Fixed Income Future Leaders USA 2017

May 16-May 18, 2017

Westin Copley Place - Boston

44 (0)207 368 9330

Day 2- Thursday 18th May 2017

08:20 AM - 08:45 AM Registration & Breakfast

08:45 AM - 08:50 AM Chairperson's Opening Remarks

Alex Sedgwick, Vice President, Fixed Income Market Structure, T. Rowe Price

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Alex Sedgwick

Vice President, Fixed Income Market Structure
T. Rowe Price
  • 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?

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Mike Nappi

Vice President, Investment Grade Corporate Bond Trading
Eaton Vance
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Dwayne Middleton

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

Head of Fixed Income Trading
Invesco
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Mustafa Chowdhury

MD, Head of Rates
Voya Investment Management
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Ted Kelleher

Managing Director, Head of Financial Institutions Fixed Income and Currenci
Societe Generale Corporate & Investment Banking
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Tracy Rucker

Head of U.S
Vanguard’s Fixed Income Derivatives

Capital Markets Under A New Regime

09:30 AM - 10:00 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 Andrew B. Busch, Chief Market Intelligence Officer, Commodity Futures Trading Commission (CFTC)
  • 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?

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Chris Ferreri

Chief Operating Officer
Hartfield, Titus and Donnelly
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Andrew B. Busch

Chief Market Intelligence Officer
Commodity Futures Trading Commission (CFTC)

10:00 AM - 10:20 AM Industry Perspective: Setting FICC Markets Standards: How can buy and sell side collaboration be brought forward to promote standards in wholesale markets

Mark Yallop, Chair, FICC Markets Standards Board
  • How can risks and uncertainties be avoided in wholesale financial markets
  • How can the FICC industry agree and promote standards to improve conduct and market practice
  • What steps can the FICC market standards board take to ensure the process is transparent to market participants
  • How are close working relationships with regulators and authorities internationally helping bring these market standards forward?

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Mark Yallop

Chair
FICC Markets Standards Board

10:20 AM - 11:00 AM Morning Networking Break

  • 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?

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Ed Boyle

Global Macro Portfolio Manager
American Century Investments
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Brandon Rassmussen

Fixed Income and Equity Trading
Russell
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Julia Streets

CEO
Streets Consulting
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Frank DiMarco

Managing director and Head
Fixed Income
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Ian Hoenisch

Director
Charles River Development

11:40 PM - 12:00 PM 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
  • Myth 1 - Trading - FI ETFs are more expensive to trade than bonds
  • Myth 2 - Dislocations - FI ETFs stop working during times of market distress
  • Myth 3 - Liquidity - What you see on screen is what you get

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Philip Cichlar

Head of ETF Sales and Trading
Jane Street

Networking Lunch

12:00 PM - 1:00 PM Lunch and Networking Break

Women Trading Think Tank

12:00 PM - 1:00 PM Women in Trading Think Tank: How can the fixed income industry better attract, develop and retain top female talent?

Jennifer Litwin, Senior Vice President, Head of Relationship Management, Greenwich Associates

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Jennifer Litwin

Senior Vice President, Head of Relationship Management
Greenwich Associates
  • 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?

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Chris White

CEO
ViableMKTS
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Alvin Burgos

Head of US Fixed Income Trading
Deutsche Asset Management
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Neal Rayner

Independent Expert
Formerly Aberdeen Asset Management
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Mikko Korhonen

Head of Fixed Income Trading
Norges Bank Investment Management
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David Parker

Head of Sales
MTS Markets

TCA Workshop

1:00 PM - 1:40 PM Synergy Workshop: What makes a credible TCA system? Outlining the building blocks for obtaining reliable pre and post trade fixed income TCA

Robert Kissell, President, Kissell Research
  • 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

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Robert Kissell

President
Kissell Research

Adapting To A New Derivatives Market Order

1:00 PM - 1:40 PM 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?

, , Sol Steinberg, Founding Principal, The OTC Partners Mustafa Chowdhury, MD, Head of Rates, Voya Investment Management David Weiss, Senior Analyst, Aite Group Ricky Maloney, Rates and Absolute Return, Old Mutual Global Investors
  • 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?

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Sol Steinberg

Founding Principal
The OTC Partners
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Mustafa Chowdhury

MD, Head of Rates
Voya Investment Management
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David Weiss

Senior Analyst
Aite Group
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Ricky Maloney

Rates and Absolute Return
Old Mutual Global Investors

Rethinking Traditional Portfolios

1:00 PM - 1:40 PM 360° Perspective: Alternative investment strategies in a low yield environment- Which strategies should you implement to give your portfolio the best exposure?

James Wolstenholme, Senior Analyst, Aite Group Ed Boyle, Global Macro Portfolio Manager, American Century Investments , , Adam Purzitsky, Co-Head, Global Rates Team, Old Mutual Global Investors Erik Vynicker, Former CIO, Alliance Bernstein
  • 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?

