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Agenda Overview

Day One: Tuesday 10th May 2016

8.15am Registration and refreshments9.00am Chairperson's opening remarks
  1. Mark Monahan, CEO, MTS Markets International

Keynote address - US corporate bond market liquidity: Identifying the next phase
  • What is the current make up of US liquidity, and how will it change?
  • Pricing and matching initatives: Are they living up to their promise?
  • How does the market foresee regulatory change impacting trading volume?
  1. Jonathan Sokobin, Chief Economist, FINRA
9.45am How deeply is electronification continuing to penetrate bond markets?
  • What is the 'threshold' for block-size trades? Does the market want it increased?
  • Odd-lots as a growing proportion of e-trading volume: Are smaller ticket sizes good for the market?
  • Establishing the ideal role for voice trading in corporate bonds: How will traders pick and choose their e-commerce going forward?
  1. Michael Evelyn, Managing Director, Seaport Global
  2. Mike Nappi, Vice President, IG Corporate Bond Trading, Eaton Vance
  3. Kelley Millet, CEO, Banca IMI Securities
  4. Frank DiMarco, Managing Director, Electronic Brokerage, ITG
  5. Moderator: Mark Monahan, CEO, MTS Markets International

10.30am Morning refreshments and networking break11.15am Facilitating buyside liquidity flow: Resolving transparency and matching challenges

  • Scrutinizing buyside pricing protocols: How will the buyside price bonds without dealers?
  • Pinpointing the ideal degree of anonymity for buyside traders to preserve liquidity
  • Is liquidity fundamentally in conflict with transparency?
  • To what extent does record issuance volume mitigate the risks of information leakage?
  1. Bill De Leon, Global Head of Portfolio Risk Management, PIMCO
  2. Zack Ellison, CFA, CAIA, Director, US Public Fixed Income, Sun Life Investment Management
  3. Stu Taylor, CEO, Algomi
  4. Constantinos Antoniades, Head of Fixed Income, Liquidnet
  5. Moderator: Anthony Perrotta, Global Head of Research and Consulting, TABB Group
12.00pm Keynote session - The corporate new issue market: Are there efficiencies that can be achieved? 
  • How healthy is today's market, and how will it improve?
  • Identifying the 'busy day challenge' from both buy- and sellside perspective
  • What can be improved, while preserving what's working well?
  1. Herb Werth, Managing Director, Global Buyside, IPREO
12.30pm Lunch1.45pm Oxford-Style Debate: 'This house believes that the buyside are the new market-makers in fixed income trading.'

  1. Moderator: Kevin McPartland, Head of Markets Research, Greenwich Associates
  2. Arguing for the motion: Thomas Voorhees, MD, Head of Credit Trading, Brean Capital
  3. Jim Switzer, Head of Credit Trading, AllianceBernstein
  4. Arguing against the motion:
  5. Stu Taylor, CEO, Algomi
  6. Zack Ellison, CFA, CAIA, Director, US Public Fixed Income, Sun Life Investment Management
2.45pm Scrutinizing sellside approaches for establishing new trading relationships with the buyside
  • What is the new role for dealers in fixed income trading?
  • Is the 'agency model' sustainable in an illiquid setting?
  • Does the market foresee a scenario where dealers can once again warehouse risk?
  • What is the future for the dealer-to-dealer model in the US?
  • Analysing the role of interdealer brokers in helping dealers connect with end-users
  1. Mikko Korhonen, Head of Fixed Income Trading USA, Norges Bank Investment Management
  2. Nicolas Masso, Head of Credit Execution Services - Americas, UBS
  3. Joshua Freeland, Head of US Credit eTrading, HSBC
  4. Moderator: Michael Ziegelbaum, Head of Electronic Sales & Trading, Mizuho

3.30pm Afternoon refreshments and networking break

4.00pm Electronification of US Treasuries as a model for fixed income trading

  • To what extent is market structure creating an illiquid trading environment for US treasuries
  • How could the market apply treasury trading protocols to the corporate bond market?
  • Analysing treasury trading regulation compared with corporates
  • What e-solutions are available for an increasingly volatile on-the-run securities market?
  • CLOB vs RFQ: Which protocol targets liquidity more successfully?
  • What are the advantages of HFT over traditional dealer liquidity?
  1. James Clark, Deputy Assistant Secretary for Federal Finance, US Department of Treasury
  2. Michael Noto, Head of eFixed Income Distribution, Barclays
  3. Joseph Kasper, Head of US Credit Sales, Tradeweb
  4. Moderator: Anthony Perrotta, Global Head of Research and Consulting, TABB Group

4.45pm Champagne roundtables

The conference will break out into roundtable discussions, focused on specific issues. Led by an expert moderator, the roundtables will create an informal environment to discuss and debate sectorial issues over a glass of champagne.

