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2014 Program

* Program subject to change

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Tuesday, November 4, 2014

6:00 PM

Opening Reception

6:00-8:00 p.m.
Block 37 - 3rd Floor
108 N State Street
Chicago, IL 60602

Let's get Expo started! Meet up with business associates, colleagues and friends at the cool, industrial loft space located on the third floor of Block 37, a stylish retreat in the heart of downtown Chicago.

An RSVP is not necessary, however you must be pre-registered for Expo in order to attend the reception (all registered trade show and conference attendees are welcome). However, only those that have registered by  Friday, October 31 will appear on the guest list. We apologize but walk-ups will not be accommodated. There are no exceptions.

Finding us

Enter at either State Street or the Dearborn entrance and, following the signs, take the escalators to the 3rd Floor. 

Getting there
Transportation will NOT be provided. Block 37 is located in the heart of the Loop, about a mile north of the Hilton Chicago. The venue hosts a parking garage and easy access to the Blue and Red Lines.


Wednesday, November 5, 2014

8:00 AM

Registration Opens

8th Street Lobby Level Registration Area & Lower Level Registration Area

Stop by the registration desk to get your SGX badge and CME Group tote bag filled with Expo materials before heading into the first session.

Sponsored by:         

8:45 AM

Welcoming Remarks

Grand Ballroom

Speaker:
Walt Lukken, President & Chief Executive Officer, FIA

9:00 AM

W9:00A CFTC Keynote Address: Chairman Timothy Massad

Grand Ballroom

Now that the CFTC has completed a majority of their Dodd-Frank rulemakings, CFTC Chairman Timothy Massad is leading the agency’s efforts to fine-tune regulations and finalize remaining rules. Since being sworn in last June as CFTC chairman, a key focus for Chairman Massad has been the agency’s work to coordinate with regulators in Europe and elsewhere on cross-border oversight of over-the-counter derivatives markets, dealers, trading platforms and central clearinghouses. Join us for Chairman Massad’s first keynote address to FIA.

Speaker:
Timothy Massad, Chairman, Commodity Futures Trading Commission

9:30 AM

W9:30A The CEO Vision

Grand Ballroom

We welcome back the exchange leaders to Expo 2014. This year has been tough on volume—what factors are depressing futures and options volume and will it turnaround in 2015? Will volume on cleared swaps execution trading platforms pick up? We will ask our panel of thought leaders to give their views on what is helping vs. what is harming their markets. Topics include cross-border wrangling of regulators, new demands on clients, and uncertainty all around. Are they concerned about the impact of the new capital regime on clearing members? What are the bright spots and where are the threats? Are recent technology acquisitions only the beginning of exchange diversification?

Chair:
Ron Insana, Senior Analyst, CNBC

Speakers:
Phupinder Gill, Chief Executive Officer, CME Group
Andreas Preuss, Chief Executive Officer, Eurex
Jeffrey Sprecher, Chairman & Chief Executive Officer, Intercontinental Exchange
Edward Tilly, Chief Executive Officer, Chicago Board Options Exchange

10:00 AM

Exhibit Hall Opens

Lower Level, Tradeshow Floor - Silver/ Green/ Blue Exhibit Halls

View a list of current exhibitors here: http://secure.fia.org/2014-exhibitor-profiles.asp

See the full exhibit hall schedule here: secure.fia.org/exhibit-hall-program.asp

10:45 AM

Newedge Networking Break

Continental Foyer, Lobby Level

Newedge, now owned 100% by Societe Generale, is proud to be a sponsor of the 2014 FIA Expo. To learn more about Newedge, stop by during the networking break on Wednesday, November 5th or visit www.newedge.com.

Sponsored by:

11:15 AM

W11:15A Keynote Address: Commissioner Sharon Bowen

Continental B/C

Sharon Bowen was sworn in as a commissioner at the Commodity Futures Trading Commission in June for a term through April 2018. She was previously confirmed by the U.S. Senate and appointed by President Obama in 2010 to serve as Vice Chair of the Securities Investor Protection Corporation and assumed the role of Acting Chair in March 2012.  Prior to her appointment to the CFTC, she was a partner in the New York office of Latham & Watkins LLP. Most recently, Commissioner Bowen was appointed sponsor of the CFTC’s Market Risk Advisory Committee, which advises the agency on matters related to market structure and the movement of risk across clearinghouses, exchanges, intermediaries, market-makers and end-users. Join us to hear Commissioner Bowen’s views on her first few months in office.