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Ed Boyle

Global Macro Portfolio Manager
American Century Investments
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Adam Purzitsky

Co-Head, Global Rates Team
Old Mutual Global Investors
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Erik Vynicker

Former CIO
Alliance Bernstein
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James Wolstenholme

Senior Analyst
Aite Group

Evaluating New Methods Of Trading

1:40 PM - 1:50 PM 360 Perspective: The growth of passive investing- Why are ETFs becoming an increasingly used trading vehicle and how can you reap the benefits?

Julia Streets, CEO, Streets Consulting , , Adam Gould, Managing Director, U.S. ETFs and Equity Derivatives Trading, Tradeweb Markets LLC Kaustuv Dasgupta, Executive Director, Liquid Credit Trading, UBS Investment Bank Jon Rather, CFA, Vice President, BlackRock's
  • 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

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Adam Gould

Managing Director, U.S. ETFs and Equity Derivatives Trading
Tradeweb Markets LLC
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Julia Streets

CEO
Streets Consulting
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Kaustuv Dasgupta

Executive Director, Liquid Credit Trading
UBS Investment Bank
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Jon Rather

CFA, Vice President
BlackRock's

TCA Workshop

1:40 PM - 1:50 PM Session continues

Session Continues

Adapting To A New Derivatives Market Order

1:40 PM - 1:50 PM Session continues

Session Continues

Rethinking Traditional Portfolios

1:40 PM - 1:50 PM Session continues

Session Continues

Evaluating New Methods Of Trading

1:50 PM - 2:20 PM Session continues

Session Continues

TCA Workshop

1:50 PM - 2:20 PM Session continues

Session Continues

Adapting To A New Derivatives Market Order

1:50 PM - 2:20 PM 360 Perspective: Aligning derivatives trading operations between Europe and the US- How can you overcome the current cross-border inconsistencies in swaps?

Michael Koegler, Principal, ViableMKTS Stephen Humenik, Of Counsel, Covington and Burling Erik Vynicker, Former CIO, Alliance Bernstein
  • What are the permitted protocols of swaps trading in Europe and how does the US currently differ?
  • How can cross border standardization of clearing requirements be achieved globally and what steps are regulators taking to put this in place?
  • How can the clearing industry be more robust to give all market players access to clearing including small-mid size firms?
  • How can the swap execution market be opened up to increased competition amongst venues without causing fragmentation?

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Stephen Humenik

Of Counsel
Covington and Burling
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Erik Vynicker

Former CIO
Alliance Bernstein
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Michael Koegler

Principal
ViableMKTS

Rethinking Traditional Portfolios

1:50 PM - 2:20 PM Investment Shark Tank: Widening your sources of risk and return- What alternative products can you invest in to generate profits for your clients?

James Wolstenholme, Senior Analyst, Aite Group Joe Rosen, President, RKA Inc Tim Gallagher, CEO, Sympatico Fund
  • 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?

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Joe Rosen

President
RKA Inc
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Tim Gallagher

CEO
Sympatico Fund
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James Wolstenholme

Senior Analyst
Aite Group

Evaluating New Methods Of Trading

2:20 PM - 2:40 PM Fireside Chat: Corporate New issuance- Is the process currently fair and sufficient or are there major improvement areas that can be made?

Herb Werth, Managing Director, IPREO Mark Yallop, Chair, FICC Markets Standards Board Sean Davy, Managing Director, SIFMA
  • 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?

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Herb Werth

Managing Director
IPREO
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Mark Yallop

Chair
FICC Markets Standards Board
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Sean Davy

Managing Director
SIFMA

TCA Workshop

2:20 PM - 2:40 PM Session continues

Session Continues

Adapting To A New Derivatives Market Order

2:20 PM - 2:40 PM Session continues

Session Continues

Rethinking Traditional Portfolios

2:20 PM - 2:40 PM Session continues

Session Continues

2:40 PM - 3:10 PM Afternoon Networking Break

  • 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?

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Paul Aston

Partner
Tixall Global Advisors
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Eric Charron

Director of Trading
Liberty Mutual Group
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Anthony Cuccionata

Head of Trading
Capital Advisors Group
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Henley Smith

Senior Vice President
Vanderbilt Asset Management
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Constantinos Antionades

Global Head of Fixed Income
LIquidnet
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Tracy Rucker

Head of U.S
Vanguard’s Fixed Income Derivatives
  • What does a Trump White House mean for financial regulation
  • What will be the knock on effects of further financial reform on electronic trading and market structure?
  • Paradigm shifts- How will global macro themes differ from the past with the potential for new trade policy restrictions and the on-going theme of de-globalisation?
  • How has the new Trump administration affected exchange rates so far, and what is next- Are there alpha opportunities or is it time to hedge, cut risk, and protect capital?

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Paul Aston

Partner
Tixall Global Advisors
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Chris Ferreri

Chief Operating Officer
Hartfield, Titus and Donnelly
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Alex Sedgwick

Vice President, Fixed Income Market Structure
T. Rowe Price
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Stephen Humenik

Of Counsel
Covington and Burling
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Micah Green

Partner
Steptoe and Johnson

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Alex Sedgwick

Vice President, Fixed Income Market Structure
T. Rowe Price

4:25 PM - 11:59 PM Conference Close