Bürgenstock 2014

Bürgenstock, Geneva, September 23-25, 2014

http://www.burgenstock.org/

We would like to thank all members, participants, and speakers who joined us for the SFOA/FIA/FIA Europe Bürgenstock: The Global Forum for Derivatives Markets held in Geneva, Switzerland, September 23-25, 2014.

Our goal was to produce an informative and practical program; and provide opportunities for industry professionals to share information and discuss the changing derivatives landscape. We hope that your time at the conference was stimulating and informative.

We would especially like to thank our honored keynote speakers Martin Merlin, Rodrigo Buenaventura, Christopher Giancarlo, and Norman Hay.

Geneva is home to:

  • 143 banks
  • 64 foreign-owned banks
  • 500 trading companies
  • 734 independent asset managers
  • 2,722 financial intermediaries
  • 34,604 people employed in financial sector

Geneva is a trade hub.

The city is ranked first worldwide for trade finance, traded free market oil, traded grains and traded oilseeds. It is ranked first in European cotton trade. Geneva is responsible for:

  • 1/2 of worldwide petroleum traded
  • 22% of raw material shipped
  • 30% of worldwide trade cereals
  • 20% of worldwide traded sugar

Geneva is the world banking centre for commodity and trade finance- and is particularly strong in emerging markets, such as Africa and South America.

Statistics compiled by Geneva Department of Regional Affairs from various sources, visit:
http://www.whygeneva.ch/index.php?option=com_content&task=blogsection&id=28&Itemid=170&lang=en

Program: Tuesday, 23 September 2012

8:00 AM Registration Opens
8:45 AM Roundtables Begin (Invitation Only)
8:45 AM Regulators’ Meeting (Invitation Only)
 10:15 AM Emerging Markets Forum: Commodity MarketsKeynote Presentation
Presenter:     

David Bicchetti, Economic Affairs Officer, United Nations UNCTAD

The Influence of Governments Mandating Products to be Traded Through the Exchange – Is This the Way Forward for Exchanges?
As many emerging exchanges compete for their existence in the open markets, a trend that is evolving is the position of governments mandating that certain commodities only be traded through the exchange leaving market participants no other alternative. Is this practice sustainable and should more countries adopt this approach?                    

Chair:         
Chris Sturgess, Director, Commodity Derivatives, Johannesburg Stock Exchange
Speakers:    
Agnes Juhasz, Chief Advisor, International Policy and Strategy, KELER CCP Ltd.
Ireneusz Łazor, President of the Management Board, Polish Power Exchange S.A.
Avinash Mohan, Executive Vice President, NCDEX India
Megain Widjaja, Chief Executive Officer, Indonesian Commodity and Derivatives Exchange, & Chairman, AFM12.15 PMLunch1.30 PMInvitation to Attend AFM’s 18th Annual Conference in Krakow, Poland (2015)
Speakers:

Ireneusz Łazor, President of the Management Board, Polish Power Exchange S.A.
Megain Widjaja, Chief Executive Officer, Indonesian Commodity and Derivatives Exchange, & Chairman, AFM1:30 PMExhibits Open1.40 PMShould Newer Exchanges Collaborate with Established Markets? If So, How?
With recent news like ICE acquiring SMX, HKEx acquiring LME, Eurex tied up with TAIFEX, CME acquiring 25% of Bursa Malaysia Derivatives, bigger exchanges are finding ways to penetrate new markets and smaller local exchanges are opening themselves for strategic collaboration, the question will be: Is this the way forward? Who benefits from this collaboration? What are the possible downsides of working so closely with a larger exchange? Is there an optimal model to be followed? What kind of models are already out there?

Chair:           
James Davies, Chief Operating Officer, Global Markets Exchange Group (GMEX)
Speakers: 
Muammer Cakir, Head, Derivatives Market – VIOP, Borsa Istanbul
Pat Kenny, Senior Vice President, CQG
Paul Meier, Honorary Chairman, Swiss Futures & Options Association, and Honorary Member, AFM
Nehal Vora, Chief Regulatory Officer, Bombay Stock Exchange4:00 PMOpening RemarksSpeakers:
Walt Lukken, President & Chief Executive Officer, FIA
Otto Naegeli, Chairman, Swiss Futures & Options Association
Simon Puleston Jones, Chief Executive Officer, FIA Europe4:15 PMKeynote Address: Martin Merlin, European CommissionIntroduction:
Simon Puleston Jones, Chief Executive Officer, FIA Europe

