12th annual european structured products & derivatives · european structured products &...
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Part of:
Conference 2015
European Structured Products & Derivatives
05 & 06 February 2015 | The Tower Hotel | London
BOOK NOW!Save £300 with ourEarly Bird prices BOOK BY 31 DECEMBER 2014
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Hear from the industry's leading experts:
12th Annual
CPD Accreditation:
Where the European Structured Products and Derivatives Market Meets
E: [email protected]: +44 (0) 207 779 8355W: StructuredRetailProducts.com/Events
Rui FernandesHead of Equities and Fund-Linked Products, Structuring, EMEA JP Morgan
Tim HailesChairman of the Joint Association Committee
Marc El Asmar Global Head of Sales, Cross Asset Solutions, Société Générale
Matteo VaghiManaging Director, Head of AWM Southern Europe, Deutsche Asset & Wealth Management
Eric PersonneGlobal Head of Citi Multi Asset Group, Citi
Rupertus Rothenhäuser Head of Sales & MarketingBörse Stuttgart
Tim EdwardsDirector, Index Investment Strategy, S&P Dow Jones Indices
Are You Shortlisted for an Award?
Find out on 07 January 2015Book your table now!
Mark MakepeaceCEO of FTSE and Group Director of Information Services, London Stock Exchange Group
Register now at: www.StructuredRetailProducts.com/Events
Pre-conference Training Day (Wednesday 04 February)A Simple Introduction to Structured Products
WHO WILL YOU MEET? Breakdown of delegates from last years conference
Course Trainer – Philip Bastiman Structured Investment Solutions
09:00 Introduction
09:15 European Market Update and Global Trends
• What products are popular and why?
• How do other countries tackle low yields?
• How do they compare with other types of investment?
10:00 Building Blocks
• What are the key ingredients of a structured product?
• How do they work?
10:45 Refreshment break
11:15 Structuring Products
• How can the ingredients be combined to meet customers’ differing needs?
• Covering protected products and reverse convertibles
12:00 Wrapping the Solutions
• In what legal forms are structures available?
• How do different wrappers address the varying needs of customers?
13:00 Lunch
14:00 Managing Risks
• What are the risks of issuing and investing in structured products?
• How can those risks be mitigated?
14:45 Commercial Drivers to Maximise Sales
• What are the benefits of structured products?
• Why issue or invest in them?
• Where do they fit in a portfolio?
15:15 Refreshment break
15:45 Structured Products Assessment
16:45 Wrap-up and final questions
Breakdown of regions
Seniority of delegates
Companies in attendance
UK & Ireland
Europe
of delegates in attendance have executive decision making power and consist of:Chief Executive Officers | Global Heads | Senior DirectorsChief Development Officers | Heads of Structured Products
48%
52%
80%
Regions Represented:France & BeneluxDACHCEMEANordicsSouthern EuropeUK and Ireland
AG Insurance
Allen & Overy
Ashburton Investments
Ashurst LLP
Autoriteit Financiële Markten
AXA Investment Managers
Banca IMI
Bank Millennium PLC
Bank of Ireland
Bank Zachodni WBK S.A.
