FOW London Derivatives Debates 2016

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Derivatives World London: The DebatesTuesday 8th December 2015Grange City Hotel, London

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Derivatives World London: The DebatesTuesday 8th December 2015 • Grange City Hotel, London

Welcome to FOW Derivatives World London: The Debates. To make sure you get the most out of our conference, please take a moment to read this briefing. FOW staff will be on hand throughout the event and can assist you with any queries you may have. Please don’t hesitate to contact one of the team at the registration desk if you have any questions.

Name Badges: Each delegate is issued with their name badge at Registration. We would be grateful if you could wear your name badge at all times for ease of identification when you are entering or leaving the conference area.

Networking: There will be networking opportunities throughout the conference, with catering laid on during coffee breaks, lunch and a drinks reception at the end of the day. Do please take time to look around the exhibition halls, meet the exhibitors and your fellow delegates.

Questions: Time permitting; there will be the opportunity for questions after most panel sessions. Please waituntil the microphone comes to you before asking your question. For reasons of courtesy, please also state yourname and organisation.

Presentations: All presentations given at the event will be available to view on www.fow.com/events. Please note that if a presentation is not included, this is due to the fact that the speaker was unable to publish proprietary company information.

Sponsors: We would like to thank them all for their continued support.

Don’t forget to leave your business card at the registration desk to ensure we have your correct email address. We hope you enjoy the conference.

Yours sincerely,William Mitting, Publisher,[email protected]: +44 207 779 8350 • Fax: +44 207 779 8248

Dear Delegate,

TRADE › CLEAR › REPORT

Find out more at cmegroup.com/emea.

CME Group is the trademark of CME Group, Inc. The Globe logo, Globex® and CME® are trademarks of Chicago Mercantile Exchange, Inc. CME Europe Limited is a Recognised Investment Exchange (RIE) recognised and supervised by the Financial Conduct Authority in the United Kingdom.

Issued by CME Marketing Europe Limited. CME Marketing Europe Limited (FRN: 220523) is authorised and regulated by the Financial Conduct Authority in the United Kingdom.

Copyright © 2015 CME Group. All rights reserved.

CME GROUP

Platinum sponsor: Gold sponsors:

Silver sponsors: Bronze sponsors:

Supporting organisation: Media partners:


Event Agenda9:00 Welcome address

9:05 Keynote address

David Stubbs, Excecutive Director, Global Market Strategist, J.P. Morgan Asset Management

9:30 Debate

A Brexit would be of benefit to the City’s capital markets

For: Richard Tice, CEO, Quidnet Capital LLP and Co-founder, Leave.euAgainst: Peter Wilding, Founder & Chairman, British Influence

10:15 Coffee break

10:45 State of the market

The regular review of 2015 and look ahead to 2016. This panel will outline some of the key challenges the market has faced over the past 12 months and what is in store for 2016.

Moderator: Remco Lenterman, former managing director at IMC Capital Markets

Panellists:Andy Ross, European Head of OTC Clearing, Morgan StanleyCees Vermaas, Managing Director, CME EuropeAnil Batra, COO, Hertshten GroupNicolas Bertrand, Head of Equity and Derivatives, London Stock Exchange

11:30 Operations Data and Intelligence: a broad perspective

Christian Nentwich, CEO, Duco

11.45 LME’s Liquidity Roadmap: enhancing the market

Glen Chalkley, Head of Electronic Business Development, London Metal Exchange

12:00 Ask not what you can do for your exchange... but what your exchange can do for you

This panel will bring together representatives from across the trading community to discuss what they want from an exchange. Whether it is new contracts or more incentives, different clearing models or just cheaper fees, this panel will cover it all.• What does the buyside want from an exchange?• What should exchanges be doing to innovate?• How can exchanges bring more participants into the

market?

Moderator: Brendan Bradley, Member of Eurex Executive Board and Chief Innovation Officer, Eurex

Panellists:Simon Crooks, Founding Partner, QSISteve Martin, COO, G.H. FinancialsTim Marchant, COO, Cardwell Investment TechnologiesJim Aveling, Managing Director, Positive Equity

12:45 Lunch

13:30 Capital punishment? The future of the FCM business

After three gruelling years, volumes in the market are beginning to recover and organic volatility is returning. The FCM landscape has changed considerably during the downturn and the pull back of banks has created opportunities for smaller FCMs. But the Basel III capital requirements are dragging on the outlook for FCMs and could radically change how business is priced. THis panel will look at the outlook for FCMs.• What are the impact of the capital requirements on the

FCM business model? How are firms overcoming that? • Is the race to the bottom in terms of fees now over?• How are smaller FCMs growing in the current market?

Moderator: John Gammer, Director, Clearing Maze

Panellists:Marc Bailey, Managing Director, Sucden FinancialEugene Stanfield, Managing Director, Head of Derivatives Execution & Clearing, Commerzbank

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Martin Frewer, Global Commercial Director, ABN AMRO ClearingSteve Woodyatt, CEO, Object Trading

14:10 Mifid II: the good, the bad and the ugly

Two 15 minute presentations in individual disciplines within Mifid II followed by a 15 minute Q&A for the two presenters.