Speaker:
Sharon Bowen, Commissioner, Commodity Futures Trading Commission

11:45 AM

W11:45A FIA: Excuse the Disruption

Continental B/C

ESPN's popular "Pardon the Interruption" format is coming to Expo 2014. Join our outspoken hosts as they discuss and debate topics of the day in the derivatives markets…and (most likely) other stuff. Our version of the show will borrow the "rundown' graphics and limit the discussion per topic to a quick 1:30 minutes. We may even include an interview segment. A combo of predictions, opinions and banter...it is a production you won't want to miss.

Moderator:
Walt Lukken, President & Chief Executive Officer, FIA

Speakers:
Kim Taylor, President, Global Operations, Technology & Risk, CME Group

12:30 PM

W12:30A Keynote Lunch: James Surowiecki

Grand Ballroom

James Surowiecki is the foremost authority on how to harness the collective wisdom of your organization for competitive advantage. His definitive book is called The Wisdom of Crowds: Why The Many Are Smarter Than The Few And How Collective Wisdom Shapes Business, Economies, Societies And Nations. In this book, Jim describes systematic ways to organize and aggregate the intelligence available in your organization in order to arrive at superior decisions — often better than those that individuals would make, even if they are ‘experts’. 
 
Jim writes a twice-monthly financial column for The New Yorker that is typically pegged to current events and incorporates the kind of insights from economics, sociology, and business history that make The Wisdom of Crowds so valuable. He has written for a broad range of other publications on a wide variety of topics. His work has appeared in The New York Times Magazine, Wired, and The Wall Street Journal and other major publications. He wrote "The Bottom Line" column for New York magazine, and was a contributing editor at Fortune.

Sponsored By:

Speaker:
James Surowiecki, Author, The Wisdom of Crowds

2:00 PMConcurrent Session

W2:00A SIFMA Asset Management Group presents: A View from the Buy-Side on Cleared Derivatives

Continental A

The responsibilities of customers in the cleared derivatives markets have changed dramatically as new rules have gone into effect in the U.S. and abroad as a result of the financial crisis and high-profile clearing firm defaults. What changes has the buy-side embraced and what has made it difficult to continue to use these markets for risk management? What are the obstacles to implementing the structural changes being established for global swaps markets? Panelists will discuss the buy side’s perspective on clearing in the U.S. and Europe (including impediments to clearing, cross-border issues and potential impending clearing mandates); segregation of margin (including a discussion of collateral protection models and segregating margin for separate accounts); SEF execution (including SEF volumes, the MAT determination process, package transactions and block trades); and futurization.

Chair:
Matthew Nevins, Managing Director & Associate General Counsel, SIFMA

Speakers:
John Dabbs, U.S. Head of Listed Derivatives & OTC Clearing, Credit Suisse
Stephen Humenik, Of Counsel, Covington & Burling
Jork Muijres, Product Developer, Transtrend BV
Angela Patel, Senior Vice President, Putnam Investments
William Thum, Principal, Vanguard
Tara Tilbury, Vice President & Chief Counsel – Asset Management, Ameriprise Financial

2:00 PMConcurrent Session

W2:00B Developments in Commodity Trading

Continental B

An unprecedented number of changes in commodity market structure are challenging the way global commodity trading is conducted. Our group of commodity experts will explain how to navigate the new commodity landscape. Panelists will discuss EFRP execution and documentation issues, including third-party account controllers, FX EFRPs and differences between CME and ICE rules; compare and contrast proposed US and EU position limit regimes; and address block trade execution questions, including what constitutes pre-hedging and when and why it is prohibited. Topics also include recent trends in CFTC and exchange investigations in the commodities space, LME warehousing issues, and SDR and swaps large-trader reporting challenges.

