Fixed Income Future Leaders USA 2017

May 16 - 18, 2017

Westin Copley Place - Boston

+44 (0)207 368 9330

Day 2- Thursday 18th May 2017

Day 2

Expand All Sessions [+] Collapse All Sessions [-]

8:20 AM Registration & Breakfast

8:45 AM Chairperson's Opening Remarks

Outlining On The Bigger Picture
8:50 AM All Star Panel: Defining best execution for the buy side- How can you build a reliable methodology to measure and achieve best execution in today’s fragmented fixed income world?

Sam Priyadarshi, Head of Portfolio Risk and Derivatives, Vanguard Group Inc.

Dwayne Middleton, Executive Director, Head of US Fixed Income Trading, Morgan Stanley Investment Management

Glenn Taitz, Head of Fixed Income Trading, Invesco

Mike Nappi, Vice President, Investment Grade Corporate Bond Trading, Eaton Vance

Mustafa Chowdhury, MD, Head of Rates, Voya Investment Management

  • The evolution of best execution- How are leading buy side heads measuring best execution and what changes have they made?
  • Broader than ‘best price’- What other parameters should you measure your best execution standards against other than pricing?
  • Strategy selection- How can you fully understand what is the right approach for the right environment?
  • What front office technology is essential in today’s electronic world to help you measure and maximize your chances of achieving best execution?
  • What can the US learn from European best execution standards under the new MiFID II guidelines?
 Sam Priyadarshi
Sam Priyadarshi
Head of Portfolio Risk and Derivatives
Vanguard Group Inc.
Dr. Sam Priyadarshi is Head of Portfolio Risk and Derivatives at Vanguard and leads a global team responsible for derivatives trading and portfolio risk management of active fixed income funds totaling over $115 billion. He manages the research and execution of overlay strategies. He is chair of the Technology Steering Committee and a member of the ...[Read More]

 Dwayne Middleton
Dwayne Middleton
Executive Director, Head of US Fixed Income Trading
Morgan Stanley Investment Management

Dwayne is Head of US Fixed Income Tradingin Long Only Asset Management. He joined Morgan Stanley in 2009 and has 21years of investment experience. Prior to joining the firm, Dwayne spent nineyears with JPMorgan Asset Management as a senior portfolio manager. Mostrecently, he was head of Investment Grade Credi ...[Read More]

Glenn Taitz
Head of Fixed Income Trading
Invesco

 Mike Nappi
Mike Nappi
Vice President, Investment Grade Corporate Bond Trading
Eaton Vance

 Mustafa Chowdhury
Mustafa Chowdhury
MD, Head of Rates
Voya Investment Management

9:30 AM Economic Keynote: The year ahead- What will be the key macro indicators in 2017 and how will this impact fixed income markets?

  • Global outlook- What is the medium-long term outlook for mature economies and how can you use this to your benefit?
  • What themes will dominate the fixed income agenda over the next 12 months and how can you steer your desk through these new changes?
  • Will global divergence in economic growth and monetary policy continue into 2017 or could we finally see a stabilising global economy?
  • Fundamental investment trends- Are we seeing enough global growth to underpin performance or are we potentially closing in on another recession?
  • How has the US rate hike impacted global markets- Could we see a further hike over the next 12 months or are the risks too great?

Capital Markets Under A New Regime
9:50 AM Keynote Interview: The alignment between Politics and Wall Street- How will the change in president impact financial markets and is this change overall positive or negative?

Chris Ferreri, Chief Operating Officer, Hartfield, Titus and Donnelly

  • What does a Trump White House mean for financial regulation?
  • What will the political regime look like under the new President and how will this impact financial markets?
  • Is there potential for the Dodd Frank Act to be reformed or even repealed and create further upheaval in US capital markets?
  • Could a Trump Presidency see the US pull back from international financial markets and regulation such as the Basel Committee and Financial Stability Board amongst others?
 Chris Ferreri
Chris Ferreri
Chief Operating Officer
Hartfield, Titus and Donnelly

10:20 AM All Star Panel: The pioneers from equities- How is the fixed income eTrading transition progressing in comparison to the equities evolution?

Brandon Rassmussen, Senior Trader, Russell Investments Implementation Services Inc.

