Agenda items below are followed by a link to download the presentations, where available.
9.30 - 10.15
Keynote address: Building best execution under MiFID
Richard Balarkas, CEO, Instinet
The MiFID rule changes have brought about significant liquidity fragmentation. How has this affected execution performance? Richard Balarkas reviews Instinet's trading performance in the year since MiFID came into force and discusses trends in smart order routing and liquidity shifts from traditional execution venues to dark pools.
Panel: Smart order routing and the quest for alpha
Market dynamics are fuelling a technological arms race in which only the smartest and fastest will survive. To succeed, sell-side firms needs to build and manage a fully-stocked armoury of algorithmic trading tools for dark pool switching combined with a technological infrastructure capable of ultra-fast latency. Leading broker dealers and tech vendors discuss the trend away from simple Direct Market Access technology to sophisticated dynamic order placement and intelligent liquidity sourcing in rapidly fragmenting markets.
Moderator: Bob Giffords, independent banking and technology analyst
- George Andreadis, head of AES Liquidity Strategy, Europe, Credit Suisse
- Jerry Lees, head of Alternative Execution Services, CA Cheuvreux
- Marc Salter, director, Electronic Execution, Citi
- Mickael Rouillere, chief technology officer, Quod Financial
11.00 - 11.30
11.30 - 12.00
Keynote: The buy-side perspective
Dr. Arjuna Sittampalam, research associate at the EDHEC Risk and Asset Management Research Centre; founder and CEO, Sage & Hermes
Mifid, electronic systems and the proliferation of execution venues have changed the rules of the game for equity dealing. However the results to date don't appear to be entirely positive for the buy side who are facing some major challenges and problems. How serious are these and how might they be resolved?
12.00 - 12.45
Keynote: The changing role of inter-dealer brokers
Cathryn Lyall, COO Exchange Projects, ICAP
Inter-dealer brokers are increasingly changing their relationships with exchanges and getting involved in exchange-related projects. As executing brokers on the world's largest exchanges and sources of significant volumes of give up business executed over the counter, how are the major IDBs evolving their business models and technology requirements?
12.45 - 14.00 Lunch
14.00 - 14.45
Panel: Low-latency architectures and network technology - strategies for speed in data and execution.
At all levels of the trading value chain there is a need for speed. From incoming market data and analytics to complex event processing, messaging and execution, significant R&D budget is being allocated by technology vendors to help capital markets participants keep up in the high-speed arms race. This panel will consider the latest technological advancements and discuss how firms can dig into the reality behind the marketing claims.
Moderator: Kevin Houstoun, co-chair of the FIX Protocol Global Technical Committee
- Dale Stevens, regional sales director - EMEA, Aleri
- Sinan Baskan, director of business development, Sybase
- Peter Lankford, director, Securities Technology Analysis Center (STAC)
14.45 - 15.30
Panel: The new exchange competition - weighing up trading and pricing models in the hunt for liquidity
Senior representatives from up-and-coming multilateral trading facilities and traditional exchanges discuss their strategies and plans to attract liquidity, develop linked trading systems and cater effectively for market demand for dark pools as well as transparent order books.
Moderator: Bob McDowall, research director - Europe, TowerGroup
- Artur Fischer, joint CEO, Equiduct Trading
- Peter Randall, CEO, Chi-X
- Eli Lederman, CEO, Turquoise
- Stuart Rutherford, head of trading services, PLUS Marke
Drinks and networking