Speaker:
Martin Merlin, Director, Financial Markets, Directorate General for the Internal Market and Services, European Commission4:45 PMKeynote Address: Rodrigo Buenaventura, ESMAIntroduction:
Otto Naegeli, Chairman, Swiss Futures & Options Association

Speaker:
Rodrigo Buenaventura, Head of Markets Division, European Securities and Markets Authority5:15 PM

State of the Industry: The Client PerspectiveThe industry and its customers are adjusting to new regulatory regimes in Europe and the U.S. This panel will discuss the benefits vs. the unintended consequences of regulatory reform. How has it changed their ability to manage risk? What is their view of the listed derivatives markets going forward?

 

Chair:
Jan Bart de Boer, Chief Commercial Officer, ABN AMRO Clearing Bank

 

Speakers:
Christophe Aletti, Head of Derivatives, Lombard Odier
Thomas Erickson, Vice President & Director of Legal Affairs, Bunge Product Lines
Tracey Jordal, Executive Vice President & Attorney, PIMCO

6:15 PMSession Concludes6:30 PMWelcome Reception7:30 PMDinner10:00 PMCosy Corner

 

Program: Wednesday, 24 September 2014

8:00 AM Registration Opens
9:00 AM Keynote Address: Christopher Giancarlo, CFTCIntroduction:
Walt Lukken, President & Chief Executive Officer, FIA

Speaker:
Christopher Giancarlo, Commissioner, Commodity Futures Trading Commission9:30 AM

Juggling Regulatory, Member and End User DemandsClearinghouses are working on multiple fronts to satisfy regulatory requirements, address the needs of clearing members and their customers, and offer competitive clearing services. Our panel of clearinghouse leaders will engage in a lively discussion of how the traditional futures clearing model is changing, the status of segregation requirements, cross-border challenges and CCP risk.

 

Chair:
Andrew Ross, Managing Director, European Head of OTC Clearing, Morgan Stanley

 

Speakers:
Lee Betsill, Chief Executive Officer, CME Clearing Europe
Fredrik Ekström, President, NASDAQ OMX Clearing
Matthias Graulich, Chief Client Officer, Eurex Clearing
Daniel Maguire, Managing Director, Global Head of SwapClear, LCH.Clearnet
Mark Woodward, Vice President, Corporate Development, ICE Clear Europe

10:45 AMCoffee Break11:10 AMOne-on-One Interview with Elliott PiggottInterviewer:
Walt Lukken, President & Chief Executive Officer, FIA

 

Speaker:
Elliott Piggott, Chief Executive Officer, Trayport11:40 AM

The Intermediary ViewDramatic changes in market structure are putting increasing pressure on intermediaries – tapping resources and limiting revenue opportunities. This panel will discuss how the role of the intermediary is changing – new client demands, enhanced liquidity and capital requirements, and the impact of certain aspects of MiFID, EMIR and Dodd-Frank. Panelists will share their very different perspectives on the outlook for the listed derivatives business.

 

Chair:
William Knottenbelt, Senior Managing Director, Europe, Middle East and Africa (EMEA), CME Group

 

Speakers:
Stephen Li, Managing Director, Head of Agency Derivative Services, EMEA, Barclays
Bill Stenning, Managing Director, Clearing, Regulatory & Strategic Affairs, Société Générale

12:30 PMLunchRemarks:
Veronica Augustsson, Chief Executive Officer, Cinnober1:30 PM

Regulatory Reform PanelEuropean and U.S. regulators will discuss the status of regulatory reform in their jurisdictions and the progress toward cross-border harmonization.

 

Chair:
Simon Puleston Jones, Chief Executive Officer, FIA Europe

 

Speakers:
Sonia Cattarinussi, Director, Market Regulation Division, Autorité des Marchés Financiers
Christopher Giancarlo, Commissioner, Commodity Futures Trading Commission
Edwin Schooling Latter, Head of Market Infrastructure & Policy, Financial Conduct Authority
Piebe Teeboom, Senior Policy Advisor, Strategy, Policy, & International Affairs Division, Netherlands Authority for the Financial Markets

2:45 PMCoffee Break3:15 PM

CCP RiskCCPs today play a critical 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, it is critical that the CCPs are safe and resilient. The CCP Risk panel will discuss the current status of global, EU and national recovery and resolution regimes, rules on default fund waterfalls, CCPs’ “skin in the game”, and whether the current IOSCO-CPSS PFMI standards are sufficient.

