TradeTech Europe 2020
19 - 21 October, 2020
Palais des Congrès de Paris
Day 1: Wednesday 24th April 2019
8:30 am - 8:35 am Opening Welcome from Susie Benaim, Conference Director
8:35 am - 8:40 am Opening Chairman Remarks
8:40 am - 9:00 am KEYNOTE BUY SIDE ADDRESS: ‘Leading the way through change – how can you create a dynamic team structure and trading strategy that encourages constant innovation and adaptability to growth on a global scale?'
- What skill set is required from the trading floor now compared to the last decade? How has your trading team had to adjust?
- How has the Blackrock global trading team benefited from diversity and in getting teams to think differently- what can this really bring to your organisation?
- What are most leadership teams missing regarding talent and skill set?
- How can you attract and integrate diversity into leadership to better groom your talent?
- How has Blackrock leveraged a dynamic organisational structure and leadership to create a global solution to the market?
9:00 am - 9:35 am MARKET STRUCTURE LEADERS PANEL: The paradigm shift - how are changes in market structure, liquidity and new products altering the way you interact with your counterparts across the value chain?
Moderator:
Lynn Challenger Global Head, Trading and Order Generation UBS AM O’Connor
Speakers:
Mark Pumfrey Head of EMEA, Global Head of Sales Liquidnet
Richard Semark Head, European Client Strategy and Head of UBS MTF UBS
James Hilton Head of Sales, EMEA, for Advanced Execution Services (AES) Credit Suisse
Tony Shaw Executive Director, London Office SIX
James Baugh Head, EMEA Market Structure Citgroup
Lynn Challenger Global Head, Trading and Order Generation UBS AM O’Connor
Speakers:
Mark Pumfrey Head of EMEA, Global Head of Sales Liquidnet
Richard Semark Head, European Client Strategy and Head of UBS MTF UBS
James Hilton Head of Sales, EMEA, for Advanced Execution Services (AES) Credit Suisse
Tony Shaw Executive Director, London Office SIX
James Baugh Head, EMEA Market Structure Citgroup
- One year of MIFID II behind us, what was the biggest paradigm shift in 2018 and was it positive or negative?
- Given the shifts in market structure, how have routing behaviours changed post MiFID II? What percent of your volume is traded internally (SI, CRB match, market making); crossed via periodic auction or dark pool, ELP, and open market? How do you see this evolving?
- Where are you allocating your resources for 2019? How are you connecting to new trading venues, managing resourcing constraints and keeping up to date with a constantly changing market structure? How are brokers diversifying and innovating? Do their products cater for the new market requirements?
- We see what has happened to exchanges in the US. What is the future of the traditional exchanges in terms of liquidity, and where do you see their future?
- Where do you see the next paradigm shift coming from? How is your firm positioning itself to capture its benefits?
9:35 am - 10:10 am ALL STAR PANEL: How have market makers, SIs and alternative liquidity sources advanced in light of more robust pre-trade transparency, improved price efficiency and rigorous best execution demands and what are the right questions to ask your brokers to remain complaint?
Speakers:
Tilman Lueder Head, Securities Markets Unit, DG FISMA, Securities Markets European Commission
Slawomir Rzeszotko Head, Institutional Sales & Trading Jane Street
Rick van Leeuwen Head, Institutional Trading IMC
Kjelle Blom COO Optiver
Adriano Pace Managing Director, Head of Equities EU Tradeweb
Moderator:
Richard Balarkas CEO Quendon Consulting
Tilman Lueder Head, Securities Markets Unit, DG FISMA, Securities Markets European Commission
Slawomir Rzeszotko Head, Institutional Sales & Trading Jane Street
Rick van Leeuwen Head, Institutional Trading IMC
Kjelle Blom COO Optiver
Adriano Pace Managing Director, Head of Equities EU Tradeweb
Moderator:
Richard Balarkas CEO Quendon Consulting
- How has the SI market evolved from 2018 into 2019? What are the data and regulators saying about SIs ability to adhere to best execution requirements?
