Focus Day

8.00 Registration and Morning Coffee Registration and Morning Coffee

8.30 Conference Opening Remarks Conference Opening Remarks

8.40 Chair’s Opening Remarks Chair’s Opening Remarks

8.50 Analysing How Effectively The Asian Marketplace Is Helping To Facilitate High Frequency Trading (HFT) Often referred to as an HFT firm, GETCO is a registered market maker providing continuous two-sided markets by posting both buy and sell orders in thousands of securities on major exchanges around the world. In this presentation Rob dispels some of the myths about what HFT is (and isn’t) as well as assessing its rise and importance in Asia Defining what HFT actually is: stat arb and market maker definitions Understanding the business drivers behind the growth of HFT in Asia Evaluating where the Asian exchanges are in their colocation and latency offerings and how far they have gone towards satisfying the requirements of HFT firms Analysing the risk management controls in place at the e qxchange How successful have market makers like GETCO been in Asia at creating efficiencies and reducing trading costs for investors?

9.20 Exclusive New Research! High Frequency Trading In The New Global Liquidity Landscape In 2010 First time at TradeTech Asia, we are delighted to welcome Larry Tabb, the Founder and CEO of TABB Group, an advisory firm focused on providing quantitative analysis, insight, and advisory services to the global financial markets industry. In this address Larry gives his latest perspective on HFT Determining the status of HFT globally in terms of volume and market share Gauging the impact on HFT on how the traditional long only buy side Trade Was HFT to blame for the flash crash of May 6 or has the media distorted its role? Analysing the impact of the latest US regulations on HFT Predicting future growth for HFT

9.50 Is Asia Ready For A High Frequency Invasion? This was the title of a recent article in The Trade Asia. Exchange groups across Asia are upgrading their matching engines and connectivity capabilities to attract more high frequency traders to their cash equities markets. But other barriers – such as taxes, unpredictable trading volumes and wide spreads – may yet discourage HFT firms from providing liquidity at the same high levels as in the US and Europe In this discussion we look at the capability of HFT players in the Asian market, what are their access and technology requirements and their impact upon the execution trading landscape Identifying who are the main high frequency traders that are currently trading Asia What technology and liquidity levels does Asia need to support HFT? Evaluating the advantages and disadvantages of HFT measuring their impact on liquidity Should Asian regulators introduce HFT regulation? - Ensuring that pre-trade fi lters, kill switches and a market integrity strategy is in place Analysing what opportunities colocation provides high frequency traders What has been the feedback from the buy side in Asia so far to HFT? Could a May 6 flash crash type event happen in Asia? Are there adequate safeguards in place?

10.30 Morning Networking Break Morning Networking Break

11.10 Academic Insight: Does High Frequency Trading Make Markets More Efficient? Central to the HFT debate is if the practice is harmful to the markets or whether the additional liquidity introduced creates new opportunities for market participants. Jay has been studying HFT before it became a conference organiser’s TLA (three-lettered acronym) and is one of pioneering academics in this field. In this talk Jay will be addressing the following major issues: Does HFT contribute to market fragmentation? How can HFT make markets more liquid? Is the public perception of HFT correct? If not, what can be done to remedy this? How will the SEC in the United States continue to regulate HFT? Is latency being pushed to zero a good thing? Does the practice of colocation engender a non-level playing field for traders? Is HFT going to be a long-run phenomenon?