Chair:
Paul Pantano, Partner, Cadwalader Wickersham & Taft

Speakers:
Matthew Chamberlain, Head of Business Development, London Metal Exchange
Reggie Griffith, Head of Futures Compliance, Americas, Newedge USA
Jerry Jeske, Group Chief Compliance Counsel, Mercuria Energy Trading
Thomas LaSala, Managing Director, Chief Regulatory Officer, CME Group
Tim McKone, Head of NAM Commodities Compliance, Citigroup Energy
Kurt Windeler, Director, Market Regulation, Intercontinental Exchange

2:00 PMConcurrent Session

W2:00C Challenges of Testing an Entire Trading Ecosystem

Continental C

Multiple challenges surround the testing of the trading ecosystem for all market participants. As new regulations change the way testing occurs, new methods are needed for the systems and algorithms to be production ready. Our panel of exchanges, FCMs, trading firms, and vendors will discuss testing from the front end all the way through to the back end. What are the logistical challenges of testing algos and internal systems, and what are some potential solutions? When best practices conflict with regulatory mandates, what can be done?

Chair:
Keith Fishe, Managing Partner, TradeForecaster Global Markets

Speakers:
Brian Adams, Executive Vice President & Chief Information Officer, Rosenthal Collins Group
Wolfgang Eholzer, Head of Department, Trading IT, Eurex
Jim Northey, Senior Partner, Lasalletech Solutions, and Co-Chair, FIX Protocol Global Technical Committee
Ambaj Sharma, Managing Partner, Nirvana Technology Solutions

2:00 PMConcurrent Session

W2:00D The Home Stretch: Implementing Customer Fund Protections

Buckingham

The industry is in the final stages of implementing customer protection rules. This panel will focus on the residual interest rule going into effect on November 14 and key areas of compliance, status of no-action relief on the Limitation on 30.7 (foreign futures and options customer) funds held outside of the U.S., and SROs’ views on acceptable margin practices, including treatment of undermargined accounts. This session will address concerns of treasury, funding, operations, compliance, and business professionals.

Chair:
Maureen Burke, Global Treasurer for Agency Clearing, Collateral Management & Execution, J.P. Morgan Securities

Speakers:
Mark Buro, Director, Regulatory Reporting, Bank of America Merrill Lynch
Kevin Foley, Partner, Katten Muchin Rosenman
Thomas Kadlec, President, ADM Investor Services
Debbie Kokal, Executive Director, Financial & Regulatory Surveillance, CME Group
Dale Spoljaric, Managing Director, Compliance, National Futures Association
Teresa Warta, Executive Director, Futures & Options and OTC Clearing Treasury Projects, J.P. Morgan

3:15 PM

Newedge Networking Break

Continental Foyer, Lobby Level

Newedge, now owned 100% by Societe Generale, is proud to be a sponsor of the 2014 FIA Expo. To learn more about Newedge, stop by during the networking break on Wednesday, November 5th or visit www.newedge.com.

Sponsored by:

3:45 PMConcurrent Session

W3:45A CCP Risk

Continental A

CCPs play a critical and expanding role in the financial system, and therefore market participants are keenly interested in their risk management policies and procedures. As CCPs clear more OTC derivatives, regulators and market participants are increasingly concerned that the CCPs are safe and resilient. This panel will discuss whether CCPs need greater transparency and safeguards and the current thinking regarding global and national recovery and resolution regimes.

Chair:
Jacqueline Mesa, Executive Director, FIA Global

Speakers:
Sunil Cutinho, Senior Managing Director & President, CME Clearing
Christopher Edmonds, Senior Vice President, Financial Markets, Intercontinental Exchange
Tracey Jordal, Executive Vice President & Attorney, PIMCO
Roland Neuschwander, Director, Division Strategy, Policy & Oversight- Payments & Securities Settlement, Deutsche Bundesbank
Emily Portney, Global Head of Agency Clearing, Collateral Management & Execution, J.P. Morgan
Mark Wetjen, Commissioner, Commodity Futures Trading Commission
John Williams, Partner, Milbank Tweed Hadley & McCloy

3:45 PMConcurrent Session

W3:45B Latin America

Continental B

Senior representatives with expertise in Latin America will discuss recent developments in the region. How are geopolitical events both inside and outside of Latin America affecting business in the region? What are the opportunities and current risks for doing business? Our panel of experts will offer candid viewpoints on topics such as liquidity in Latin America, the best products to trade, the pros and cons of cross-listed products, exchange partnerships, and more.

