TradeTech Europe 2018

April 25-April 26, 2018

Palais des Congrès de Paris

Contact Us: 44 (0)207 368 9548

Main Day 1: Wednesday 25th April

7:45 AM - 8:35 AM Refreshments and Registration

8:35 AM - 8:40 AM Welcome Remarks from Diane Mekie, Conference Director, TradeTech Europe 2018

8:40 AM - 8:45 AM Chair’s Opening Remarks

Navigating the Post-MiFID II Trading Landscape

-What are the new market structure dynamics and how can market participants now access newer pools of liquidity?
-How is the sell side adjusting their business model to cater for the increased execution service requirements?
-How are the buy side readjusting to these evolved services and positioning of the sell side community?
-What were the biggest surprises and implementation challenges with MiFID II and how were these overcome?

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Simon Steward

Head, European Equity Trading
Capital Group
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Richard Semark

CEO, UBS MFT, Head, European Client Trading and Execution
UBS
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Tom Stenhouse

Head of Product, Equities
London Stock Exchange Group

Mark Hemsely

President, Europe
Cboe Europe

8:45 AM - 9:05 AM BUY SIDE INTERVIEW: The buy side business model of the future– what are the practical implications of changes to market dynamics and how can your business thrive in a post-MiFID II world?

Richard Parsons, CEO, Instinet Europe
-What developments are set to transform the equity landscape and how will this impact buy side interaction across the market value chain?
-How are new considerations of execution quality influencing who the buy side trade with?
-With an intensive focus on the entire lifecycle of every financial market transaction, how is internal operational evolving to adhere to this new element of the regime?
-Where are the market data and transaction data coming from?
-Who should be handling it and how is it being actioned?

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Richard Parsons

CEO
Instinet Europe

9:45 AM - 10:00 AM REGULATOR KEYNOTE ADDRESS: How has the European equity market responded and performed in the wake of MiFID II?

Robert Ophèle, Chairman, AMF

Robert Ophèle

Chairman
AMF

10:00 AM - 10:40 AM Morning Refreshment Break and Networking

10:40 AM - 11:00 AM Title tbc

Seth Merrin, CEO and Founder, Liquidnet

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Seth Merrin

CEO and Founder
Liquidnet

Implementing the Systematic Internaliser (SI) Regime

Just before the discussion panel and 5 minutes before the end, we will take a live vote on whether given the changes to SI
regulations, are you trading with SIs or not. You will see a visualised result of whether the panel swayed the audience’s opinion!
-How are the sell side positioning themselves and do they interacting with eachother?
-How are SIs impacting market interaction?
-What is the rational behind certain sell side becoming and not becoming SIs?
-How will SIs manage the dark pool caps and what how does this work operationally?
-How are the regulators going to track and monitor SIs and gain data from consolidated tape and are current SIs meeting best execution requirements under MiFID II?
-How can the buy side effectively use SIs to enhance their performance and take ownership of this data?

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Rob Boardman

CEO
ITG Europe

Chris Marsh

Head, AES Europe
Credit Suisse
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Antoine Bisson

Head of Execution
Exane BNP Paribas
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Ralston Roberts

Co-Head, Electronic Trading, EMEA
Goldman Sachs

11:40 AM - 12:20 PM KEYNOTE DISCUSSION PANEL: How is the shift to large in scale impacting liquidity and what influence will this have on trading strategies?

Rob Boardman, CEO, ITG Europe Christoph Hock, Head Multi-Asset Trading, Union Investments
-How will dark pool caps impact FTSE companies and the type of trading performed (high vs low touch)?
-How are the dark pool caps impacting liquidity and how are they changing market impact? What can the market do to mitigate this?
-How is the sell side changing their business models to cater for this change?
-Evaluating what the new block solutions are on the market and are they really helping execute these newer order types given the dark pool caps?
-How are providers managing concerns around information leakage on large in scale trades, and how has this impacted buy side attitudes to trading venues?

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Rob Boardman

CEO
ITG Europe
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Christoph Hock

Head Multi-Asset Trading
Union Investments

12:20 PM - 12:25 PM 5 minute transition to streams

STREAM A: Technology Enhancements for Best Execution Analysis

12:25 PM - 1:00 PM PANEL DISCUSSION: How can you optimise your algo wheel to gain the competitive edge?