Barclays Investment Bank
BCP Asset Management
Belfius
BNP Paribas
Börse Stuttgart AG
Cadwalader, Wickersham & Taft LLP
Citigroup
Clifford Chance
CMVM
Commerzbank
Coutts
Credit Suisse
Danske Bank
Derivatives Week
Deutsche Bank AG
Deutscher Derivate Verband
Emolument
Epsilon SGR
European Bank for Reconstruction and Development
EUSIPA
Financial Conduct Authority
Fineco Bank Priveda Kutxabank
Finnish Financial Supervisory Authority
Finvex Group
Garantum Fondkommission AB
Goldman Sachs
Handelsbanken Capital Markets
HSBC
ICAP
ING Bank
Investec Bank Plc
JP Morgan
KBC Asset Management NV
Leumi Finance Company
Lexifi
Lloyds Bank
Mangold Fondkommission
Merck Finck & Co
Merrion Capital
Mitsubishi UFJ Securities
Modelity Technologies
MoraBanc
MSCI
MSS Real Estate
NASDAQ OMX
Nomura International plc
Nordea Bank
Old Mutual
Oreum Advokatbyrå
PKO Bank Polski SA
Pricing Partners
RBC Capital Markets
RBS
RobecoSAM AG
Russell Investments
S&P Dow Jones Indices
Santander
Société Générale
Source
Stoxx Ltd
Swedbank AB
Target Group
TD Securities
TFS Derivatives
Thomson Reuters
UBS
UK Structured Product Association
Vienna Stock Exchange
WEPEX
200+ Delegates in attendance
Philip Bastiman has over 20 years’ experience of developing and growing the counter option, swap, structured deposit and investment businesses. He is the founder of Structured Investment Solutions which provides independent expertise and resources for financial services companies.
This pre-event training is ideal for: • Newcomers to the industry & graduate hires;
• Regulators;
• Sales Teams;
• In-house legal teams;
• Product development & marketing professionals;
• Compliance and risk functions
• IFAs
Training to provide greater understanding of:• Building blocks used to make
structured solutions
• Delivering solutions that meet customers’ needs
• Risks of ‘SP’ and ways to mitigate them for providers and end users
05 & 06 February 2015 | The Tower Hotel | London
Call: +44 (0) 207 779 8355 Email: [email protected]
PROGRAMME
DAY ONE: THURSDAY 05 FEBRUARY
07:45 Breakfast and Registration Sponsorship Available
08:30 WelcomeJan Scibor-Kaminski, Managing Director, SRP
08:45 Keynote AddressMark Makepeace, CEO of FTSE and Group Director of Information Services, London Stock Exchange Group
09:05 Global Market OverviewJan Scibor-Kaminski, Managing Director, SRP
09:40 Quantitative and Algorithmic Content for Derivative-based Products
Moderator: Emanuele di Stefano, Managing Director and Head of Citi Investment Strategies, Citi Gareth Parker, Senior Director, Index Research, Design & Development, Russell Indexes Tim Edwards, Director, Index Investment Strategy, S&P Dow Jones Indices Marc Pantic, Head of Société Générale Index, Société Générale
• Can we keep low notional level indices immune from EU benchmarking regulations?• Should investors partner with a bank, an asset manager or an ETF provider?• Trends in assets, flows, and product development• Is there a single term to describe non-market cap-weighted indices?• Does smart beta complement or compete with market-weighted indices?• Does managing factors such as value, momentum, quality and volatility give an investor too many moving parts?• Will regulatory impact of ESMA’s paper on third party indices eat my alpha?• Are index providers now just “wrappers” for differentiation to boost diversity/neutrality?
10:30 Networking Break Sponsorship Available
Stream A: Stream B:
11:10 Data, Transparency, Independent Valuation and Disclosure
Moderator: Joe Burris, Head of Americas, SRP Christian Vollmuth, Managing Director, Deutscher Derivate Verband Rachid Lassoued, Global Head of Financial Engineering Group, BloombergStefan Sonnerstadt, Chief Administrator of Structured Products, SPISEran Elad, VP Sales - Structured Products, Modelity
• Do banks now see the value of transparency?• Does the market itself not represent independent valuation?• Valuations – what form of legal disclosure will be required? • Mid-price and estimated cost - is the DDV model to
be adopted?• Success of Estimated Value in the US?• Transparency of index providers as calculation agents?• KIDS, PRIPS: all good?
Derivatives Clearing: what is the best model for segregation of assets?
Moderator: Representative, BloombergRichard Wilding, Deputy Head of Business Development, Eurex ClearingSara Cescutti, Senior Sales & Relationship Manager, EuroclearJamie Gavon, Director, NewEdge
• What differentiates one model from another?• How clear are segregation offerings for the buy-side? • How safe are your assets under different segregation models?• How will losses be managed if CCP defaults?