Chair:
Diego Perfumo, Analyt, ERDesk

Speakers:
Ismael Caram, Chief Operating Officer, ROFEX
José Miguel De Dios Gómez, Chief Operating Officer, MexDer
Fabio Dutra, Managing Director Client & Business Development, BM&FBOVESPA
Otto Niño, Vice President, Head of Latin America Business Development, Markit
Diego Fernando Romero Álvarez, Director of Derivatives Market, Bolsa de Valores de Colombia
Philip Ruffat, Director, Head of Latin America Business Development, Macquarie Futures USA

3:45 PMConcurrent Session

W3:45C New Realities & The Way Forward

Continental C

We’ve assembled a panel of trading firm executives to discuss the opportunities and challenges facing this vibrant Chicago community. Panelists will discuss how market behavior, the regulatory environment and other market structure factors have impacted their businesses over the past two years. Are business models changing? Are mergers likely? They also will tackle hot topics such as trading swaps, changing market maker obligations, access to European markets, and U.S. market structure changes.

Chair:
Robert Creamer, President & Chief Executive Officer, Geneva Trading, and Chairman, FIA Principal Traders Group

Speakers:
Jason Carroll, Managing Director, Hudson River Trading
Bernie Dan, Chief Executive Officer, Sun Trading
Sebastiaan Koeling, Chief Executive Officer, Optiver US
Remco Lenterman, Managing Director, IMC Trading, and Chairman, FIA European Principal Traders Group

3:45 PMConcurrent Session

W3:45D InformationXchange: Korea Exchange

Buckingham

Representatives from KRX Derivatives Market Division of the Korea Exchange, Inc. (KRX) will provide an overview of derivatives market regulatory changes and give an update on new developments. Attendees will hear the latest on product initiatives, significant changes in the Korean derivatives market, international cooperation, OTC clearing initiatives and more. Join us for this informative session to enhance your insights on the Korean market.

Weclome Address:
Ki-Won Kang, President & Chief Operating Officer, Derivatives Market Division, Korea Exchange

Overview:
Bae-Yong Kim, Senior Vice President of Equity Derivatives Rules & Regulations, Korea Exchange

4:00 PM

Taste of Expo Exhibit Hall Reception

Lower Level, Tradeshow Floor - Silver/ Green/ Blue Exhibit Halls

The Chicago trading community's premier event! Unwind and log precious networking hours during the annual Taste of Expo! Join us from 4:00 - 6:00 p.m. for drinks and light fare courtesy of the Expo 2014 exhibitors.

View a list of current exhibitors here: http://secure.fia.org/2014-exhibitor-profiles.asp

See the full exhibit hall schedule here: secure.fia.org/exhibit-hall-program.asp

6:00 PM

Exhibit Hall Closes

6:00 PM

CME Group Reception

Union Station

CME Group invites you to a special reception at Chicago's famed Union Station! Join your fellow delegates for food and drink in the magnificent Great Hall, a 20,000 square foot classic venue boasting 18 soaring Corinthian columns and a spectacular five-story, barrel-vaulted, atrium ceiling. Trolleys will be provided to take delegates from the Hilton Chicago to the venue starting at 5:45 p.m.
Sponsored by:

Thursday, November 6, 2014

8:00 AM

Registration Opens

8th Street Lobby Level Registration Area & Lower Level Registration Area

Stop by the registration desk to get your SGX badge and CME Group tote bag filled with Expo materials before heading into the first session.

Sponsored by:           

9:00 AMConcurrent Session

T9:00A Washington Outlook: Recapping the Midterm Elections and What’s Next for Policymakers

Continental B

Come learn how Tuesday’s mid-term elections will impact the landscape in Washington during the last two years of Obama’s Presidency. A.B. Stoddard, associate editor at The Hill newspaper and a regular contributor to Fox’s Special Report with Bret Baier, as well as CNN and BBC, will provide an overview of the elections and will then moderate a dynamic panel of Washington insiders to examine the impact of the elections on relevant agendas of national policymakers.