Jonathan Finney, Global Head, Electronic Trading, Fidelity Investments
-When is an algo wheel most appropriate?
-How to apply new algo wheels to evaluate market microstructure and dark pool toxicity
-How do current algo wheels remove trade bias and what are the real benefits for the desk?
-How can the buy side use an algo wheel but still stay in control of routing and evidencing for best execution?
-What parts of the full workflow can the algo wheels cover, and what areas can they not?
-What are the future developments of these tools to fill this gap?
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Jonathan Finney

Global Head, Electronic Trading
Fidelity Investments
-Is the buy side fully aware of exactly what they are trying to measure and populate in reports? 
-If no, where are the discrepancies and what are the correct questions they need to be asking?
-What are the differences in assessing low vs high touch capabilities?
-What tools are now available to assist with broker performance measurement?
-What do other internal departments need to see from the trading desk to demonstrate best execution?
-With many buy side houses trimming their broker counterparties, what balance are they looking for?

STREAM A: Technology Enhancements for Best Execution Analysis

1:00 PM - 1:15 PM FIRE SIDE CHAT: How to establish a successful broker selection and ranking process to evaluate execution quality

Laurent Albert, Global Head of Trading, Natixis Asset Management
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Laurent Albert

Global Head of Trading
Natixis Asset Management

STREAM B: Implementing Compliant Trading Processes and Governance

12:25 PM - 1:00 PM PANEL DISCUSSION: What have been the failures and successes of building a best execution policy and how can you establish successful trading processes around it?

Philip Bille, Head, Buyside Dealing Desk, Degroot Petercam David Miller, Head, EMEA Trading, Invesco
-Ensuring process efficiency – is your policy explicit enough?
-How does your resourcing match up to what needs to be implemented?
-What are the best ways of recording trader rational?
-What are the benefits and limitations of voice recordings?
-Why that algo and why that broker- what are the questions in place to ensure the best choice?
-Top tips on how to build a compliant decision making process

Philip Bille

Head, Buyside Dealing Desk
Degroot Petercam
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David Miller

Head, EMEA Trading
Invesco

STREAM B: Implementing Compliant Trading Processes and Governance

1:00 PM - 1:15 PM How to increase harmonisation and standardisation of data practices to improve reporting and measurement under MiFID II

Francis Gross, Senior Advisor, European Central Bank
-What have been the common bottlenecks when dealing with unstandardized trade/transaction data and why is harmonisation so important?
-How does fragmentation collide with digitisation?
-How can revisiting our vision of finance provide new opportunities in growth and competition?
-What are the current approaches for building a common, real-time data infrastructure for front office trading?
-A practical starting point on the road to scalability and communalities – and a level playing field
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Francis Gross

Senior Advisor
European Central Bank

STREAM C: Optimising Investment and Trading Strategies

12:25 PM - 1:15 PM OXFORD STYLE DEBATE: To achieve superior performance and ensure true value-add, your desk needs to trade more passively than actively- FOR OR AGAINST

Eirik Hauge, Head of TradingHead of Trading and Quantitative Strategies, DNB Asset Management Antish Manna, Head of Execution Research, Man GLG
-Against: There is no major shift to passive, it’s just the natural progression of more automation
-Against: With opportunity rising in narrower and more emerging markets, active trading performs significantly better
-For: The developments of technology are presenting opportunities that the market have never had
-For: Given changes to research payments, companies are consuming research differently, capturing alpha rather than research
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Eirik Hauge

Head of TradingHead of Trading and Quantitative Strategies
DNB Asset Management

Antish Manna

Head of Execution Research
Man GLG

STREAM D: Buy Side Only Working Groups (limited to 20)

12:25 PM - 1:15 PM Working group 1: What are the transformational technologies for early tech adopters in best execution analysis

Kenneth McLeish, Global Head, Equities Trading Technology, JP Morgan AM
-How to manage the complexity of systems, decreasing investments and increasing regulations?
-How to incorporate global systems into a global trading workflow to provide a consistent customer experience?
-TCA in house vs TCA outsourced- what are the argument for and against and what is actually working for the BS?
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Kenneth McLeish

Global Head, Equities Trading Technology
JP Morgan AM

STREAM E: Small Interactive Boardrooms And Workshops (limited to 15)

12:25 PM - 1:15 PM SYNERGY WORKSHOP: How to manage the cost of regulation- strategies to survive in an increasingly cost pressured market?

-Outlining the implicit and explicit costs of execution and how can this impact fund performance?
-How is automation helping?
-What are the options to reduce trade reporting costs and reduce it’s excessiveness?
-What are the internal management strategies that best manage increasing costs?
-How can multi-asset structures help?