- How does current SI behaviour align with buy side requirements? How can market making mechanisms be detected and prevented?
- What are the best strategies to access all SI’s and match in a more streamlined, straight forward way?
- Are Sis and ALPs really providing new liquidity and if so how?
- What are the new ALPs offering and how are they different? How can there quality best be compared and evaluated?
- Where are the buy side falling short when trying to understand and evaluate their SI use?
Tilman Lueder
Head, Securities Markets Unit, DG FISMA, Securities MarketsEuropean Commission
10:10 am - 10:50 am Morning break
10:10 am - 10:50 am Credit Suisse private workshop Invite only
10:50 am - 11:25 am ALL STAR PANEL- BUY SIDE & SELL SIDE INSIGHT: Evaluating the difference between key liquidity providers– how to build an effective plan to determine who is best to use, when and why?
Speakers:
Matthew McLoughlin Partner, Head of Trading Liontrust
Eric Cadogan Head, Trading, Americas AMP Capital
Jonathan Finney Director, European Business Development Citadel Securities
Simon Dove Head, Liquidity & Managing Director Tower Research Capital Europe
Jigar Patel Global Head, Business Development XTX Markets
Moderator:
Richard Balarkas CEO Quendon Consulting
Matthew McLoughlin Partner, Head of Trading Liontrust
Eric Cadogan Head, Trading, Americas AMP Capital
Jonathan Finney Director, European Business Development Citadel Securities
Simon Dove Head, Liquidity & Managing Director Tower Research Capital Europe
Jigar Patel Global Head, Business Development XTX Markets
Moderator:
Richard Balarkas CEO Quendon Consulting
- What are the differences with the various SI models and ALPs? Business models, commission structures and offerings evaluated
- How can the market truly action the data now provided to drive best execution and how are brokers/providers aiding this transparency?
- How can you monitor activity and really know what behaviour is (good or bad) and how are the regulators really surveying them?
- What are the current and future efforts for the buy side and providers to work better together to obtain and analyse this data?
- How can the buy side build a standardised evaluation profile for bank/brokers/market maker/ SIs?
- How are providers reporting activity and disclosing who is on the other side?
11:25 am - 11:40 am REGULATORY KEYNOTE FIRE SIDE CHAT: Has MiFID II met expectations and have European securities markets evolved for better or worse?
- What can be deduced from the pre and post trade data generated from MiFID II reporting and is this as expected by the regulators?
- How has the double volume cap affected equity trading in the EU? What are the most innovative trading protocols currently available to the buy-side? Are they all MiFID II compliant?
- Has MiFID II given rise to better execution, has it lowered the cost of executing a trade and made EU securities markets more competitive?
- How are the regulators going to use MiFID II market data this information to continue to drive market transparency and efficiency?
- What future initiatives might be necessary to provide for more innovation and more competitive markets (CMU)?
Tilman Lueder
Head, Securities Markets Unit, DG FISMA, Securities MarketsEuropean Commission
11:40 am - 12:30 pm ALL STAR PANEL: A brave new world for capital markets – what does it take to thrive in the ever evolving global trading environment where innovation, transformation and renewal wins?
Moderator:
Mark Spanbroek Chairman FIA European Principal Traders Association (EPTA)
Speakers:
Rick Lacaille Global Chief Investment Officer SSGA
Duncan Higgins Head, Electronic Products, EMEA Virtu Financial
Simon Taylor Head of Electronic Execution, Equities SEB
Antoine Bisson Head, Execution Exane BNP Paribas
Matthew Cousens Managing Director, Head, Equity Execution Sales, EMEA Barclays
Steve Williams General Manager Fixnetix
Mark Spanbroek Chairman FIA European Principal Traders Association (EPTA)
Speakers:
Rick Lacaille Global Chief Investment Officer SSGA
Duncan Higgins Head, Electronic Products, EMEA Virtu Financial
Simon Taylor Head of Electronic Execution, Equities SEB
Antoine Bisson Head, Execution Exane BNP Paribas
Matthew Cousens Managing Director, Head, Equity Execution Sales, EMEA Barclays
Steve Williams General Manager Fixnetix
- Where are the opportunities being seen in the market given the constantly evolving regulatory landscape and how are the leading brokers preparing for long term survival?