Chair:
A.B. Stoddard, Associate Editor & Columnist, The Hill

Speakers:
Rostin Behnam, Senior Counsel, Senate Committee on Agriculture, Nutrition and Forestry
Dee Buchanan, Principal, Ogilvy Government Relations
Martha Scott Poindexter, Vice President, Government & Industry Affairs, Bunge North America
Jill Sommers, Senior Advisor, Patomak Global Partners
Paul Thornell, Managing Director, Federal Government Affairs, Citigroup

9:00 AMConcurrent Session

T9:00B Risk Management 2014

Continental C

Risk management considerations are front and center among clearing firms and clearinghouses. This session will cover how market risk, credit risk and liquidity risk are managed at clearing firms and discuss what role the exchanges and CCPs can play. It also will cover new approaches to measuring risk at various exchanges and whether market price is a fair reference point for risk controls and error rules.

Chair:
Marta Chaffee, Assistant Director, Division of Trading & Markets, Securities and Exchange Commission

Speakers:
Alicia Crighton, Managing Director, Goldman Sachs
John Fennell, Executive Vice President, Financial Risk, OCC
Jeanine Hightower, Business Development Officer, International Securities Exchange
Jud Pyle, Chief Capital Markets Officer, Apex Clearing

9:00 AMConcurrent Session

T9:00C Market Data: A Valuable Asset

Boulevard, 2nd Floor

As the exchanges roll out new revenue models based on fees for usage of market data, the industry must develop new systems and processes for administering, tracking and reconciling these fees. What technology needs to be developed and how will it be implemented? What are the difficulties in managing this new process and how can best practices assist in easing the burden? This panel of FCMs, ISVs and users will debate the finer points of the pay for market data model and how the industry can adjust to this new reality.

Chair:
Matthew Rees, Chief Customer Officer, R.J. O'Brien & Associates

Speakers:
Tayloe Draughon, Head of ESolutions Product Management, Newedge
Rod Giffen, President & Chief Operating Officer, CQG
Chris Monnery, North American Head, Electronic Execution, Listed Derivatives, Citigroup
Tatiana Potekhina, Product Manager, Market Connectivity & Research, Trading Technologies

10:00 AM

Exhibit Hall Opens

Lower Level, Tradeshow Floor - Silver/ Green/ Blue Exhibit Halls

View a list of current exhibitors here: http://secure.fia.org/2014-exhibitor-profiles.asp

See the full exhibit hall schedule here: secure.fia.org/exhibit-hall-program.asp

10:15 AM

Networking Break

Continental Foyer, Lobby Level
10:45 AMConcurrent Session

T10:45A Transforming Clearing

Continental B

Clearing futures, options and swaps is being reshaped by regulatory changes, new capital requirements, and demands of clearing members and clients. New clearinghouses are emerging as a result of mergers and acquisitions. We’ve seen dramatic changes in the clearing landscape in the past year and more are yet to come. Clearinghouse leaders will share their views on a variety of topics such as new capital demands on clearing members, clearing certainty, leverage ratios, European reauthorization of clearinghouses and new customer protection rules going into effect in November.

Chair:
Raymond Kahn, Managing Director, Barclays

Speakers:
Thomas Book, Chief Executive Officer, Eurex Clearing
Sunil Cutinho, Senior Managing Director & President, CME Clearing
Michael Davie, Chief Executive Officer, LCH.Clearnet
Peter Hiom, Deputy Chief Executive Officer, ASX Group
Trevor Spanner, Chief Executive Officer, LME Clear
Paul Swann, President & Managing Director, ICE Clear Europe

10:45 AMConcurrent Session

T10:45B Equity Options Jenga

Continental C

Changing market structure is like a Jenga game….pulling out chunks of the structure can leave other parts in a precarious position. This panel will discuss various regulatory changes that are having an impact on market quality.