Anne Plested, Head of EU Regulation Change Programme, FidessaHow to avoid MiFID II doldrums

Carolyn Jackson, Partner, Katten Muchin RosenmanMiFID II -What’s Next?

14:55 Portfolio margining and open access: a radical new market structure?

The combination of open access to CCPs and execution platforms and efficiencies from margining swaps against ETD positions has the potential to bring once-in-a-generation change to market structure in Europe. This panel will look at the developments and ask what they mean to the market.• Who benefits from portfolio margining? • What limitations are there?• What does portfolio margining combined with open access

mean for market structure?

Moderator:Dan Marcus, Global Head of Stregy & Business Development, Tradition

Panellists:Ben Pott, Head of European Affairs, ICAPCharlotte Crosswell, CEO, NLXRichard Walker, Head of EMEA Client Sales and Marketing, LCH.Clearnet

15:35 Coffee break

15:55 Blockchain in financial markets: game changer or overhype?

Born out of the creation of Bitcoin, the Blockchain (or distributed ledger) is tipped to revolutionise how financial

markets operate. With promises ranging from real time back office processing to total disintermediation of the intermediary in trading, there are high expectations for the distributed ledger but are they realistic?• What is a distributed ledger?• Where can it disrupt the derivatives market?• What is the timeframe for change?

Moderator:Tim Swanson, Director of Market Research, R3

Panellists:Peter Randall, COO, SETLRobert Sams, CEO, ClearmaticsOllie Jones, former head of Pro Trader Division at Marex SpectronJerome Kemp, Managing Director, Futures, Clearing and Collateral Global Head, Citi

16:30 The future of FX trading

Scroll back a year and it was all about exchange traded FX. However, the slow development of volumes in Europe and some interesting investments by exchanges in trading platforms suggests that the transition to ETD is not as inevitable a transition as was suggested. This panel will look at the future of FX trading and ask what is holding back the move onto exchange.

Moderator:Alice Attwood, Senior Reporter, FOW

Panellists:Eddie Tofpik, Head of Foreign Exchange, ADM Investor ServicesWill Patrick, Executive Director, FX Products, CME GroupMuammer Cakir, Head of Derivatives (VIOP), Borsa IstanbulAndrew Priest, Head of Institutional Sales UK/IRL, 360T

17:10 Drinks reception


Biographies David StubbsExecutive Director, Global Market Strategist, J.P. Morgan Asset Management

David Stubbs, Executive Director, is a global market strategist at J.P. Morgan Asset Management. Based in the London office, David is responsible for delivering research-driven insights on the global

economy and markets to both retail and institutional clients in the UK and Europe. He is a frequent guest on CNBC, Bloomberg and other major market outlets.

Prior to joining J.P. Morgan, David worked at MRB Partners in New York where he was a senior macro strategist, and he held similar roles at Heitman Securities in London and at the United Nations Department for Economics and Social Affairs, amongst others. David holds a M.Sc. in International Political Economy from the London School of Economics and a Ph.D. in Economics from The New School for Social Research in New York. He is an FRM and CMT Charter Holder.

Alice AttwoodSenior Reporter, FOW

Alice Attwood has served as senior reporter of FOW since joining Euromoney in December 2014. Before FOW, Alice was news editor at start-up financial newswire, Alliance News in London,

leading a team of journalists covering every FTSE 100, 250 and AIM-listed company for a year.She joined Alliance News from Profit & Loss magazine, also in London, where she was a reporter for the financial markets business title and its online presence for nearly three years. Before this she worked across a number of construction titles at publishing house, Progressive Digital Media. During this time she successfully drove a crane.

Marc BaileyManaging Director, Sucden Financial

Marc has over 30 years’ experience within the capital markets and commodities business, with extensive knowledge of both OTC and exchange traded derivatives. Marc began his career

on the trading floor in 1983, moving on to Morgan Stanley where he held various trading based roles. He later became Executive Director at CIBC before joining the London Stock Exchange in 2001 as Director of Business Development.

He joined Cargill Investor Services as Chief Operating Officer and Director of Business Development. In 2006 Marc moved to Bache Commodities Limited where he was Managing Director and Chairman.

In 2015 Marc joined Sucden Financial as Managing Director, where he is responsible for growing and developing its brokerage activities.

Anil BatraCOO, Hertshten Group

Anil joined Hertshten Group in 2005 as Head of Business Development. He is part of the original team that established many of the Group’s global offices. Today, he is part of the core management team

that drives business for the Group and, as COO, he continues to play a key strategic role in the Group’s activities. As an external auditor, Anil was instrumental in the establishment of G.H. Financials in London in 1993. He is a Chartered Accountant by profession.

