Chair's Opening Remarks

Matthew Samelson Senior Analyst Aite Group

Inside The Boardroom: Examining How The Buy Side Are Adapting To The Changing Investment Environment In Light Of Current Economic Conditions

So how are Asia's fund managers and hedge fund managers changing their investment strategies in a continued period of economic uncertainty? This panel brings together four leading players from across Asia to discuss their investment outlook in 2009 and beyond. They discuss:

• Examining the current health of the Asian market and the global forces impacting the Asian economies
• Predicting portfolio structures of the future that will maximise investment objectives - best practices to understanding and defining the future role of the trader within these investment parameters
• Assessing the relative merits of active vs passive management
• Responding to the regulatory pressure in the Asian market: What does the future hold for the investment management business model?
• Thrive, survive or demise: What lies in store for the dealing rooms of the future?

	Panelists:
	Deborah Ho Chief Executive Officer, DBS Asset Management
	Andrew Ballingal Chief Investment Officer, Ballingal Investment Advisors
	Alex Ng Chief Executive Officer HK and Asian Hub, Fortis Investments
	Bratin Sanyal Head of Asian Equities ING Investment Management
	Moderator:
	Matthew Samelson Senior Analyst Aite Group

Our second guru of the morning is Jim Leman. Jim spent years leading global electronic trading and external connectivity, global operations management and regulatory groups at Citigroup, HSBC and the New York Stock Exchange and their affiliate., Jim is a founding member of the FIX (Financial Information Exchange) Industry committee; he led the global creation of the FIX committee in Europe, Japan, and Asia. His address covers:

• Understanding FIX's achievements to date
• Identifying what FIX still needs to achieve
• What have been the key learning points in the FIX story?
  

Jim Leman Head of Capital Markets & Principal, Westwater Corporation

SMART Routing - Trading intelligently in a fragmented market place

How do you maximize representation while minimizing potential information leakage? In a fragmented market place, identifying and selecting the correct venue to place your order is a challenge.

• How do you dynamically monitor shifting liquidity and trade intelligently across the venues?
• How do you maximize representation with minimum information leakage?
• Overview of effective trading technologies and algorithms learning from U.S. and Europe experience.

Kim Bang President and Chief Executive Officer Bloomberg Tradebook

Returning to fragmentation we now come probably to the question that lies at the heart of TradeTech Asia 2008. With the growth of AEVs there are in theory more choice and opportunity for the buy side. But with this comes fragmentation. The question is do the benefits of competition outweigh the downside of fragmentation? Issues discussed in this session include:

• Dealing with the following challenges:
  • Widespreads
  • Need to reduce trading costs
  • Aggregation of liquidity
• Justifying the usage of dark pools - what is the real value add in terms of reducing costs and cutting down tick sizes?
• How effective are dark pools at sweeping for liquidity?
• Are the market drivers behind alternative execution venues in Asia the same as Europe?
• "Not all dark pools are equal" differentiating between the new kids on the block: Evaluating the USPs of the AEVs in Asia
• Examining the dark pools effectiveness at dealing with block trading orders
• Have the benefits of fragmentation and dark pools been overstated?
  

	Panelists:
	James Rae Director, Head of AES Sales, SE Asia Credit Suisse
	Matt McKeith Head of Equity Dealing, First State Investments
	Rob Smith Managing Director Asia, GETCO
	Mark Wheatley Managing Director, Equity Trading Asia, Merrill Lynch
	Moderator:
	Robert Rooks Chief Administration Officer APAC Chi-X Global Inc.

Morning Coffee

Chair’s Opening Remarks

At the time of going to press there was speculation in the trading press about when the Australian Securities & Investment Commission (ASIC) would make there announcement on whether they would allow licences for ECNs (Electronic Communications Networks) to operate. The situation should be clearer by November when our panel of experts will debate:

• Is there enough room for four liquidity providers in Australia?
• Coping with fragmentation: hindrance or help?
• Increasing the liquidity in Australia or divide and conquer? Predicting how the battle for execution will pan out
• Examining measures undertaken by the ASX - are they enough?