1:15 PM - 2:15 PM Lunch and Networking

STREAM A: Technology Enhancements for Best Execution Analysis

2:15 PM - 2:20 PM Chairperson’s opening remarks

STREAM A: Technology Enhancements for Best Execution Analysis

2:20 PM - 2:55 PM PANEL DISCUSSION: From TCA to Best Execution Analysis (BXA) – how can you make the shift in light of MiFID II requirements?

Huw Gronow, Head, Dealing, New Asset Management Mark Ford, Head of Product, LiquidMetrix Michael Mollemans, Head of Sales Trading, Asia Pacific, Pavilion Global Markets
-What are the key differences in demonstrating results vs demonstrating your methodology for best execution?
-How to demonstrate data from SIs given the different tags?
-What analysis needs to take place at the point of trading and how is this different to previous, more generic analysis?
-What levels of pre-trade analysis are now needed, and what technologies can actually provide this?
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Huw Gronow

Head, Dealing
New Asset Management

Mark Ford

Head of Product
LiquidMetrix
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Michael Mollemans

Head of Sales Trading, Asia Pacific
Pavilion Global Markets

STREAM A: Technology Enhancements for Best Execution Analysis

2:55 PM - 3:35 PM PANEL DISCUSSION: Using technology to make your team more efficient – how do current O/EMS developments drive better trading decisions?

Tom Van Riper, Managing Director & COO, Cubist Systematic Strategies Andy Mahoney, Head of Sales, FlexTrade Ed Oliver, Head, Finance, Dataminr Alun Cutler, Director Product Management EMEA, Charles River Development Chris Holland, Head, European Sales, TS
-How to combine execution data and market data and what are the real benefits for the desk?
-How successfully are current providers combining OMS and EMS?
-How does automation enable traders to make smarter decision pre and intra trade?
-How can smarter OMS and EMS platforms allow for this?
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Tom Van Riper

Managing Director & COO
Cubist Systematic Strategies
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Andy Mahoney

Head of Sales
FlexTrade
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Ed Oliver

Head, Finance
Dataminr
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Alun Cutler

Director Product Management EMEA
Charles River Development
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Chris Holland

Head, European Sales
TS

STREAM A: Technology Enhancements for Best Execution Analysis

3:35 PM - 4:20 PM PANEL DISCUSSION: Data analysis on steroids - what do you need to do to muscle out the competition and add value with your data?

Charles-Albert Lehalle, Senior Research Advisor, Capital Fund Management Yann Couellan, Head of Fixed Income Execution, BNP Investment Partners Gideon Smith, Europe CIO, Rosenburg Equities, AXA Investment Managers
-Data challenges - what do you need to be thinking about and why should you care?
-What are the considerations from a strategy and technology standpoint for analysis given the data is now from pre, intra and post trade?
-From getting the data, to storing, to processing and using it- what are the common pitfalls and key steps to overcome?
-How can time stamps be achieved and who are the providers that can actually do this effectively?
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Charles-Albert Lehalle

Senior Research Advisor
Capital Fund Management
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Yann Couellan

Head of Fixed Income Execution
BNP Investment Partners
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Gideon Smith

Europe CIO, Rosenburg Equities
AXA Investment Managers

STREAM B: Implementing Compliant Trading Processes and Governance

2:15 PM - 2:20 PM Chairperson’s opening remarks

STREAM B: Implementing Compliant Trading Processes and Governance

2:20 PM - 2:55 PM PANEL DISCUSSION: How to remain agile in an ever changing regulatory landscape?

Dr. Sabine Dittrich, Global Head, Regulatory Intelligence, UBS Asset Management
-What systems, governance and risk controls are in place to monitor trading and trade analysis in real time, and how quickly can the company react to malpractice?
-What are the skills required internally to ensure this, and how is this different to team skill set in the past?
-What are the work streams that need system enhancement, and what does this look like in practice?
-What does the relationship between trading compliance need to look like to ensure agility and a quick response to change?
-How can the market/practitioners actually influence the regulators and will there be an industry standard?

Dr. Sabine Dittrich

Global Head, Regulatory Intelligence
UBS Asset Management

STREAM B: Implementing Compliant Trading Processes and Governance

2:55 PM - 3:15 PM GDPR - how is the new data protection regulation going to impact trading behaviour?

-What data and trader information needs to be reported and by whom?
-Who has the responsibility of collecting this on the buy side?
-How will this new regulation impact trading with non-EU counterparts?
-Have and will organization opt out of certain markets given this new requirement?
-How are companies addressing this requirement fro a technical perspective to ensure compliance?