Distribution of Derivatives and Structured Products Break-out Sessions and Educational Workshops
11:55 Developing Listed Products, ETFs, ETPs, Warrants – how can exchanges help distribute derivative-based products more efficiently?
Moderator: Klaus Oppermann, Head of Listed Products, CommerzbankRupertus Rothenhäuser, Head of Sales & Marketing, Börse StuttgartMichael Buhl, Chief Executive Officer, Wiener Boerse
• Current trends in the ETF/ETP landscape• What are exchanges doing to promote listed products?• What is the importance of ETPs and their role in liquidity, asset
allocation, portfolio hedging, and investment management? • What are the advantages of each especially in light of:
— Their use as underlyings — Posting collateral— Clearing houses— How can exchanges help OTC trading?
• Is the CATs platform the future for Europe?• Index Construction and Using ETFs in Asset Allocation
Smart Beta, Alternative Indices, and Factor Investing: let’s demystify the jargon!
Representative, WisdomTree (Europe)Robert Walton, Director of Index Services, ICAPRicardo Manrique, Executive Director MSCI Indexes
• Alternative Weighting, Smart Beta, Factor Investing, Alternative Beta – what does it all mean?
• How can Smart Beta be constructed and used and what are the implications for investors?
• What are the differences between traditional, market-cap weighted indices and alternatives?
• What will facilitate the migration of factor-investing from institutional to retail?
• Strategic allocation: risk control or volatility control?• Can we create benchmarks to measure pure asset allocation?• What different tools are available to investors?• Strategies based on volatility, correlation and dividends?
European Structured Products & Derivatives Conference
Register now at: www.StructuredRetailProducts.com/Events
DAY ONE: THURSDAY 05 FEBRUARY
Stream A: Stream B:
12:35 Sophisticated solutions for UHNWI and Corporates: derivative overlay strategies and other “options”
Moderator: Paul Adams, Managing Director, Head of UK, Nordic & Offshore, Structured Products, RBC Capital Markets Matteo Vaghi, Managing Director, Head of AWM Southern Europe, Deutsche Asset & Wealth ManagementBen Hunt, Head of External Investment Products, Coutts
• What structured solutions do corporates and UHNW Clients need?• Are managed ETF portfolios more liquid and easier to manage?• How can an institutional client enhance returns
through derivatives?• The rise in available tools that can be accessed by the IFA
and institutional investment community
The Role of Hedge Funds and Structured Funds in the Investor Portfolio
Matt Moran, VP Business Development, Chicago Board Options Exchange (CBOE)Yannic Raulin, Head of Structuring & Financial Engineering France and Asia, Amundi AM
• Do alternative assets lower volatility, provide diversification to the traditional stock/bond asset mix and generate greater overall returns?
• Are liquidity needs addressed?• Global Macro vs. Equity Long-Short• Expected Risk vs. Return• Any advantages to UCITS wrapper?• The expediency of client reporting and ease of implementation
13:15 Lunch Sponsorship Available
14:00 Speed Networking Sponsored by
14:30 e-commerce
Moderator: Johan Groothaert, Founder, FiduciamPhilipp Kalb, Head of Product Management, Primegate, CommerzbankDavid Wood, MD, Head of e-Business, Cross Asset Solutions, Société GénéraleAndrew Au, Chief Executive Officer, AG Delta Gerhard Meier, Head of Multi Issuer Platforms, Vontobel AG
• How quickly are we becoming electronic? How fast are we progressing on RFQ?• Is e-trading the future? If so what form will it take?• e-commerce: how do we connect trading books with the client?• Platforms, meta platforms, ‘multi issuer platform’ or exchanges?
