Fixed Income Leaders USA Summit 2018

June 06 - 08, 2018

Westin Copley Place, Boston

44 (0)207 368 9576

Agenda Day 2

7:30 am - 8:20 am Conference Registration & Networking Breakfast

8:20 am - 8:25 am Welcome Address: Oliver Kirkbright, Editorial Director, Fixed Income Leaders Summit

8:25 am - 8:30 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

ü  Addressing the conflict between voice and electronic trading- How can you set up your internal teams to maximize the benefits of both forms of trading? 
ü  The evolution of best execution- How are leading buy side heads measuring best execution and what changes have they made? 
ü  Broader than ‘best price’- What other parameters should you measure your best execution standards against other than pricing? 
ü How are traditional relationships changing as the buy side increase their technological capabilities and improve their access to markets?
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Paul Hamill

Global Head of Fixed Income, Currencies and Commodities
Citadel Securities

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Sam Priyadarshi

Head of Fixed Income Derivatives
Vanguard

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Neal Rayner

Head of US Fixed Income Trading
Janus Henderson Investors

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Eric Charron

Head of Global Trading
Liberty Mutual Group

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Mustafa Chowdhury

MD, Head of Rates
Voya Investment Management

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Isaac Chang

Co-head of Trading
AQR

9:10 am - 9:30 am Sell Side Keynote: Embracing digitalization whilst retaining the ‘human touch’ –An insight on how the sell side are evolving to embrace new ways of working to thrive in the disruptive technology led landscape

Mike du Plessis, Managing Director, Global Head FX, Rates & Credit Execution Services,UBS Investment Bank
ü  Machine learning, data processing and algos- Assessing the next generation technology coming to the sell side trading floor
ü  Assessing the new opportunities in an age of digitalisation- How can both the sell side and buy side capitalise on these to improve current relationships?
ü  The evolution of the sell side trader- How can humans work WITH machines to unlock new frontiers of performance?
The 5 year view- How are sell side business models evolving and what will the trading floor look like in 2023?
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Mike du Plessis

Managing Director, Global Head FX, Rates & Credit Execution Services
UBS Investment Bank

  • 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

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Constantinos Antoniades

Global Head of Fixed Income
LIquidnet

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Kevin McPartland

Head of Market Structure Research
Greenwich Associates

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Josh Holden

Chief Information Officer
OpenDoor Trading

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Colm Murtagh

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

10:10 am - 10:30 am Fireside Chat:

10:30 am - 11:10 am Made in New England! Morning Refreshment Break

Join us in the exhibition area and fill your boots with Maine lobster benedict, New England clam chowder, tea and coffee, morning refreshments and much more!

10:30 am - 11:10 am Workshop: Hosted by Credit Suisse


Special Guest Speaker

11:10 am - 11:30 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?

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Howard Lutnick

CEO
Cantor Fitzgerald

Setting The Standards In FICC eTrading

11:30 am - 12:10 pm 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 Dom Holland, Head of Fixed Income Electronic Markets,BNY Mellon Masaya Okoshi, Managing Director and Director, Credit Trading, Americas,Wellington Management Frank Cerveny, Global Head of Sales ,MTS
  • 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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Dom Holland

Head of Fixed Income Electronic Markets
BNY Mellon

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Masaya Okoshi

Managing Director and Director, Credit Trading, Americas
Wellington Management

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Frank Cerveny

Global Head of Sales
MTS

12:10 pm - 12:30 pm View From The SEC: An update on the focus and progress of the SEC’s new Fixed Income Market Structure Advisory Committee

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


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Chris Ferreri

Chief Operating Officer
Hartfield, Titus and Donnelly

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Tom Eady

Senior Policy Advisor, U.S
Securities and Exchange Commission

  • 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

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Stephen Berger

Managing Director, Government and Regulatory Policy
Citadel

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Juan Landazabal

Global Head of Fixed Income Trading
Deutsche Asset Management

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Gherardo Lenti Capoduri

Head of Market Hub
Banca IMI

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Katja McDonald McDonald

Managing Director – Global head of GMD eSales
Global Markets Division

Shane O’Cuinn

Global of Macro and EM Trading
Credit Suisse

1:10 pm - 2:10 pm Copley Market Lunch

Meet & Greet Lunch & Networking For All Attendees

Group 6

Track A - Streamlining Your Technology Workflow

2:10 pm - 2:50 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 Dr. Petra Wikström, Global Head of Execution & Alpha Solutions ,BNP Paribas
  • 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

