Fixed Income Leaders USA 2016 (past event)
June 07 - 09, 2016
Array
Summit Day 2
08:20 - 08:50 Registration and Breakfast
08:50 - 09:00 Chairperson's Opening Remarks
09:00 - 09:40 All Star Panel: Price takers to price makers - As dealers retrench, where and how can you find reliable pricing?
Jim Switzer Head of Credit Trading Alliance Bernstein
Elizabeth Duggan Managing Director Interactive Data
Richard Schiffman Open Trading Product manager MarketAxess
Sean J. Egan President Egan-Jones Ratings Co
Moderator:
Anthony Perrotta Partner, Global Head of Research and Consulting TABB Group
- Moving from a price maker to a price taker - how is it done and how can you generate accurate and reliable pricing?
- Does the buy side now need to act more as liquidity providers and price makers rather than takers as increased inventory now exists on buy side books?
- Is there a sufficient market infrastructure to facilitate a buy side price making model?
- Debate - Should the buy side be more regulated now as they act as price makers as well as takers?
- With the buy side acting more as price makers and warehousing risk - is there enough liquidity in stressed market conditions so the buy side can move risk?
Sean J. Egan
PresidentEgan-Jones Ratings Co
09:40 - 10:00 Case Study: The best execution conundrum - How should it be defined and how can you prove it?
Audience Participation
Regulators demanding that firms prove best execution has caused a real headache for the buy side, mainly down to two key themes. Firstly, there is still no clear standard definition of what exactly best execution is in fixed income. Secondly, there are so many different methods which produce different results, meaning understanding the best process to use and when has blurred the lines even further. During this interactive session, you will all work together to fully understand the different methods of proving best execution where you will learn:
- How can you define a standard definition of best execution in terms of pricing and value?
- With more regulatory pressure coming towards the buy side, how can a reliable means be put in place to measure and prove best execution?
- Can the entire fixed income market be encompassed in a single best execution policy?
- How you utilize technology to support best execution analysis with different trading protocols?
- How can you use pre trade information to define best pricing and ensure best execution?
Pete Eggleston
CEOBestEx
10:00 - 10:30 Guest Keynote Speaker: Negotiation Secrets from a Hostage Negotiator- How to master the art of negotiation in the workplace
- What is better than "yes" in a negotiation
- How to guarantee compliance from your counterpart
- How to get your counterpart to listen
- What it takes to identify key pieces of information you can only get at the table
Christopher Voss
Former Lead International Hostage Negotiator, FBI and currently CEOBlack Swan Group
10:30 - 11:00 Political Keynotes: How to make sense of the political agenda to best understand the implications for financial markets
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With the party nominations likely sown up by the summer, what's the state of play between Democrats and Republicans?
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Which catalysts are the ones to watch during the fall general election?
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Watch the policy mix
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Hubris of small differences
11:00 - 11:40 Morning Networking Break
Track A: Revamping Internal Workflows
11:40 - 12:20 360° Perspective: Embracing a new mindset - How must the buy and sell side adapt to promote innovation and prosper in this new market structure?Jim Switzer Head of Credit Trading Alliance Bernstein
Serge Marston Head of BrokerTec Direct EBS Brokertec
Thomas Thees Head of Fixed Income CastleOak Securities, L.P.
Chris Ferreri Chief Operating Officer Hartfield, Titus and Donnelly
Gaurav Chakravorty Co-founder and Head of Strategy Development qplum
Moderator:
Anthony Perrotta Partner, Global Head of Research and Consulting TABB Group
- How do both the buy side and sell side need to change behaviorally as innovation continues to revolutionize fixed income markets?
- How is automation changing the dialogue between portfolio managers and traders?
- How are buy and sell side firms adapting their trading and investment protocols to adapt and prosper in a changing market structure?
- Is a behavioral change needed to help unlock new liquidity and push innovation further across the market?
Thomas Thees
Head of Fixed IncomeCastleOak Securities, L.P.
Chris Ferreri
Chief Operating OfficerHartfield, Titus and Donnelly
TRACK B: Constructing A Diverse Product Strategy
11:40 - 12:20 360° Perspective: The hunt for yield - Will this change once interest rates rise?Interest rates in America are finally on the rise, with the FED setting a long term goal of an increase up to 4-5% on interest rates. Working in a zero interest environment for many years has presented a major challenge for buy side heads and the enduring ‘hunt for yield’. However, with the interest rise comes the potential to ease the burden, and this panel led by leading strategic experts, will provide expertise on:
- How will rising interest rates impact the yield curve for fixed income investors?
