investors around the world. The company is committed to relentless innovation, connecting global markets with world-class technology, and providing seamless solutions that enhance the customer experience.

Cboe offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded products (ETPs), global foreign exchange (FX) and multi-asset volatility products based on the Cboe Volatility Index (VIX Index), the world’s barometer for equity market volatility.

Cboe’s trading venues include the largest options exchange in the U.S. and the largest stock exchange by value traded in Europe. In addition, the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETP trading.
The company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Singapore, Hong Kong and Quito, Ecuador. For more information, visit www.cboe.com.

 

 

 

 

 

London Stock Exchange Group is a global market infrastructure business focusing on capital formation, intellectual property and risk and balance sheet management. LSEG operates an open access model, offering choice and partnership to customers across all of its businesses which include London Stock Exchange, Borsa Italiana, FTSE Russell Indexes, MillenniumIT and LCH.

The Italian Derivatives Markets (IDEM), launched in 1994, is among the top European derivatives exchanges. Based on one of the most liquid equity markets in Europe, around 190,000 contracts with a value equivalent to €5.2bn are traded daily. IDEM is a hybrid market in which members are allowed to enter orders and submit IOIs, while Market Makers play a constructive role in improving market liquidity and the efficiency of the price discovery process through their intense quoting activity. More than 20 market making firms are active on the IDEM market, displaying bids and offers on a continuous basis or responding to requests for quotes.
Thanks to CC&G, our CCP, members of the IDEM market can benefit from a full range of CCP value-added services: • Cross-margining • Integrated guarantees • Full-STP

London Stock Exchange Derivatives Market (LSEDM) offer Member firms new and innovative products, alongside our leading international marketplace for Russian Depositary Receipts derivatives. LSEDM also operates a linked order book model with Oslo Børs for Norwegian products, and trading of futures and options on FTSE100 Index and UK single stock derivatives. Members can also gain exposure to Turkey by trading futures and options on the BIST30.
All LSEDM products are cleared at LCH Ltd.
Further information on London Stock Exchange Group can be found at
www.lseg.com

 

 

 

 

By listening and responding to the market, Simplitium (formerly known as Boat Services) transforms complex challenges into flexible, scalable and secure solutions.

The company was established in 2007 in response to the implementation of MiFID, offering MTFs, SIs and investment firms an easy and cost-efficient way to comply with transparency obligations. Simplitium is now launching a new range of innovative transparency services for MiFID II, ensuring the continued existence of specialised transparency services.

TRADEcho, which is delivered by Simplitium in partnership with the London Stock Exchange, helps investment firms meet their pre and post-trade obligation under MiFID II. 

FacilitEx delivers a unique and comprehensive transparency solution specifically designed to help OTF’s and MTF’s meet their transparency obligations under MIFID II. Through a highly optimised and customisable infrastructure, FacilitEx supports a range of different marketplaces, accommodating high volumes and diverse trading protocols.

 

 Vela is the premier market access technology provider, delivering low-latency access to over 200 venues, coupled with a unique set of trading tools, data, and analytics, flexibly delivered with exceptional global support. Vela acquired OptionsCity Software and Object Trading in 2017. Now as one organization, Vela provides a comprehensive, end-to-end solution for multi-asset electronic trading with global market coverage, enabling smarter access to global liquidity.
 
Vela has eight offices in the US, Europe, and Asia supporting traders, market makers, financial institutions and other market participants worldwide.
 
Visit us at velatradingtech.com. Follow us on Twitter @vela_tt.

 

Media Partners

 

ADVANCED

Founded in 2002, ADVANCED helps and educates everyone on financial technologies that are changing the world of trading. Analyzing your winners and more importantly re-engineering your losers. Focused on (AI)Artificial Intelligence, Machine Learning and the applications in Big Data Analysis to the way you trade.

http://www.advancedfutures.com

 

 

Automated Trader is the first global magazine dedicated to automated and algorithmic trading. The magazine is a regular print and digital publication that focuses on all aspects of automation in the trading process. Featuring insights from both academics and practitioners alike, Automated Trader covers strategies and analytics, the impact of regulatory requirements, and all the latest technological innovations in the field.Automated Trader is the first global magazine dedicated to automated and algorithmic trading. The magazine is a regular print and digital publication that focuses on all aspects of automation in the trading process. Featuring insights from both academics and practitioners alike, Automated Trader covers strategies and analytics, the impact of regulatory requirements, and all the latest technological innovations in the field.

Automated Trader is the first global magazine dedicated to automated and algorithmic trading. The magazine is a regular print and digital publication that focuses on all aspects of automation in the trading process. Featuring insights from both academics and practitioners alike, Automated Trader covers strategies and analytics, the impact of regulatory requirements, and all the latest technological innovations in the field.

To learn more, please visit http://www.automatedtrader.net/  

 

 

 

 

The Trading Mesh, now in its seventh year, is a unique online resource dedicated to the complex, interconnected systems of global financial trading. By combining an ongoing series of interviews with recognised thought leaders, together with the latest in social publishing technology and a more traditional directory model, The Trading Mesh provides readers and subscribers with a unique insight into the industry, and offers vendors and service providers an unrivalled route to the global electronic trading community.

 

 

Venue


 

Grange City Hotel

8-14 Coopers Row, London

United Kingdom