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Dr. Petra Wikström

Global Head of Execution & Alpha Solutions
BNP Paribas

ü  The future of automation in credit- What can be automated across the trading workflow to reduce trader workload?
ü  Automation of the trading workflow- How are different houses managing their workflow, and combining humans with machines to improve workflow efficiency?
ü  What tools and technology are coming forward to help facilitate workflow automation and how can it help reduce the bottom line?
ü  How can automation reduce the trader workload so they can focus on alpha generation?
 ü The growing influence of technology- How is this 
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Anthony Perrotta

Chief Executive Officer
TABB Group

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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

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Chris Bruner

Managing Director and Head of U.S. Credit Product
Tradeweb

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Mike Sobel

President
Trumid

ü  What are currently the most commonly used trading protocols and how can you incorporate and utilize different workflows on the desk?
ü  Bringing different worlds together- How can you use technology to drive efficiency and leverage individual strengths of specialized pools and protocols?
ü  How can a consolidation be brought amongst trading venues and protocols without stifling open and fair competition and bring a more efficient market for all?
ü Proliferation of new electronic trading venues- Is increased competition and innovation a benefit to the industry or does it hinder liquidity too much? 
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Chris White

CEO
ViableMKTS

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Anthony Cucinotta

Head of Trading
Capital Advisors Group

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James Switzer

Global Head of Credit Trading
Alliance Bernstein

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Steven Divittorio

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

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Steven Divittorio

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

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Richard Schiffman

Open Trading Product manager
MarketAxess

Gregg Moore

Head of Trading, Americas Fixed Income
Schroders

Track B - Adapting To A New Market Structure

2:10 pm - 2:50 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 Global Head of Strategy & Sales,FENICS USTreasuries Isaac Chang, Co-head of Trading,AQR Rob Haddad, Head of Product Strategy and Innovation,ICE Data Services
  • 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?
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Dan Barnes

Writer
The DESK

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Rich Winter

Senior Managing Director Global Head of Strategy & Sales
FENICS USTreasuries

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Isaac Chang

Co-head of Trading
AQR

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Dan Barnes

Writer
The DESK

Rob Haddad

Head of Product Strategy and Innovation
ICE Data Services

Track B - Adapting To A New Market Structure

2:50 pm - 3:30 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, Executive Director,Morgan Stanley Investment Management Isaac Lieberman, President and CEO,Aston Capital Management Nicole Shumpert, Head of BrokerTec Direct,NEX
  • 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

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Alexander Bouzalis

Executive Director
Morgan Stanley Investment Management

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Isaac Lieberman

President and CEO
Aston Capital Management

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Nicole Shumpert

Head of BrokerTec Direct
NEX

Track B - Adapting To A New Market Structure

3:30 pm - 4:10 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? 
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Dan Barnes

Writer
The DESK

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Michael O’Brien

Director of Global Trading
Eaton Vance

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Michael Koegler

Principal
ViableMKTS

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Dan Barnes

Writer
The DESK

Track C - Prospering In A New Investment Landscape

2:10 pm - 2:30 pm View From The CFTC: TBC
Ari Burstein, President,Capital Markets Strategies Andrew B. Busch, Chief Market Intelligence Officer,Commodity Futures Trading Commission (CFTC)

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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)

Track C - Prospering In A New Investment Landscape

2:30 pm - 2:50 pm - Industry Perspective: The fragmentation, innovation and evolution of benchmarks- Assessing the world of new indices and alternative benchmarks to LIBOR
Subadra Rajappa, Head of US Rates Strategy,Societe Generale
ü  The practicalities of benchmark reform- How have regulators handled this and what are the timelines for change?
ü  Assessing the new benchmarks for key geographical locations- How are you going to transition to these new benchmarks?
ü  How do reference rates differ from each other and how do the respective policies differ across jurisdictions?
ü The implications of moving to an alternative benchmark- What will this mean for legacy contracts and how will you shift all of this business into a new format?

