Agenda

  • TUESDAY 15 May, 2012
  • WEDNESDAY 16 May, 2012

TUESDAY 15 May, 2012

8.20 - 9.20

Registration and Continental Breakfast

9.20 - 9.30

Chairperson's Welcome
Moderators:
Manooj Mistry
Manooj Mistry
Head of ETF Structuring
Deutsche Bank

9.30 - 10.30

ETFs, Europe and Market Turmoil
2011 was a year of turmoil in Europe. The single currency and the region's financial markets came under severe pressure. Funds, active and passive, faced a much tougher environment. What challenges and opportunities have arisen as a result?

  • What's the likely impact of the eurozone turmoil?
  • What investment opportunities are being thrown up?
  • How big a part will ETFs play in the future European fund industry?
Moderator:
Paul Amery
Paul Amery
Editor, Journal of Indexes Europe
IndexUniverse.eu
Panelists:
Dan Draper
Dan Draper
Managing Director, Global Head of ETFs
Credit Suisse Asset Management
Jacco Maters
Jacco Maters
Director
Allianz
Thorsten Michalik
Thorsten Michalik
Head of db X-trackers
Deutsche Bank Exchange Traded Funds
Jan-Rommert Straatman
Jan-Rommert Straatman
Senior Portfolio Manager
BNP Paribas Investment Partners

10.30 - 11.00

Morning Networking Break

11.00 - 11.50

Regulatory Outlook For ETFs
Regulators subjected ETFs to intense scrutiny last year—why? In this session, experts review the new guidelines for ETFs and structured UCITS from ESMA. We also put ETF regulation in the context of broader regulatory changes in the financial markets: MiFID II, EMIR, FATCA.

  • ESMA guidelines—the latest news
  • The regulatory framework for trading and derivatives in Europe
  • How is regulation impacting ETFs: for issuers, market makers and investors?
Moderator:
Kathleen Moriarty
Kathleen Moriarty
Partner
Katten Muchin Rosenman LLP
Panelists:
Liam Butler
Liam Butler
Head of ETF Fund Administration Europe
Northern Trust
Alain Dubois
Alain Dubois
Chairman
Lyxor Asset Management
Mirzha de Manuel
Mirzha de Manuel
Researcher
European Capital Markets Institute
Simon Gleeson
Simon Gleeson
Partner
Clifford Chance LLP

11.50 - 12.40

Choosing The Right ETF
Are ETFs hiding important risks, or are they setting the standard for fund transparency in Europe? In this session we'll review the key points any investor's ETF due diligence should cover.

  • ETF structures and structural risks
  • Measuring counterparty and collateral exposures
  • Tradeability, tracking and cost of ownership
Moderator:
Matt Hougan
Matt Hougan
President of ETF Analytics
IndexUniverse
Panelists:
Simon Klein
Simon Klein
Head of ETFs - Europe
Lyxor Asset Management
Lars Kroijer
Lars Kroijer
Author
Financial Times Press
Margot Pages
Margot Pages
Head of Index Funds & ETF Development
THEAM - BNP Paribas
Sacha Widin
Sacha Widin
Head of ETF-based Solutions Mandates & Funds
Credit Suisse Asset Management

12.40 - 13.55

Keynote Luncheon Address
Why Success Always Starts With Failure
Presenter:
Tim Harford
Tim Harford
Financial Times Columnist
"The Undercover Economist"

13.55 - 14.45

Getting The Exposure You Want: Choosing The Right Index
ETFs are tradeable indices. But there's an increasing variety of underlying benchmarks. How should investors evaluate them, could hidden costs be embedded and is there a guarantee of tradeability in more exotic indices?

  • Why use one index rather than another?
  • Index construction methods, rebalancing and other costs
  • How tradeable is your index?
Moderator:
Paul Amery
Paul Amery
Editor, Journal of Indexes Europe
IndexUniverse.eu
Panelists:
Herman Barten
Herman Barten
Amundi ETF Institutional Sales
CA Cheuvreux - Amsterdam
David Blitzer
David Blitzer
Chairman of the Index Committee
S&P Indices
Hartmut Graf
Hartmut Graf
CEO
STOXX Ltd.
Imke Hollander
Imke Hollander
Investment Strategist Equities
Blue Sky Group

14.45 - 15.35

What's An ETF's Fair Value?
ETFs' prices are supposed to reflect the value of the shares or bonds in the underlying index. But fair value can be easy to determine for some ETFs, very difficult for others. We'll explore why.