15:15 In Conversation with Investors
Philip Parsons, Director, Blackfriars Enterprise and Trustee of The Lynn FoundationRobert Stopa, Owner, Stopa Wealth Management Solutions Mark Fitzgerald, Founder, MX Partners and Trustee of The Heritage Aircraft Trust Charity
An investment banker will engage openly with a panel of potential investors and IFAs and try to sell them a product
• What is your risk profile and what do you traditionally invest in?• What products are suitable for you?• Which of the products would you not invest in and why?• The changing role of investment advisors post-RDR
16:00 Break Sponsorship Available
16:40 Leaders’ Forum: In Conversation with leading manufacturers
Moderator: Richard Jory, Global Head of Content, SRPRui Fernandes, Head of Equities and Fund-Linked Products, Structuring, EMEA, JP MorganEric Personne, Global Head of Citi Multi Asset Group, CitiMarc El Asmar, Global Head of Sales, Cross Asset Solutions, Société Générale
• How might we better access market inefficiencies?• How do you regain trust and credibility in the eyes of investors?• Price transparency and Fair Value: surely this is the future? • Is prop indexing the new battleground? • AFMD vs. MIFID: are banks now utilities in 2015?• When will pension funds consider derivatives more readily?• What’s most important: wrapping, underlying, distribution, scale – or having a pragmatic in-house lawyer?!
17:35 Closing Remarks Kris Deslagmeulder, SRP
17:45 Drinks Reception Sponsorship Available
19:15 Awards Ceremony
05 & 06 February 2015 | The Tower Hotel | London
Call: +44 (0) 207 779 8355 Email: [email protected]
AWARDS
European Structured Products & Derivatives Awards Ceremony05 February 2015 | The Tower Hotel | London
Five Reasons to Attend the Awards Ceremony1. Gain public recognition with brand-building in front
of your industry peers;
2. Host your clients and thank them for a
successful partnership;
3. Increase your profile among Europe's top structured products players
4. Gain competitive advantage from attending the event you will be
the first to know which companies are leading the industry this year;
5. Thank your team by demonstrating your
appreciation for all your team’s hard work with a glamorous high-profile evening.
SRP European Awards 2014 WinnersBEST HOUSE, EUROPE
BEST HOUSE, EUROPE - COMMODITIES
BEST LAW FIRM, EUROPE BEST INDEX PROVIDER, EUROPE
The Structured Products & Derivatives Awards Ceremony will honour the best buy-side and sell-side firms from across the European region, as well as identifying the best index providers, law firms, tech companies, ETF provider and ETF market maker.
EUROPE AWARDS 2015
Are You Shortlisted for an Award?
Find out on 07 January 2015Book your table now!
BEST HOUSE, EUROPE - EQUITIES
European Structured Products & Derivatives Conference
Register now at: www.StructuredRetailProducts.com/Events
PROGRAMMEDAY 2: FRIDAY 06 FEBRUARY
08:15 Breakfast and Registration Sponsorship Available
08:55 Welcome AddressJeremy Jennings-Mares, Partner, Morrison & Foerster
09:00 Law Firm Roundtable
Moderator: Tim Hailes, Chairman of the Joint Associations CommitteePeter Green, Partner, Morrison & FoersterAndrew Coats, Partner, Clifford ChanceAndrew Sulston, Partner, Allen & OveryNicola Higgs, Senior Associate, Ashurst
09:45 Roundtable: Q&A with Global Regulators
Moderator: Tom Young, Managing Editor, IFLRTim Hailes, Chairman of the Joint Associations CommitteePatrick Armstrong, Senior Officer, Financial Innovation at European Securities and Markets Authority, ESMAWolf Copp-Columb, Head of Federal Financial Unit, Securities & Markets/Asset Management, BAFINWerner Bijkerk, Head of Research, IOSCOBarbara Antonides, Supervision Officer Efficient Capital Markets, AFMRepresentative, CONSOB
• Are structured products suitable for retail?• Are banks still being “punished”?• Do the Belgian and Italian regulators seek to accelerate concentration risk in other asset classes?• Will investors read termsheets that are longer than novels?• The fragmentation of Europe and extra-territorial regulations• Is Fair Value the future?