Nicolas BertrandHead of Equities and Derivatives Markets, London Stock Exchange

Nicolas Bertrand is Head of Equities and Derivatives for London Stock Exchange Group. Appointed in 2010, Nicolas is responsible for UK and Italian equity markets and the Group’s derivatives

markets. Nicolas joined Borsa Italiana in November 1999 and has been responsible for IDEM, the Italian Derivatives Market of Borsa Italiana, since January 2004. In July 2009, Nicolas was appointed head of the newly created ‘Equity Markets and IDEM’ division within the London Stock Exchange Group, which combined the equity cash and derivatives markets for Italy and the UK. He is also a board member of FTSE and Turquoise. Prior to joining the Exchange, Nicolas worked for Citibank and developed his expertise trading on various markets and asset classes. Nicolas graduated in econometrics and holds a postgraduate degree in finance (DESS 203) from Universite Paris IX-Dauphine in Paris.

Brendan BradleyMember of Eurex Executive Board and Chief Innovation Officer, Eurex

Brendan has worked within the exchange traded derivative industry for 27 years and has in-depth knowledge of product development, market structures, clearing and technology issues. He has played

a major part in the development of most of today’s high volume European futures and options contracts during his time with LIFFE or Eurex.

From October 2013 he has been Executive Board Member and Chief Innovation Officer at Eurex with responsibility to “champion new ideas” both internally and externally and advise on new opportunities within the changing market environment. More recently he has focused on the opportunities presented by the changing regulatory environment and built a network amongst entrepreneurial FinTech firms that can benefit from the changing trends. He also acts as Chairman of Deutsche Boerse Holdings Asia, Non-Executive Director for GMEX and Digital Vega, where he is responsible for managing Deutsche Boerse’s minority equity holdings, and holds DB’s Observer seat on the Illuminate FinTech VC Fund Investment Committee.

Muammer CakirHead of Derivatives (VIOP), Borsa Istanbul

Muammer Çakir is the Head of Derivatives Market (VIOP) at Borsa Istanbul. Prior to joining Borsa Istanbul, Çakir served as the Head of Turkey Desk at the Debt Capital Markets of WestLB

London. He is currently responsible for the multi-asset derivatives platform at Borsa Istanbul where he diversified the product base, increased the total trade volume by 49% in 2015 and FX derivatives by fivefold in 2 years. His first job was at a convertible arbitrage/stress debt hedge fund in the United States.

Upon joining Borsa Istanbul, Çakir launched the first listed single stock futures & options market, and later on the first Equity Index & Non-deliverable FX Options products at Borsa Istanbul Derivatives Market (VIOP). He was appointed as the CEO of Turkish Derivatives Exchange (TurkDex) during the acquisition and merger of the two exchanges. From 2002-2008, he was the head of derivatives market at the Capital Markets Division of Akbank where he developed the derivatives & precious metals business. Çakir holds a master’s degree in financial engineering from Princeton University and he is a Fulbright fellow.

Glen ChakleyHead of Electronic Business Development, London Metal Exchange

He joined the exchange in March 1991 in the Market Operations team. He then spent 2 years as an LME clerk at Sharps Pixley before returning to the LME in 1994 as the Trading Floor Manager.

He was appointed Head of Electronic Operations in 2001 after successfully launching LMEselect and responsible for LMEselect operations and promoting Electronic trading. He moved to his current role in 2010 responsible for electronic business development for new and existing users as well as Independent Software Vendor (ISVs) relationships.

Simon CrooksFounding Partner, QSI

Prior to founding QSI in December 2013, he worked at Graham Capital LLP as a discretionary portfolio manager trading a portfolio of systematic strategies and prior to that as the senior research

manager, mandated to build and manage the stand alone London systematic trading group.

Prior to this he was a senior member of the portfolio management team at AHL. Before starting his financial career, Simon was a post-doctoral researcher in the Physics Department at the University of Oxford where he worked on probabilistic-based modelling of climate change.

Simon holds a DPhil in Physics from the University of Oxford.

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Charlotte CrosswellCEO, Nasdaq NLX

Charlotte Crosswell is CEO of Nasdaq NLX (“NLX”), a London-based market for European interest rate derivatives trading, launched in May 2013. Prior to NLX, Ms Crosswell held a number of positions

with the Nasdaq Group in two separate periods, including running a European equity MTF and as Head of International Listings for The NASDAQ Stock Market. Ms Crosswell was a Partner and the Head of Business Development at Pension Corporation, a London-based pension management firm. She also held a number of senior management positions at The London Stock Exchange, including Head of International Business Development.

Ms Crosswell started her financial services career at Goldman Sachs in European Equity Sales. Born in Southampton, Ms Crosswell was educated at Southampton University where she gained a BA Hons in French. She also serves as a board member of LCH.Clearnet Limited.