Ed Boyle, Global Macro Portfolio Manager, American Century Investments

Michael Beattie, Director, Product Management, Charles River Development

  • Equity vs. Fixed Income- In what aspects of fixed income does equities overlap and where are there no correlations?
  • What are the key factors influencing the change in market structure and what direction are fixed income markets heading in comparison to equities?
  • Market structure, TCA, sponsored access and agency models in fixed income- what are the key similarities and differences in comparison to equity models?
  • Without a centralized exchange, how can the fixed income market structure develop to bring more transparency to the buy side?
 Brandon Rassmussen
Brandon Rassmussen
Senior Trader
Russell Investments Implementation Services Inc.

Brandon Rasmussen is a Senior Fixed Income Trader for Russell Investments. Brandon is responsible for the direction and oversight of global fixed income trading activity. The current product suite includes short term investments, exposure management, transition management, execution services, commission recapture, ETFs, emulation, interim portfo ...[Read More]

 Ed Boyle
Ed Boyle
Global Macro Portfolio Manager
American Century Investments
Edward Boyle is Vice President and Portfolio Manager for American Century Investments®, a premier investment manager headquartered in Kansas City, Missouri. He is based in the company's New York office.

Mr. Boyle is a member of the Rates and Currency Markets team within the firm's Fixed Income group. He also serves as a portfolio ma
...[Read More]

 Michael Beattie
Michael Beattie
Director, Product Management
Charles River Development
Michael is responsible for the product management of Charles River’s Fixed Income Execution, Equity, FX, and Listed Derivative initiatives. Prior to joining Charles River, Michael worked at Fidelity Investments where he was Vice President of Program Management and was responsible for Equity, Fixed Income, and Electronic Trading projects for the Fi ...[Read More]

11:00 AM Industry Perspective: Debunking Myths about Trading Fixed Income ETFs- An introduction to fixed income ETFs and how they work

Philip Cichlar, Head of ETF Sales and Trading, Jane Street

Philip Cichlar
Head of ETF Sales and Trading
Jane Street

Phil has been a trader at Jane Street for over 7 years. He joined the ETF execution team from Jane Street’s proprietary fixed income desk where he was a senior fixed income trader. Phil is the team’s resident expert on fixed income ETFs. 

Phil played an instrumental role in building out Jane Street’s bond trading desk and is an expert ...[Read More]

11:20 AM Morning Networking Break

Evaluating New Methods Of Trading

11:50 AM 360 Perspective: What are the business requirements for the buy side to transition from a price taker to a price maker?

Alvin Burgos, Head of US Fixed Income Trading, Deutsche Asset Management

Moderated By:
Chris White
, CEO, ViableMKTS

Mikko Korhonen, Head of Fixed Income Trading, Norges Bank Investment Management

Neal Rayner, Formerly Head of Fixed Income Trading - US, Formerly Aberdeen Asset Management

  • Buy side as price makers- What tools do the buy side need to advance their price making capabilities?
  • What has changed in the buy sides workflow and how are they defining liquidity and making prices?
  • The do’s and don’ts- What is the functional underpinning of pricing and how can you create a methodology for accurate pricing?
  • Discovery methodology- How can you find out who has bonds, how to get them and the potential impact on pricing if they start to trade?
  • Pricing illiquid funds- With limited data points is it possible to create reliable and accurate prices yourself?
 Alvin Burgos
Alvin Burgos
Head of US Fixed Income Trading
Deutsche Asset Management

 Mikko Korhonen
Mikko Korhonen
Head of Fixed Income Trading
Norges Bank Investment Management

 Neal Rayner
Neal Rayner
Formerly Head of Fixed Income Trading - US
Formerly Aberdeen Asset Management

Moderated By:

 Chris White
Chris White
CEO
ViableMKTS

TCA Workshop

Synergy Workshop: What makes a credible TCA system? Outlining the building blocks for obtaining reliable pre and post trade fixed income TCA

  • How should the buy side look at fixed income TCA and what is their methodology?
  • How can you implement fixed income TCA to meet your execution needs?
  • What types of fixed income TCA models are being developed and how are they different to other asset classes?
  • Can a reliable fixed income TCA model encompass the full fixed income product range or should you use different TCA methodology for different products?
  • Is there the appropriate level of reference data within fixed income to create a reliable TCA methodology?
  • Pre and post trade TCA- How to use TCA to measure your trading performance

Adapting To A New Derivatives Market Order

360 Perspective: Opening the door to OTC ‘All to All’- What are the structural impediments restricting the evolution of the OTC markets and what can be a catalyst for change?

