FPL: Shaping the Future of Trading

Having grown over 40% in the past 2 years and recently described as one of Europe’s most influential trading associations, FPL is now leading efforts that are shaping the future of the trading environment.

Focused on addressing the critical trading issues impacting your business, actively participating in FPL is becoming increasingly strategically important for many firms. This session will provide an overview of the key initiatives that FPL has delivered to the European trading community over recent months and its plans to facilitate increased transparency, risk mitigation, cost reductions and further efficiencies over the coming year.

Speakers:
Stuart Baden Powell, Co-Chair FPL EMEA Regional Committee, FIX Protocol Ltd
Daemon Bear, Co-Chair FPL EMEA Regional Committee, MD, Head of BlockCross, ICAP Securities Ltd.
Jim Kaye, Co-Chair FPL Global Steering Committee, Director, Product Development, European Execution Services, Bank of America Merrill Lynch 
Justin Stephan, Co-Chair FPL Global Steering Committee, Director, Trading Applications, Wellington Management Company

FIX vs. Proprietary Protocols: The New Fragmentation

At the same time that the FIX Protocol continues to achieve global traction, there has also been resurgence in proprietary protocols promoted by exchanges and execution venues. This panel seeks to consider whether those proprietary protocols are filling a gap left by FIX. The reasons behind this resurgence of proprietary protocols, and what the FIX Protocol should do to remain relevant.

The session will also explore what role proprietary protocols play and if they are better suited for the niche requirements of the trading community?

Moderator:
Jim Northey, Co-Chair FPL Americas Regional Committee, Co-Founder, The LaSalle Technology Group, LLC

Speakers:
Peter Jessup, Vice President, NASDAQ OMX 
Hanno Klein, Co-Chair FPL Global Global Technical Committee,Senior Vice President, Deutsche Börse
Mark Reece, Co-Chair FPL High Performance Interfaces Working Group, Director, Hawkhurst Consultancy Services

FIX Inter-Party Latency: From Concept to Implementation

For the first time with FIX Inter-Party Latency (FIXipl), the trading community will have a common bench-mark for the measurement of latency. Currently in its final stages of being standardised, It will provide a mechanism for interoperability between latency measurement solutions, delivering significant industry-wide benefits. 
Attendees at this session will benefit from technical guidance and implementation advice delivered by the experts responsible for its development and hear where and how you will be using this.

Presenters:
Rolf Andersson, Co-Chair FPL Market Data Optimisation Working Group, CEO Pantor
Henry Young, Co-Chair FPL Inter-Party Latency Working Group, TS-Associates plc

The Future of Retail Trading Under MiFID II

This session will include an introduction about the complexities and diversity of the European retail trading landscape followed by a moderated panel discussing the factors affecting the evolution the business including:

• Why the prevailing retail models exist across Europe and the factors that have influenced them
• What model is right for Europe and how do we get there?
• Were retail investors beneficiaries of MiFID I?
• How critical is retail flow to the next wave of MTF’s?
• MiFID II: Is it doing enough to facilitate cross border trading for retail investors?

Moderator:
Niki Beattie, Managing Director, Market Structure Partners

Speaker:
Angela Fenwick, Head of Retail HUB, Banca IMI
Dhavarajh Frank, Chief Operating Officer, Selftrade
Marie-Ange Marx,COO, Keytrade Bank 
Oriol Pujol, European Business Development Manager, Winterflood Securities
Kee-Meng Tan, Managing Director and Head of Electronic Trading Group (ETG) in Europe, Knight Equity Markets International Ltd.

Meeting the Challenges of Risk Management in the Pre-Trade Environment

In a world of heightened focus on risk regulations, this session will seek to provide delegates with answers to the following questions:

• What are the regulators trying to achieve - what is their intent?
• Will it achieve what it is setting out to do?
• What are the likely timescales?
• What is the potential for unintended consequences?
• How is it possible to provide total risk management in a global, fragmented market place?
• What is the latest position of ESMA?