Martin FrewerGlobal Commercial Director, ABN AMRO Clearing UK

Martin Frewer is Global Commercial Director PTG following the recent commercial reorganisation at ABN AMRO Clearing where they have split their client base into the three mains sectors of

PTG, Prime and Corporates. PTG (Principal Trading Groups) is still the significant revenue generator for the global DMA and clearing provider and covers clients who are market makers, stat arb players, brokers and algorithmic traders. He’s been at ABN and previously Fortis Clearing since 2005. Before his recent appointment he was a Global Director and Head of the London Commercial Department at ABN and prior to ABN until 2005 was Global Head of Sales at Easyscreen (the first publicly quoted TechMARK listing on the LSE) and before that Head of Financial Clearing and Brokerage services at Credit Lyonnais Rouse until 2000. He started in the city on the Liffe market where he worked for Gill and Duffus, Lehman Bros and Alexanders Discount.

John GammerDirector, Clearing Maze

John Gammer has worked in the Futures Markets for 30 years, holding Global and European Head positions with Tier One Banks, Senior Relationship roles with two of the worlds largest Clearinghouses,

and most recently COO for a European Bank.

Carolyn JacksonPartner, Katten Muchin Rosenman

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants,

including commercial banks, investment banks,

investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers. Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. She is adept at addressing US registration issues for non-US entities looking to transact business into the US, including clearing organizations and exchanges as well as asset managers and swap dealers.

Having practiced outside of the United States for her entire legal career, she is particularly well-versed in the cross-border effects of US regulations including the Dodd-Frank Act. She is a frequent speaker on topics including OTC derivatives regulatory reform and investment management regulation.

Prior to joining Katten, Carolyn was the European head of Allen & Overy LLP’s US Regulatory Practice. Before becoming a lawyer, Carolyn was the executive director and a board member of the International Swaps and Derivatives Association, Inc. (ISDA). Carolyn spent the first 13 years of her career as a derivatives trader and was part of the original swaps team at Chase Manhattan Bank, NA. She established the New York derivatives trading desk for Banque Nationale de Paris, and was the first vice president and manager of the Banque Indosuez International Capital Markets Group in New York.

Ollie JonesFormer Head of ProTrader, Marex Spectron

Ollie is a successful financial services entrepreneur and operator currently based in London. Ollie started his career on the London International Financial Futures Exchange (LIFFE) trading floor in 1997. In

1998 Ollie and three partners co-founded MacFutures which pioneered the shift from open outcry floor trading to electronic trading of financial futures. Over the following five years Ollie and his partners grew MacFutures into the leading trading group in London primarily trading LIFFE & EUREX products.

In 2003 MacFutures was successfully acquired by Refco, a leading Futures Commission Merchant (FCM) in the US, and MacFutures became the electronic trading division of Refco. Ollie moved to Refco’s Chicago Headquarters where he was responsible for expanding the electronic trading division into the US, Canada and Singapore. After the collapse of Refco in late 2005, Marex Spectron was born and Ollie focused his efforts into re-building the business, which he successfully did by growing the client base to over 1,000 traders globally through providing gold standard infrastructure and world class customer service.

Ollie has always focused in the exchange traded Futures space that has enabled him to successfully build business after business and fully appreciates and understands his client’s needs.

Ollie has spent the last year researching various bitcoin and distributed ledger technologies and is working on a couple of concepts in this field.

Jerome KempGlobal Head of Futures, Clearing and Collateral, Citi

Jerome Kemp, Managing Director, is the Global Head of Futures, Clearing and Collateral, which sits within the Investor Services Division. His Global Management Team includes

regional heads in Asia/Pacific, Europe, EMEA, and the Americas, as well as Global Heads of OTC Clearing, In-Business Risk Management, Operations, and Technology. With over 25 years of industry experience gained in Paris, Tokyo and London, Jerome is a recognized leader in the global Futures industry. Jerome is the Vice Chairman of FIA Global, located in Washington, D.C., and serves as well on the Executive Board of FIA Europe in London. From 2009 to 2010, Jerome sat on the Board LCH.Clearnet Group Ltd.

Before joining Citi, Jerome was the Global Co-Head of the Futures and Options and OTC clearing businesses at J.P. Morgan, where he worked for over 18 years. He received his Bachelor of Arts at Brandeis University and a dual Master of Arts/Master of Science degree from the School of International and Public Affairs at Columbia University.

Remco LentermanFormer Managing Director at IMC Capital Markets

Remco was formerly Managing Director at IMC Financial Markets, responsible for Global Corporate Development and market Structure. Prior to assuming his role at IMC, Remco spent 16 years at

Goldman Sachs as Managing Director responsible for Pan European Equity trading and 5 years as managing director at Kempen & Co, responsible for Securities. Remco is currently also an advisor to the FIA European Principal Traders Association, which he previously chaired.

Richard WalkerHead of EMEA Sales & Marketing, SwapClear & ForexClear, LCH.Clearnet

Richard Walker is Head of EMEA Sales & Marketing for SwapClear/ForexClear and is responsible for SwapClear’s external marketing in Europe and Asia to clients, and clearing firms.

Previously, Richard was Executive Director at Nomura International and led team of professionals in London, UK and Mumbai India to build out a Managed Account Platform from the ground up at Nomura.

