Bürgenstock 2012

Dear Members, dear Investment Professionals,

The renewed success the SFOA International Meeting has been encountering over the past 32 years show that despite the difficult market situation it is important to meet, discuss and exchange views and ideas and also to network. The 33rd conference will take place from September 5 to 7, 2012, again at the Victoria-Jungfrau Grand Hotel & Spa, in Interlaken, Switzerland.

As in the past the conference will be preceded in the Wednesday morning by the traditional international regulator’s meeting – on special invitation and for regulators only – as well as the Emerging Markets Forum and the Structured Products Forum, both being open to interested parties on request to SFOA (separate registration is required). Detailed information on these parallel pre-conference sessions is available in the Parallel activities chapter. The official opening of the 33rdmeeting will take place at 16:00 and be followed on Thursday and Friday by highly interesting discussions and debates on a broad range of timely topics such as ‘Ethics, Governance, Sustainability’, Economists Panel’, ‘Legislators’ and Regulators’ recent hard work’, ‘View from the Real Economy’, ‘Energy’, MF Global – can similar surprises now be prevented?’, ‘Mandatory Clearing for OTC Products’ as well as a debate on ‘Financial Transaction Taxes’. Closing remarks will be addressed on Friday afternoon, allowing participants to go back home before the week-end, or enjoy the surrounding breathtaking alpine scenery.

While business will constitute the core of the event, numerous social activities will offer unique networking opportunities as in the past.

Our conference is a gathering of representatives and members of exchanges, clearing organizations, banking and brokerage entities, servicing institutions and industry associations as well as regulatory agencies from all over the world. If you want to know what’s going on in the world of derivatives, you should register now! A special early bird reduced rate applies for registration and payments received until the end of May. You will also realize that – for the first time – we provide the possibility to attend just parts of our conference. For details please have a look at the Registration chapter.

I would like to express our gratitude to all of you who have supported us in the past and those who do it again this year. Without your help and generosity it would be impossible for us to keep our high standards!

Wishing you a great spring and summer and looking forward to welcoming you soon in Interlaken, I remain, with best regards,

Sincerely yours

Otto E. Nägeli
Chairman

Program: Thursday, 06 September 2012

09:00

Legislators’ and Regulators’ recent hard work

Regulation and supervision: where Europe is heading

Introduction by Mrs. Judith Hardt, Secretary General, FESE – Federation of European Securities Exchanges, Brussels

A US Regulator’s view on impact

Introduction by Ms. Jacqueline H. Mesa, Director of International Affairs, CFTC – Commodity Futures Trading Commission, Washington

10:00

Coffee break

10:30

Legislators’ and Regulators’ recent hard work (contd.)

Impacts (actual and expected) of new regulation – technical issues related to trading, back office and reporting requirements based on new regulation –what about the activities in the cloud?

Moderator
Ms. Nandini Sukumar, Market Structure Correspondent, Bloomberg News, London

Panellists
Me. Fabien Carruzzo, Associate, Kramer Levin Naftalis & Frankel LLP, New York
Mrs. Judith Hardt, Secretary General, FESE – Federation of European Securities Exchanges, Brussels
Mr. John K. Hughes, Managing Director, Europe and Emerging Markets, Head of Regulatory Reform, Bank of America Merrill Lynch, London
Mr. Walt Lukken,  President & CEO, Futures Industry Assocation, Inc., Washington
Ms. Jacqueline H. Mesa, Director of International Affairs, CFTC – Commodity Futures Trading Commission, Washington
Mr. Ramalingam Ramaseshan, Managing Director and CEO, National Commodity & Derivatives Exchange Ltd, Mumbai
Mr. Paul Wilis, Global Compliance Officer, ABN AMRO Clearing, London

12:00

Lunch offered by Cinnober

Luncheon address by Mr. Nils-Robert Persson, Chairman, Cinnober Financial Technology AB, Stockholm

13:30

Academic trend watch and economists’ session

‘Fire fighting, safeguarding, creating confidence? A look beyond European crises and a look from abroad’

