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WFE Focus February 2011
2011 Annual IOMA Conference program

Monday, 2 May 2011

08:00 - 09:00

09:00 - 09:30

10:00 - 10:30

0:30 - 11:30

12:00 - 12:30

4:00 - 15:30 

Board of Directors meeting
Reserved for the IOMA Board of Directors
Keynote address
Mr. U. K. Sinha, Chairman, Securities and Exchange Board of
India (SEBI)
IOMA / IOCA Annual Conference opening
WFE film from the WFE Annual Meeting in Paris 2010
Welcome remarks, and IOMA / IOCA update
IOCA Clearinghouse update 2011
• Regulatory reform is at the top of the list, and clearinghouse
standards, even for clearinghouses that only clear exchange
trades will become much tougher in the near future.
• Regulatory harmonization remains an important issue – the
early results are not very encouraging, given material
differences between (and even among) European and U.S.
• Who should own clearinghouses? What are commercial
conflicts of interest and the systemic risk issues lined to banks’
and brokers’ ownership of clearinghouses?
• What is the future for interoperability and connectivity
between clearinghouses, and investor choice for clearing
2010 IOMA survey results
Review of last year’s industry business.
The global risk transfer market
A review and reaction to the study conducted by the Tabb
Group in November 2010 measuring and     analyzing the over
the counter derivatives market. Perspectives as to how the US
and EU will regulate the OTC. Will Asian firms and exchanges
be left behind?

Tuesday, 3 May 2011

09:00 - 10:00

10:30 - 11:45

11:45 - 13:00 

Is there a future for the self-regulatory role at for-profit
As exchanges evolve from member owned organizations to for-
profit or listed companies, they often segregate their
commercial activity from their regulatory responsibility to
avoid the appearance of conflicts of interest. The panel should
share their insights into the perception of this issue to
stakeholders, and any experience on the separation of
regulation. How did they do it? What was the road map? Plus
pitfalls and hurdles faced in the process? What does it takes to
build, and fund an independent SRO to capable of takings
serious action against powerful interests?
More exchange consolidation: The analyst and investor
Reactions to the proposed mergers between exchanges. How
will this impact the Asian markets, what benefits will come
from this round of consolidation for stakeholders?
Where will liquidity come from?
A review of the impact from high frequency trading, and new
regulation on the role of liquidity providers. Despite exchanges’
capacity to process vast amount of quotes at ever faster speeds,
liquidity in some markets is still confined to fraction of the
instruments listed. In some markets, traders prefer to negotiate
on the periphery of the exchange, dealing bilaterally on
exchange-listed instruments. What measures can exchanges use
to attract this liquidity, and are the infrastructure costs and new rules well adapted to present and future market needs?

Wednesday, 4 May 2011

09:30 - 10:00

10:00 - 11:00

11:30 - 12:00

12:00 - 13:00

13:00 - 13:15

Keynote address
Subir Gokan, Deputy Governor, Reserve Bank of India
Trends in the futures market: Position limits and
To what extent are trends in financial and commodity futures
determined by cyclical, economic or supply and demand forces?
What impact does the liquidity provided by markets have to
accentuate these trends?
Presentation: Exchanges in Asia, trends and perspectives
The Australian market is the bridgehead for introducing MiFID
/NMS-type markets, and their features, in Asia. Will this play
out the same way as in the Western markets?
New products
Recent developments in Flex contracts, volatility indices, ETF
options, contracts for difference and other innovations.
Closing remarks      
Invitation to IOMA 2012 by host exchange

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