Prior to Nomura, he was Executive Director at Lehman Brothers where he was involved in new product development for hedge funds and alternative asset managers. Richard was also Vice President Product Marketing at Traiana Inc, a venture backed technology start-up providing post-trade processing solutions to global investment banks, and an Analyst at Swiss Bank Corporation.


Biographies

Richard gained his PhD from the University of Southampton, research that was undertaken while an employee of Lucas Aerospace in the UK.

Tim MarchantCOO, Cardwell Investment Technologies Tim Marchant is an experienced systematic fund

manager with over a decade of financial experience. He co-founded the $100MM systematic Cardwell Global Fund and currently oversees strategy development, implementation and

technical communication with clients. This experience is backed up by a BSc in Economics from Warwick University, coupled with a CAIA charter membership.

Dan MarcusGlobal Head of Strategy and Business Development, Tradition

As Chief Executive Officer of both ParFX and Trad-X, and Global Head of Strategy and Business Development at Tradition, one of the world’s largest and most diverse interdealer brokers, Dan Marcus is

responsible for the development and implementation of strategic initiatives on a global basis, including regulatory strategy. He is based in London.

As CEO of ParFX, Dan is leading the charge to create a fair and transparent FX marketplace that offers a level playing field for all participants, while eradicating disruptive trading behaviour.

ParFX was launched in 2013 in partnership with the industry’s largest FX-trading institutions, and currently has 14 founder banks: Bank of Tokyo Mitsubishi UFJ, Barclays, BNP Paribas, Citi, Deutsche Bank, JP Morgan, Morgan Stanley, Nomura Securities, Royal Bank of Canada, SEB, Société Générale, Standard Chartered, State Street and UBS.

Dan is also CEO of Trad-X, Tradition’s hybrid trading platform for OTC derivatives and other financial instruments. Trad-X enables clients to trade interest rate swaps and offers a flexible execution methodology utilising hybrid, voice and electronic capabilities and the provision of functionality that meets the demands of today’s market.

The platform was designed together with market participants and founder streaming participants, including BofA Merrill Lynch, BNP Paribas, Citigroup, Credit Suisse, Goldman Sachs, HSBC, Lloyds, Morgan Stanley, Nomura, Royal Bank of Scotland, Société Générale and UBS.

Dan is a qualified solicitor and was General Counsel at Tradition before moving in to his business role. Prior to joining Tradition, Dan was Senior Counsel at The London Stock Exchange, where he was responsible for regulatory, IT, corporate and commercial legal work.

Steve MartinChief Operating Officer, G.H. Financials

Steve joined G. H. Financials in 2012 to bring his 25-plus years of experience to his COO responsibilities in London. Steve became a member of G. H. Financials Limited Board of Directors on July 1,

2014. Steve started his career in listed derivatives in the 1980s and was instrumental in setting up what became SEB Futures. By 2010, SEB Futures had grown into one of the largest institutional houses in London and Chicago. Following his 23 years at SEB, Steve joined State Street Futures as Head of Business for EMEA/AsiaPacific to develop their derivatives clearing business. Most recently, Steve ran a successful buy side consultancy advising the tier 1 buy side community on the impact of the changing US and European regulatory landscape on the global derivatives clearing environment.

Will MittingPublisher, FOW

William Mitting was appointed Editor of FOW in March 2011 and publisher in May 2012. He has been a business journalist for ten years and his previous positions include editor of Corporate

UK magazine. Prior to his appointment at FOW he worked in Malawi in east Africa where he launched the country’s first national business magazine.

Christian NentwichCEO, Duco

Christian Nentwich is the CEO of Duco. He has more than 10 years of experience with financial technology and processes and a track record of delivering innovative solutions to the

market. Christian was named in 2014 in Financial News’ 40 under 40 Rising Stars of Trading and Technology. Before Duco, he founded and sold his previous company, Systemwire, and advised multiple tier one investment banks, fund managers, clearing houses and ISDA on standards and data strategy. Christian holds a BSc and PhD in Computer Science from University College London, and is a winner of its medal of the Faculty of Mathematical and Physical Sciences.

Will PatrickExecutive Director, FX Products, CME Group

William Patrick was appointed Executive Director, Foreign Exchange (FX) Products of CME Group – Europe, Middle East, Africa, in January 2013. He is responsible for promoting CME Group’s FX products and markets to European customers, increasing market share and product uptake across all customer segments. Patrick brings his experience in FX Options to CME Group. Prior to joining CME Group, Patrick was a Sales Manager of FX Options at Reuters in

London where he established a trading community of more than 100 banks for the business, as well as developed the direct market in FX Options with an STP solution for the Reuters Terminal and oversaw the introduction of API trading for Reuters FXO Matching system. Before that, Patrick worked at ICor, at both Europe and Asia officers, Volbroker.com, JP Morgan and GFI Holdings. Patrick holds a B.A. Hon. Degree in Business Studies from the University of Westminster.