Subadra Rajappa

Head of US Rates Strategy
Societe Generale

ü  US and EU balance sheet ‘normalisation’- How will this impact rates, spread products and the flow of funds?
ü  Predicting the consequences of the FED withdrawal- What impact will this have on financial markets and how will it affect inflation?
ü  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 
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Marc Chandler

Head of FX Strategy
Brown Brothers Harriman

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Russell Budnick

Head of Taxable Fixed Income
JP Morgan WM

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Mustafa Chowdhury

MD, Head of Rates
Voya Investment Management

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Lee Ferridge

Senior Managing Director, Head of Multi-Asset Strategy, The Americas
State Street Global Markets

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Rebecca Braeu

Head of Sovereign Credit and Strategy
Standish

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Priya Misra

Head of Global Rates Strategy
TD Securities

  • 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? 
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Marc Chandler

Head of FX Strategy
Brown Brothers Harriman

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Paresh Upadhyaya

Global Bond Portfolio Manager
Pioneer Investments

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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

2:10 pm - 3:10 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?

ü  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?
ü  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?
ü  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?
ü  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? 

2:10 pm - 3:10 pm Workshop: MiFID II lookback- 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

ü  How can you apply your TCA directly to fixed income markets and how are different firms using it to justify their execution?
ü  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?
ü  Beyond price- What are the parameters you should be measuring through fixed income TCA in order to accurately measure best execution?
ü  How can you utilise TCA to prove best execution for non-electronic, bilateral trades?

4:10 pm - 4:40 pm Toffee and Tea Break

Join us in the exhibition hall for house made toffees and candies, cashew turtles, sweet drop biscuits, Tazo teas and much more!

4:00 pm - 5:00 pm Exclusive Invite Only Buy Side Head Trader Think Tank. How can the buy side better collaborate to drive mutually beneficial initiatives forward?

Brian Mandirola, Executive Vice President, Head of Trading,Hartford Investment
How can the buy side better collaborate to drive mutually beneficial initiatives forward?
Hosted by: Brian Mandirola, Executive Vice President, Head of Trading, Hartford Investment Management Company

5:00 – 6:00: Exclusive wine and beer tasting drinks reception hosted by Jane Street


Brian Mandirola

Executive Vice President, Head of Trading
Hartford Investment

Group 9

Track A - Streamlining Your Technology Workflow

4:40 pm - 5:20 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 Mark Betteridge, Global Head of Fixed Income and Currency Analytics,Bloomberg
ü  Reducing the strain- What steps are being taken to simplify the new issuance process to make it more streamlined and less time consuming for the buy side?
ü  How can communication between the street and the buy side be improved to help build a more transparent new issue market that benefits all participants?
ü  What can be done to push a behavioural change across the market to help all market players adapt to standardisation while retaining their competitive advantage?
5-year view- How will the new issuance process change and improve over the next 5 years?
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Dan Barnes

Writer
The DESK

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Alvin Burgos

Head of US Fixed Income Trading
Deutsche Asset Management

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Herb Werth

Managing Director
IPREO

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Mark Betteridge

Global Head of Fixed Income and Currency Analytics
Bloomberg

  • 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

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David Murray

Chief Business Development Officer
Corvil

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Alastair Hawker

Head of North American Sales
Quantitative Brokers

Track C - Prospering In A New Investment Landscape

4:40 pm - 5:20 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? 
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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

4:40 pm - 5:20 pm Workshop: Overcoming preconceptions of a traditional EMS- What are the building blocks for an agile system that can withstand future changes?
Workshop Maximum 20 buy side delegates

ü  Building a fixed income EMS- what makes a specialised EMS system and how far are we from making this a reality?
ü  The role of EMS in fragmented markets and diversified liquidity- How should an EMS be built to operate in an increasingly fragmented landscape?
ü  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

4:40 pm - 5:20 pm Workshop: Which aspects of your workflow can realistically be automated and which need to retain the human touch?
Maximum 20 buy side delegates

  • 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

5:20 pm - 5:45 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

5:45 pm - 5:50 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

5:50 pm - 6:50 pm Boston Big Top! You’re invited to our circus carnival party

Roll up, roll up, the Circus is coming to town! Acrobat, jugglers, hoopla, candy floss, popcorn, hot dogs, cocktails and much more, hosted by the Fixed Income Leaders Summit