  • How is an ETF's underlying value measured?
  • When can iNAVs help and when are they of no use?
  • How to avoid trading at a large premium or discount
Moderator:
Dave Nadig
Dave Nadig
Director of Research
IndexUniverse
Panelists:
Matthew Holden
Matthew Holden
Head of ETF Trading Europe
Knight
Samu Lang
Samu Lang
Investment Director, Partner, Global Asset Allocation
Taaleritehdas Asset Management Ltd.
Robert Rushe
Robert Rushe
Head of Exchange Traded Products, Ireland
State Street Global Services
Kris Walesby
Kris Walesby
European Head of Capital Markets
ETF Securities

15.35 - 16.05

Afternoon Networking Break

16.05 - 16.55

Risk-Based Indexing In Depth
More and more indices are being developed to allow investors to control portfolio risk, and there's a variety of ETFs to track them. In this session we look in depth at the latest developments in this field.

  • Risk-based indexing defined
  • Volatility and beyond - choosing the right risk measure
  • Achieving the best risk/return trade-off
Moderator:
Dennis Hudachek
Dennis Hudachek
ETF Analyst
IndexUniverse
Panelists:
David Blitz
David Blitz, PhD.
Senior Vice President and Co-Head Quant Research
Robeco
Gareth Parker
Gareth Parker
Director, Index Research, Design & Development
Russell Indexes
Mirela Vlad
Mirela Vlad
Regional Director
EuroMTS Indices

16.55 - 17.45

How To Increase Your Income With ETFs
Near-zero official interest rates are putting huge pressure on savers. Many ETFs are now focusing on providing yield enhancement. What are the different approaches to generating income via ETFs, what are their pros and cons, and how much investment income can ETFs capture?

  • Dividend ETFs and equity income
  • Capturing high yield in the bond markets
  • Maximising post-tax equity income
Moderator:
Carolyn Hill
Carolyn Hill
ETF Analyst
IndexUniverse
Panelists:
Anthony Christodoulou
Anthony Christodoulou
Founder
Worldtrack
Dennis Dijkstra
Dennis Dijkstra
CFO
Flow Traders
Jens Perch Nielsen
Jens Perch Nielsen
CEO
Festina Lente
Kevin Quigg
Kevin Quigg
Global Head of ETF Strategy, SPDR ETFs
State Street Global Advisors

17.45 - 19.15

Canal Cruise & Reception

WEDNESDAY 16 May, 2012

6.55 - 7.55

Registration and Continental Breakfast

7.55 - 8.05

Chairperson's Welcome & Recap

8.05 – 8.55

Bond ETFs: Does Indexing Bonds Make Sense?
Fixed income ETFs are a large part of the European market, but present special challenges for index providers and fund managers. How should bond ETFs be structured to provide the right exposure for investors?

  • Indexing in fixed income
  • Handling illiquid markets
  • Creating the right duration and credit exposures
Moderator:
Matt Hougan
Matt Hougan
President of ETF Analytics
IndexUniverse
Panelists:
Shane D. Shepherd, Ph.D.
Shane D. Shepherd, Ph.D.
Vice President, Head of Fixed Income Research
Research Affiliates, LLC
Michael John Lytle
Michael John Lytle
Managing Director
Source
Denis Panel
Denis Panel
Chief Investment Officer of THEAM
BNP Paribas Investment Partners

8.55 – 9.45

Factor Investing: Fad or the Future?
What should investors make of new indices offering exposure to momentum, volatility, maximum diversification, value, high/low beta or exposure to capitalisation bands? And what about "macro" factors such as risk premia, inflation, volatility and correlation?

  • What is factor indexing?
  • How much does it cost?
  • Blurring the line between alpha and beta
Moderator:
Carolyn Hill
Carolyn Hill
ETF Analyst
IndexUniverse
Panelists:
Isabelle Bourcier
Isabelle Bourcier
Head of Business Development
Ossiam
Paul Kaplan
Paul Kaplan
Quantitative Research Director
Morningstar
Antti Suhonen
Antti Suhonen
Head of Origination
Barclays Capital

9.45 – 10.15

Morning Networking Break

10.15 – 11.35

Trading European ETFs/Live Trading Seminar
How should investors ensure best execution when buying and selling ETFs? In Europe, ETF users are faced with a bewildering range of options: exchanges, MTFs and the OTC market. Will MiFID II ensure post-trade transparency? Our live trading seminar will examine all these questions.

  • How to achieve best execution across asset classes
  • Exchange, issuer, market maker –who's responsible for supporting ETF liquidity?
  • The impact of exchange mergers, MiFID II and other regulatory changes
Moderators:
Paul Amery
Paul Amery
Editor, Journal of Indexes Europe
IndexUniverse.eu
Dave Nadig
Dave Nadig
Director of Research
IndexUniverse
Panelists:
Stephen Doran
Stephen Doran
CFA, Fund Manager
HSBC Global Asset Management
Pedro Fernandes
Pedro Fernandes
European Head of ETPs
NYSE Euronext
Sjoerd Rietberg
Sjoerd Rietberg
Head of Trading and COO
Flow Traders

11.35 – 12.25

Bubble Or Not? Precious Metals ETPs
ETPs have had great success in democratising investor access to precious metals. But are we now in bubble territory for gold and silver? Are ETP structures robust?