Anne PlestedHead of EU Regulation Change Programme, Fidessa

Since joining Fidessa in 2009 Anne has played a significant role in the establishment of the Fidessa Regulation Team, monitoring and evaluating the regulatory environment and working

on the impact analysis of MiFID II and other major EU regulatory changes running in parallel. Anne is a frequent contributor to a number of industry groups discussing MiFID II, regulation, best practice and post-trade data standards. She is a Member of the Steering Committee for the FIX Trading Community’s MMT (Market Model Typology) initiative as well as being a member of, and regular contributor to, their EMEA Regulatory Sub-Committee. In May 2014 Anne was appointed by ESMA as an external stakeholder representative on the Consultative Working Group that supports ESMA’s Market Data Reporting Working Group. With more than 20 years’ experience of the financial markets in London, Anne has previously worked as front-office projects manager, specialising in trading systems, for the retail and institutional divisions of a large private client investment management firm. She has also been involved in numerous projects for a major investment bank and a number of other City firms.

Ben PottHead of European Affairs, ICAP

Ben Pott is Head of European Affairs at ICAP. In this role, Ben works on key regulatory issues with external and international stakeholders, anticipating, interpreting and communicating changes

to European policy and legislation that may impact the Group’s business. Prior to joining ICAP in June 2014, Ben was Policy Expert at the European Banking Authority working on delivering technical standards in the areas of recovery and resolution, credit risk and infrastructure services. Ben started his career at the UK Financial Services Authority (now FCA) in 2005, where he spent 7 years in a variety of roles focusing on post-trade policy implementation and supervision. During that time, Ben spent a year on secondment at HM Treasury helping to negotiate the European Market Infrastructure Regulation. Of German nationality, Ben studied Politics, Philosophy and Economics at York University and holds Masters degrees from Kings College London in European Studies and from ESCP Europe Business School in European Business.


Andrew PriestHead of Institutional Sales, 360T

As Head of Institutional Sales of UK & Ireland Andrew Priest is responsible for the Institutional team in the UK & Ireland, focusing on Real Money Asset Managers, Hedge Funds and Market Taking Banks.

Prior to this position he was Senior Vice President, Head of Foreign Exchange Sales, EMEA at NORTHERN TRUST CORPORATION in London. Andrew gained also considerable experience in the FX market at TULLETT & TOKYO FOREX INTERNATIONAL in London, where he acted as an intermediary broker between banks trading forward FX swaps and broked on Forward Cable (GBP/USD) desk.

Peter RandallCOO, SETL

As COO, Peter Randall will be spearheading the SETL initiative alongside Anthony Culligan, SETL’s CEO. Credited with revolutionising the equity exchange market in Europe through the

establishment of Chi-X Europe Ltd, Peter led the company’s growth as founder and CEO, from an unknown multilateral trading facility to become one of the top 5 trading venues in Europe by volumes traded. Subsequently, Peter was appointed CEO of Equiduct, where he restructured the business, and turned it into the fastest growing trading platform in Europe in 2012. Prior to Equiduct and Chi-X, Peter was COO at Instinet Europe Ltd, and Executive Director of FIX Protocol Ltd.

Andy RossEuropean Head of OTC Clearing, Morgan Stanley

Andy Ross is a Managing Director and European Head of OTC Clearing at Morgan Stanley. He is responsible for the sale and build of a best in class OTC clearing service for clients in Europe.

Ross joined the firm in June 1998 as an analyst in Operations, serving in a variety of roles with increasing responsibility. Following a short stint at Deutsche Bank, Ross returned to Morgan Stanley in June 2004, with promotion to Vice President in Operations, in December 2005. After a diverse career in operations, he moved to the Counterpart Portfolio Management desk in June 2007, where he was promoted to an Executive Director in December 2008. For the past two and a half years, Andy has been leading the OTC clearing business in Europe and was promoted to Managing Director in January 2012.Ross is a member of the ICE Clear Europe risk committee and heavily involved in a number of other key industry initiatives in the OTC clearing and counterparty risk management space. He earned a Bachelor of Science degree (2.1) from the University of Edinburgh.

Eugene StanfieldManaging Director, Head of Derivatives Execution and Clearing, Commerzbank

Eugene Stanfield is Head of Derivatives Execution & Clearing Services overseeing the delivery of client focused solutions to meet the changing regulatory and industry landscape for OTC and

Exchange Traded derivatives. He is a regular participant on industry wide working groups and panels discussing regulatory change and the impact on clients. During his 15 years at Commerzbank, he has held a number of senior positions including Head of Business Management and Transaction Support for the Americas, Global Head of Transaction Support and since 2009 Head of OTC Client Clearing. He has a BSc in Mathematics and Management from Manchester University and is a qualified Chartered Accountant.