- Given commission squeezes, what is now required from broker services and how does this look to change over the next 5 years?
- What does innovation look like from the broker and trading community regarding new product offerings, market coverage, market structure insight etc.?
- Given growing restrictions on balance sheets and handling risk, how will they continue to manage profit margins, maintain quality of services and truly compete in this increasingly competitive market?
- How does differentiation and specialism play into the evolving asset management and broker/execution landscape and what do the winners look like?
12:30 pm - 1:10 pm DIVERSITY ALL STAR PANEL: Benefiting from diversity and inclusion on your desk – what is the perfect recipe for hiring, training and retaining top talent in today’s highly competitive market conditions?
Moderator:
Sharon Persia Chief of Staff UBS Investment Bank
Speakers:
Supurna VedBrat Global Head, Trading BlackRock
Alison Hollingshead Chief of Staff, Trading Platform & Core Technology Man Group
Andreas Wollheim Head, Trading and Treasury SEB Asset Management
Fabien Oreve Global Head, Trading Candriam
Alexandra Foster Director, Insurance, Wealth Management & Financial Services BT
Sharon Persia Chief of Staff UBS Investment Bank
Speakers:
Supurna VedBrat Global Head, Trading BlackRock
Alison Hollingshead Chief of Staff, Trading Platform & Core Technology Man Group
Andreas Wollheim Head, Trading and Treasury SEB Asset Management
Fabien Oreve Global Head, Trading Candriam
Alexandra Foster Director, Insurance, Wealth Management & Financial Services BT
- Defining diversity – what does it mean for different organisations?
- Matching skill set, talent development and organisation objectives- what are the real challenges this industry faces and how are things changing?
- How can the trading role be made as a more attractive career route to more diverse groups?
- What is the newer skill set requirements for successful trading desks and how can diversity fit into this?
- Practical examples of how to refine the recruitment, hiring and retention lifecycle? How can you do this when under extreme time constraints?
- What still needs to be done for your desk and what are the next steps?
1:10 pm - 2:10 pm Lunch & Move into streams
1:10 pm - 2:10 pm DIVERSITY AND INCLUSION WORKING GROUP LUNCH: How to attract, train and retain a more a more diverse and inclusive workforce to thrive in the new market order
Limited to 40 contributors so email Susie.benaim@wbr.co.uk to reserve your space.
- How can you and the industry better encourage women to join asset and fund management roles?
- Given the current trading market, how can market participants encourage change whilst lowering the fear involved? – practical examples on successes
- What are the measurable and non quantifiable benefits currently seen from having a truly diverse work force?
- The generational shift - Where trading is not seen as a technological role, how can you change this?
Hosted by: UBS
Group 5
Moderator: Richard Balarkas, CEO, Quendon Consulting
STREAM A: Applying Smart Trade Analytics
2:10 pm - 2:30 pm FIRE SIDE CHAT: Establishing a systematic trading approach in 2019 - how can you succeed in the search of quants and put into place the required infrastructure?- What is needed on the desk to ensure sufficient and good quality data feeds from the portfolio manager into a smart trade?
- What are the improvements needed to improve this infrastructure and process?
- Regarding costs, does it make sense to become systematic- if not, why?
- How is technology currently serving the quant trading function?
- Practical examples of how systematic trading has improved strategy selection, including segmenting flow, automating and integrating risk flow
STREAM A: Applying Smart Trade Analytics
2:30 pm - 3:05 pm DISCUSSION PANEL: Intelligent TCA - how are current tools being optimised to carry out more detailed pre and post trade data analysis and aid in better data visualisation?
