Thursday, September 20, 2007
8:00 AM - 8:45 AM
Registration and Continental Breakfast



8:45 AM - 9:00 AM
Welcome and Opening Remarks

Kenneth Heath
Publisher
Traders Magazine

Michael Scotti
Editor
Traders Magazine



9:00 AM - 10:00 AM
The Good, the Bad and the Ugly of CCAs

Confusion abounds about the new soft dollars. What exactly is a client commission arrangement (CCA)? How does it differ from commission sharing arrangements (CSA) in Europe? The buyside has decried the need to trade with fewer brokers in their quest for best execution. This panel will review the pros and cons of CCAs, analyze their impact on the traditional equity trading business, and address these issues:

• Have CCAs, to date, lived up to this promise of allowing the buyside to chop its roster of trading partners?
• How widespread are CCAs and what is their growth potential?

Moderator:
George Bodine
Director of Trading
General Motors Asset Management

Panelists:
Tom Conigliaro
Managing Director
Goldman, Sachs & Co

John D. Meserve
Director
BNY ConvergEx Group

Dennis Fox
Director of Equity Trading
Munder Capital



10:00 AM - 11:00 AM
Get Good Fills & Pay Your Bills: The Buyside's Dilemma

Decisions, decisions. Buyside traders have more venues and more electronic trading tools than ever. But how do they decide how and where to trade in an ever-changing landscape? This panel will look at this process, as well as drill down into other topics that are transforming equity trading such as:

• How CCAs are altering the buyside's brokerage relationships
• What impact dark pools - both pro and con - are having on their ability to transact
• Have dark pools taken away some of the control the buyside gained from DMA?
• Has the increase in undisplayed liquidity hindered or enhanced best execution?
• Are more low-cost, electronic trading tools what the buyside really wants or needs?
• Is it possible to 'pay your bills and get good fills'?
• How have the increase in electronics, a cheaper blended rate and a diminished NYSE floor impacted the buyside/sellside relationship?

Moderator:
Timothy Mahoney
CEO
BIDS Trading

Panelists:
Jeff Kaplan
Principal, Head Trader
Deerfield Partners

Frank A. Loughlin
Senior Vice President, Co-Head of Americas Equity Trading
AllianceBernstein

Mark Forziati
Managing Director
Tudor Investment Corp.



11:00 AM - 11:30 AM
Morning Networking Break



11:30 AM - 12:30 PM
Block Trading Post Reg NMS: A Sellside Perspective

The block desk at brokerage houses used to be the central point for the institutional trading business, but much has changed. These developments have many wondering, "Is the personal touch in trading dead?" and "What happened to the buyside-sellside relationship?" This panel will analyze these and other issues particular to the block desk since Reg NMS has been implemented, focusing on:

• How did Reg NMS affect the block trading desk?
• Have inter-market sweep orders been effective in avoiding trade throughs?
• How has Reg NMS affected capital commitment and has it pushed more trading after hours?
• What is the broker model in the future and what's in story for both position and sales traders?
• How is the buyside using capital and reacting to after-hours business?

Moderator:
Michael O'Conor
Director
Jordan & Jordan

Panelists:
Robert Harrington
Head of Institutional Block Origination
UBS

Eric Johnston
Head of U.S. Cash Trading
Lehman Brothers

Chris Heckman
Managing Director
ITG

Michael Fenske
Senior Equity Trader
ING Investment Management



12:30 PM - 1:30 PM
Networking Lunch



1:30 PM - 2:30 PM
Turf War: The High-Touch/Low-Touch Battle in Small and Mid Caps

A block print in the less liquid stocks is sure to get the Street's attention and fast. But large prints don't happen that often. What's an institution's strategy in the small and mid-cap space: "Use DMA and pray"? Use the crossing networks? It is clear the battleground between high touch and low touch resides in the less liquid names. This session will analyze and discuss current trading strategies used for less liquid stocks and address these questions:

• Is there an increasing role for algos in the small- and mid-cap space?
• Is high-touch trading the only way to handle the less liquid names?
• What role does the regional broker play now and in the future?
• Is broker capital a viable alternative for those outside of the top institutional accounts?
• What's the best method to trade the less liquid stocks now and will that change in the future?

Moderator:
Robert Shapiro
Executive Director
Morgan Stanley Asset Management

Panelists:
Vlad Portnoy
Head of Quantitative Strategies
Jefferies & Co.

Will Geyer
President & Chief Operating Officer
JonesTrading

Tereck Fares, CFA
Director of Equity Trading
Chicago Equity Partners



2:30 PM - 3:30 PM
Dark Pool Evolution & The Future of Undisplayed Liquidity

The subjects of hidden liquidity, crossing networks and dark pools are hotter than ever. At the same time new products are still coming to market, existing venues are regularly announcing record executed volumes. While today's equity market structure landscape now includes more than 40 established and separate non-displayed liquidity pools, the appeal of these dark pools may now be spreading internationally and to non-equity assets. This session will discuss a number of topics related to dark pools including:

• Which dark pools systems are growing their volume and which aren't? Why?
• Are cross rates still about 5 percent in these systems? Can that grow?
• Is blotter scraping technology important to the future of crossing networks?
• What developments have occurred in the last year in crossing network/dark pools space?
• Do the new crossing networks entering the market have a prayer?

Moderator:
Jeromee Johnson
President
3D Markets

Panelists:
Brian Pears
Senior Vice President
NYFIX

Dan Mathisson
Head of Advanced Execution Services
Credit Suisse

Brian Hyndman
Senior Vice President, Transaction Services
The Nasdaq Stock Market, Inc.

Whit Conary
President
LeveL ATS

Steve Greenblatt
Vice President of Corporate Strategy
Liquidnet



3:30 PM - 4:00 PM
Afternoon Networking Break



4:00 PM - 4:45 PM
Analysis & Wrap Up: End of Day Roundtable

This end-of-day roundtable will not only summarize key issues raised during the day, but will drill down further into them in an interactive format. Roundtable guests-as well as attendees- will have the opportunity to offer their insights on today's issues and propose what the equity trading landscape will look like a year from now.

Co-Moderator:
Robert Shapiro
Executive Director
Morgan Stanley Asset Management

Co-Moderator:
Dave Leone
Independent Consultant

Panelists:
Timothy Mahoney
CEO
BIDS Trading

Michael Fenske
Senior Equity Trader
ING Investment Management

Jim Ross
Vice President
NYSE Matchpoint

Jeromee Johnson
President
3D Markets

George Bodine
Director of Trading
General Motors Asset Management

Will Geyer
President & Chief Operating Officer
JonesTrading



4:45 PM - 6:00 PM
Cocktail Reception