  • Have ETPs fundamentally changed the precious metals market?
  • Could the bull market extend further?
  • Precious metal ETP due diligence
Moderator:
Chris Flood
Chris Flood
Reporter
Financial Times
Panelists:
Nicholas Brooks
Nicholas Brooks
Head of Research & Investment Strategy
ETF Securities
Marjan Ivanovski
Marjan Ivanovski
Portfolio Manager
NLB Nov Penziski Fond AD Skopje
Marcus Miholich
Marcus Miholich
Director of Delta One Trading
Bank of America Merrill Lynch
Mike Vogelzang
Mike Vogelzang
President and Chief Investment Officer
Boston Advisors, LLC

12.25 – 13.40

Keynote Luncheon Address
Market Structure - An Accident Waiting To Happen
Presenter:
Dr. Christopher D. Clack, ScD
Dr. Christopher D. Clack, ScD
Director, Financial Computing MSc Programme
Department of Computer Science
University College London

13.40 - 14.30

Index Correlations, Market Structure And HFT
The broadening use of index strategies and program trading has been blamed for rising market correlations. Is high-frequency trading leading to a welcome reduction in costs, or is it destabilising the markets? We'll examine the changing structure of Europe's securities markets and discuss how to stay ahead of the game.

  • Is widespread ETF use causing index correlations to rise?
  • Is HFT good or bad?
  • Examining ETFs' impact on European market structure
Moderator:
Dave Nadig
Dave Nadig
Director of Research
IndexUniverse
Panelists:
Dr. Christopher D. Clack, ScD
Dr. Christopher D. Clack, ScD
Director, Financial Computing MSc Programme
University College London
Han Dieperink
Han Dieperink
Chief Investment Officer
Rabobank
Dave Gedeon
Dave Gedeon
Managing Director of Research
NASDAQ OMX Global Indexes
Peter van Kleef
Peter van Kleef
Managing Director
Lakeview Capital Market Services GmbH

14.30 - 15.20

Going Short With ETFs
ETFs can be used to gain short exposure. How active is the ETF lending market and what are the economics of shorting via ETFs? In which markets does it make sense to do so? Can ETF shorting take off in Europe, given regulatory constraints and post-trade fragmentation?

  • Long/short investors and ETFs
  • The pros and cons of lending ETFs
  • Regulations, custody and settlement
Moderator:
Matt Hougan
Matt Hougan
President of ETF Analytics
IndexUniverse
Panelists:
Ivo Jenniskens
Ivo Jenniskens
Investment Manager
Providence Capital NV
David Murtagh
David Murtagh
Head, ETF Trading
Susquehanna International Group
Althea Trevor
Althea Trevor
Vice President
Astor Asset Management
Roy Zimmerhansl
Roy Zimmerhansl
Owner
Zimmerhansl Consulting Ltd.

15.20 - 15.50

Afternoon Networking Break

15.50 - 16.40

Into Emerging Markets With ETFs
Accessing emerging market equities, bonds and currencies via ETFs and ETCs has become hugely popular. But emerging market ETFs mean multiple currencies, capital controls, possibly imbalanced indices and higher tracking error.

  • Emerging markets and replication methods
  • The impact of capital controls
  • Do EM country indices make sense?
Moderator:
Dennis Hudachek
Dennis Hudachek
ETF Analyst
IndexUniverse
Panelists:
Nils Hast
Nils Hast
Senior Portfolio Manager
ODIN Forvaltning AS
Evgeny Kovalishin
Evgeny Kovalishin
President, CEO
FinEx Plus
David Moroney
David Moroney
Global Head of Retail Structuring and Structured Funds
RBS Global Banking & Markets
Michael Schneider
Michael Schneider
Head of ETF &
ETC Sales - Europe
Deutsche Bank, db X-trackers

16.40 - 17.30

The Future of ETFs
Industry experts share their thoughts on the next ten years for the ETF market, in Europe and beyond. What's worked? What hasn't? What's next?

  • How well have ETFs served investors?
  • What could be improved?
  • What should ETFs be aiming to do in the next 10 years?
Moderator:
Jim Wiandt
Jim Wiandt
Founder & CEO
IndexUniverse
Paul Amery
Paul Amery
Editor, Journal of Indexes Europe
IndexUniverse.eu
Panelists:
Deborah Fuhr
Deborah Fuhr
Partner
ETF Global Insight
Tim Huver
Tim Huver
ETF Product Manager
Vanguard
Thorsten Winkler
Thorsten Winkler
Managing Director
Advanced Dynamic Asset Management GmbH

17.30

Conference Adjourns
 
 
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