Summit Day 2

08:20 - 08:50 Registration and Breakfast

08:50 - 09:00 Chairperson's Opening Remarks

Anthony Perrotta, Partner, Global Head of Research and Consulting at TABB Group

Anthony Perrotta

Partner, Global Head of Research and Consulting
TABB Group

One of the toughest tasks for buy side money managers is price discovery. With regulations resulting in a reduction in the amount of inventory that investment banks are holding, alongside the ongoing liquidity drought, the role of price makers is shifting to the buy side, as money managers take on the responsibility of price makers. Our all star panel on day two, representing all corners of the industry, will provide expertise on:
  • 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?
Jim Switzer, Head of Credit Trading at Alliance Bernstein

Jim Switzer

Head of Credit Trading
Alliance Bernstein

Elizabeth Duggan, Managing Director at Interactive Data

Elizabeth Duggan

Managing Director
Interactive Data

Anthony Perrotta, Partner, Global Head of Research and Consulting at TABB Group

Anthony Perrotta

Partner, Global Head of Research and Consulting
TABB Group

Richard Schiffman, Open Trading Product manager at MarketAxess

Richard Schiffman

Open Trading Product manager
MarketAxess

Sean J. Egan

President
Egan-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

CEO
BestEx

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 CEO
Black Swan Group

10:30 - 11:00 Political Keynotes: How to make sense of the political agenda to best understand the implications for financial markets

  • With the party nominations likely sown up by the summer, what's the state of play between Democrats and Republicans?

  • Which catalysts are the ones to watch during the fall general election?

  • Watch the policy mix

  • Hubris of small differences

Marc Chandler, Political Economist at Brown Brothers Harriman

Marc Chandler

Political Economist
Brown Brothers Harriman

Matt Dabrowski, Political Analyst at Wall Street

Matt Dabrowski

Political Analyst
Wall Street

11:00 - 11:40 Morning Networking Break


As fixed income markets transform and the way you trade on a daily basis changes, many industry experts not only suggest that changes in technology and market structure is required, but also a change in mindset. With your roles and the way you plan and execute trades changing, new innovative ways of thinking and working also need to be adopted to help both the buy side progress and harness change. Attend this industry leading panel where they will discuss: 
  • 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?
Jim Switzer, Head of Credit Trading at Alliance Bernstein

Jim Switzer

Head of Credit Trading
Alliance Bernstein

Anthony Perrotta, Partner, Global Head of Research and Consulting at TABB Group

Anthony Perrotta

Partner, Global Head of Research and Consulting
TABB Group

Serge Marston, Head of BrokerTec Direct at EBS Brokertec

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 at qplum

Gaurav Chakravorty

Co-founder and Head of Strategy Development
qplum

TRACK B: Constructing A Diverse Product Strategy

11:40 - 12:20 360° Perspective: The hunt for yield - Will this change once interest rates rise?
Audience Participation

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 Director
JP Morgan Private Bank

Andrew Hofer, Managing Director, Head Taxable Fixed Income at Brown Brothers Harriman

Andrew Hofer

Managing Director, Head Taxable Fixed Income
Brown Brothers Harriman

David Thompson

Managing Director
BrownAdvisory

Jeffrey Young, CEO and Chief Economist at DeepMacro

Jeffrey Young

CEO and Chief Economist
DeepMacro

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?
As the requirement to prove best execution intensifies, the demand for a reliable fixed income TCA is increasing. With advanced TCA technology available for other asset classes such as Equities and FX, firms have been looking to develop a new methodology which can be used to improve trading processes and measure best execution. This market leading panel will provide expert insight on:
  • 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?
James Wallin, Head of Fixed Income Trading at Alliance Bernstein

James Wallin

Head of Fixed Income Trading
Alliance Bernstein

David Krein, Head of Research at MarketAxess

David Krein

Head of Research
MarketAxess

David B. Weiss, Senior Analyst at Aite Group

David B. Weiss

Senior Analyst
Aite Group

Brandon Rasmussen, Senior Trader at Russell Implementation Services Inc

Brandon Rasmussen

Senior Trader
Russell Implementation Services Inc

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?
Edward Boyle, Global Macro Portfolio Manager at American Century Investments

Edward Boyle

Global Macro Portfolio Manager
American Century Investments

John Espinosa, Head of Global Sovereign & Emerging Markets Research at TIAA CREF

John Espinosa

Head of Global Sovereign & Emerging Markets Research
TIAA CREF

Todd Finkelstein, Senior Fixed Income Portfolio Manager at Conning Asset Management

Todd Finkelstein

Senior Fixed Income Portfolio Manager
Conning Asset Management

Jeffrey Young, CEO and Chief Economist at DeepMacro

Jeffrey Young

CEO and Chief Economist
DeepMacro

13:00 - 14:00 Networking Lunch

Although various fixed income asset types may appear to be good investment targets, analyzing the risks is vital to overcome the many challenges provided with new investment strategies. Therefore, the correct and proper use of data and analytics is bearing increasing importance across fixed income markets. During this session our expert panelists will provide insights on:
  • 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?
Philippe Burke, Protfolio Manager at Apache Capital Management

Philippe Burke

Protfolio Manager
Apache Capital Management

Anthony Perrotta, Partner, Global Head of Research and Consulting at TABB Group

Anthony Perrotta

Partner, Global Head of Research and Consulting
TABB Group

Vadim Konstantinovsky, CFA, Director at Barclays

Vadim Konstantinovsky, CFA

Director
Barclays

Brad Bailey, Research Director at Celent

Brad Bailey

Research Director
Celent

Gaurav Chakravorty, Co-founder and Head of Strategy Development at qplum

Gaurav Chakravorty

Co-founder and Head of Strategy Development
qplum

14:40 - 15:00 Industry Perspective: Unlocking Blockchain’s potential - How can this new technology be harnessed in fixed income markets to slash costs?

Wall Street is becoming increasingly gripped with Blockchain technology and its potential to transform capital markets as a whole, including the traditional ways of trading both bonds and derivatives. Over the last 12 months, the talk of blockchain has gained momentum and more of the leading firms across capital markets are now tuning their attention to this technology to better understand what benefits it can bring. During this session you will learn: 
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?
Ron Quaranta, Executive Director, Wall Street at Blockchain Alliance

Ron Quaranta

Executive Director, Wall Street
Blockchain Alliance

Audience Participation

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
Michael Sanderson, Managing Director at MOS Solutions

Michael Sanderson

Managing Director
MOS Solutions

Joe Rosen, President at RKA Inc.

Joe Rosen

President
RKA Inc.

Anthony Perrotta, Partner, Global Head of Research and Consulting at TABB Group

Anthony Perrotta

Partner, Global Head of Research and Consulting
TABB Group

Rich Mazzella

Former COO, Global Fixed Income
Citadel Asset Management

Chris Ferreri

Chief Operating Officer
Hartfield, Titus and Donnelly

15:40 - 15:45 Chairperson's Closing remarks

Anthony Perrotta, Partner, Global Head of Research and Consulting at TABB Group

Anthony Perrotta

Partner, Global Head of Research and Consulting
TABB Group

15:45 - 23:59 Conference Close