Speakers:
Ross Hallam Head , Trading RBC Global Asset Management
Mark Ford Head of Product LiquidMetrix
Robin Mess Co-Founder & CEO big xyt
Michael Richter Director of Transaction Cost Analysis IHS Markit
Mike Googe Product Manager, Transaction Cost Analysis Bloomberg L.P.
Moderator:
Richard Balarkas CEO Quendon Consulting
Ross Hallam Head , Trading RBC Global Asset Management
Mark Ford Head of Product LiquidMetrix
Robin Mess Co-Founder & CEO big xyt
Michael Richter Director of Transaction Cost Analysis IHS Markit
Mike Googe Product Manager, Transaction Cost Analysis Bloomberg L.P.
Moderator:
Richard Balarkas CEO Quendon Consulting
- How to work better with your current providers to get the analytical capabilities you need
- What are the developments with cross-asset capabilities and what strategy is best? One-stop-shop or provider for each asset class?
- How are venue analytics developing to be more visual and easy comprehensive?
- Actioning the data collated – what are the true capabilities of the data provided?
STREAM A: Applying Smart Trade Analytics
3:05 pm - 3:40 pm DISCUSSION PANEL: What OMS and EMS type and combination does your desk need to thrive in a market with increasingly complex order flows, multiple venues, and aggregated trades?- How can current OMS systems integrate with your IT system to feed more information into the EMS, and what needs to be improve?
- What are the considerations regarding investing in separate OMSs for different asset classes vs a multi-asset OMS?
- How do current platforms meet global organisational needs as well as the trading and portfolio management needs? What is missing?
- What needs to happen to work better with the providers- what are their current limitations and what’s being done to overcome them?
Moderator: Julia Streets, CEO, Streets Consulting
STREAM B: Exploiting New Trade Execution Trends
2:10 pm - 2:40 pm DISCUSSION PANEL: How can leveraging alternative data sources help you make more profitable business decisions and who are the companies offering true innovation?
Speakers:
Olga Kokareva Head, Data Sourcing and Strategy Quantstellation
Ian Purvis Head, Strategic Sales Development Dataminr
Anthony Belcher Head, ICE Data Services (EMEA) Intercontinental Exchange
Anthony Tassone Founder and CEO GreenKey Technologies
Moderator:
Julia Streets Founder & CEO Streets Consulting
Olga Kokareva Head, Data Sourcing and Strategy Quantstellation
Ian Purvis Head, Strategic Sales Development Dataminr
Anthony Belcher Head, ICE Data Services (EMEA) Intercontinental Exchange
Anthony Tassone Founder and CEO GreenKey Technologies
Moderator:
Julia Streets Founder & CEO Streets Consulting
- Outside of investment and banking, where are the successes?
- How to evaluate what’s hype and what’s not?
- What are the more established market data providers doing to compete against the new players?
- What are the full capabilities that having unique data sources that are actioned smartly in outperformance?
- How can both the buy and sell side can win if they leverage new data sources?
STREAM B: Exploiting New Trade Execution Trends
2:40 pm - 3:10 pm DISCUSSION PANEL: Smart venue analysis – how can you discover a deeper understanding of order routing and rationale to improve access to liquidity?- How do more advanced venue analysis tools allow for true differentiation between pre and post trade execution costs?
- How are organisations refining and more deeply analysing the type of algos they trade?
- How is AI and machine learning being applied in routing strategies- what needs to be improved?
- What are the costs and requirements on the team given market regulations to apply such tools?
STREAM B: Exploiting New Trade Execution Trends
3:05 pm - 3:40 pm OXFORD STYLE DEBATE: Outsourcing your execution services is the most time and cost effective way to ensure best execution and compliance in today’s trading landscape- For and Against- How are broker lists changing and what combination is now required to ensure high quality market coverage?
- How are brokers demonstrating true value- add given the growing consolidation and competition in the market?
- What level of relationship is now needed post MiFID II between the buy and sell side, especially regarding data?
- How are small and mid sized brokers stepping up? How are they specialising/ differentiating?
