Conference Agenda
Wednesday, September 24, 2008
7:30 AM - 8:30 AM
Registration & Breakfast
8:30 AM - 8:45 AM
Welcome & Opening Remarks
Kenneth Heath
Publisher
Traders Magazine
Michael Scotti
Editorial Director
Traders Magazine
8:45 AM - 9:15 AM
Presentation
Better Trading, Better Results: A Look at Trading Costs
Trading desks have reconfigured their trading process and rushed to implement new electronic trading tools to keep pace with the evolution of the post-Reg NMS marketplace. But after jumping through numerous hoops, adding untold number of new whistles and bells, Traders Magazine LIVE would like to ask the only question that matters: Have trading costs come down, and if so, by how much? This presentation will address how they've come down—or haven't—and why.
Presenters:
Ian Domowitz
Managing Director of Network Products, Analytics and Research
Investment Technology Group
Peter Weiler
Senior Vice President of Global Sales
Abel Noser
9:15 AM - 10:00 AM
Panel Discussion
Plan Sponsor Expectations and Demands
Pension funds, the ultimate client, benefit from low trading costs. In recent years, they've played a role in the push for money managers moving to lower their blended commission rate. But what is it, exactly, that's important to the administrators of pension funds, the plan sponsor? Are they only interested in low commissions and what is their opinion on research-assisted decisions that can generate alpha—and full commissions? This panel will dig into the thinking at plan sponsors, how they analyze their managers' trading costs and how trade-cost analysis comes into the picture.
Moderator:
George Bodine
Director of Trading
General Motors Investment Management
Panelists:
Steven Glass, JD
Director
Plexus Plan Sponsor Group, Inc.
James Bryson
Senior Managing Director
Elkins McSherry, LLC
Additional panelists to be announced
10:00 AM - 10:20 AM
Coffee Break and Vendor Exhibition
10:20 AM - 10:30 AM
Presentation
The Buyside's Take on Trading Costs: Traders Magazine Survey
This brief presentation offers the results from a survey that measures the buyside's perceptions and opinions on trading costs.
Presenter:
Michael Scotti
Editorial Director
Traders Magazine
10:30 AM - 11:30 AM
Panel Discussion
The Buyside Trader's Check List for Best Execution
In the perfect world, every order would have a contra side that would meet at the midpoint in either a dark pool or with a sales trader's assistance. Unfortunately, the marketplace is not a perfect world. The good news-and counter argument to that scenario-explains why traders are important. This panel will address how the buyside seeks best execution in both a high-touch and low-touch world, as well as the benefits of trade-cost analysis. Paying for research and the value that brokerage firms offer will also be discussed.
Moderator:
Peter Jenkins
Senior Vice President
NYSE Euronext
Panelists:
George Sofianos
Vice President, Equity Execution Strategies
Goldman Sachs
Frank Loughlin
Co-Head of the Americas Equity Trading
AllianceBernstein LP
David Brooks
Global Director of Equity Trading
The Boston Company
11:30 AM - 12:30 PM
Panel Discussion
The Slimmer, Trimmer Sellside: Offering Value (Minus a Few Belt Notches)
The role of the sellside has changed and evolved, as its electronic offerings are now offered hand-in-glove to clients along with high-touch services. Trading desks have gotten smaller, too. But how has the sellside responded to the ever-changing demands of clients? And has the sellside redirected its focus to low-touch products at the expense of high-touch sales coverage and traditional block trading? These issues will be addressed, as well as topics such as the value of research, the tiering of clients and what the sellside must do to remain relevant to the buyside.
Moderator:
Ray Tierney
Director of Global Equity Trading
Morgan Stanley Investment Management
Panelists:
Will Geyer
President and CEO
JonesTrading
Robert Grubert
Managing Director, Head of U.S. Equity Sales & Trading
RBC Capital Markets
Robert Harrington
Managing Director, U.S. Cash Equity Trading
UBS Investment Bank
Thomas Wright
Global Head of Equity Trading
Sanford C. Bernstein & Co.
12:30 PM - 1:15 PM
Networking Lunch
1:15 PM - 1:30 PM
PRESENTATION-PART I
Cracking the Code: Today's Volume Breakdown
Equity trading volumes are up big time since Reg NMS went into effect. But who's driving the volume in today's friction-less markets? Is this real volume that institutions can interact with or just noise? This presentation will set the groundwork for explaining how high-volume, high-velocity trading firms—like quantitative shops and automated market makers—have altered the marketplace dynamics in a maker-taker pricing environment.
Presenter:
Joe Gawronski
President
Rosenblatt Securities
1:30 PM - 2:30 PM
ROUNDTABLE-PART II
Cracking the Code: Today's Volume Breakdown
Panelists will follow up the previous presentation with their take on the current dynamics of today's marketplace, offering their views on the four Vs: Volatility, Volume, Venues and Value. How did the U.S. equity markets get to this point, and whom have the changes benefited? Panelists will also give their prognostications about how the markets will continue to evolve.
Moderator:
Jeromee Johnson
President
3D Markets
Panelists:
Tal Cohen
Senior Vice President
Instinet
Timothy J. Mahoney
Chief Executive Officer
BIDS Trading, L.P.
Dan Mathisson
Managing Director, Head of Advanced Execution Services (AES)
Credit Suisse
Ted Myerson
President
FTEN
William O'Brien
Chief Executive Officer
Direct Edge ECN
2:30 PM - 2:45 PM
Coffee Break and Vendor Exhibition
2:45 PM - 3:00 PM
PRESENTATION-PART I
The Buyside's Take on Liquidity Sourcing: A Traders Magazine Survey
This brief presentation offers the results from a survey that measures the buyside's perceptions and opinions on liquidity sourcing.
Presenter:
Michael Scotti
Editorial Director
Traders Magazine
3:00 PM - 4:00 PM
ROUNDTABLE-PART II
The Buyside's Take on Liquidity Sourcing
High touch to low touch, traders have more liquidity sourcing options than ever. This panel allows buyside traders to comment and discuss findings from the previous afternoon panel and surveys, as well as provide their assessment-a liquidity report card, if you will-of the current tools and venues at their disposal.
Moderator:
David Leone
Senior Vice President of Sales
Linedata
Panelists:
Jamie A. Bogen
Senior Managing Director
Bear Stearns Asset Management
Dennis Fox
Director of Equity Trading
Munder Capital
Jeffrey Kaplan
Partner, Head Trader
Deerfield Partners
Rob Shapiro
Executive Director
Morgan Stanley Investment Management
4:00 PM - 4:15 PM
Wrap-Up Panel
Panelists will briefly address the various topics discussed during the day, and offer their opinions on the program's overarching theme: With all the new venues, new tools and higher volumes, are you better off today than you were four years ago?
Co-Moderators:
David Leone
Senior Vice President of Sales
Linedata
Michael Scotti
Editorial Director
Traders Magazine