Moderator
Mr. Rob Neale, Communications coach internationally to senior bankers / financial regulators and former Television New Zealand business correspondent, Auckland

Panellists
Prof. Dr. Michael Heise, Chief Economist and Head of Corporate Development, Allianz SE, Munich
Prof. Dr. Dres. h.c. Bertram Schefold, Faculty of Economics, Johann Wolfgang Goethe-University, Frankfurt
Prof. Hungdah Su, Director General, EU Centre, Professor and Jean Monnet Chair of Department of Political Science, National University, Taipei

14:45

Coffee break

15:15

Ethics, Governance, Sustainability

Ethics and Derivatives Markets: a contradiction in itself? Commodities Markets and Sustainability: yet another contradiction? Conflicts of interest, “Chinese Walls”: who cares?

Moderator
Mr. Michael Hofmann, Managing Director, ABN AMRO Clearing Bank N.V., Frankfurt Branch, Frankfurt

Panellists
Mr. Pierre J.-M. Bongard, Managing Partner, Wisebow Advisers LLC, Geneva
Dr. Christian A. Katz, CEO, SIX Swiss Exchange, Zurich
Prof. Geoffrey Mazullo, Principal, Emerging Markets ESG, USA;  Adjunct Professor, School of American Law (SAL), Poland
Mr. Jürgen Wagner, Head of Legal & Compliance, Germany & Switzerland, Newedge Group (Frankfurt Branch), Frankfurt

16:30

‘Swiss financial centre in the international regulatory environment’

Keynote address by Ambassador Oscar Knapp, Dr. Oec. HSG, Head of Markets Division and Member of the Board of Directors, State Secretariat for International Financial Matters (SIF), Bern

19:00

Dinner cruise co-sponsored by Korea Exchange

Program: Wednesday, 05 September 2012

 
08:00

Registration starts

Welcome drink offered by Finanz und Wirtschaft

08:45

Futures and Options Markets Regulators’ Meeting (closed, by invitation only)

10:00

Structured Products Forum (by invitation only)

10:15

Emerging Markets Forum (open, on request)

16:00

Opening remarks by Mr. Otto E. Nägeli, Chairman, Swiss Futures and Options Association, Geneva

16:20

‘Regulatory Races to the Bottom Kill Ethics, Banks and Economies: We need a Competition in Integrity’

Welcome address by Prof. William K. Black, Associate Professor of Economics and Law, University of Missouri, Kansas City

17:00

MF Global – can similar surprises now be prevented?

Ex-clients’ experiences during the default of MF Global. What went well – what went sub-optimal – should the MF Global default lead to more regulation?

Moderator
Mr. Otto E. Nägeli, Chairman, Swiss Futures and Options Association, Geneva

Panellists
Prof. William K. Black, Associate Professor of Economics and Law, University of Missouri, Kansas City
Mr. John M. Damgard, Senior Adviser, Futures Industry Assocation, Inc., Washington
Mr. Bronislav Kandrik, Board of Directors, Head of Trading, RSJ a.s., Prague
Others tba

18:45

Welcome reception

19:45

Global dinner co-sponsored by SIX Swiss Exchange

22:00

The Cosy Corner

offered by Pernod Ricard Swiss and Villiger Söhne AG

Program: Friday, 07 September 2012

09:00

Energy

Green Power – Renewable Energy – Carbon Emission Certificates
What products should markets provide to the users?

Moderator
Prof. Giacomo Luciani, Scientific Director of the Master in International Energy, Paris School of International Affairs at Sciences-Po, Paris, and Senior Advisor, Gulf Research Center, Geneva

Panellists
Mr. Christian Egenhofer, Senior Fellow, Head of the Energy and Climate programme, Centre for European Policy Studies, Brussels
Ms. Cristina F. Ludena, Independent Consultant, IT arm, EFETnet (Amsterdam), Geneva
Dr. Trevor Sikorski, Director, Commodities Research, Barclays Capital, London
Dr. Urs Springer, Head of Origination, BKW FMB Energie AG, Bern

10:15

Coffee break

10:45

Mandatory Clearing for OTC Products

Who believes that Mandatory Clearing of OTC Products is beneficial to the markets? The Regulators probably do – but how about those directly involved?

