TabbFORUM - Fixed Income 2015: Perfect Storm Navigating the Confluence
29 Jan 2015
The Times Centre, New York
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A tempest is brewing in fixed income markets, and the winds of change are tearing at the fabric of market structure. A confluence of catalysts threatens to aggravate the deteriorated liquidity left in the wake of the financial crisis. What solutions are required to carry market participants to safe harbors, and what challenges await them along the journey?
11:30 am - 12:30 pm: Registration & Networking
12:30 pm: Opening Remarks: Anthony J. Perrotta, Jr., Head of Fixed Income Research, TABB Group
12:45pm - 1:30 pm: A View From the Top: The New Trading Landscape
2014 was a year of significant change in the fixed income markets, as we continued to adjust to the evolving market landscape. Across rates, credit and derivatives, implementation of reform and the rise of new technologies are drastically influencing how we view and operate in today's challenging environment. We will take a high-level view of how fixed income trading has grown over the past year in the U.S., and share our perspectives on the key factors that are guiding the industry forward.
- Michael C. Buchanan, Head of Global Credit, Western Asset Management Company
- Kevin Corgan, Managing Director, North American Credit Trading, J.P. Morgan Securities LLC
- Lee Olesky, CEO, Tradeweb
1:30 - 2:15 pm: Resurrection or Ruin: The Impact of Dodd-Frank and EMIR on OTC Derivatives
We look at the impact of implementing the trading, clearing and reporting mandates of Dodd-Frank and EMIR on market structure and the flow of capital in the OTC derivatives markets. We examine whether traditional OTC derivatives will continue serving the market's risk management needs, or whether innovation will be required to find more efficient and cost-effective solutions.
- Sam Priyadarshi, Head, Fixed Income Derivatives, Vanguard Group Inc
- Kevin Arnold, Managing Director, Head of Foreign Exchange, Rates and Credit - Americas,UBS
- George Harrington, CFA, Global Head of Fixed Income, Currency and Commodity Execution,Bloomberg LP
- Christopher Messina, Senior Vice President, Business Development, Arria NLG
- Nathan Ondyak, Global Head of Products & Markets, SwapClear
Moderated by: Chris Ferreri, Managing Director, ICAP
2:15 pm - 2:45 pm: Keynote - CFTC Commissioner J. Christopher Giancarlo
2:45 pm - 3:15 pm: Networking Break
3:15 pm - 4:00 pm: Transformers: The Evolving State of Market Structure
Fixed income markets are besieged by a torrent of catalysts reshaping the manner in which participants interact with each other. Traditional roles are morphing due to a conflux of regulatory change and business model reinvention. At stake is the fundamental process by which the market values assets and transfers risk. We examine the current state of liquidity, the process of risk transfer, and the potential need for market structure change in fixed income.
- Isaac Chang, Global Head of Fixed Income, KCG
- Michael Ziegelbaum, Managing Director, Head of Electronic Sales and Trading, Mizuho Securities
- Matthew F. Andresen, CEO, Headlands Global Markets
- Mark Monahan, CEO, MTS Markets International
- Bill Gartland, Senior Director, Evaluated Services, Interactive Data
Moderated by: E. Paul Rowady, Jr., Principal, Director of Data and Analytics Research, TABB Group
4:00 pm - 4:45 pm: Automation: Rise of the Machines
The corporate bond market is plagued by a liquidity conundrum. Market participants believe the solution may lie with the development of alternative pools of liquidity and the proliferation of electronic trading networks. We examine the development of electronic trading in this traditionally voice-driven market, the development of new trading protocols, and the reality behind using automation and electronification to manage information and drive executions.
- Paul Reynolds, CEO, Bondcube
- Constantinos Antoniades, Head of Fixed Income, Liquidnet
- Amy Koch, Managing Director, Head of Fixed Income Trading, Standish Mellon Asset Management Company LLC
- Dwayne M Middleton, CFA Executive Director, Head of US Fixed Income Trading, Morgan Stanley Investment Management
- Michael Nappi, VP, Investment Grade Senior Trader, Investment Grade FI, Eaton Vance
Moderated by: Radi Khasawneh, Analyst, TABB Group
4:45 pm - 5:15 pm: Fireside Chat - The corporate bond market has been challenged in the post-financial crisis era. The market is struggling to find new avenues and sources of liquidity. Fixed income exchange-traded funds (ETFs) offer investors an alternative to traditional bonds and add a new dimension to market liquidity. This session will explore:
- Trading ETFs and the impact on market liquidity;
- ETFs as an alternative product to transfer risk and manage investment goals;
- The growth of the ETF market and the future.
- Reginald M. Browne, Senior Managing Director, ETF Group, Cantor Fitzgerald
- Robert G. Smith, President and CIO, Sage Advisory Services
5:15 pm: Closing Remarks - Anthony J. Perrotta, Jr., Head of Fixed Income Research, TABB Group
5:30 pm: Cocktail Reception