This session will focus on existing best practices in pre-trade checks and post trade surveillance and how these best practices may need to change and adapt under an increasingly invasive rules setting environment.

Moderator:
Phillip Stafford, Deputy Editor of FT Trading Room, Financial Times

Panellists:
Valerie Bannert-Thurner, Managing Director, FTEN, A NASDAQ OMX Company
Matthew Coupe, Director of Sales and Marketing, Redkite Financial Markets
Susan Gay, Senior Associate, FSA
Ben Stephens, Vice President, Electronic Trading & Quantitative Prime Brokerage Origination, Nomura

FIX 5.0 SP3: Supporting the Latest Requirements of the Global Trading Community 

As the business needs of the global trading community have evolved over the past 18 months, FPL has developed additional FIX functionality to support emerging requirements.  This functionality has been released in the form of extension packs and the latest version of the FIX Protocol, FIX5.0 SP3 due for release in late 2012, will collate all of the new functionality developed. Join this session to learn about the potential that FIX5.0 SP3 could present to your firm. 

Additionally, this session will also encourage debate about the current form of the FIX specification, whether it is effective as it stands or if there are ways in which it could be improved?

Presenters:
Kevin Houstoun, Co-Chair FPL Global Technical Committee, Lead Expert Group Member, UK Government Foresight Committee on “The future of computer based trading in financial markets”, Chairman and Founder, Rapid Addition
Jim Kaye, Co-Chair FPL Global Steering Committee, Director, Product Development, European Execution Services
Hanno Klein, Co-Chair FPL Global Global Technical Committee,Senior Vice President, Deutsche Börse 

OTC Trading: Preparing for Greater Transparency

This session will present the key changes occurring in the OTC derivatives markets as a result of Dodd-Frank and EMIR, with a focus on the impact of pre-trade transparency requirements. Topics covered will include:

• The impact on market architecture (CCPs, SDRs, SEFs and OTFs)
• The impact on market structure and business processes (all-to-all trading venues vs inter-dealer vs dealer-to-client)
• Key considerations for the sell-side and buy-side (business and technology)
• The role of standardisation initiatives (LEI, UPI, USI, standardised connectivity)
• And remaining areas of uncertainty

The session will conclude with a short panel discussion on the steps being taken by market participants (buy-side, sell-side, SEFs/OTFs) to take advantage of the opportunities and mitigate the threats created by the rules mandating pre-trade transparency.

Moderator:
Sassan Danesh, Managing Partner, Etrading Software

Panellists:
George Handjinicolaou, Deputy Chief Executive Officer and Head of Europe, Middle East and Africa, ISDA
Daniel Marcus, Managing Director of Strategy and Business Development in EMEA, Tradition
Stuart Taylor, Global Head of FICC Electronic Trading, UBS 

Relevant Tools of the Trade

This session will focus on current and future trends amongst OMSs and EMSs to discover what's in store for the future of such systems. The discussion will also assess whether there still is a distinction between an OMS and an EMS and if the convergence between these two systems is now completed.

Lastly, the panel will debate the different business models followed by vendors operating in this space, and attempt to evaluate whether such models are still relevant?

Moderator:
Scott Bradley, Executive Director, Electronic Trading EMEA, Nomura

Panellists:
Alfred Eskandar, Chief Executive Officer,Portware
Peter Johnston, EMEA Head Bloomberg EMSX Solutions, Bloomberg
Robin Strong, Director, Buy-side Market Strategy, Fidessa

Support Provided by FIX Tools

As FPL continues to support firms implementing the FIX Protocol, the organisation has developed a set of tools to help support execution.

FIXwiki is a FIX-specific wiki website that provides a comprehensive and authoritative view of the FIX specification. It has been built using the FIX Repository, which provides the detailed content of each version of the FIX specification in a computer-readable XML format. This session will look at how the FIX Repository and FIXwiki can support your firm as it seeks to implement the protocol.