Moderator
Mr. François Bouclier, Senior Director, Clearing Sales Manager, Newedge Group, Geneva

Panellists
Mr. Christian Baum, Consultant, NYSE Euronext, London
Mr. Lee Betsill, Chief Operating Officer, CME Clearing Europe Ltd, London
Ms. Sarah E. Josephson, Deputy Director for Product Review, CFTC – Commodity Futures Trading Commission, Washington
Mr. Jens Quiram, SVP, Head of Clearing Relations, Eurex Clearing AG, Frankfurt

12:00

Cocktail déjeunatoire

13:30

View from the Real Economy

Keynote address by Mr. David Bicchetti, Associate Economic Officer, Macroeconomic and Development Policies Branch, United Nations Conference on Trade and Development, Geneva

14:00

Oxford style debate on Financial Transaction Taxes

Moderator
Mr. Daniel J Day-Robinson, Managing Director, Global Training Group, Geneva

Panellists
Mr. Gary Delany, Director Europe, OIC-Options Industry Council, Tunbridge Wells
Mr. John L. Langton, former Chief Executive & Secretary General, Intl. Securities Market Association (now ICMA), Zurich

15:00

Closing remarks by Mr. Otto E. Nägeli, Chairman, Swiss Futures and Options Association, Geneva

15:15

Farewell drink

Mr. Christian Baum
Consultant, NYSE Euronext, London

Mr. Philippe Béguelin
Editor, Finanz und Wirtschaft, Zurich

Mr. Lee Betsill
Chief Operating Officer, CME Clearing Europe Ltd, London

Mr. David Bicchetti
Associate Economic Officer, Macroeconomic and Development Policies Branch, United Nations Conference on Trade and Development, Geneva

Dr. Guenter Birnbaum
Executive Director, Securities Supervision, Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin, Frankfurt

Prof. William K. Black
Associate Professor of Economics and Law, University of Missouri, Kansas City

Mr. Pierre J.-M. Bongard
Managing Partner, Wisebow Advisers LLC, Geneva

Mr. Francois Bouclier
Senior Director, Clearing Sales Manager, Newedge Group, Geneva

Mr. Fabien Carruzzo
Mr. Fabien Carruzzo, Associate, Kramer Levin Naftalis & Frankel LLP, New York

Mr. Paul Constantinou
Head of Sales EMEA, Trayport Ltd, London

Mr. John M. Damgard
Senior Adviser, Futures Industry Assocation, Inc., Washington

Mr. Daniel J Day-Robinson
Managing Director, Global Training Group, Geneva

Mr. Gary Delany
Director Europe, OIC-Options Industry Council, Tunbridge Wells

Mr. Christian Egenhofer
Senior Fellow, Head of the Energy and Climate programme, Centre for European Policy Studies (CEPS), Brussels

Dr. Gregor Evenkamp
Partner / Lawyer, Clifford Chance, Frankfurt

Mr. Enrico Friz
Senior Partner, Walder Wyss Ltd

Mr. Sérgio Ricardo Gullo
Chief Representative EMEA, BM&F Bovespa UK (Ltd), London

Mrs. Judith Hardt
Secretary General, FESE – Federation of European Securities Exchanges, Brussels

Prof. Dr. Michael Heise
Chief Economist and Head of Corporate Development, Allianz SE, Munich

Mr. Karsten Hiestermann
Director, Head of Exchange Supervision, Hessian Ministry of Economics, Wiesbaden

Mr. Michael Hofmann
Managing Director, ABN AMRO Clearing Bank N.V., Frankfurt Branch, Frankfurt

Mr. Ted Hood
CEO, Source, London

Mr. Alexandre Horiszny
Head of Relationship Management, ABN AMRO Clearing Bank N.V., Frankfurt

Dr. Naikuan Huang
Senior Executive Vice President, Taiwan Futures Exchange, Taipei

Mr. John K. Hughes
Managing Director, Europe and Emerging Markets Head of Regulatory Reform, Bank of America Merrill Lynch, London

