08.00

09.00

JAMES WATT

Commodities - Is the Secular Bull Trend Intact?

Following many commodities hitting record all time highs last year, prices have experienced very sharp price declines as the economic crisis has dented demand and depressed sentiment. But do these declines mark an end to the commodity bull market? This presentation will analyse the demand/ supply dynamics across a range of commodity markets against the current challenging economic background and will highlight key themes as well as provide insights into where prices may head in the future.

Speaker:
Sudakshina Unnikrishnan, Vice President, Commodities Research, Barclays Capital

09.30

UPPER SUGAR

Customer demand for multi asset classes on one trading platform, direct access to exchanges, the need for speed, new ventures in over-the-counter products, and multiple vendors are all on the agendas of technology professionals. This session will look at the trends affecting technology providers and make some predictions about the future.

Chair:
Antonio Reyes Miras, Global Head of Electronic Client Solutions for Cash Equities and Futures & Options, J.P. Morgan

Speakers:
Chris Hollands, Head of European Sales, TradingScreen
Steve Carl, Director, Business Change and Service Quality, NYSE Liffe
Diane Saucier, Vice President, Market Development, Trading Technologies International

09.30

KING VAULT

A plethora of recent reports have highlighted weaknesses in financial supervision and areas where regulators 'could do better.' Considerable attention has been focused on proposed changes to the regulatory framework, in the EU, the U.S. and internationally, but how will regulators change their practices 'on the ground' and what will the changes mean to firms?

For example, how will regulators gather the information needed for them to understand and pass judgement on firms' business models and risk management? How intrusive can firms expect supervisory visits to be?

Chair:
Anthony Belchambers, Chief Executive Officer, Futures and Options Association

Speakers:
Nigel Avey, Director, Compliance & Legal, MF Global
Martyn Hopper, Partner, Herbert Smith
Simon Jackson, Compliance Officer, Global Markets, Deutsche Bank AG London
Alexander Justham, Director, Markets, Financial Services Authority
C. Robert Paul, Counsel, DLA Piper
Mike Williams, Partner, Deloitte

09.30

PORTER TUN

The credit crisis has sent infrastructure providers to the drawing board to design a clearing solution for credit derivatives and other over-the-counter products that would mitigate risk and bring transparency to this opaque market. OTC Clearing facilities have existed for several years in the listed derivatives space so it is not surprising that major futures exchanges would extend their product offerings. In addition, new entrants to the market are offering a variety of models to address the problem. This session will start with an introduction to credit default swaps and then give the various platforms the opportunity to provide information on their model and answer questions about their structure. Must these products be standardized? How will these models address the more customized single-name contracts? How are valuation and margin requirements determined? Is there a way to come up with margining that is economically viable for the clearing customer? Is clearing limited to principles only? If customers participate, is customer margin segregated? Will these contracts be converted to a futures product? Is remote clearing permitted?

Each provider will be asked to present:

• A brief description of the platform including the products being offered, their rationale for the model and the expected timing for launch or activity since launch
• An overview of ownership and governance structure
• The regulatory environment in which it will operate
• Implementation challenges for participants

A panel of industry experts will give an overview of CDS Clearing and pose questions to the infrastructure providers from a business, regulatory, and operational perspective.

Speakers:
Ian Barton, Vice President, European Credit Derivatives Middle Office, Morgan Stanley
Anne Drakeford, Senior Associate, Clifford Chance
Nick Marcelle, Regional Head, European Listed Derivatives Operations, HSBC Bank

10.00

PORTER TUN

ICE’s CDS clearing team will offer a comprehensive overview of CDS clearing, including processing, risk management framework, governance and operations. ICE Trust is the leading CDS clearing house for US CDS contracts, and ICE Clear Europe is developing a solution to serve the European CDS markets, which will be a distinct risk pool from ICE’s energy futures and OTC markets.

Speaker:
Mark Woodward, Director, Corporate Development, ICE Clear Europe

10.30

PORTER TUN

NYSE Liffe will provide IDX delegates with an overview of the plans for the expansion of NYSE Liffe's innovative OTC Service Bclear into the credit markets. The presentation will feature a detailed update on NYSE Liffe's approach, particularly within the context of the industry commitment  to clear credit default swaps in the European Union by 31 July this year.