Chair:
Joseph Sellitto, Chief Executive Officer, Global Execution Brokers, Affiliate of Susquehanna International Group

Speakers:
Dennis Davitt, Managing Principal & Chief Investment Officer, Harvest Advisors
Ed Haravon, Partner & Chief Operating Officer, Spot Trading
Patrick Hickey, Head of Market Structure, Optiver
Todd Lard, Vice President, Trading Operations, Charles Schwab
Jonathan Werts, Managing Director, Bank of America Merrill Lynch

10:45 AMConcurrent Session

T10:45C Electronic Market Design

Boulevard, 2nd Floor

Electronic markets are constantly evolving to meet the needs of their participants and adopt advances in technology. In order to make sure they evolve efficiently, we must question new ideas as much as we question the status quo. This panel will explore the strengths and weaknesses of existing market design as well as the merits and risks of recently proposed changes to market design. Is real time matching better than delayed matching?  Is there a “best” matching algorithm? Is “dark” liquidity helping or hurting markets? These are complex questions that require thoughtful consideration and data-driven analytics. Panelists will share their opinions on these, and more market design topics.

Chair:
Chris Zuehlke, Director of OMS Risk Management, DRW Trading

Speakers:
Eric Budish, Associate Professor of Economics, University of Chicago, Booth School of Business
Wolfgang Eholzer, Head of Department, Trading IT, Eurex
Richard Gorelick, Chief Executive Officer, RGM Advisors
Michael Mendelson, Principal, AQR Capital Management

10:45 AMConcurrent Session

T10:45D OCR Workshop

Buckingham

One year after the CFTC published final rules for account ownership and control reporting, how is the industry coping with the increased data collection and new obligations for refreshing and annually updating the data? This session will provide an overview of how OCR fits together with large-trader reporting and position limit aggregation and discuss how reporting firms, customers and swap dealers are preparing for the new reporting regime.

Chair:
Mary Beth Rooney, Director, Compliance, Futures, Citigroup Global Markets

Speakers:
Mark Fabian, Vice President, Market Regulation, ICE Futures U.S.
Neal Kumar, Associate, Cadwalader Wickersham & Taft
Ryan Olszewski, Compliance Officer, Regulatory Reporting, Newedge USA
Sandra Valtierra, Manager, Market Regulation, CME Group

12:00 PM

Networking Lunch

Lower Level, Tradeshow Floor - Silver/ Green/ Blue Exhibit Halls

Take a break and boost your energy by joining us in the Expo exhibit halls for a bite to eat. Network with colleagues and Expo exhibitors while enjoying a grab-n-go lunch. Each hall will feature its own, unique lunch buffet, so come dig in!

See the full exhibit hall schedule here: secure.fia.org/exhibit-hall-program.asp

1:00 PMConcurrent Session

T1:00A FIA Cleared Swaps Operations Committee presents Addressing Operational Challenges in the Cleared Swaps World

Continental B

Constructing a market by regulation has not been without its challenges. Navigating a patchwork set of rules and trying to make it all work has been a multi-year undertaking by the cleared swaps community. How have we progressed over the past year? Where are the pain points and what still needs to be done?

Chair:
Anthony Smith, Vice President, Goldman Sachs

Speakers:
Darcy Baber, Senior Product Manager, LCH.Clearnet
Elisabeth Kirby, Director, U.S. Markets Strategy, Tradeweb
Diana Shapiro, Vice President, OTC Clearing Product Specialist, Citigroup
Nicholas Solinger, Head of Product Strategy & Chief Marketing Officer, Traiana
Mark Willkehr, Executive Director, Global Execution & Clearing, UBS

1:00 PMConcurrent Session

T1:00B New Directions: Volatility, Risk & Market Structure

Continental C

Our U.S. equity options exchange leaders will give an update on the state of the equity options industry and share their thoughts on risk management and market structure changes currently being considered. Panelists also will give an overview of the competitive landscape and discuss what's driving market share and each exchange's value proposition. What’s behind the proliferation of new exchanges? September volume was strong, bringing year-to-date volume up about 2%. What’s the outlook for year-end?