Prof. Dr. Lutz Johanning
Chair of Empirical Capital Market Research, WHU – Otto Beisheim School of Management, Vallendar

Ms. Sarah E. Josephson
Deputy Director for Product Review, CFTC – Commodity Futures Trading Commission, Washington

Mr. Bronislav Kandrik
Board of Directors, Head of Trading, RSJ a.s., Prague

Dr. Christian A. Katz
CEO, SIX Swiss Exchange, and Member of the Group Executive Board, SIX Group, Zurich

Ambassador Oscar Knapp, Dr. Oec. HSG
Head of Markets Division and Member of the Board of Directors, State Secretariat for International Financial Matters (SIF), Bern

Mr. John Langton
former Chief Executive & Secretary General, Intl. Securities Market Association (now ICMA), Zurich

Prof. Giacomo Luciani
Scientific Director of the Master in International Energy, Paris School of International Affairs at Sciences-Po, Paris, and Senior Advisor, Gulf Research Center, Geneva

Ms. Cristina F. Ludena
Independent Consultant, IT arm, EFETnet (Amsterdam), Geneva

Mr. Walt Lukken
President & CEO, Futures Industry Assocation, Inc., Washington

Prof. Geoffrey Mazullo
Principal, Emerging Markets ESG, Adjunct Professor, School of American Law (SAL), Gdansk

Mrs. Jacqueline H. Mesa
Director of International Affairs, CFTC – Commodity Futures Trading Commission, Washington

Mr. Otto E. Naegeli
Chairman, Swiss Futures and Options Association, Geneva and Managing Partner, OEN Consulting, Torricella

Mr. Rob Neale
Communications coach internationally to senior bankers / financial regulators and former Television New Zealand business correspondent, Auckland

Mr. Alastair Newton
Managing Director/Senior Political Analyst, Nomura International plc, London

Mr. Nils-Robert Persson
Chairman, Cinnober Financial Technology AB, Stockholm

Mr. Jens Quiram
SVP, Head of Clearing Relations, Eurex Clearing AG, Frankfurt

Mr. Ramalingam Ramaseshan
Managing Director and CEO, National Commodity & Derivatives Exchange Ltd, Mumbai

Mr. Robert D. Ray
Managing Director, International Products and Services, CME Group, London

Dr. Randolf Roth
Head of Market Structure, Eurex Frankfurt AG, Frankfurt

Mr. Daniel Sandmeier
President, The Swiss Structured Products Association, Zurich

Prof. Dr. Dres. h.c. Bertram Schefold
Faculty of Economics, Johann Wolfgang Goethe-University, Frankfurt

Mr. Jan Schoch
Founding Partner, CEO, EFG Financial Products AG, Zurich

Dr. Trevor Sikorski
Director, Commodities Research, Barclays Capital, London

Mr. Jan Sjödin
Head of Market Infrastructure Division, Financial Supervisory Authority, Stockholm

Dr. Urs Springer
Head of Origination, BKW FMB Energie AG, Bern

Mr. Rodolfo Straub
CEO, SIX Exchange Regulation, Zurich

Mr. Chris Sturgess
Director Commodities, JSE Limited, Sandton

Prof. Hungdah Su
Director General, EU Centre, Professor and Jean Monnet Chair of Department of Political Science, National University, Taipei

Ms. Nandini Sukumar
Market Structure Correspondent, Bloomberg News, London

Mr. Brian A. Taylor
Managing Director, BTA Consulting Ltd, Kent

Mr. Tom Van Dyck
Attorney at Law, Liedekerke, Brussels

Mr. Christian Vollmuth
Managing Director, DDV-Deutscher Derivate Verband e.V., Berlin

Mr. Beat von Gunten
MD, Global Head of Sales for Investor Products & Equity Derivatives, The Royal Bank of Scotland, London

Mr. Jürgen Wagner
Head of Legal & Compliance, Germany & Switzerland, Newedge Group (Frankfurt Branch), Frankfurt

Mr. Paul Willis
Global Compliance Officer, ABN AMRO Clearing, London