Moderated By:
Michael Kogler
, Senior Executive and Relationship Manager, Milepost Capital Management

Geoffrey Hardin, Fixed Income Trading Vice President, T. Rowe Price

David Weiss, Senior Analyst, Aite Group

  • Trade execution in swaps- Is a dominant ‘order book’ beyond the realms of possibility in OTC trading?
  • Do the buy side desire more access to IDB liquidity and if so how can this be achieved?
  • The growth of D2C volumes for swaps- How are these venues adapting to offer new models of execution to the buy side?
  • With traditional incumbents dominating, how can any market utility change behaviour to shift liquidity to a new venue?
  • The future of SEF trading- Do the buy side have the appetite to trade on an order book over RFQ in the long term?
Geoffrey Hardin
Fixed Income Trading Vice President
T. Rowe Price

 David Weiss
David Weiss
Senior Analyst
Aite Group
David B. Weiss is a senior analyst with Aite Group, with more than five years’ experience covering multi-asset market structure, global derivatives, electronic trading, global financial regulation, and capital markets intellectual property, all with a subtle undercurrent of trading technology.

Mr. Weiss brings to Aite Group over 10
...[Read More]

Moderated By:

 Michael Kogler
Michael Kogler
Senior Executive and Relationship Manager
Milepost Capital Management

Preparing for OTC Derivative Reforms

Synergy Workshop: New trading, clearing and collateral requirements-How can small and large buy side firms practically pr

Sol Steinberg, Founding Principal, The OTC Partners

  • Where are the current clearing proposals up to and how will you be impacted?
  • Uncleared swaps- How will they be handled under the new mandate?
  • What are documentation protocols associated with central clearing and who can help with this?
  • Moving systematic risk- What are the recovery and resolution rules for CCP’s themselves?
  • Swaps trading in Europe- How do the mandatory trading rules in the US differ from the European trading requirements?
 Sol Steinberg
Sol Steinberg
Founding Principal
The OTC Partners

Rethinking Traditional Portfolios

360° Perspective: Alternative investment strategies in a low yield environment- Which strategies should you implement to give your portfolio the best exposure?

Moderated By:
John Bird
, Partner, Tixall Global Advisors

Adam Purzitsky, Co-Head, Rates Team, Old Mutual Global Investors

Earl Davis, Portfolio manager, FICC, Ontario Teachers Pension Plan

Zachary Ellison, Director, US Public Fixed Income, Sunlife Investment Management

Ed Boyle, Global Macro Portfolio Manager, American Century Investments

  • How should you position your portfolio on the yield curve and how can you minimise the impact of negative yields?
  • Yield vs. risk- How can you position your portfolios to keep yield while keeping risk well managed?
  • Long term investments- How can investors find the yield they need to be successful over a longer timeframe?
  • What asset classes, sectors and geographies are investors looking at to find yield.
  • Corporate vs. Municipal bonds- What products and strategies support a low yield environment? 
 Adam Purzitsky
Adam Purzitsky
Co-Head, Rates Team
Old Mutual Global Investors

 Earl Davis
Earl Davis
Portfolio manager, FICC
Ontario Teachers Pension Plan

 Zachary Ellison
Zachary Ellison
Director, US Public Fixed Income
Sunlife Investment Management

Zack Ellison is a Director in U.S. PublicFixed Income and a corporate credit trader at Sun Life Investment Management,whose teams manage over $100 billion in assets for the Sun Life Financial groupof companies. Sun Life Investment Management designs and delivers investmentsolutions for liability-based institu ...[Read More]

 Ed Boyle
Ed Boyle
Global Macro Portfolio Manager
American Century Investments
Edward Boyle is Vice President and Portfolio Manager for American Century Investments®, a premier investment manager headquartered in Kansas City, Missouri. He is based in the company's New York office.

Mr. Boyle is a member of the Rates and Currency Markets team within the firm's Fixed Income group. He also serves as a portfolio ma
...[Read More]

Moderated By:

 John Bird
John Bird
Partner
Tixall Global Advisors

Evaluating New Methods Of Trading

12:30 PM Fireside Chat: The growth of passive investing- Why are ETFs becoming an increasingly used trading vehicle and how can you reap the benefits?