Presenters:
John Cameron, Director, FIX Protocol, Principal, Cameron Edge
Jim Northey, Co-Chair FPL Americas Regional Committee, Co-Founder, The LaSalle Technology Group, LLC

Piecing Together the European Consolidated Tape

This session will review the latest developments on preparing for the creation of a pan-European consolidated tape. It will cover the mechanics of how the tape might work, how data is being standardised across markets, and how it will be represented to end users.

The session will also explore the expected benefits of the tape and question whether it is likely to actually deliver on expectations?

Moderator:
Andrew Bowley, Managing Director, Nomura

Panellists:
Andrew Allwright, Head of EMEA Market Structure & Compliance Solutions, Thomson Reuters 
Jim Kaye, Co-Chair FPL Global Steering Committee, Director, Product Development, European Execution Services, BAML 
Mark Schaedel, Managing Partner,
The COBA Project 

Is Clearing Delivering the Expected Benefits to Allow the Equities Trading Community to Invest in Confidence?

This session will focus on the clearing infrastructure and will try to answer the question as to whether the introduction of interoperability has yet delivered cost savings and changed brokers’ behaviour? It will examine the implications for equity market participants:

• Are brokers analysing post-trade costs and are their decisions mainly based on costs or is risk also being taken into consideration?
• Are trading venues reappraising their approach and their post-trade strategies in light of the introduction of interoperability?
• Are customers benefiting from enough transparency to be able to analyse and break down post-trade costs?

Moderator:
Michelle Price, Trading and Technology Editor, Financial News, Dow Jones

Panellists:
Dr. Robert Barnes, CEO of UBS MTF, Managing Director, Equities, UBS 
Roland Bellegarde, Group Executive Vice-President & Head of European Cash & Listings NYSE Euronex
Hugh Brown, Director of UK Markets, EMCF N.V. 
Diana Chan, Chief Executive Officer, EuroCCP

On Boarding Best Practices

Now that trading is accessible for local and international market participant’s alike, providing global access to trading venues is and will continue to be a key driver of growth for many market participants.

On boarding is one of the final stages of the go-live process, yet currently on boarding processes vary among counterparties as well as among asset classes, which can lead to inefficiencies. Process improvements have been known to significantly streamline client on boarding, helping to add trading access for both local and international market participants.

This panel discussion will explore client onboarding best practices for exchanges, sell and buy sides.

Moderator:
Jim Northey, Co-Chair FPL Americas Regional Committee, Co-Founder, The LaSalle Technology Group, LLC

Panellists: 
Valentin Nehls, Product Manager - Access Products, Deutsche Börse AG
Franck Mikulecz, Baxter-FX
Mark Vogel, Associate Director, Global Account Management EMEA, CME Group 
Carl Weir, Head of Cross Asset FIX Connectivity (EMEA), HSBC

The new world of OTF

There are currently differing opinions circulating about whether or not the OTF category defined under MIFID II should continue to exist. This panel session will address the arguments from both sides and seek to answer :

• What are the benefits of having an OTF category?
• What should be classified as an OTF?
• Who should/can create an OTF and why?
• Should an OFT maintain control over access?
• Does the current restriction on proprietary trading make sense and exactly what is the definition of proprietary trading?
• MTF or OTF?
• Should we be looking at types of participant or types of flow or both for an OTF?
• Are BCNs a subset of an OTF or should it be categorised separately?

Moderator:
Alasdair Haynes

Panellists:
Richard Balarkas, CEO and President, Instinet
Danielle Ballardie, Director, Equities Distribution, Barclays Capital
Rob Boardman, Managing Director and Chief Executive Officer EMEA, Investment Technology Group, Inc.

A Day in the Life of an Emerging Market Trader

This session will explore the issues and challenges that firms face as they seek to trade in emerging markets and the beneficial impact that increased use of the electronic trading practices and the FIX Protocol could present to help firms keen to overcome these difficulties. 

Topics to be discussed will include the costs of trading and how increased use of technology (especially FIX) has the potential to generate greater market efficiencies and significant cost savings for the user community.  It will also explore electronic order routing options available locally and the steps that emerging markets could take to increase inbound electronic order flow. 
Furthermore, the session will discuss new instruments for trading and reporting available over FIX within the equities, fixed income and derivative markets.

