2008 market structure and statistics workshop

Program and Presentations

Monday 1 December

9:00 – 9:15

Welcome remarks and introduction

·    Peter Clifford, Deputy Secretary General, World Federation of Exchanges

·    Vincent Remay, Senior Advisor to the Deputy CEO in charge of product development, NYSE Euronext

·    Romain Devai, Research and Projects Manager, World Federation of Exchanges

9:15 – 10:00

Keynote address : Markets at risk

·    Robert A. Schwartz, Marvin M. Speiser Professor of Finance and University Distinguished Professor, Baruch College / CUNY

10:30 – 12:00

Fragmentation  - Roundtable

·    Luca Filippa, Director, Strategy, Research & Development, Borsa Italiana- London Stock Exchange Group, as moderator

·    Frank Hatheway, Chief Economist, NASDAQ OMX

·    Shunzo Kayanuma, Director, Corporate Communications, Tokyo Stock Exchange

·    Darren Toulson, Director, Intelligent Financial Systems

·    Jane Lowe, Director, Markets, Investment Management Association

12:00 – 12:30

Liquidity and new trading methods

To what extent standard indicators for liquidity - such measuring market impact, spreads, velocity or market share - provide the full measure of where traders will find liquidity? What is the share of new trading methods (DMA, algo trading). Do they provide additional liquidity?

·    Patrick Hazart, Project Manager, NYSE Euronext, as moderator

·    Octavio Marenzi, Chief Executive Officer, Celent

14:00 – 15:00

 

On-exchanges and OTC derivatives’ statistics

What are the main differences in terms of methodology, how the relative weights of on-exchanges and OTC compare?

·    Didier Davydoff, President, IEM Finance, as moderator

·    Richard Stevens, Director, Research and Product Development, CME Group

·    Philippe Mesny, Head of International Financial Statistics Monetary and Economic Department, Bank for International Settlements

15:30 – 16:30

 

Securitized derivatives – ETFs

How exchanges have kept pace with the impressive development of this market segment?

·    Mark Scully, Head of Information Technology, Irish Stock Exchange, as moderator

·    Pedro Fernandes, Head of ETFs for the European Cash Markets, NYSE Euronext

·    Giorgio Saraco, Vice-President, Head of Marketing & Sales, Scoach Switzerland Ltd.

·    Marc Berthoud, Vice President, Deputy Head Information Products Division, SIX Swiss Exchange

·    Alicia Suminski, Warrants & Certificates Product Manager, NYSE Euronext

 

Tuesday 2 December

9:00 – 9:15

Introduction

·    Lorenzo Gallai, Statistician, World Federation of Exchanges

9:15 – 10:15

Dark pools

What is the real share of dark pools in total volume, what are the methodological issues to assess their volume? How do they interact with traditional venues, and what are their impacts in terms of market structure?

·    Peter Clifford, Deputy Secretary General, World Federation of Exchanges, as moderator

·    Yvette Roozenbeek, Head of Strategic Development, NYSE Euronext

·    Thomas Ascher, Chief Strategy Officer, International Securities Exchange ISE

·    David Angel, Director, Head of Business Development, Investment Technology Group (ITG)

10:45 – 11:20

The comparative weight of derivatives and cash markets and their interactions

How to compare the two markets? Are underlyings affected by the development of derivatives markets?

·    William Speth, Director of Research, CBOE

·    Pierre de Vos, Head of Product & Market Development, Equity Derivatives Liffe

11:20 – 12:30

Getting the global picture of trading volumes

As markets fragment, how are figures aggregated to provide an accurate view of global volumes? How vendors, regulators, and exchanges deal with this new issue?

·    Domingo Garcia Coto, Head of the Research Department, BME Spanish Exchanges, as moderator

·    Andrew Allwright, Business Manager, Exchange Traded Instruments, Thomson Reuters

·    Eija Holttinen, Director of Markets and Intermediaries, Committee of European Securities Regulators (CESR)

·    Laurent Grillet-Aubert, Senior Economist, Autorité des Marchés Financiers

·    Laurent Fournier, Manager Market Research, European Cash Markets, NYSE Euronext

14:00 – 15:00

Fixed-income market structure

What are the pros and cons of pre and post trade transparency in bond markets?

·    Marie-Hélène Crétu, NYSE Euronext Director of Fixed Income, and CEO of Prime Source Ltd., as moderator

·    Fany Declerck, IDEI Researcher, Professor of Finance, Toulouse School of Economics will present the paper: Liquidity, Competition & Price Discovery in the European Corporate Bond Market, Bruno Biais and Fany Declerck, Toulouse School of Economics.

·    Rafah Hanna, Executive Director, Head of MTS Data, EuroMTS

15:15 – 16:15

Best execution

Fragmentation has made best execution even more difficult to define and measure. What are the tools to measure best execution today?

·    Frank Hatheway, Chief Economist , NASDAQ OMX, as moderator

·    Christophe Dacre-Wright, CEO , Transaction Auditing Group, Inc. (TAG)

·    Pablo Garmon, Business Development Manager, Transaction Auditing Group, Inc. (TAG)

·    Stéphane Janin, Director, Head of International Affairs Division, AFG (French Asset Management Association)

16:15 – 17:00

Global statistics – a users’ perspective

How international organizations use exchanges statistics, are there new indicators they would need?

·    Hans Christiansen, Senior Economist, Corporate Affairs Division, Directorate of Financial and Enterprise Affairs, OECD

·    Peter Neudorfer, Principal Economist Statistician, Monetary and Financial Statistics Section, European Central Bank

17:00 – 17:15

Conclusion

·    Peter Clifford, Deputy Secretary General, World Federation of Exchanges