Fixed Income Leaders USA Summit 2018

June 06-June 08, 2018

Westin Copley Place, Boston

44 (0)207 368 9330

Agenda Day 2

7:15 AM - 8:30 AM Conference Registration & Networking Breakfast

7:30 AM - 8:15 AM Exclusive Invite Only Buy Side Head Trader Breakfast (Session 1) How can the buy side better collaborate to drive mutually beneficial initiatives forward?

8:30 AM - 8:35 AM Welcome Address: Oliver Kirkbright, Editorial Director, Fixed Income Leaders Summit

8:35 AM - 8:40 AM Chairperson’s Opening Remarks

Kevin McPartland, Head of Market Structure Research, Greenwich Associates

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Kevin McPartland

Head of Market Structure Research
Greenwich Associates

Leading With Innovation

8:40 AM - 9:00 AM Buy Side Keynote Interview: Navigating the new norm- Lifting the lid on how to embrace innovative ways of working to address the fragmented product, liquidity, and platform conundrum

Supurna Vedbrat, Head of Global Trading. , BlackRock Rick Mcvey, CEO, MarketAxess
  • Adapting to the new norm - How can you set up your internal processes, connectivity and technology to maximize liquidity and meet your investment needs?
  • Overcoming fragmentation- What capabilities are needed on the buy side to actually achieve the best execution result?
  • Where is the investment in new technology going in order to now focus trading resources where they are truly needed?
  • What changes have Capital Group already made, and where do they see further change in order to capitalise on new trends in fixed income markets?
  • The buy side juggling act- With the ongoing challenge of regulation and cost reduction, how are Capital Group ensuring they are still meeting their fiduciary duties for their clients?


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Supurna Vedbrat

Head of Global Trading.
BlackRock

Rick Mcvey

CEO
MarketAxess
  • Humans vs. machines- What can you automate through your trade execution and flow process to reduce the workload on your trading teams?
  • Smart analytics- How can you gain data insights for a trading desk to maximize transparency and better understand when and where to trade?
  • What electronic tools are now essential to maximise efficiency for pre trade, on trade and post trade?
  • In house vs. outsourcing technology- How can you establish what tools are best to keep in house and what you can outsource in your quest to find better liquidity?


Marc Wyatt

Global Head of Trading
T. Rowe Price
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Dwayne Middleton

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

Constantinos Antionades

Global Head of Fixed Income
LIquidnet
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Kevin McPartland

Head of Market Structure Research
Greenwich Associates

Josh Holden

Chief Information Officer
OpenDoor Trading

Colm Murtagh

Managing Director and Head of U.S. Institutional Rates
Tradeweb

9:40 AM - 10:00 AM Sell Side Keynote, TBC

10:00 AM - 10:30 AM Morning Refreshment Break

10:30 AM - 10:50 AM Special Guest Keynote: Pushing the boundaries of innovation- An insight into how e- trading is evolving in the US rates market and how to best position your business to exploit new opportunities

Howard Lutnick, CEO, Cantor Fitzgerald
  • eTrading in US rates- How is the market changing and how can the buy side take advantage?
  • Building a more transparent market- How can this be done and what steps need to be taken to benefit the full value chain?
  • The need for speed- What benefits will increased speed bring to pricing, trading and execution?
  • The 5-year view- How will innovation change your traditional methods of trading?


Howard Lutnick

CEO
Cantor Fitzgerald

10:50 AM - 11:30 AM All Star Panel: Tapping into new data pools- Which new data sources should you use to access crucial pre, execution and post trade insights that can help you make the best investment and trading decisions?

Chris White, CEO, ViableMKTS Erik Tumasz, Managing Director, Fixed Income Trading Technology, Wellington Management , , Dom Holland, Head of Fixed Income Electronic Markets, BNY Mellon Masaya Okoshi, Fixed Income Trading Manager, Wellington Management
  • How are different firms using new pools of data to improve their pre-trade, execution, post-trade capabilities?
  • Harvesting data- How can you best collect, store and package data in a way that it is easily accessible and accessible for your traders?
  • Pre-trade market data, post trade data and public data- How can you bring this all together to make more informed trading decisions?
  • Audit trails- What data do you need to ensure you are meeting and proving your best execution requirements to regulators?
  • Intelligent execution- How can you utilise new data sources and electronic trading data to decide your execution path?