Chair:
Richard Repetto, Principal, Sandler O'Neill & Partners

Speakers:
Shelly Brown, Senior Vice President, Strategic Planning & Operations, MIAX Options
Steven Crutchfield, Executive Vice President, Head of Options, ETPs, & Bonds, NYSE
Lisa Fall, President, BOX Options Exchange
Jeromee Johnson, Vice President, Market Development, BATS Options
Gary Katz, President & Chief Executive Officer, International Securities Exchange
Edward Provost, President & Chief Operating Officer, Chicago Board Options Exchange
Thomas Wittman, Executive Vice President & Global Head of Equities, NASDAQ OMX

1:00 PMConcurrent Session

T1:00C Best Practices in Developing and Operating Automated Trading Systems

Boulevard, 2nd Floor

After the Flash Crash and the Knight Incident, regulators around the world have been examining every aspect of the implementation of automated trading strategies. The FIA has developed a series of white papers addressing various aspects of direct market access and system development. Currently the Market Technology Division of FIA is sponsoring a broad-reaching committee effort to update best practices and enhance the codification of best practices from system trading controls, responses to trading interruptions, post execution processes and controls, co-location, business continuity, software development, testing, deployment, change management, operational support and system documentation. The results of this effort will lead to a standard that can be applied across the globe and asset classes. It is hoped that the adoption of such a standard will assist regulators in developing guidelines that are consistent across the globe and reflective of practical reality.

Chair:
Leslie Sutphen, Director of Strategies & Implementation, Chopper Trading

Speakers:
Marika Maroni, Quality Assurance Manager, Spot Trading
James Moran, Executive Director, Global Markets Regulation, CME Group
Ben Morof, Associate General Counsel & Chief Compliance Officer, Teza Technologies

1:00 PMConcurrent Session

T1:00D FIA Compliance Committee presents Round 2: FCM & Swap Dealer Issues

Buckingham

Members of the FIA Compliance Committee will bring delegates up-to-date on requirements for Chief Compliance Officers and new risk program rules for FCMs and Swap Dealers. What does business as usual look like under the new customer protection regime including components of a risk management program, quarterly risk exposure reports and disclosures required under 1.55? How are swap dealers revising processes for next year’s CCO annual report based on feedback from the NFA and CFTC? What deadlines are approaching over the next 12 months?

Chair:
Michelle Broom, Executive Director & Chief Compliance Officer, Macquarie Futures

Speakers:
Mark Basile, Senior Vice President, Compliance, Macquarie
Katrina Jackiewicz, Vice President, Securities Division Compliance, Goldman Sachs
David King, Director, General Counsel Division - Listed Derivatives Compliance, Credit Suisse Securities
Jamila Piracci, Vice President, OTC Derivatives, National Futures Association

2:15 PMConcurrent Session

T2:15A FIA Chicago presents Point/Counterpoint: Operations 360°

Continental B

Join us for a lively roundtable discussion that considers legacy operational functions and processes that need to be improved or reengineered to reflect the challenges in today’s markets. Representatives from vendors, FCMs, exchanges, and regulatory organizations will discuss topics such as position management, position limit monitoring, self-match prevention, LSOC, CTR/CTI, customer protection and more.

Co-Chairs:
Mark Dillon, Director of GMLD OPS Americas, Deutsche Bank Securities
Mary Beth Rooney, Director, Compliance, Futures, Citigroup Global Markets

Speakers:
Barry Brown, Vice President, Americas Regulatory Reporting - Listed Derivatives, Deutsche Bank
Chris Meens, Global Head of Customer Service, SunGard
Robert Sylverne, Chief Executive Officer, Rolfe & Nolan Products, ION Trading
Ray Tubridy, ‎Associate Director, North American Operations & Clearing Manager, Macquarie Futures
Andrew Vrabel, Executive Director & Global Head of Global Investigations, CME Group
Kurt Windeler, Director, Market Regulation, Intercontinental Exchange

2:15 PMConcurrent Session

T2:15B Cybersecurity Threats & Responses

Continental C

The financial services industry is an attractive target for cyber attacks on systems and databases. What are the biggest threats to market infrastructure and how are cybersecurity experts addressing these threats?