- How can you best apply broker selection according to current client relationships and data feedback?
- Can you still outperform with a smaller broker list? If so, how?
Moderator: John Lowrey, Global Head, Cash Product Strategy, Citi
STREAM C: Leveraging AI and Automation
2:10 pm - 2:30 pm OUT OF INDUSTRY INSIGHT: AI - who is actually using it and where is the real value seen for the trading desk?- What is AI and what can the finance industry learn from other industries regarding potential applications?
- What is the true commercial benefit within trading and the broader investment function?
- What is the Man Institute doing regarding algo trading and development?
- Overcoming the fear of AI takeover – how are humans fighting back and repositioning their value add?
- How can these technologies be leveraged by companies of all sizes and budgets?
Hans-Jörg von Mettenheim
Professor, Director, the Chair of Quantitative Finance and Risk ManagementIPAG Business School
STREAM C: Leveraging AI and Automation
2:30 pm - 3:05 pm DISCUSSION PANEL: AI and automation in trading – how to approach it in a sensible and cost effective way?
Speakers:
Ashwin Venkatraman Global Head, Equity Trading Automation & Execution Technology JP Morgan Asset Management
Philip Fry VP Product Strategy Verint
Frank Steffen Managing Director & Co-Founder CapTec Partners
Jas Sandhu Managing Director, Global Equity Execution Algorithms RBC Capital Markets
Moderator:
John Lowrey Global Head, Cash Product Strategy Citigroup
Ashwin Venkatraman Global Head, Equity Trading Automation & Execution Technology JP Morgan Asset Management
Philip Fry VP Product Strategy Verint
Frank Steffen Managing Director & Co-Founder CapTec Partners
Jas Sandhu Managing Director, Global Equity Execution Algorithms RBC Capital Markets
Moderator:
John Lowrey Global Head, Cash Product Strategy Citigroup
- What is real AI and how has this definition evolved over the past decade?
- What parts of the trading process can and can’t be automated? What is expected for the future?
- How is automation being leveraged within compliance, and how can this aid and drive efficiency of data capture and real-time execution?
- How can automation improve lifecycle management of the whole investment process and what does this free traders up to do? Where can this value add be created?
- What risk controls need to be in place and how does this work in practice?
- What does automation free up traders to do? Where can this value add be created?
Ashwin Venkatraman
Global Head, Equity Trading Automation & Execution TechnologyJP Morgan Asset Management
STREAM C: Leveraging AI and Automation
3:05 pm - 3:40 pm DISCUSSION PANEL: How can you make future-proofed technology investments to achieve scalability and enhance trade performance?
Speakers:
Antish Manna Head, Execution Research Man GLG, Man Group
Sean Kennedy Head of Investment Operations - EMEA Vanguard
John Adam SVP, Global Director of Portfolio Management and Trading Solutions FactSet
Matt Barrett CEO and Co-Founder Adaptive Financial Consulting
Moderator:
John Lowrey Global Head, Cash Product Strategy Citigroup
Antish Manna Head, Execution Research Man GLG, Man Group
Sean Kennedy Head of Investment Operations - EMEA Vanguard
John Adam SVP, Global Director of Portfolio Management and Trading Solutions FactSet
Matt Barrett CEO and Co-Founder Adaptive Financial Consulting
Moderator:
John Lowrey Global Head, Cash Product Strategy Citigroup
- What is the best approach to remain active and push ideas through the tech stack when needed in a timely/efficient manner?
- What is the realistic balance between head count and technology given the current requirements for more systematic trading? What does this look like in practice and how can this be achieved?
- How to overcome challenges with legacy systems?
- What are the bigger organisational shifts that need to happen to make this change possible?