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Chris White

CEO
ViableMKTS
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Erik Tumasz

Managing Director, Fixed Income Trading Technology
Wellington Management

Dom Holland

Head of Fixed Income Electronic Markets
BNY Mellon

Masaya Okoshi

Fixed Income Trading Manager
Wellington Management

11:30 AM - 12:00 PM Morning Refreshment Break

Meeting Your Fiduciary Duties

12:00 PM - 12:20 PM View From The CFTC: An update on how we are addressing the challenges specific to the fixed income market and encouraging the adoption of innovative technology to achieve a more efficient model

Ari Burstein, President, Capital Markets Strategies Andrew B. Busch, Chief Market Intelligence Officer, Commodity Futures Trading Commission (CFTC)
  • Market structure and dynamics of the market- How do the CFTC view fragmentation and liquidity issues and what is being done to combat this?
  • How has increased eTrading and technology influenced the CFTC regulatory agenda?
  • How are the CFTC looking at SEF trading rules and how will this impact the SEF landscape?
  • How do the CFTC forecast potential problems with markets and regulation and how do they overcome these?


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Ari Burstein

President
Capital Markets Strategies
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Andrew B. Busch

Chief Market Intelligence Officer
Commodity Futures Trading Commission (CFTC)

12:20 PM - 12:40 PM View From The SEC: Assessing the efficiency and resiliency of fixed income markets- What are the opportunities for the SEC to achieve this goal?

Chris Ferreri, Chief Operating Officer, Hartfield, Titus and Donnelly Tom Eady, Senior Policy Advisor, U.S, Securities and Exchange Commission

Chris Ferreri

Chief Operating Officer
Hartfield, Titus and Donnelly
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Tom Eady

Senior Policy Advisor, U.S
Securities and Exchange Commission

12:40 PM - 1:20 PM All Star Panel: Lessons from Europe post MiFID II- What are the early impacts on market structure and how does this affect the global trading landscape?

Anthony Perrotta, Chief Executive Officer, TABB Group Stephen Berger, Managing Director, Government and Regulatory Policy, Citadel Juan Landazabal, Global Head of Fixed Income Trading, Deutsche Asset Management Gherardo Lenti Capoduri, Head of Market Hub, Banca IMI
  • How have buy side heads adapted to European fixed income trading in a post MiFID II world?
  • How have European firms developed their best execution strategy to comply with MiFID II and what benefits has this brought?
  • What aspects of MiFID II have their US trading teams incorporated to improve transparency and best execution?
  • Is a standardised, global best execution methodology best suited or should trading teams be bespoke based on their jurisdiction?
  • The buy side juggling act- with the ongoing challenge of regulation and cost reduction, how are the buy side ensuring they are still meeting their fiduciary duties for their clients?


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Anthony Perrotta

Chief Executive Officer
TABB Group

Stephen Berger

Managing Director, Government and Regulatory Policy
Citadel

Juan Landazabal

Global Head of Fixed Income Trading
Deutsche Asset Management
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Gherardo Lenti Capoduri

Head of Market Hub
Banca IMI

1:20 PM - 2:20 PM Lunch and Networking Break

1:20 PM - 2:20 PM Exclusive Invite Only Buy Side Head Trader Lunch (Session 2) How can the buy side better collaborate to drive mutually beneficial initiatives forward?

Track A - Streamlining Your Technology Workflow

2:20 PM - 2:40 PM Industry Perspective: Gaining the information edge- How can you use data analytics to establish the best path to trade and justify your execution on a regular basis?

Anthony Perrotta, Chief Executive Officer, TABB Group James Wallin, Senior Vice President, Fixed Income, Alliance Bernstein
  • The evolution of best execution- How are leading buy side heads measuring best execution and what changes have they made to take advantage of electronic markets?
  • More than just price- How can you determine the speed, liquidity, likelihood of execution and settlement, size and nature of the trade through your pre-trade analytics?
  • How can you implement TCA and analytics when trades are not done electronically and how do you then prove best execution?
  • Debate: Do you actually need TCA in fixed income to justify your execution?

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Anthony Perrotta

Chief Executive Officer
TABB Group
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James Wallin

Senior Vice President, Fixed Income
Alliance Bernstein

Track A - Streamlining Your Technology Workflow

2:40 PM - 3:20 PM 360 Perspective: Moving towards intelligent execution- How can you leverage advances in automation to reduce manual workload and focus resources where they are truly needed?