11.40 Upgrading The Bombay Stock Exchange For The HFT Revolution The Bombay Stock Exchange is the oldest stock exchange in Asia with a rich heritage, now spanning three centuries. It is continuously upgrading its services and expanding its network using cutting edge information technology. For example, since the beginning of this year they have changed pricing to a maker-taker model, launched colocation, added another clearing and settlement bank, and entered into mobile trading. Find out from Ashish what else the BSE has planned to maintain and grow its market share. Facing a new paradigm of competitive super fast exchanges Understanding how colocation will increase business opportunities Initiating new strategies to promote algo trading and DMA Working with best of breed technology partners Ashish Chauhan, Deputy CEO, Head of IT Strategy\

12.10 Building South East Asia’s Central Trading Hub And Using Technology To Drive Growth And Revenues Exchanges across the world are gearing up to meet the massive new demands placed upon their technology systems. They have been forced to redefine themselves as they face competition from alternative trading venues. The SGX has emerged as Asia Pacifi c’s most technology advanced exchange and has taken an innovative approach to competition by partnering with Chi-X Global to launch the region’s first Exchange-backed Dark Pool. Find out what their CIO sees as the new challenges moving forward. Generating new business from colocation Connecting to ASEAN emerging markets Managing high speed messaging and low latency market data Impact of changing technology upon the skill sets of the IT team

12.40 Networking Lunch Networking Lunch

13.50 Chair’s Opening Remarks Chair’s Opening Remarks

14.00 Effective Strategies For Managing Risk In Quantitative And High Frequency Trading With the introduction of new technology based trading strategies, there is always a degree of increased risk as the users discover the strengths and weakness of their system arrangements. While it is widely understood that risk management systems should monitor the traders’ activities in real time, trade-by-trade – how is this effectively achieved when the HF algo generates thousands of messages per second? Walter is a specialist in HFT risk management and will share how they manage this process at his firm. Utilising algos to mitigate risk Alleviating the additional risk associated with high frequency trading Balancing risk with trading optimisation strategies What regulatory lessons can be learnt from Europe?

14.30 Identifying The Prospects For Achieving A Pan-Asian Colocation Trading Network Colocation in Asia is starting to proliferate with a key development being the migration from country specific solutions to offering pan-Asian solutions. In this presentation we discuss: Defining what colocation really means in Asia Colocation in practice: how will it impact the following:- Arbitrage- Tighter spreads- Market microstructure Determining what levels of connectivity are required Codifying latency and establishing metrics to standardise definitions Assessing where the various Asian exchanges are in terms of offering colocation solutions How will colocation disrupt the competitive landscape and notions of fair access for all? Should we be concerned?

15.00 Afternoon Networking Break Afternoon Networking Break

15.30 Ensuring Your Colocation Strategy Supports High Frequency Trading Strategies The Tokyo Stock Exchange’s Arrowhead trading engine is facilitating a wider range of trading strategies and attracting a broader range of market participants, in particular high frequency traders. UBS estimates that around 30% of equity trading in Japan is now HFT and this statistic is likely to increase to over 50% in the very short term. Here we review the structures the TSE implemented to facilitate HFT and how they are fine tuning their processes to further support new trading strategies and stay competitive. Why the TSE moved from being technology-enabled to technology-centric How is Arrowhead impacting buy side traders and smaller brokers? What is the TSE doing to meet the challenges and demands of proprietary trading systems? To what extent can technical innovation keep revenue streams alive and healthy?

16.00 Capitalising On The Growth Of Colocation In Asia And How It Can Add Value To Your Business Here we bring together some leading colocation experts in the region to discuss how far Asia has come in developing proximity and colocation solutions and identifying what opportunities this has created for market participants: Building flexible proximity solutions with global coverage for multiple venue scenarios Redefining trading strategies to take advantage of colocation initiatives What more do exchanges need to do ensure their technology is geared for colocation? Understanding the importance of data centres for colocation

16.40 The Big Debate: This House Believes That High Frequency Trading Will Kill Off The Sales Trader To round off the day we return to one of the recurrent TradeTech Asia themes: will the rise of electronic trading (and specifi cally HFT) make the sales trader redundant? The debate will consist of both sides making their case to you the audience before throwing it open to the floor for debate and voting. Let the best man (or machine) win!

17.20 Chair’s Closing Remarks Chair’s Closing Remarks

17.30 End of Focus Day and Cocktail Reception End of Focus Day and Cocktail Reception