10:45 Networking Break Sponsorship Available
11:30 Volatility: an Asset Allocation Decision or Risk Management Strategy?
Matt Moran, VP Business Development, Chicago Board Options Exchange (CBOE)Daniel Danon, Portfolio Manager, Assénagon AM
Volatility’s negative correlation to major indices gives investors opportunities.
• How can investors use volatility in their portfolio efficiently and effectively?• Expiry of futures and options – is it just a case of market timing?• Features of tradeable indexes in different volatility regimes?• How has the volatility landscape changed in terms of types of products and their users?• Dynamic or rebalancing strategy? • Can we expect more risk-control indices?• Risk control index within fund vs a Structured Product or ETF from the investor’s point of view?
12:15 Closing RemarksRichard Jory, Global Head of Content, SRP
12:30 Lunch Sponsorship Available
14:00 Conference Ends
05 & 06 February 2015 | The Tower Hotel | London
Call: +44 (0) 207 779 8355 Email: [email protected]
THANK YOU TO OUR SPONSORS:
With more than 10 years of Global Structured Product Intelligence, SRP provides the perfect opportunity to position your company as a leading player in front of 200+ of the industry’s leading executives. By sponsoring the event, you will benefit from significant brand building, networking, and exposure both before and during the event.
To discuss a tailored branding opportunity, contact:Kris Deslagmeulder, Head of APAC & EMEA T: +44 (0)20 7779 8201E: [email protected]
Gold Sponsors:
Silver Sponsors:
Bronze Sponsors:
Associate Sponsor:
Commerzbank is a leading bank in Germany and Poland. It is also present worldwide in all major markets for its customers as a partner to the business world. With the business areas of Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, it offers its private and corporate clients as well as institutional investors the banking and capital market services they need. Commerzbank Corporates & Markets (C&M), the Investment Banking division of Commerzbank AG, provides corporate and institutional clients with a comprehensive range of commercial and investment banking products and services globally with its main offices in Frankfurt, London, New York, Hong Kong and Singapore. C&M contributes to the real economy by committing capital to support clients’ long-term ambitions, and stands for trusted long-term relationships, aiming to provide clients with transparent risk management solutions and unbiased advice. Learn more, please visit cbcm.commerzbank.com
Société Générale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams. Société Générale has been playing a vital role in the economy for 150 years. With more than 148,000 employees, based in 76 countries, we accompany 32 million clients throughout the world on a daily basis. Société Générale’s teams offer advice and services to individual, corporate and institutional customers. The Cross-Asset Solutions department, part of the Global Markets Division of SG CIB, is an integrated multi-asset market structured solutions provider. The department offers customized solutions to a wide variety of clients, based on a comprehensive range of underlying asset (equities, commodities, interest rates, currencies, credit, hidden assets, hedge funds, mutual funds, and multi-asset/hybrid products).Learn more, please visit www.sgcib.com
As the leading exchange for securitised derivatives in Europe and for corporate bonds in Germany, Börse Stuttgart is Europe’s leading exchange for private investors. In Stuttgart, investors can efficiently trade equities, securitised derivatives, debt instruments, investment fund units and participation certificates at reasonable prices. With an average of around 39 percent of order book turnover, Börse Stuttgart is Germany’s leading player in the area of intermediary-based exchange trading. With a hybrid market model that involves trading experts into the electronic trading process, the Stuttgart Stock Exchange guarantees extremely flexible and cost-effective order execution. In addition to the German exchange business, Börse Stuttgart owns the Nordic Growths Market in Stockholm, the leading exchange for Structured Products in the Nordic markets. In summer 2014, Börse Stuttgart bought the OTC Trading platform CATS from Citigroup. Börse Stuttgart CATs is providing OTC execution and order rooting for retail structured products in many European countries like France, the Netherlands or Austria. Learn more, please visit www.boerse-stuttgart.de