Anthony Perrotta, Chief Executive Officer, TABB Group Mike Nappi, Vice President, Investment Grade Corporate Bond Trading, Eaton Vance Alex Sedgwick, Vice President, Fixed Income Market Structure, T. Rowe Price Erik Tumasz, Managing Director, Fixed Income Trading Technology, Wellington Management

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Anthony Perrotta

Chief Executive Officer
TABB Group

Mike Nappi

Vice President, Investment Grade Corporate Bond Trading
Eaton Vance
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Alex Sedgwick

Vice President, Fixed Income Market Structure
T. Rowe Price
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Erik Tumasz

Managing Director, Fixed Income Trading Technology
Wellington Management

Track A - Streamlining Your Technology Workflow

3:20 PM - 4:00 PM 360 Perspective: Navigating liquidity fragmentation- How can you build a strong network of diversified liquidity pools to maximise your access?

Chris White, CEO, ViableMKTS Anthony Cuccionata, Head of Trading, Capital Advisors Group James Switzer, Global Head of Credit Trading, Alliance Bernstein Steven Divittorio, Managing Director, Head of US High Yield Trading, Barings Asset Management

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Chris White

CEO
ViableMKTS
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Anthony Cuccionata

Head of Trading
Capital Advisors Group
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James Switzer

Global Head of Credit Trading
Alliance Bernstein

Steven Divittorio

Managing Director, Head of US High Yield Trading
Barings Asset Management

Track B - Adapting To A New Market Structure

2:20 PM - 2:40 PM Fireside Chat: The evolution of the treasury market structure- What are the factors driving key changes and how can you adapt to thrive in this new environment?

Dan Barnes, Writer, The DESK Dan Barnes, Writer, The DESK Rich Winter, Senior Managing Director, BGC Partners Issac Chang, Co-head of Trading, AQR
  • With increased eTrading in treasuries what impact does this have on your trading strategy and how will this continue to evolve?
  • Are dealers at an unfair advantage with the inter-dealer market and gaining an advantage in terms of market colour and pricing?
  • What is the next step in the evolution of treasury markets with TRACE, real time reporting and the traditional roles of market incumbents?
  • What infrastructure is needed to push innovation across treasury markets; Should the market move to an A2A model?
  • How will the unwinding of the FEDs balance sheets impact rates markets going forward?

Dan Barnes

Writer
The DESK
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Rich Winter

Senior Managing Director
BGC Partners
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Issac Chang

Co-head of Trading
AQR

Dan Barnes

Writer
The DESK

Track B - Adapting To A New Market Structure

2:40 PM - 3:20 PM 360 Perspective: Exploring new methods for sourcing liquidity- Which initiatives have opened the door to new entrants and how can you incorporate them

Kevin McPartland, Head of Market Structure Research, Greenwich Associates Alexander Bouzalis, Head of Rates, Morgan Stanley Investment Management , ,
  • Alternative means of sourcing liquidity- How is technology enabling new entrants to provide new pools of liquidity?
  • How should you re-structure your desk on the back of increased electronification and the emergence of non-traditional liquidity providers?
  • What impact does working with non-traditional liquidity providers have on your traditional relationships and how can you maintain these?
  • What are the risks when working with non-traditional liquidity providers during major black swan events?
  • With liquidity becoming de-centralised is this positive for the rates industry or does it lead to too much liquidity fragmentation?


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Kevin McPartland

Head of Market Structure Research
Greenwich Associates

Alexander Bouzalis

Head of Rates
Morgan Stanley Investment Management

Track B - Adapting To A New Market Structure

3:20 PM - 4:00 PM Oxford Style Debate: True or False- There is an appetite from the buy side to move away from traditional Request-for-Quote (RFQ) in their search for alterative treasury trading protocols

Dan Barnes, Writer, The DESK Dan Barnes, Writer, The DESK Michael O’Brien, Director of Global Trading, Eaton Vance Michael Koegler, Principal, ViableMKTS
  • Beyond RFQ- Is there a rise of alternative rates trading protocols
  • Debating the pros and cons- Is it good or bad that the dominant form of trading is currently multi dealer RFQ?
  • Is it possible to accurately prove best execution in rates beyond the traditional RFQ protocol?
  • Can the RFQ protocol be allied with tighter insurance against information leakage?
  • With the traditional incumbents dominating the market, is this stifling innovation across the rates space?
  • Are we seeing an evolutionary shift in the buy side method of execution or will RFQ always remain the dominant protocol?