Moderator:
Rebecca Healey, Senior Analyst, TABB Group

Panellists:
Adeolu Bajomo,  Executive Director, The Nigerian Stock Exchange
Matthew Cousens, Director and Co-Head of AES Sales EMEA, Credit Suisse 
Philippe Carré, Global Head of Client Connectivity, SunGard 
Maher Asham, CEO, EGID

Trading Fixed Income OTC Products Using FIX

In 2011, the FPL Global Fixed Income Committee (GFIC) launched an initiative to create best practices for trading fixed income OTC derivatives using the FIX Protocol.  This was supported by many of the world’s largest broker-dealers and trading venues.

This session is aimed at architects, analysts and developers who are involved with designing or implementing FIX solutions for trading fixed income OTC products and will explore, the key best practice recommendations produced by the group as well as the resulting enhancements to the FIX specification and how the FIX Protocol is used for trading swaps.

The session will also discuss the latest GFIC developments in this space, including plans for the rest of 2012. Attendees will also have the opportunity to receive technical guidance from the experts responsible for the development of the best practices.

Presenters:
Sassan Danesh, Managing Partner, Etrading Software
Kevin Houstoun, Co-Chair FPL Global Technical Committee, Lead Expert Group Member, UK Government Foresight Committee on “The future of computer based trading in financial markets”, Chairman and Founder, Rapid Addition

Pensions: The Ultimate Client

Based on the research, knowledge and experience of a leading consultant to our ultimate clients, the pension funds, this session will explore the key trends that have emerged following the events of 2010 and 2011 within the pension fund space including the increased scrutiny of non-investment issues. These trends are likely to generate a range of issues, challenges and opportunities that will drive decision making in 2012. 

Looking further ahead, as these and other trends are expected to evolve over the next 3-5 years, this session will look at the implications for the investment management community from a structural and operational perspective and help determine how you allocate your assets.

Attend this session to gain a stronger understanding of how these developments could impact your future trading desk and operational departments.

Presenter:

Ben Gunee, European Director, Mercer

Updates on Output from the FIX Protocol EMEA Business Practices Subcommittee

As market structures evolve and trading strategies become more sophisticated, both the sell side and buy side are finding themselves having to manage new types of data and business processes. This session will explain the output from various FPL groups working on business practice initiatives, including execution venue reporting, risk guidelines, the usage of algorithms and FIXatdl. Attendees will learn the latest best practices and standards, and debate what needs to be covered in 2012.

Moderator:
Maria Netley, Director, FIX Protocol Ltd, RBS Global Banking & Markets

Panellists: 
Jim Kaye, Co-Chair FPL Global Steering Committee, Director, Product Development, European Execution Services, Bank of America Merrill Lynch
Chris Sims, Co-Chair FPL EMEA Business Practices Subcommittee, Consultant, Ignis Asset Management
Justin Stephan, Co-Chair FPL Global Steering Committee, Director, Trading Applications, Wellington Management Company

Industry Standards: Ask the Experts

Within the financial services industry, there are multiple messaging standards being used, and the purpose of the Standards Coordination Group has been to create an approach that leverages and includes these standards into a broader framework without reinventing and creating redundant messages that increase implementation costs and cause confusion for the industry.

This session will provide the opportunity to hear first-hand from industry experts as to how they are incorporating standards into a framework and will offer you the chance to put forward any questions.

Moderator:
Courtney Doyle McGuinn, Operations Director, FIX Protocol Ltd.

Panellists:
Mark Gratacos, Senior Technical Architect, ISDA & Consultant, TradeHeader 
Kevin Houstoun, Co-Chair FPL Global Technical Committee, Lead Expert Group Member, UK Government Foresight Committee on “The future of computer based trading in financial markets”, Chairman and Founder, Rapid AdditionRapid Addition 
Andrew Parry, Senior Architect, Bank of America Merrill Lynch
Richard Young,
Head of Regulatory Affairs, SWIFT