Rick Harper, Head of Fixed Income and Currency, Wisdomtree Asset Management

  • Why has there been growth in passive investing and ETF adoption and how are the buy side managing ETFs?
  • ETF trading- How are market makers and banks adapting to the electronification of ETF products and how are they bringing them market?
  • How can ETFs be used as an alternative source of alpha in a low yield environment as a means of generating returns for your investors?
  • ETFs as an alternative means of sourcing liquidity- Could ETFs be the solution to the liquidity crunch in fixed income 
 Rick Harper
Rick Harper
Head of Fixed Income and Currency
Wisdomtree Asset Management

Rick Harper serves as the Head of Fixed Income and Currency for WisdomTree Asset Management, where he oversees fixed income and currency products developed through our collaborations with the BNY Mellon Corporation and Western Asset Management. Rick has over 19 years investment experience in strategy and portfolio management positions at promine ...[Read More]

TCA Workshop

Session continues

Session Continues

Adapting To A New Derivatives Market Order

Industry Perspective: What are the international standards for clearing houses and how resilient are they?

  • What other layers of regulation and standards need to be put down for clearing houses?
  • What risks are still associated with clearing houses and how can you avoid them?
  • Is the lack of competition amongst clearing houses a concern for derivative market participants?
  • What other products are set to be included for mandatory clearing in the near future?

Preparing for OTC Derivative Reforms

Session continues

Session Continues

Rethinking Traditional Portfolios

Industry Perspective: Emerging markets focus- Which countries will offer the most profitable opportunities in 2017?

  • What are the key trends and themes that will dominate EM and generate returns over the next 12 months?
  • Long vs short term- Which countries should you invest in over the next 12 months?
  • How are different markets reacting to the interest rate rise in the US and what opportunities does this bring?
  • What is the relationship between commodity prices and EM trends and how does this influence EM trading?
  • Debt restructuring- Are we going to see more of this in EM countries?

Evaluating New Methods Of Trading

12:50 PM 360 Perspective: Corporate New issuance- Is status quo good enough, or is the time right for making improvements?

Herb Werth, Managing Director, Ipreo

  • The health of the market today- How has the US new issuance market changed in 2017?
  • Outlining the full life cycle of new issuance and the impacts of market volatility- how can you best handle this?
  • Order placement and allocation – who would benefit from more transparency, and how much is enough?
  • Are there best practices that can be implemented in primary markets and should these be determined by market participants or regulators?
  • What lessons can the US learn from other markets in order to make it a smoother, more efficient process?
 Herb Werth
Herb Werth
Managing Director
Ipreo

TCA Workshop

Session continues

Session Continues

Adapting To A New Derivatives Market Order

360 Perspective: SEF Leaders- What is next in the SEF market structure and how will they evolve?

Moderated By:
Michael Kogler
, Senior Executive and Relationship Manager, Milepost Capital Management

  • What new protocols are SEFs offering across the swap market to attract new market participants?
  • How are regulators enforcing rules around record keeping, impartial access, and trade reporting?
  • US vs EU - How are SEF’s assisting the buy side with geopolitical risks and cross-border regulation in swaps?
  • Which instruments are next to be made available to trade and how will this impact the buy side?
  • What functionalities of SEF trading can help with the development of eTrading in the derivatives space?

Moderated By:

 Michael Kogler
Michael Kogler
Senior Executive and Relationship Manager
Milepost Capital Management

Preparing for OTC Derivative Reforms

Session continues

Session Continues

Rethinking Traditional Portfolios

Case Study Revolution: Widening your sources of risk and return- What alternative products can you invest in to generate profits for your clients?

Peter Fusaro, Chairman, Global Change Associates

Tim Gallagher, CEO, Sympatico Fund

Gaurav Chakravorty, Co-Founder, QPlum

  • In a low interest rate, low yield environment, how can alternative assets provide a profitable haven?
  • What benefits can incorporating a much wider range of strategies and assets as part of your core investment strategy bring?
  • Asset allocation- Real estate, emerging markets and structured products; where are the best opportunities in these sectors.
  • Overcoming a lack of liquidity in credit derivatives- What other ways you can get credit exposure with more liquid products?
  • What benefits can incorporating a much wider range of strategies and assets as part of your core investment strategy bring? 
 Peter Fusaro
Peter Fusaro
Chairman
Global Change Associates

Tim Gallagher
CEO
Sympatico Fund

 Gaurav Chakravorty
Gaurav Chakravorty
Co-Founder
QPlum

Networking Lunch

1:30 PM Networking Lunch

Women Trading Think Tank

Women in Trading Think Tank: How can the fixed income industry better attract, develop and retain top female talent?