Dan Barnes

Writer
The DESK
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Michael O’Brien

Director of Global Trading
Eaton Vance

Michael Koegler

Principal
ViableMKTS

Dan Barnes

Writer
The DESK

Track C - Prospering In A New Investment Landscape

2:20 PM - 2:40 PM Industry Perspective: FED policies in the spotlight: What are the benefits of raising rates in a market of low inflation?

Marc Chandler, Head of FX Strategy, Brown Brothers Harriman Subadra Rajappi, Head of US Rates Strategy, Societe Generale
  • Monetary policy 101- Can rate hikes work in a market with low growth, low wages and low inflation?
  • What are the priorities of the FED over the next12 months and will they continue to raise rates?
  • What is the trajectory for further rate hikes in 2018/19 and how do the FED see this playing out?
  • What is the forecast for job growth, wage growth and inflation and how to the FED plan to tackle this?
  • How will a new FED chair shape views on policy over the coming years?

Marc Chandler

Head of FX Strategy
Brown Brothers Harriman

Subadra Rajappi

Head of US Rates Strategy
Societe Generale

Track C - Prospering In A New Investment Landscape

2:40 PM - 3:20 PM 360 Perspective: Implications of the end of QE and central bank tapering on liquidity- How can you best position yourself to combat this?

Marc Chandler, Head of FX Strategy, Brown Brothers Harriman Russell Budnick, Head of Taxable Fixed Income, JP Morgan WM Mustafa Chowdhury, MD, Head of Rates, Voya Investment Management Lee Ferridge, Head of Macro Strategy, State Street Global Markets
  • US and EU balance sheet ‘normalisation’- How will this impact rates, spread products and the flow of funds?
  • Predicting the consequences of the FED withdrawal- What impact will this have on financial markets and how will it affect inflation?
  • How will the end of QE and the withdrawal of central banks impact liquidity and how can you adapt to this new environment?
  • Preparing your investment portfolio for a new era- How the end of the FED bond buying scheme impact interest rates and where should you position yourself on the yield curve?

Marc Chandler

Head of FX Strategy
Brown Brothers Harriman

Russell Budnick

Head of Taxable Fixed Income
JP Morgan WM

Mustafa Chowdhury

MD, Head of Rates
Voya Investment Management

Lee Ferridge

Head of Macro Strategy
State Street Global Markets
  • With heightened political instability in both developed and emerging markets, what impact does this have on fixed income markets?
  • How should you monitor political risk in 2018 and can do you integrate this into your investment decisions?
  • Geo-political landscape from a risk management perspective- How can you structure a profitable portfolio on top of this?
  • Learning from past events- How can you use lessons from recent political events to best handle the unbalanced risks associated with major events in 2018?

Marc Chandler

Head of FX Strategy
Brown Brothers Harriman

Paresh Upadhyaya

Global Bond Portfolio Manager
Pioneer Investments

Steven Englander

Head of Research and Strategy
Rafiki Capital Management
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Henley Smith

Senior Vice President
Vanderbilt Asset Management
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Bradley K. Wilson

Managing Director, Head of Fixed Income
Boston Private

Track D - Workshop Maximum 20 buy side delegates

2:20 PM - 3:20 PM Workshop: MiFID II lookback- What has been the early impact on market structure, liquidity, and pricing and how can you respond to these trends going forward?

  • How have the new reporting requirements impacted the buy side when transacting with EU firms under MiFID II and what options are available for you?
  • What methods can you take to ensure you are adhering to the new transparency rules within MiFID II and how does this impact your ability to execute?
  • Establishing the real cost of research- How is fixed income research now being handled by the buy side and how is it being paid for?
  • US vs. EU- Is MiFID II going to lead to a bifurcated market or is there going to be some form of equivalence?
  • 5-year view- What will be the long-term effects of MiFID II on liquidity and the competitive structure of the industry?

Track E -Workshop Maximum 20 buy side delegates

2:20 PM - 3:20 PM Workshop: Setting the benchmark for fixed income TCA- An insight into new initiatives being introduced to address key limitations and how you can take advantage of them now

  • How can you apply your TCA directly to fixed income markets and how are different firms using it to justify their execution?
  • How should your TCA accurately measure market conditions and ensure you are taking all sufficient steps to get the best price for the instrument you are trading?
  • Beyond price- What are the parameters you should be measuring through fixed income TCA in order to accurately measure best execution?
  • How can you utilise TCA to prove best execution for non-electronic, bilateral trades?