Attendees will be able to move around the tables, maximising networking and learning opportunities.
    • Buyside - Zack Ellison, Director, US Public Fixed Income, Sun Life Investment Management
    • Blockchain - Andrew Keys, Enterprise Business Development & Strategy, ConsenSys
    • Primary Issuance - Herb Werth, Managing Director, Global Buyside, IPREO
    • US Treasury - Jonah Crane, Senior Advisor, US Department of Treasury

6.00pm Chairperson's closing remarks followed by drinks reception

Day Two: Wednesday 11th May 2016

8.45am Morning refreshments9.10am Chairperson's opening remarks9.15am Keynote Presentation: Blockchain Breakfast BriefingThe second day of the conference will open with a briefing on applications of Blockchain technology in fostering both liquidity and transparency in the market. Is it all hupe, or could it revolutionize fixed income trading?
  1. Presented by Mark Smith, CEO, Symbiont
9.45am Growth or consolidation: How will the ATS space develop in the coming months?
  • Are we seeing all-to-all platforms attaining critical mass?
  • To what extent do the protocls on offer addresss buyside concerns over leakage?
  • What regulatory initiatives will most significantly impact the ATS landscape?
  • How will platforms adapt to the behavioural changes of buyside firms?
  1. Joram Siegel, Head of Investment Grade Credit Trading, MUFJ Securities
  2. Greg Heller, Director of Global Fixed Income Trading, MFS Investment Management
  3. Josh Barrickman, Head of Bond Indexing, Vanguard
  4. Moderator: James Wallin, SVP - Fixed Income, AllianceBernstein
10.30am Introducing the 'equity exchange' model into the corporate bond market: Is it workable?
  • How will an equity model function, given the diversity of bonds compared with equities?
  • What influence does the new issuance calendar have? Should bond issuance move towards an equity-IPO model?
  • Would 'equitisation' realistically improve bond market liquidity?
  1. Sassan Danesh, Founding Partner, Etrading Software
  2. Vietta Grinberg, Executive Director, Fixed Income Credit Complex, Morgan Stanley
  3. Sean Dzugan, Institutional Sales, MTS Markets International
  4. Moderator: Gabriele Frediani, Centurion, ZBO International
11.00am Morning refreshments and networking break11.30am The OMS impact on fixed income market structure 
  • How will the market resolve compliance issues with OMS & EMS integration?
  • To what extent will improved connectivity guarantee 'Best Execution'?
  • Adapting EMS and OMS data aggregation from equities into bonds
  1. Christopher White, CEO, ViableMkts
12.15pm Exploring ongoing regulatory developments in the US and Europe: How is the market evolving?
  • To what extent are regulatory initiatives helping or hindering liquidity?
  • MiFID II: Contrasting the impact in the US vs Europe - How prepared is the market for its implementation?
  • Will the US market accept more post-trade transparency?
  1. Sean Davy, Managing Director, Market Structure, SIFMA
  2. Arjun Singh-Muchelle, Senior Advisor - Capital Markets, The Investment Association
  3. Tracey Jordal, EVP, Senior Counsel, PIMCO
12.45pm Is market fragmentation leading to further data fragmentation?
  • Establishing in-house links with technology firms to improve connectivity
  • Analysing buyside development of Smart Order Routing technology
  • How will client-matches convert more successfully into trade execution going forward?
  • Assessing the need for a more transparent composite price
  1. Greg Gurevich, Founding Partner & Portfolio Manager, Maritime Capital LLC
  2. Sassan Danesh, Founding Partner, Etrading Software
1.15pm Chairperson's closing remarks followed by lunch and close of conference