Summit Day 1

While the implementation date for MiFID II is debated by EU policymakers, one thing that is guaranteed will be the major implications that MiFID II is going to have across global fixed income markets. For anyone trading across global markets, this session is a ‘must-not-miss’ where you will learn:

• What is the current status of MiFID II in Europe and how will the timelines impact US firms?
• EU vs. US transparency requirements and differentiation - How do you manage accounts that fall under EU regulations?
• How will MiFID II impact a US entity’s ability to access EU liquidity and how can this be overcome?
• What impacts will MiFID II have on the European market structure and what will this mean for the US landscape?
• Are MiFID II rules leading to increased fragmentation between the US and EU markets?

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Audience Participation
There is a consensus among market participants that as the Federal Reserve rise interest rates for the first time in almost a decade, buy side firms will find it increasingly difficult to transact large blocks should investors decide to flee the market. The contentious issue has divided opinion across the market, and this expert panel will debate both sides of the argument to let you decide for yourself if TRACE reporting should be delayed or not. Hear the panelists contest on issues including:

• Implications of TRACE - Does it help or hinder liquidity?
• Should TRACE be real-time or once a day - what are the pros and cons of each model?
• Would a loosening of the disclosure requirements boost liquidity in the market?
• Can block trading through TRACE be undertaken without giving away a firms position?

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• What themes will dominate the fixed income agenda over the next 12 months and how can you steer your desk through these new changes?
• What will be the political implications should Greece, and potentially the UK, leave the Eurozone?
• What is the outlook for the FED, ECB and BoE policies as central banks operate at different stages of Quantative Easing?
• Do diverging interest rate policies and currency prospects across different regions offer an opportunity to fixed income investors?

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Buy side to buy side collaboration - Open to 15 Global Heads of Trading from America’s top 20 asset managers

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• What is next on the US regulatory agenda and how will this impact fixed income markets?
• How can the buy side adjust to new market conditions on the back of the regulatory regime?
• What can regulators do to help improve transparency and liquidity and promote a more coherent market structure?
• Cross border rules- How can regulators work together across jurisdictions to minimize impact for global firms?

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The regulatory bandwagon rolls on, and there are a number of different policies which have been put on the table which have been designed to increase transparency, improve trading protocols and ensure best execution. These roundtables are open to a maximum of 10 delegates each, to entice an open, interactive discussion and will be hosted by one subject matter expert. Network with your peers to establish best practice processes to overcome your biggest regulatory hurdle:

Roundtable 1: TRACE- How can TRACE be improved to increase transparency without hindering liquidity?
Chris White, CEO, ViableMKTS

Roundtable 2: MiFID II - What needs to be put in place now for US firms to prepare for MiFID II implementation?
Stephen Humenik, Of Counsel, Covington and Burling, formerly SEC

Roundtable 3: Unbundling - How will research and commission costs be broken down under the new reform and what will this mean for US markets?
Paul Aston, CEO and Director, Tixall Global Advisors

Roundtable 4: Dodd Frank and the Volcker Rule- What impact will this have on the buy side?
Mayra Rodriguez Valladares, Managing Principal, MRV Associate

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Finally, at the end of 2015, the FED raised interest rates, something that had been on the horizon for over 12 months. Now, the rate rise provides both challenges and opportunities, especially with diverging interest rate policies across the globe. During this session, our experts will provide insights on:

• What impact will rising rates have on US markets and how can you benefit from the rate rise?
• What will a rate rise combined with a stronger USD mean for global trading?
• How can you successfully steer your desk through diverging interest rate policies across the globe?
• Interest rates and sell offs - How can you reduce risk in your portfolio during stressed market conditions?
• Will a rate rise in the US prompt other central banks to do the same?

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Buy side heads have been confronted with a tsunami of new fixed income platforms over recent years, all claiming to have different USP’s and the magic combination to resolve the liquidity crisis. For buy side firms, deciding which platform and initiative to work with can be a tough challenge. This industry leading panel will provide insights on:

• What progress has been made by key fixed income platform initiatives?
• What functionalities make the most ideal fixed income trading platform, and how close are we to reaching this hybrid model?
• What lessons could be learned from the equities platform boom many years ago and how is the fixed income market developing in comparison to this?
• What protocols do new fixed income platforms need?
• One year on - how have all the new platforms and electronic venues fared and have they met their goals?

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Audience Participation

The intense pressure from regulators is pushing sell side firms to their limits. Saddled with capital constraints, the sell side are now committing less capital, warehousing less inventory and taking on less risk, meaning the traditional ways in which they transact with the buy side is changing. As the regulatory screw tightens further, the traditional principal based structure is under threat, and the way buy side and sell side firms interact is changing. During this session, our panelists will debate:

• Do increased costs and reduced balance sheets mean that a more dominant agency model is inevitable?
• Agency vs. Principal - Are the sell side now there just to facilitate execution between buyers and sellers?
• Are agency models reliable enough to offer an effective service in fixed income markets?
• Can a principal model still offer a successful business model for the sell side?
• Could a ‘Riskless Principal Model’ be the way forward in the long term to offer maximum value to the buy side?