4:00 PM - 4:30 PM Afternoon Refreshment Break

Track A - Streamlining Your Technology Workflow

4:30 PM - 5:10 PM 360° Perspective: Standardizing US corporate new issuance markets- Is it a realistic goal and what steps are being taken to move towards it?

Dan Barnes, Writer, The DESK Alvin Burgos, Head of US Fixed Income Trading, Deutsche Asset Management Herb Werth, Managing Director, IPREO

Dan Barnes

Writer
The DESK
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Alvin Burgos

Head of US Fixed Income Trading
Deutsche Asset Management

Herb Werth

Managing Director
IPREO

Track B - Adapting To A New Market Structure

4:30 PM - 5:10 PM 360 Perspective: Applying AI and ML to treasuries- How to practically incorporate them in your execution process to reduce manual workload?

Kevin McPartland, Head of Market Structure Research, Greenwich Associates Giuseppe Nuti, Managing Director, Head US Rates , UBS Investment Bank Brad Bailey, Research Director, Capital Markets, Celent
  • How is automated trading being developed in fixed income markets and what are the conditions that facilitate this?
  • Establishing the pros and cons for automated execution- What are the use cases for and against?
  • How can the development of AI technology create a starting point for a Smart Order Router (SOR) in fixed income?
  • Beyond futures- What other fixed income product classes lend themselves to automated execution and how can you take advantage of this?

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Kevin McPartland

Head of Market Structure Research
Greenwich Associates
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Giuseppe Nuti

Managing Director, Head US Rates
UBS Investment Bank
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Brad Bailey

Research Director, Capital Markets
Celent

Track C - Prospering In A New Investment Landscape

4:30 PM - 5:10 PM Oxford Style Debate: True or False- Increased political instability and the move away from aggressive QE means active investing is set to outperform passive investing in the year ahead

David Saab, Managing Director, JP Morgan Private Bank Jarred Sherman, Managing Director, Fixed Income Portfolio Manager, JP Morgan Asset Management Matt Tucker, Head of Fixed Income Strategy, Blackrock JR Rieger, Managing Director, Fixed Income Indices, S&P Global
  • Why have active managers predominantly underperformed in the past and what are the indicators that this trend is set to reverse?
  • Are current market conditions providing a fertile backdrop for active managers to demonstrate their true value or do passive managers still offer the best source of returns?
  • Is the period of outperformance of passive funds vs. active funds set to be reversed with more opportunities arising for active managers around rising rates?
  • With increased market volatility, do passive managers present too much risk should they react to the same event?

David Saab

Managing Director
JP Morgan Private Bank
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Jarred Sherman

Managing Director, Fixed Income Portfolio Manager
JP Morgan Asset Management

Matt Tucker

Head of Fixed Income Strategy
Blackrock

JR Rieger

Managing Director, Fixed Income Indices
S&P Global

Track D - Workshop Maximum 20 buy side delegates

4:30 PM - 5:30 PM Workshop: Overcoming preconceptions of a traditional EMS- What are the building blocks for an agile system that can withstand future changes?

  • Building a fixed income EMS- what makes a specialised EMS system and how far are we from making this a reality?
  • The role of EMS in fragmented markets and diversified liquidity- How should an EMS be built to operate in an increasingly fragmented landscape?
  • Understanding execution performance through EMS- How can EMS offer a valid solution for data capture and storage, record keeping and compliance?
  • Can EMS systems be standardized and made more flexible for ease of connectivity to new trading venues?

Track E -Workshop Maximum 20 buy side delegates

4:30 PM - 5:30 PM Workshop: Which aspects of your workflow can realistically be automated and which need to retain the human touch?

  • What are the drivers of trading automation and how are firms applying automation to fixed income trading?
  • For which asset classes is automation most suited to across fixed income and how does it work in practice?
  • Establishing the benefits of automated trading? How can humans work with machines to unlock new frontiers of performance?
  • Measuring automated trading- How can you quantify your results to ensure you are meeting best execution requirements
  • What is the compliance impact on the trader and how does it impact the organisation of the ‘trading decision’?

Special Guest Speaker

5:10 PM - 5:40 PM Special Guest Speaker: The qualities of a truly influential leader - How to lead a high performing team that does what it takes to come out on top

5:40 PM - 5:45 PM Chairperson’s Closing Remarks

Kevin McPartland, Head of Market Structure Research, Greenwich Associates

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Kevin McPartland

Head of Market Structure Research
Greenwich Associates

5:45 PM - 6:45 PM Fixed Income Leaders Summit Cocktail Drinks Reception