Tim SwansonDirector of Market Research, R3

Tim Swanson is currently Director of Market Research at R3CEV. He worked in East Asia for more than six years and is based in the San Francisco Bay Area. He is a visiting research fellow at the Sim Kee

Boon Institute at Singapore Management University and is a graduate of Texas A&M University. He is the author of three books. Follow on Twitter: @ofnumbers

Richard TiceCEO, Quidnet Capital LLP and Co-Founder, Leave.eu

Richard Tice is CEO of Quidnet Capital LLP, a real estate group managing over £500 million of assets for clients. Formerly CEO of the FTSE 250 multi national property group, CLS Holdings

PLC from 2010-2014. His City experience includes previously being a non executive director of 3 other listed property companies. He is co-founder of Leave.eu which is campaigning to leave the European Union.

Eddie TofpikHead of Foreign Exchange, ADM Investor Services International

Currently Head of Foreign Exchange of ADM Investor Services International Limited (‘ADMISI’) a position he has held for over 24 years, he has built up and maintained a 24 hour FX & related

derivatives team covering various international markets from ADMISI’s London Centre. A Member of the Society of Technical Analysts and an Affiliate of the Market Technicians Association of the US as well as a member of the ACI-UK, in addition to running the daily operations of a FX broker, Eddie publishes a variety of market reviews on FX as well as various derivative markets. Most recently he has been the first mainstream brokerage to add a Bitcoin Monthly commentary. Eddie is a regular on CMEGroupTV & TipTV – both available on YouTube. He has been a regular speaker and panellist at various international seminars, symposiums & conventions as well as a guest of radio & TV.

Cees VermaasManaging Director and CEO, CME Europe

Cees Vermaas has served as Managing Director and CEO of CME Europe Limited, CME Group’s European-based derivatives exchange, since January 2015. He is responsible for the ongoing

build-out of CME Europe to meet the needs of customers in the European marketplace, following the exchange’s initial launch in April 2014. Prior to joining CME Group, Vermaas served as CEO of NYSE Euronext Amsterdam and as a member of the Management Committee of NYSE Euronext, with global responsibility for international business development for cash and listings. Prior to that, he served as Executive Vice President, Head of European Cash Markets, where he was responsible for NYSE Euronext’s European cash trading business, including equities, fixed income, operations, projects and business development. He originally joined Euronext in 2002 as Director Cash Market Netherlands before being promoted to Executive Director Sales and Marketing, Cash Market. His background also includes a decade working in IT and commercial roles at leading Dutch and international companies. Vermaas holds a degree in business engineering from the Rijswijk University of Technical Education in The Netherlands. He serves on the Board of Directors of the Confederation of Netherlands Industry and Employers and the American Chamber of Commerce of the Netherlands. He also Ambassador of the War Trauma Foundation.

Peter WildingFounder and Chairman, British Influence

Peter Wilding is the Founder and Chairman of British Influence, a cross-party think tank promoting British leadership in Europe. In 20-years of working in European affairs, he has

practiced and lectured as a solicitor in EU law, been Head of Media for the Conservative Party in the European Parliament, Director of CabinetDN, a Brussels public affairs consultancy and Europe Director for BSkyB. He is a regular speaker on radio and television and the author of “Influencing the European Union.

Steve WoodyattCEO, Object Trading

Steve is CEO and co-founder of Object Trading. Based in London, he is responsible for building strategic partnerships and supporting the firm’s continued growth around the world.

Steve was integral to the initial development of Object Trading’s flagship direct market access (DMA) product suite, FrontRunner, and he continues to mold its development today. Prior to forming Object Trading in 2000, Steve was chief executive officer at an alternative investment fund manager, which managed two retail hedge funds and wholesale allocated accounts. In this role he observed and resolved a multitude of trade execution problems, which drove him to apply his buy-side operational experience in automated trading systems development to create the FrontRunner suite. Steve, a member of the Futures Industry Association, is a frequent industry speaker and has been quoted extensively in publications including The Financial Times, The Trade and FOW. He received a B.Sc. (Hons) degree from the University of Queensland, and Grad. Dip. Management and MBA from the Australian Graduate School of Management (AGSM). Steve is also the proud father of two, an avid music lover and a skilled violinist.

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Company profiles

Platinum Sponsor

As the leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk, offering the widest range of global benchmark products across all major asset classes. We bring buyers and sellers together through our CME Globex electronic trading platform and our trading facilities in the United States and Europe.

CME Clearing, an industry-leading central counterparty clearing provider, offers clearing and settlement services for exchange-traded and over-the-counter derivatives. CME Europe, our London-based derivatives exchange, offers FX contracts and a suite of commodity contracts and will become a multi-asset class exchange over time.

CME Clearing Europe, our London-based clearing house, provides a single, integrated platform for a broad range of OTC financial and commodity derivatives and futures in a European regulatory framework.

http://www.cmegroup.com/clearing/

Gold Sponsors

As one of the world’s leading derivatives exchanges we offer a broad range of international benchmark products. With

more than 2,000 products across nine traditional and alternative asset classes we provide our customers a broad diversity and greater opportunities. We operate the most liquid EUR fixed income derivatives, provide the broadest range of equity index derivatives worldwide and are the platform of choice for European equity derivatives. In addition we cover derivatives on ETFs, dividends and volatility. All on one single platform. Innovative and reliable technology provides about 400 participants and 7,500 traders in 35 countries worldwide with access to our products and services.