- Where should you position your portfolio on the yield curve to best manage interest rate risk?
- Should you be lured by the attractive yields of emerging market debt, or will an interest rate rise trigger a sell off in these markets?
- How can you create a yield enhancement strategy that overlays your existing portfolio?
David Saab
Managing DirectorJP Morgan Private Bank
David Thompson
Managing DirectorBrownAdvisory
Track A: Revamping Internal Workflows
12:20 - 13:00 360° Perspective: Working towards reliable fixed income Transaction Cost Analysis (TCA) - Are we moving closer to a defined market standard?- Are there adequate tools available to offer a reliable TCA service in fixed income?
- Should there be a single TCA methodology encompassing all fixed income products or should you tailor your approach per product?
- What are the key demands of fixed income TCA and how can you achieve this?
- What is the adoption rate of 3rd party TCA and what are the latest developments?
- Is it possible to have a reliable TCA across all products, or will you need different TCA methodologies for different TCA products?
TRACK B: Constructing A Diverse Product Strategy
12:20 - 13:00 360° Perspective: As emerging markets (EM) falter, where can you find the most lucrative trends to generate returns over the next 12 months?Over recent years, there has been a strong trend of emerging markets underperforming against developed markets in most asset classes. With low expectations and commodity prices at their lowest ebb for a long time, some would view emerging markets as a bearish, challenging market. However, the temptation to dive into emerging markets remains, and the hope that a turnaround is around the corner grows amongst market participants. This expert panel will shed light on:
- What are they key trends you should look to capitalize on over the next 12 months and beyond?
- How is the emerging market structure developing and how can eTrading assist with fixed income emerging market trading?
- Converging growth trends between DM and EM- How will this mature and will there be a return of diverging growth?
- How has the fall in commodity prices influenced EM trading?
- How can you effectively measure geo-political risk across different global markets?
13:00 - 14:00 Networking Lunch
14:00 - 14:40 360° Perspective: Big data analytics - How can you tap into new data sources and make sense of all your data and to improve your investment strategies.
Philippe Burke Protfolio Manager Apache Capital Management
Vadim Konstantinovsky, CFA Director Barclays
Brad Bailey Research Director Celent
Gaurav Chakravorty Co-founder and Head of Strategy Development qplum
Moderator:
Anthony Perrotta Partner, Global Head of Research and Consulting TABB Group
- How do different market participants from the buy and sell side rank their data to establish effective trading recommendations?
- What are the current limitations of market data and how can you overcome this to solidify your trading strategy?
- How can a reliable information network be established which provides consistent ways to communicate data?
- How to you ensure the data that is provided by third parties is managed properly and reliable to support your trading analysis?
- How can data be distributed more efficiently across the entire fixed income value chain?
14:40 - 15:00 Industry Perspective: Unlocking Blockchain’s potential - How can this new technology be harnessed in fixed income markets to slash costs?
Understanding Blockchain - How does Blockchain work and what are the potential benefits it can bring to fixed income market participants?
- Challenging the norm - What is the potential for Blockchain technology and how can this transform the way fixed income products are traded?
- What is the underlying infrastructure for Blockchain and how will it improve efficiency across the trade life cycle?
- Regulatory standpoint - Does the lack of a central authority through Blockchain reduce or improve trust and transparency?
15:00 - 15:40 Conference Wrap-up: Resolving your biggest pain-points from the Fixed Income Leaders Summit 2016
Michael Sanderson Managing Director MOS Solutions
Joe Rosen President RKA Inc.
Rich Mazzella Former COO, Global Fixed Income Citadel Asset Management
Chris Ferreri Chief Operating Officer Hartfield, Titus and Donnelly
Moderator:
Anthony Perrotta Partner, Global Head of Research and Consulting TABB Group
Our final session at the 2016 edition of the Fixed Income Leaders Summit will be designed by you. Throughout the two days, post a question regarding the biggest challenge you are currently facing to ensure it is addressed at the conference, and the most popular topics will be chosen by the audience for our panel of experts to provide insights on; make the most of this unique opportunity to shape the agenda yourself. Our knowledgeable panel will provide expertise on:
- Execution
- Technology
- Strategy
- Market
- Structure
- Regulation
Rich Mazzella
Former COO, Global Fixed IncomeCitadel Asset Management
Chris Ferreri
Chief Operating OfficerHartfield, Titus and Donnelly