Speakers:
Chris Jones, Head of Risk Management, LCH.Clearnet
John O'Neill, Manager, CDS, NYSE Liffe

10.45

EXHIBIT HALL - KING GEORGE/ QUEEN CHARLOTTE/ LOWER SUGAR ROOM

Sponsored by: MF Global

11.00

PORTER TUN

Eurex Clearing, the leading European clearinghouse will provide conference delegates with an overview of its solution for clearing Credit Default Swaps. The presentation will cover key elements, current project status, important milestones, as well as an overview of products available from the launch.

Speaker:
John Gammer, Senior Vice President, Clearing Business Relations, Eurex Clearing

11.15

KING VAULT

This panel will discuss current 'hot topics' including:

• Frauds, rogue traders, mismarking...How have firms reacted to the events of 2008/2009?
• Monitoring clients: (a) are firms monitoring clients for financial crime 'red flags' (b); the FSA's recent report on financial services firms' approach to UK financial sanctions; and, (c) the application of OFAC sanctions.
• Monitoring employees: (a) is data protection really a barrier to employee monitoring and, if not, what requirements do you need to comply with; (b) the dos and dont's of front office surveillance.
• Dealing with requests for information from regulators: in the current environment what happens when a request is too onerous?

Chair:
Simon Elvidge

Speakers:
Richard Ahern, Head of Financial Crime Prevention (Europe and Middle East), Newedge
Tom Lewthwaite, Partner, Deloitte
Neil Munro, Head of European AML Compliance, Morgan Stanley
Peter Snowdon, Partner- Financial Services, Norton Rose

11.30

PORTER TUN

CME Group will provide IDX delegates with an overview of its clearing service for credit default swaps, the only solution to offer both index and single name clearing. The presentation also will cover the flexibility of the service, affording customers the ability to continue to trade bilaterally and book trades through the CMDX booking facility, or migrate existing positions for clearing. CME Group's risk methodology also will be discussed to provide greater detail on this sophisticated system for calculating the complexities of CDS portfolio risk.

Speaker:
Kim Taylor, Managing Director & President, Clearing House Division, CME Group

12.00

KING VAULT

A practical workshop, led by an experience trainer provider, to provide insights on how to design and deliver effective (including cost effective) compliance training. Time to 'think out of the box' and become creative!

Speakers:
Trevor Norwood, Director, Eukleia Training
Patrick Thompson, Managing Director, Eukleia Training

12.30

EXHIBIT HALL - KING GEORGE/ QUEEN CHARLOTTE/ LOWER SUGAR ROOM

13.15

JAMES WATT

Market Surveillance for Compliance - Detecting Market Abuse on Derivatives Markets

Sponsored by SMARTS

SMARTS, the world leader in market surveillance technology, will feature its leading market surveillance solution "Compliance Explorer." Market surveillance experts from SMARTS will demonstrate how advanced technology solutions can empower compliance officers with the necessary tools to monitor trading in derivatives for all forms of market abuse, and exchange rule breaches, and thereby minimize their regulatory and financial risk.

Features include:

• Breadth: Comprehensive coverage of all listed instruments
• Depth: Access to all market abuse alert scenarios (such as market manipulation and insider trading) and exchange specific alert scenarios (such as failure to issue RFQs)
• User friendly interface: Trade-by-trade and quote-by-quote market visualizations, with filtering at house, account and trader level to highlight unusual patterns of trading.
• Cross market functionality: Access to cross-market functionality which highlights unusual trading patterns between stock options/ futures and the underlying equity. For example, cross-market insider trading, whereby an insider may trade in put/call options prior to price sensitive announcement in underlying equity. Or cross market frontrunning whereby proprietary account trades in put/call options shortly ahead of large client trades on underlying equity.

14.15

UPPER SUGAR

The performance of CTAs (Commodity Trading Advisors) was one of the few highlights of 2008. In a year notorious for the failure of the majority of alternative investment managers to get into the black, returns of +20% through +50% characterized managed futures funds and prompted a wave of new launches of a scale not seen since the 1987 crash (where again, many CTAs performed strongly). This panel extends from two of the leading global managers in the CTA space each with assets under management of around $15bn, through one of the most successful and flexible middle-sized groups to one of the smallest new entrants investing a bare $1m. Among other topics, the four panelists will discuss how durable they anticipate their strong performance to be as markets, currency rates and, perhaps, commodity prices move from clearly defined trends to relatively directionless choppy trading; whether new entrants into the space can prosper and survive; how the frequently aired prejudice against so-called ‘black box’ investment solutions can be addressed and perhaps reversed; and, if any of the raft of new regulations will have a deleterious impact on an already highly-regulated section of the investment panorama.