	Panelists:
	Greg Yanco Chief Executive Officer, ASIC
	Susan Bray Chief Executive Officer AXE ECN
	Mark Howarth Chief Operating Officer - Asia, Chi-X
	Mac Barry Head of Trading Lazard Asset Management
	Moderator:
	Neil Katkov Group Head of Asia Research, Celent Japan

Eric Yip is the Head of Cash Market of Hong Kong Exchanges and Clearing Limited (HKEx) responsible for managing the business and market infrastructure for equity trading and cash market products such as derivative warrants, callable bull/bear contracts, exchange traded funds and debt securities. In his presentation he looks at:

• Examining recent infrastructure initiatives that the HKEx have introduced to facilitate trading and facilitate best in class - capacity upgrade - latency improvement - introduction of closing auction - facilitation of listed funds and structured products
• Analyzing latest market composition, trends and competitive landscape
• What are the up coming initiatives of HKEx?

Eric Yip Head of Cash Market Hong Kong Exchanges and Clearing Limited (HKEx)

Technology Roundtable

You: A CTO, Head of IT or Senior IT professional wanting an informal discussion with fellow practitioners on issues facing you in the front office, middle office and back office.

The event: A 2 hour, session for you and your industry colleagues to debate issues such as trading architectures, latency, grid computing and latency

	Hosted by:
	Gordon Brown Regional Head of IT, Prudential Asset Management

This will be open to CTOs, Heads of IT and Senior IT professionals from the Buy and Sellside to discuss issues facing them in supporting in front office, middle office and back office, encompassing topics such as trading architectures, latency, grid computing and latency

Chair's Opening Remarks

Matthew Samelson Senior Analyst Aite Group

In July the first DMA trade was done on the National Stock Exchange of India. Many expect the arrival of DMA to act as the catalyst for electronic trading in India. To discuss these issues we welcome representatives from the Indian regulator, one of India's main exchanges and a leading buy side user of DMA:

1. Analysing the take up of electronic trading in India over the last year
2. Encouraging adoption of electronic trading: what future initiatives are the exchanges and the regulator planning to undertake?
3. Overcoming the dual buy side concerns of transparency and information leakage

	Panelists:
	TC Nair Whole Time Member, Securities and Exchange Board of India (SEBI)
	Rajnikant Patel Managing Director, Bombay Stock Exchange
	Vedant Mimani Managing Partner Atyant Capital
	Moderator:
	Matthew Samelson Senior Analyst Aite Group

• Examining the impact of the merger of the two exchanges on servicing the buy and sell side
• Reviewing what technical improvements have been done to improve latency and resilience
• Analysing what services the buy and sell side are demanding in Indonesia

Muhammed Senang Sembiring Trading Director, Indonesia Stock Exchange

• How advanced is the Pakistan equity market in terms of electronic trading?
• How is the Karachi Stock Exchange performing vis-à-vis the Pakistan economy?
• Predicting the ongoing impact of political instability

Sarah Khan Vice President - International Equity Sales, BMA Capital Management

• Reviewing strategic alliances that have been built with likes of the KRX, HKSE and SGX to develop and promote technology and software reform
• What other initiatives are being undertaken to make Mongolia a well functioning and attractive places for international investors
• Ensuring appropriate checks and balances for overseas investors

Davaasambuu Sanduijav Senior Vice Director, Mongolian Stock Exchange

Panel Discussion: Modernising The Japanese Equity Trading Landscape – Examining The Latest Developments

Japan is globally one of the largest equities markets, but it also remains one of the most frustrating in the eyes of some with concerns over regulation and the efficiency of the existing exchanges. This debate brings together leading players in Japan who debate:

• Examining the strides Japan is taking to modernize its equity trading landscape - does Japan want to maintain its role as a leading Asian and world financial centre?
• Quantifying the impact that FIEL and JSOX have had on how the buy side and sell side conduct business
• Is Japan making resurgence or does the future for equity trading lie in Hong Kong and Singapore? - does location matter anymore?

	Panelists:
	Tomoyoshi Uranishi Senior Executive Officer, Tokyo Stock Exchange
	Takashi Nakamura Head of Trading, Tokio Marine Asset Management
	Kotaro Yamazawa Executive Director, Osaka Securities Exchange
	Moderator:
	Neil Katkov Group Head of Asia Research, Celent Japan

Closing Panel Discussion: Where Is The Empowerment Of The Buy Side Leading And How Is It Altering The Buy And Sell Side Relationship

	Panelists:
	Anthony Brooker Senior Vice President, Head of Electronic Trading Sales Asia Lehman Brothers
	Neil Katkov Group Head of Asia Research Celent Japan
	Michael Crockett Head of Trading Brazos Capital Management (pending final confirmation)
	Brian W Mitchell Head of Dealing & Portfolio Control Baring Asset Management (pending final confirmation)
	Moderator:
	Matthew Samelson Senior Analyst Aite Group