STREAM D: Trading Innovation Working Groups (buy side only)
2:10 pm - 2:50 pm SPOTLIGHT ON NEW TECHNOLOGY: Evaluate the latest and greatest technology innovations that will define the future of your desk(Discuss and debate for 30 mins with the newest technology providers in the trading/execution and analytics space what their solution is, how it works and how it is relevant to you and your business. Max 15 people per table. Register early to not miss your space- susie.benaim@wbr.co.uk)
TABLE 1: TCA provider
STREAM E: Interactive Boardrooms &Workshops (max 15 persons)
2:10 pm - 2:55 pm CREATIVE BOARDROOM: How has MiFID II impacted investment and operational budgets and how can you build an effective budget tracker to ensure continued alpha generation?- How do brokers now compare given the split of execution and research payments? Who are the real winners?
- How are organisations tracking research consumption and valuation?
- How to work in conjunction with portfolio management to ensure research quality is maintained
- How can you best track budgets and how European brokers are paid
- Given costs have increased, has execution quality improved and if not, how is the market challenging this?
STREAM E: Interactive Boardrooms &Workshops (max 15 persons)
2:55 pm - 3:40 pm CREATIVE BOARDROOM: Innovation, the Italian Job, Machiavelli and 4 songs- When whole organisation buy-in is needed to encourage innovation, who are the advocates and how does change actually happen?
- How to build an organisation where the best ideas win?
- What does agile actually mean in the finance arena?
- What can the industry learn from other industries that can drive change quickly?
STREAM F: In Conversation With The Regulators
3:05 pm - 3:10 pm REGULATOR FEEDBACK: Gain actionable feedback from the European regulators on how their respective markets have responded and performed post MiFID II. Series of 10 minute presentations.What are the thematic issues and lessons learnt from MiFID II?
1) What have been the trends in best execution outcomes?
2) What does a good best execution policy look like?
3) What is the feedback on reporting levels from the industry given the varying interpretations?
4) Is the data as expected and if not, how and why?
5) Updates on regulatory requirements for algo trading- where does the responsibility lie?
6) What trade data needs to be reported vs not?
7) What actionable takeaways can the industry gain?
STREAM F: In Conversation With The Regulators
3:10 pm - 3:25 pm Gain feedback from:
STREAM F: In Conversation With The Regulators
3:25 pm - 3:40 pm Gain feedback from:
Philippe Guillot
Managing Director of the Markets DirectorateAutorité des Marchés Financiers
3:40 pm - 4:15 pm Afternoon Coffee Break
3:40 pm - 5:20 pm EXCLUSIVE INVITATION ONLY: Head Trader Think Tank – collaborating to drive mutually beneficial buy side initiatives forward (Drinks reception to follow sponsored by Jane Street)
Speakers:
Daniel Leon Global Head, Trading and Securities Financing (TSF) AXA Investment Managers
Daniel Nicholls Head, Trading Hermes Investment Management
Paul Battams Director, Trading and Liquidity Strategies BlackRock
Eric Böss Global Head, Trading Allianz Global Investors
Juan Landazabal Global Head of Trading GAM
Daniel Leon Global Head, Trading and Securities Financing (TSF) AXA Investment Managers
Daniel Nicholls Head, Trading Hermes Investment Management
Paul Battams Director, Trading and Liquidity Strategies BlackRock
Eric Böss Global Head, Trading Allianz Global Investors
Juan Landazabal Global Head of Trading GAM
This invite only session exclusive to 20 global heads of trading from the Europe’s top 40 buy side firms by AUM is a unique opportunity to deliberate and source solutions to the more strategic challenges facing this job function.
Contributors to date include:
Daniel Leon, Deputy Global Head, TSF, AXA Investment Managers
Daniel Nicholls, Head of Trading, Hermes Investment Management
Paul Battams, Head, Trading and Liquidity Strategies, Blackrock
Paul Squires, Head, EMEA Equities Trading, Invesco
Eric Boess, Global Head, Trading, Allianz
Ed Wicks, Global Head, Trading, Legal & General Investment Management
Juan Landazabal, Global Head, Trading, GAM International Management
Sponsored by: Jane Street
Daniel Leon
Global Head, Trading and Securities Financing (TSF)AXA Investment Managers