STREAM B: Implementing Compliant Trading Processes and Governance

3:15 PM - 3:50 PM PANEL DISCUSSION: How to consolidate data to make smarter and compliant trading decisions

John Marsland, COO, Investments, Schroders Wim Heijboer, Senior Business Analyst, APG Asset Management Christian Morgenstern, Executive Director, Quantitative Investment Strategies, GSAM Huw Gronow, Head, Dealing, New Asset Management
-Where is this data coming from and how should this data be consolidated given major data silos?
-How is the data getting consumed and used?
-Where are the best places to store and analyse this increasing amounts of data?
-How do current data feeds match to MiFID II requirements?
-From a cultural perspective, how do compliance, PMs and traders need to be communicating and sharing data to ensure smarter decisions are made?
-What does a good data management framework look like?
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John Marsland

COO, Investments
Schroders

Wim Heijboer

Senior Business Analyst
APG Asset Management
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Christian Morgenstern

Executive Director, Quantitative Investment Strategies
GSAM
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Huw Gronow

Head, Dealing
New Asset Management

STREAM B: Implementing Compliant Trading Processes and Governance

3:50 PM - 4:20 PM FIRE SIDE CHAT: How to leverage AI to drive operational efficiencies and automation on your desk

Kenneth McLeish, Global Head, Equities Trading Technology, JP Morgan AM
-How can technology be used to automate tasks such as orders received, broker section and algo choice?
-What are the cost and capacity considerations to implement when trying to drive down operational costs?
-What is the trader’s role if the workflow is automated?
-How to best evaluate whether to outsource in develop in-house AI capabilities- what are the key factors to consider?
-What are regulators views on automation of trading processes?
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Kenneth McLeish

Global Head, Equities Trading Technology
JP Morgan AM

STREAM C: Optimising Investment and Trading Strategies- ETF Developments

2:15 PM - 2:20 PM Chairperson’s opening remarks

STREAM C: Optimising Investment and Trading Strategies- ETF Developments

2:20 PM - 2:55 PM PANEL DISCUSSION: ETFs - What’s the driver for more passive trading and what are the opportunities for your desk?

Steve Sachs, Head of Capital Markets, Goldman Sachs Asset Management Henry Reece, Head of Sales, SIG
-What factors have triggered an increase in ETF trading and how has the ecosystem developed?
-How has the growing affinity towards ETFs been reflected in the shift of desks towards other asset trading?
-Do ETFs really ensure you have a full product suite?
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Steve Sachs

Head of Capital Markets
Goldman Sachs Asset Management
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Henry Reece

Head of Sales
SIG

STREAM C: Optimising Investment and Trading Strategies- ETF Developments

2:55 PM - 3:35 PM PANEL DISCUSSION: What are the ETF developments that are making the biggest impact in the market when cost monitoring is high and liquidity is limited?

Cyrille Combes, Head, Trading, Lyxor Asset Management Vincent Denoiseux, Head, Quantitative Strategy, Deutsche Asset Management Rick van Leeuwen, Head, Institutional Trading, IMC Ben Sturgeon, Director, Tradeweb
-What are the new ETFs and what do they offer that there hasn’t been before?
-How do ETFs provide liquidity both on and off exchange?
-How do ETFs compare to market makers regarding liquidity souring?
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Cyrille Combes

Head, Trading
Lyxor Asset Management
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Vincent Denoiseux

Head, Quantitative Strategy
Deutsche Asset Management
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Rick van Leeuwen

Head, Institutional Trading
IMC
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Ben Sturgeon

Director
Tradeweb

STREAM C: Optimising Investment and Trading Strategies- ETF Developments

3:35 PM - 4:20 PM PANEL DISCUSSION: How can you leverage your current equity technology and workflow to execute cross asset?

Matthew McLoughlin, Head of Trading, Liontrust Richard Bentley, Chief Product Officer, Ullink Joe Kassel, Global Head of Dealing & Exposure Managemen, AMP Capital
-How to optimize current resourcing given desks are shrinking but desk want more exposure?
-What benchmarks are working for non-equity products?
-How are brokers addressing cross-asset execution?
-How to develop a multi-asset team? Do you hire asset-specific traders or have multi-asset traders?
-What are the pros and cons of each?
-Where are current multi-asset O/EMS platforms falling short?
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Matthew McLoughlin

Head of Trading
Liontrust
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Richard Bentley

Chief Product Officer
Ullink
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Joe Kassel

Global Head of Dealing & Exposure Managemen
AMP Capital

STREAM D: Buy Side Only Working Groups (limited to 20 max)

2:20 PM - 3:15 PM Working group 2: Identifying the gaps in your trading technology suite and deciding which investment strategy fits your business requirements

-How to evaluate whether in house development or outsourcing is the best strategy for
-How to customize outsourced tools to standardize results in line with MiFID II requirements
-How can you modernize outdated IT architecture by reducing operation systems and replacing hardware and software applications?
-What approach do you need to take when taking your execution global?
-How to overcome the challenges around monitoring of execution quality

STREAM D: Buy Side Only Working Groups (limited to 20 max)

3:15 PM - 4:20 PM Working group 3: The trader of the future-what skills does (s)he have and what does this mean for you?