Chair:
Stephen DeVine, Managing Director, Patomak Global Partners

Speakers:
Bryan Cunningham, Principal, Cunningham Levy
Daniel DeWaal, First Vice President & Chief Security Officer, OCC
Mauricio Paez, Partner, Jones Day
Jerry Perullo, Chief Information Security Officer, Intercontinental Exchange

2:15 PMConcurrent Session

T2:15C Transaction Cost Analysis in the Futures & Options Space

Boulevard, 2nd Floor

Transaction Cost Analysis (TCA) has been a key tool for equities traders for many years. It has now become widely adopted for futures and options trading, and has been making inroads into other asset classes as well. The panel will discuss what the drivers are behind this adoption. Why do firms want to quantify their trades and measure their execution performance? Is this a new phenomenon or simply a refinement of how traders have always qualified what is a “good” or “bad” trade? What are the differences between TCA for futures and options and equities? How does past performance influence the next trade?

Chair:
Greg Wood, Director, Algorithmic Execution, Listed Derivatives and Foreign Exchange, Deutsche Bank Securities

Speakers:
Philippe Buhannic, Chairman & Chief Executive Officer, TradingScreen
Scott Gromacki, Head of European Trading, Campbell & Company
Andrew Keane, Global Head, Listed Derivatives Algo Trading, Citigroup Global Markets
Yuriy Shterk, Head of Product Management, Derivatives, Fidessa

2:15 PMConcurrent Session

T2:15D InformationXchange: Netrix

Buckingham

The Use of Distributed Computing in Hyper Contextual Trading

High frequency trading is declining - down from 70% of equity volume to less than 50%. Hyper-contextual trading (HCT) is the next discontinuity in the market.  HCT is the real time assimilation of both classic news feeds (Bloomberg, Thomson-Reuters, AP, CNN) & social media feeds (Twitter, Facebook, LinkedIn, Blogs, etc.) in order to exploit market news for competitive trading advantages. It will all be driven by analytics to ingest, process, and derive insights at speed to exploit market discontinuities. It's all about distributed computing and performance; latency is becoming table stakes, and is no longer a differentiator. Firms and their IT environment will need to pre-digest hundreds of information feeds in real time (classic market data and news/social feeds will each exceed 40 MM MPS by 2016) and this requires highly specialized programming and network equipment.

Speaker:
Andrew Bach, Chief Architect, Financial Services, Juniper Networks

3:30 PM

Networking Break

Continental Foyer, Lobby Level
4:00 PMConcurrent Session

T4:00A SEFs One Year Later

Continental B

It has been just over a year since the launch of trading on swap execution facilities. This panel will provide a variety of perspectives on how trading is going and what still needs to be done to make cleared swaps trading go smoothly. Panelists will discuss the made-available-to-trade process; examine various market components such as average pricing, allocations, and block trading; and explore various models that are emerging to facilitate trading.

Chair:
Will Acworth, Senior Vice President, Communications, FIA

Speakers:
Stephen Berger, Director, Government & Regulatory Policy, Citadel
Edward Dasso, Vice President, Market Regulation-SEF, National Futures Association
George Harrington, Global Head, Fixed Income Trading, Bloomberg
Jonah Platt, Executive Director & Counsel, Foreign Exchange, Rates & Commodities, UBS
Supurna Vedbrat, Managing Director, Co-Head Electronic Trading & Market Structure, BlackRock

4:00 PMConcurrent Session

T4:00C Monitoring Algos

Continental C

Regulators around the world are looking at ways of safeguarding markets against runaway algorithms. They are considering registration of direct access market participants and algo providers, examining code, and increased supervisory responsibilities. What can help protect markets and what goes too far?

Chair:
Eileen Flaherty, Global Head of Compliance & FCP, Newedge USA, and General Counsel, Newedge Americas

Speakers:
Jonty Field, Head of EMEA, Quantitative Brokers
Brett Funderburg, Managing Director, RGM Advisors
Peter Nabicht, Senior Advisor, Modern Markets Initiative
Vassiliki Veliou, Vice President, Market Structure, Eurex
Greg Wood, Director, Algorithmic Execution, Listed Derivatives and Foreign Exchange, Deutsche Bank Securities

4:00 PM

Exhibit Hall Closes

5:15 PM

Panel Sessions Conclude

6:30 PM

FIA Futures Cares Great Chicago Steak Out Dinner Reception (Ticket Required)

Grand Ballroom