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WFE Focus April 2011
5 Questions about SRI with Peter Clifford

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
• Ravi Narain, Managing Director and Chief Executive Officer, NSE India, and IOMA Chairman
• Jorge Alegria, Chief Executive Officer, Mexican Derivatives Exchange (MEXDER), and IOMA Vice Chairman
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. regulators and the unique challenges of Asia’s more fragmented regulatory environment. .
• 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?
Chair: • Michael Walinskas, Senior Vice President, Risk Management and Membership, The Options Clearing Corporation
• Kim Taylor, Managing Director and President, CME Clearing House Division, CME Group
• Michael March, Director, Business Development, LCH.Clearnet Limited
• Kevin King, EVP-Head of Risk Management Division (tbc)
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
Trends in the exchange-traded futures and options markets.
• Peter Clifford, Deputy Secretary General, WFE
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? What is a SEF?
Chair: • Marcus Zickwolff, Executive Director, Eurex Group Head of Trading and Clearing System Design Dept., Eurex
• Mark Woodward, Director of Corporate Development, ICEClear Europe
• Muthukrishnan Ramaswami, President, Singapore Exchange

Tuesday, 3 May 2011

09:30 - 11:00

11:30 - 12:45

More exchange consolidation: The analyst and investor perspective
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?
Chair: • Nandini Sukumar, Bloomberg News
• Richard H. Repetto, CFA, Sandler O’Neill + Partners, L.P.
• Jorge Alegria, Chief Executive Officer , MexDer
• Max Mesny, Executive Director, Morgan Stanley
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?
Chair: • Ravi Narain, Chairman, IOMA
• Paul Hilgers, CEO, Asia Pacific, Optiver (Sydney)
• Robert S. Smith, Managing Director, GETCO Asia (Singapore)
• Sandy Frucher, Vice Chairman, NASDAQ OMX (New York)
• Tom Ascher, Chief Strategy Officer, International Securities Exchange

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
Dr Subir Gokarn, Deputy Governor, Reserve Bank of India
Innovations for futures and options exchanges
The panel will review recent developments in Flex contracts, volatility indices, ETF options, and other new products. The panel will also look at measures to facilitate access to exchange-traded derivatives for pension funds and other institutional investors.
• Richard DuFour, Executive Vice President, CBOE
• Andrey Salaschenko, Executive Board Member, RTS Exchange (tbc)
• Nicolas Bertrand, Head of Equity and Derivatives Markets, London Stock Exchange (tbc)
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?
Guest speaker: • Tony D’Aloisio, Chairman, Australian Securities & Investments Commission (ASIC)
Is there a future for the self-regulatory role at for-profit exchanges?
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, 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?
Chair: • Tony D’Aloisio, Chairman, Australian Securities & Investments Commission (ASIC)
• Nobuaki Kurita, Market Surveillance and Compliance, Tokyo Stock Exchange Regulation
• Tajinder Singh, Deputy Secretary General, IOSCO (Madrid)
• John Carson, consultant for World Bank report “Self-Regulation in Securities Markets” January 2011
• Stephan Malherbe, Chairman and Founder, Genesis Analytics
Closing remarks    
• Ravi Narain, Chairman IOMA
• Jorge Alegria, Vice Chairman, IOMA

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