Chair:
Simon Rostron, Director, Rostron Parry

Speakers:
Zbigniew Hermaszewski, Principal, Altis Partners (Jersey) Limited
Andrew Moss, Head of Trading, Winton
Edward Vickery, Investor Relations, Monterosso Investments
Kenneth Webster, President & Chief Operating Officer, John W. Henry & Company
Tim Wong, Chief Executive Officer of AHL, Man Investments

14.15

KING VAULT

This industry panel will look at the new challenges facing legal and compliance as they carry out the 'day job' and how they are being met in practice. For example, dealing with clients' uncertainties with respect to UK segregation and increasingly detailed requests for information - for example, relating to best execution or the identification of risk exposures - from buy-side clients.

The panel will also consider regulatory expectations with respect to risk management and the extent to which this falls within the remit of legal and compliance. For example, in respect of the use of remote booking entities, what additional steps are regulators requiring and what is good practice in respect of risk management.

Chair:
Steve Thomas, Global Head of Compliance & FCP, Newedge Group

Speakers:
Chris Brennan, Associate (Barrister), Barlow Lyde & Gilbert
Martin Cornish, Partner, Katten Muchin Rosenman
Julian Courtney, Compliance Director, Marex Financial
Brian Lewis, Compliance Officer, Capital Markets Advisory, BNP Paribas Commodity Futures

14.15

PORTER TUN

Various exchanges, clearing organizations and independent ventures have been preparing to offer their own approach to clearing credit default swaps. As the morning sessions illustrate, each are in varying stages of readiness or have launched. This panel will discuss the pros and cons of the various models, the reaction of potential market users, the differing regulatory landscapes, product design challenges, and the operational considerations of connecting counterparties.

Chair:
David Clark, Chairman, Wholesale Markets Brokers Association

Speakers:
George Handjinicolaou, Deputy Chief Executive Officer and Regional Director, International Swaps and Derivatives Association
Jeffrey Hogan, Managing Director, Head of Business Development, BGC Partners
Kate Wormald, Managing Director, Osea Limited

15.30

EXHIBIT HALL - KING GEORGE/ QUEEN CHARLOTTE/ LOWER SUGAR ROOM

16.00

UPPER SUGAR

Proprietary traders have not escaped the pressures of the current economic climate. This session will examine new product areas and jurisdictions traders are moving into in a bid to find new growth areas; the potential impact of regulatory changes; a review of business models.

Chair:
Christopher Morris, Director, Aequitas Associates Consulting

Speakers:
Hugh Cooper, Managing Director, GH Financial
Chris Lee, Global Head of Market Access, Fortis
Niall Maguire, Paragon
Vincent Mercer, Vincent Mercer
Sonny Schneider, Chairman, Schneider Trading Associates

16.00

KING VAULT

This panel will look at the myth and the reality of client money, including:

• The U.S. experience of Lehman - was it as good as they say?
• The UK experience of Lehman - lessons for the industry?
• What changes are needed to the UK client money rules?
• How should UK insolvency law be changed?
• Client money across the EU: an unlevel playing field?

The panel will also consider the practical steps that firms are taking, post-Lehman, with respect to client money.

Chair:
Deborah Sabalot, Principal, Deborah A. Sabalot Regulatory Consulting

Speakers:
Patrick Buckingham, Partner, Financial Services Regulation, Herbert Smith
Martin Cornish, Senior Partner, Katten Muchin Rosenman Cornish
Penny Fabien, Executive Director & Assistant General Counsel, J.P. Morgan Securities
Jonathan Herbst, Partner, Norton Rose
Paul Willis, Global Compliance Officer, Fortis Brokerage, Clearing, and Custody

18.30

Wednesday 10 June
The Guildhall, London EC2

Cocktail Reception: 6.30 pm
Dinner: 7.30 pm
Carriages: 11.30 pm

FIA and FOA are pleased to announce that the IDX Gala Dinner will be held in aid of Futures for Kids. The Dinner provides a valuable networking opportunity for those attending the IDX 2009 conference and exhibition, and to the international financial community.

Futures for Kids provides a fundraising vehicle through which this industry can raise money to benefit charities working to improve the lives of children around the world.

The three charities currently supported are:

• Demelza - providing hospice care to children with life-limiting illnesses and their families across Kent, East Sussex, and South London
• EveryChild - committed to protecting the rights of the world's most vulnerable and excluded children across the world.
• HopeHIV - offering life, hope and opportunity to Africa's orphan generation