-Quantitative vs qualitative traders - what mix of skills is needed in the current regulatory landscape?
-When does outsourcing your trading desk make sense?
-How has the Senior Managers Regime in the UK impacted trading behavior?
Open to 20 Global Heads of Trading from Europe’s top 20 asset managers. Join this interactive session, air your own industry concerns and together, with our professional independent moderator, brainstorm ways forward in conjunction and collaboration with your peers. This session is invite-only and Chatham House rules.


Paul Battams

Director, Trading and Liquidity Strategies
BlackRock
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Eric Boes

Global Head, Trading
Allianz Global Investors
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Graham Sorrell

Head of Equity, Currency and Derivatives Trading EMEA
SSGA

Ed Wickes

Head, Equity Trading EMEA
LGIM
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Matt Howell

Head, Derivatives & Multi-Asset Trading
T. Rowe Price
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Adam Conn

Head Trading
Baillie Gifford

Fabien Brügger

Head, Multi-Assets Trading
Banque Cantonale Vaudoise

Philip Bille

Head, Buyside Dealing Desk
Degroot Petercam

Antish Manna

Head of Execution Research
Man GLG
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Eric Boes

Global Head, Trading
Allianz Global Investors

STREAM E: Small Interactive Boardrooms And Workshops (limited to 15 max)

3:50 PM - 4:20 PM Head Trader Think Tank private reception

Sponsored by Jane Street

4:20 PM - 5:00 PM Afternoon Coffee Break and Networking

Finding the Technology Disruptors of the Future

5:00 PM - 5:20 PM FIRE SIDE CHAT: Revolutionising your business with machine learning - where does automation makes sense and how can deep learning put you ahead of the competition?

James Kearney, Head of Global Investment Operations, Vanguard
-What are the alternative data feeds that can be used and how can they give you the competitive edge?
-Where does the data used in automation come from and what does sourcing across teams look like in practice?
-What other industries have applied deep learning to better understand and improve on human decision making?
-What are the front office activities that can benefit from AI and automation and how can deep learning be applied?
-AI safety- how are regulators approaching AI and what are the adoption challenges?

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James Kearney

Head of Global Investment Operations
Vanguard

5:20 PM - 5:50 PM DRAGONS’ DEN FOR FINTECH: Who are the fintechs redefining the future of financial technology?

Miles Kumaresan, Global Head, Trading, Nordea Asset management Martin Froehler, CEO, Quantiacs
Our dragons will evaluate the business models of 4 fintech firms who will give a 5 min elevator pitch on their business model. Our
dragons will quiz them along with the audience, and we will have a live vote on which company the audience and dragons think
will have the biggest and most positive impact on the trading community. This is a fantastic way to showcase new and innovative companies in the European market.
Judges to date: Miles Kumaresan, Global Head, Trading, Nordea Asset Management & Julia Streets, CEO, Streets Consulting
-What problem is your business trying to solve?
-What makes your business model so different?
-How well has it be received by the market so far?
-What part of the investment and trading process will your technology make the biggest difference?
-What are your plans for the future and how are you going to achieve this?
1.Martin Froehler, CEO, Quantiacs

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Miles Kumaresan

Global Head, Trading
Nordea Asset management
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Martin Froehler

CEO
Quantiacs

5:50 PM - 6:10 PM CLOSING KEYNOTE INTERVIEW: Expanding your view of European financial markets – how to supercharge your market data capabilities in a post-MiFID II landscape through smart technology investments?

-How will the buy side gain access to new data sources and what can they do with it?
-What are the technologies that provide good quality and deepness of data to ensure they achieve best execution?
-How can you reduce fragmentation and understand different data points from different systems?
-What internal systems need to be set up to turn data into helpful, manageable data?

6:10 PM - 6:15 PM Chairperson’s Closing Remarks

6:15 PM - 7:15 PM TradeTech Europe Networking drinks