Eurex is part of Deutsche Boerse Group. Further information www.eurexchange.com

Nasdaq NLX (NLX) is a London-based market for trading interest

rate derivatives. Market participants have the ability to trade a suite of UK- and European-listed interest rate derivatives products across the yield curve. For the first time, the short and long ends of the interest rate curve are merged onto a single market for trading and

clearing. NLX enables simplified execution of a broad range of hedge, strategy and contingent trades, and will support registration of both Central Order Book (COB) and off-order book trades on the same Genium INET platform. All NLX products are cleared through a single clearing house, LCH.Clearnet, and margined using a Value at Risk (VaR) methodology and LCH.Clearnet’s Portfolio Approach to Interest Rate Scenarios (PAIRS). NLX is built upon the Nasdaq infrastructure, which powers one in every 10 transactions worldwide, and leverages the expertise and knowledge of tried and trusted partners to create an efficient, robust and flexible market.

Fidessa’s futures & options trading platform provides fully integrated order management

and automated workflow for trading futures, options and strategies. With ‘follow the sun’ global order management and high-speed gateways to all the leading derivatives exchanges, it delivers the risk management, compliance and reporting capabilities that firms need to meet regulatory demands across the globe. Sophisticated algos and synthetic order types enable users to take advantage of the evolving futures landscape. With a global footprint and proven track record in hosting large-scale derivatives operations worldwide Fidessa’s platform supports the trading activities of some of the world’s leading firms.

Are competition, fragmentation, and regulation affecting trading outcomes?

Velocity of Change Demands a New ApproachTake control with market access infrastructure that scales as you grow.

Get more informationUS: +1 646 583 1850 • UK: +44 20 3763 2220 • APAC: +61 (2) 9450 2999

www.objecttrading.com

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Silver Sponsors

London Stock Exchange is the world’s most international exchange. Nearly 2,500 companies

from more than 90 countries are quoted across its markets, with a combined value of £4.4 trillion.

London Stock Exchange’s markets include the Main Market – London’s flagship venue for equity, debt and exchange traded products, offering businesses access to Europe’s most liquid pool of capital – and AIM – the world’s leading market for small and growing companies. Since its launch in 1995 AIM has helped 3,500 companies raise £87 billion.

Trading participants access London Stock Exchange markets via a range of secure, low latency interfaces, including the Order book for Retail Bonds (ORB), which since its launch in 2010 has allowed private investors to trade bonds in small denominations, and has helped companies raise over £4 billion.

Duco enables financial services firms to control complex data using light-touch, self-service technology. We

are shaping the core of new, efficient operations with customers on the sell side, buy side and major service providers.

Katten is a full-service law firm with approximately 650 attorneys in locations across the United States

and in London and Shanghai. Katten’s Financial Services practice advises a broad range of participants, including broker-dealers, futures commission merchants, investment advisers, finance companies, investment banks, futures and securities exchanges, commodity trading advisors, pension funds, banks, and insurance companies. Our attorneys are well-versed in the latest developments in the industry, and several previously have held senior positions with regulatory agencies or have been in-house counsel at financial services firms.

The London Metal Exchange is the world centre for industrial metals trading. 82% of global non-ferrous futures business is conducted on the LME totalling $15

trillion, 177 million lots and 4 billion tonnes in 2014. A member of HKEX Group, the metal community values the LME as a place to transfer or take on price risk, as a physical market of last resort and as the provider of transparent global reference prices.

Bronze Sponsors

Object Trading delivers an independent, global, multi-asset direct market access trading

infrastructure combined with decades of client-side

insight and experience, enabling each customer regardless of its trading strategy, size, style or frequency, to innovate, control risk and trade in an ever-changing and fiercely competitive environment. Object Trading’s DMA Service Platform provides ready access to the international markets with a proven, independent infrastructure that readily normalises the mass of market connectivity, eliminates infrastructure startup processes and unifies risk constraints, ultimately enabling accelerated growth. Object Trading is connected to more than 60 global equity, derivative and FX exchanges for both market data and order routing, with offices in London, New York, Chicago and Sydney.

Borsa Istanbul, with historical roots going back to 1873, is a diversified regional exchange in Turkey, providing trading, settlement, custody and registry services for equities, derivatives, fixed income & repo, precious metals and Islamic finance

markets all under a single umbrella. Borsa Istanbul Derivatives Market (VIOP) is the region’s leading and most liquid derivatives marketplace where the investors and corporates come to manage their risk. VIOP offers the widest range of regional benchmark products across all major asset classes, including futures and options based on equity indices, currencies, interest rates, precious metals, commodities and energy with a central counterparty clearing service. For more information, please visit http://borsaistanbul.com/en/viop

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FOW London Derivatives Debates 2016

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Transcript of FOW London Derivatives Debates 2016