Morrison & Foerster’s derivatives, commodities and structured products practice is a recognized market leader. We represent the derivatives and structured products groups at investment and commercial banks; insurance companies; mutual funds, hedge funds and other financial institutions; public corporations; and holders of restricted equity securities. By bringing together product structuring, regulatory, tax, and transactional expertise, we are able to advise clients in these rapidly changing areas. That combination of expertise and market context lets us identify opportunities where others see only problems. Learn more, please visit www.mofo.com
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Among the many innovations Citi offers to individual and institutional investors are notes, deposits, certificates, OTC derivatives, warrants, funds, rules-based investment strategies and more. Citi’s investments are designed to meet a range of financial goals, including yield enhancement, hedging portfolio risk and access to global markets. Learn more, please visit www.citi.com, www.funds.citi.com and www.citifirst.com
ICAP is a leading markets operator and provider of post trade risk mitigation and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through its post trade risk mitigation and information services ICAP helps customers manage and mitigate risks in their portfolios. ICAP’s Index business, ICAP Indices, is an index provider specialising in rates, fixed income and money markets. Learn more, please visit www.icap.com
Executive Summary on RBC as an Issuer • RBC Global Investment Solutions provides Structured Products bespoke solutions to its client base • RBC is a $96bn+ market cap global bank, rated Aa3/AA-/AA all with a stable outlook; ranked 4th strongest bank in the world by Bloomberg • RBC is number one financial services provider in Canada • 79% of RBCs revenues are generated within Canadian Banking, Insurance and Private Wealth Management • RBC is major actor in the structured products space (n1 SP issuer in Canada, top 3 SP issuer in the US, top ranked provider in the EMEA WM space) • Global Structured Products division with trading hubs in Hong Kong, Tokyo, Sydney, London, New York and Toronto • Dedicated product development and legal team focused on solution driven transactions. Learn more, please visit www.rbccm.com
The German Derivatives Association (DDV) is the industry representative body for the 16 leading issuers of structured products in Germany. The largest association of its kind, DDV serves as a political interest group in Frankfurt, Berlin and Brussels. DDV’s members are among the most important certificate issuers in Germany, representing about 90 percent of the total market. DDV’s aim is to improve the general political and regulatory conditions for structured products in Germany and at European level. Additionally education for private investors to choose certificates and warrants is a big Issue. The Association is an advocate of self-regulation, and it works to set industry standards. In 2014 DDV was named Best Structured Product Association in Europe by SRP. Learn more, please visit www.derivateverband.de/DEU/Start
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The SRP conferences have helped us to increase our brand visibility and showcase our capabilities to potential customers. From sponsoring these events we’ve been able to link with a large pool of key industry leaders in a topical and effectively designed networking environment.
Rupertus Rothenhaeuser, Managing Director, Head of Marketing & Sales, Börse Stuttgart
The conference focuses on intercultural exchange. The networking promoted our understanding and mutual appreciation for others in the industry and in this respect it was quite a successful event.
Lars Brandau, Managing Director, Deutscher Derivate Verband (DDV)
The Annual European Structured Products & Derivatives Conference has proven to be very valuable for us. ICAP Indices is an index provider specialising in fixed income, interest rates and money markets and the conference is a great opportunity to meet potential clients, invite delegates to our very popular ICAP sponsored Speed-Networking event and market our range of innovative indices.
Jan de Smedt, Global Head of Indices, ICAP Information Services
THE TOWER HOTEL | LONDONSt Katharine’s WayLondonE1W 1LD
SRP has negotiated a specially discounted room rate for delegates requiring overnight accommodation in London. Once you have confirmed your registration for the Conference, we will provide details on how to book your room at the discounted rate.
Venue Information
1. Online www.StructuredRetailProducts.com/Events
3 EASY WAYS TO REGISTER:
3. Email us at [email protected]
2. Call us on + 44 (0) 207 779 8355
32%Sell-side
200+Delegates in attendance
34%Buy-side
34%Other (Law firms, Regulators, Index Providers)