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Historically, the buy side have always relied on the sell side for shepherding risk. However, due to capital constraints, the sell side cannot price risk and transfer it to their own balance sheet as freely as they could in the past. With the buy side now warehousing more risk on their books, they need to find new methods to manage this. This panel will provide thought leadership around:

• How have capital constraints on banks impacted their ability to take on and price risk?
• With the buy side now warehousing risk, is there enough liquidity in stressed market conditions?
• If there was a major event, how could the buy side source funds and what needs to be done to source liquidity?
• As the buy side can no longer rely on sell side balance sheets and prop desks, how can you find someone for the other end of a trade?

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This interactive seminar looks at what it means to be a woman in trading in 2016. Hosted by two prominent figures in the European trading space, discuss your concerns, aspirations and challenges and find solutions from your peers. The boardroom is limited to a maximum of 15 delegates to promote an open interactive discussion covering key points including: 

• What does it means to be a woman in the fixed income industry in 2016? 
• How is the industry addressing the aspirations of women to develop in leadership roles? 
• How are firms showcasing female talent contributing in the financial sector? 
• What more could be done by firms and the broader FI industry to attract, retain and promote women into leadership roles?
• Sharing common challenges with your female peers and finding solutions to address them

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Audience Participation

As dealers have scaled back their operations and balance sheets, new platforms of all shapes and sizes have looked to fill this space and capitalize on the liquidity crunch, and different platforms have come to the fore to facilitate the transactions for various instruments. During this session, our panelists will provide expertise on:

• What functionality and protocols of trading platforms are best suited to different types of trades?
• Will new entrants and electronic innovation mean a decline of the traditional RFQ model in fixed income?
• As eTrading and innovation goes on, what model will be the most dominant form of trading in 5 years time?
• Have the new models away from RFQ led to necessary enhancements in fixed income markets, or has it just fragmented the market further?
• Can a hybrid model of all three be created in the future?

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Over the last 12 months, there have been major tectonic shifts in the IDB space, with a number of mergers, acquisitions and new models changing the face of the market. As the market structure transformation moves into top gear, IDB’s are now re-shaping themselves to capitalize on the fragmentation in the industry, and changing their models to offer a new service to you. During this session you will learn:

• How will the IDB’s provide increased and alternative access to liquidity for buy side firms?
• How has the IDB market evolved for treasuries, and is there any scope to include the buy side on their credit markets?
• Is the traditional role of an IDB over - what is the transformational process that the IDB’s are going through?
• How will the IDB’s work with both buy and sell side firms and offer value on both sides of the market?
• The transformation from IDB market to trading platforms - how have they transformed into a suitable exchange for the buy side?

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Using exchange-traded funds (ETF’s) as a vehicle for bond investment has been on an upward trajectory. Investors are now becoming more comfortable with the ETF structure, and the poor results in stocks over recent years have sent investors towards the safe haven of bond ETF’s. During this session, our ETF experts will shed light on:

• Equity ETF’s vs Bond ETF’s- What lessons can be learned from the equities space and where do the key differences lie?
• How can you incorporate ETF’s in your fixed income portfolio alongside more traditional products?
• What are the systematic risks when using fixed income ETF’s and how can you minimize this risk?
• What electronic solutions can assist you when trading fixed income ETF’s?

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With new regulations, a changing market structure and increasing compliance demands, ensuring you have an OMS system which is fully up to date and can cope with all of these changes is vital. This expert session is dedicated to giving you the knowledge on exactly what you should be expecting from your current OMS provider, and outlining what systems can cope with current market demands. Listen to this subject matter expert and learn:

• How can you establish if your current OMS system is sufficient enough to meet the demands of increased risk and electronic trading? 
• How can OMS systems adapt to incorporate new platforms for connectivity to your current OMS? 
• How are the buy side replacing or upgrading their OMS to address demands across the new market structure? 
• EMS developments - Is the level of electronic trading in fixed income sufficient enough to create a robust EMS system?

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HTF firms are synonymous with other asset classes such as equities and FX, however there has been a recent increase in the number of HFTs working within the realms of fixed income as markets have become more electronically driven. This keynote presentation from one of the top HFT experts will provide expert insights into the inner workings of High Frequency firms, where they will shed light on: 

• Where do HFTs position themselves within fixed income trading spectrum and how are they performing? 
• How will the impeding interest rate rise benefit HFTs as they look to capitalize on the swing in market conditions? 
• How do HFT trading strategies in US fixed income markets differ in comparison to equity markets and is it good or bad for the market as a whole? 
• The future of futures- Does the futures market offer the best avenue into fixed income for HFTs as one of the most liquid and commonly traded products? 
• Could we see HFT firms move from the treasury market into the corporate market or is it too illiquid?

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The new issuance process can be long and laborious, and the negative overall market view centers around the lack of transparency throughout the entire process. This market leading panel will firstly provide more clarity on the new issuance process, as well as provide solutions to a more efficient, transparent model. Attend to learn:

• What is the full life cycle of the new issuance process and how can this be made more efficient?
• Can the entire new issuance process be standardized for a faster more reliable service?
• How can transparency with both buy side and sell side firms be increased for the new issuance process?
• How can you determine what new issues are suitable for your investment processes?
• What technology can help with the new issue process?

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