Overcoming Liquidity Hurdles
2:30 PM All Star Panel: Adapting to the new norm- How can you navigate today’s fragmented fixed income world to successfully source liquidity on a regular basis?

Sam Priyadarshi, Head of Portfolio Risk and Derivatives, Vanguard Group Inc.

Anthony Cucinotta, Head of Trading, Capital Advisors Group

Eric Charron, Director, Co-Head of Global Public Markets Trading, Liberty Mutual Group

Henley Smith, Senior Vice President, Vanderbilt Asset Management

  • What are the main causes of poor liquidity across fixed income markets and how can they be addressed?
  • Liquidity conditions- How has liquidity changed, what works now and how has the progression been on providing new solutions?
  • Adapting to the new norm- Where does liquidity lie now and what tools and strategies do you need to source it?
  • Will liquidity ever return to the conditions of pre-2008 or is the current environment here to stay?
  • Debate- Would a cultural shift on the buy side of sharing data significantly improve transparency and liquidity conditions in fixed income, and if so is this possible?
 Sam Priyadarshi
Sam Priyadarshi
Head of Portfolio Risk and Derivatives
Vanguard Group Inc.
Dr. Sam Priyadarshi is Head of Portfolio Risk and Derivatives at Vanguard and leads a global team responsible for derivatives trading and portfolio risk management of active fixed income funds totaling over $115 billion. He manages the research and execution of overlay strategies. He is chair of the Technology Steering Committee and a member of the ...[Read More]

 Anthony Cucinotta
Anthony Cucinotta
Head of Trading
Capital Advisors Group

 Eric Charron
Eric Charron
Director, Co-Head of Global Public Markets Trading
Liberty Mutual Group
Mr. Charron is a graduate of the University of Massachusetts where he earned a Bachelor’s Degree in Business Administration and the University of Vermont where he earned an Master’s Degrees in both Business Administration and Statistics. Mr. Charron has over 12 years of experience in varying Investment Management roles, including over 10 years of ...[Read More]

 Henley Smith
Henley Smith
Senior Vice President
Vanderbilt Asset Management

Henley Smith currently serves as Senior Vice President with primary responsibility of relationship management and business development through the introduction of individual, family office and selective institutional clients to Vanderbilt Avenue Asset Management’s suite of solutions in cash and short-duration fixed income investments and related ...[Read More]

3:10 PM Fireside Chat: The millennial trader- What are the requirements of both traders and portfolio managers to successfully thrive in liquidity deprived markets?

Zachary Ellison, Director, US Public Fixed Income, Sunlife Investment Management

Ben Emons, Chief Economist, Head of Credit Portfolio Management, Intellectus Partners

  • PM and trader evolution- How are the skill sets are evolving and what you need over the years to become a productive contributor.
  • How has changing broker relationships, increased eTrading and the market structure overhaul impacted the day-to-day functions of traders and PMs?
  • Traders vs. PMs- Should your dealers just be focused solely on execution, or should they also work in an advisory role to provide expertise on certain trades?
  • Empowering your trading and investment functions- How can you set up internal processes to improve workflow efficiency across trading and portfolio management?
  • How is automation changing the dialogue between portfolio managers and traders? 
 Zachary Ellison
Zachary Ellison
Director, US Public Fixed Income
Sunlife Investment Management

Zack Ellison is a Director in U.S. PublicFixed Income and a corporate credit trader at Sun Life Investment Management,whose teams manage over $100 billion in assets for the Sun Life Financial groupof companies. Sun Life Investment Management designs and delivers investmentsolutions for liability-based institu ...[Read More]

 Ben Emons
Ben Emons
Chief Economist, Head of Credit Portfolio Management
Intellectus Partners

Looking Forward To 2018 And Beyond
3:30 PM Conference Wrap-up: Tailor the content- Your final chance to have your unresolved fixed income pain points resolved

Chris Ferreri, Chief Operating Officer, Hartfield, Titus and Donnelly

Sol Steinberg, Founding Principal, The OTC Partners

John Bird, Partner, Tixall Global Advisors

Our final session at the 2017 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
 Chris Ferreri
Chris Ferreri
Chief Operating Officer
Hartfield, Titus and Donnelly

 Sol Steinberg
Sol Steinberg
Founding Principal
The OTC Partners

 John Bird
John Bird
Partner
Tixall Global Advisors

4:00 PM Chairperson's Closing Remarks

4:05 PM Conference Close