 

Chair:
Jacqueline Mesa, Executive Director, FIA Global

 

Speakers:
Teo Floor, Vice President, CCP Risk Management, Eurex Clearing
Richard Heckinger, Vice President & Senior Policy Advisor, Financial Markets Group, Federal Reserve Bank of Chicago
Tracey Jordal, Executive Vice President & Attorney, PIMCO
Dennis McLaughlin, Group Chief Risk Officer, LCH.Clearnet
Stephen Plestis, Head of Marketing, Prime Derivatives Services EMEA, Credit Suisse Securities
Michael Voisin, Partner, Capital Markets, Linklaters

 

Accessing Global MarketsWhile automated trading has made it easier to access markets around the world, the regulatory response to direct access and high-frequency trading is making access more difficult. This panel will discuss various initiatives in Europe, Asia and the U.S. that will make accessing markets more challenging.

 

Chair:
Johannah Ladd, Secretary General, FIA European Principal Traders Association

 

Speakers:
Conor Foley, Advisor, Government & Regulatory Affairs, Norton Rose Fulbright
Hans Pieterse, Director, Optiver Europe
Geert Vanderbeke, Executive Director, Global Sales & Sales Support, ABN AMRO Clearing
Tony Walker, Co-Head of E-Trading, Bank of America Merrill Lynch

4:15 PMCoffee Break4:30 PM

The Future of Non-Exchange Trading PlatformsHow many ways are there to trade? Trading venues are proliferating as a result of customer demand and the opportunities surfacing in the post-regulatory reform environment. This panel will explore a variety of execution models, the products they offer, their target audience and their formulas for success. How is the trading community responding?

 

Chair:
Christian Voigt, Senior Regulatory Adviser, Fidessa

 

Speakers:
Charlotte Crosswell, Chief Executive Officer, NASDAQ OMX NLX
Steve Hall, Managing Director, Tradeweb
Mark Hemsley, Chief Executive Officer, BATS Chi-X Europe
Hirander Misra, Chief Executive Officer, GMEX
Elliott Piggott, Chief Executive Officer, Trayport

6:40 PMAn Evening in Geneva: Dinner Reception

 

Program: Thursday, 25 September 2012

8:00 AM Registration Opens
9:00 AM Keynote Address: Norman Hay, Cargill International SAIntroduction:
Dan Day-Robinson, Vice Chairman, Swiss Futures & Options Association

Speaker:
Norman Hay, Former Chairman (Summer 2014), Cargill International SA9:30 AM

BenchmarksConcern over the methods of setting prices in a range of financial and commodity markets has led to a review of benchmarks by regulators and market practitioners. How can markets best provide confidence in benchmarks?

 

Chair:
Emma Davey, Director of Membership & Corporate Affairs, FIA Europe

 

Speakers:
Matt Chamberlain, Head of Business Development, London Metal Exchange
Dave Ernsberger, Global Editorial Director, Oil, Platts
Patrick Fay, Director, Listed Derivatives — Russell Indexes, Russell Investments
William Knottenbelt, Senior Managing Director, Europe, Middle East and Africa (EMEA), CME Group
Gregory Mocek, Partner, Cadwalader Wickersham & Taft
Stephen Obie, Partner, Jones Day

 

Transaction ReportingThis panel will give an overview of the progress made to date to comply with EMIR trade reporting requirements, as well as those in MiFID/ MiFIR and REMIT. How is the industry meeting the challenges of implementing these disparate requirements? And, will the regulators get the information they need?

 

Chair:
Kathleen Traynor, Consultant, Traynor Consulting

 

Speakers:
Daniel Bucsa, Deputy Director for Data and Reporting, Division of Market Oversight, Commodity Futures Trading Commission
Sara Cresswell, Executive Director, Goldman Sachs International
Ian McLelland, President & Chief Executive Officer, DTCC Derivatives Repository Limited
Olga Petrenko, Market Integrity Senior Officer, Markets Division, European Securities and Markets Authority
Claire Tumkaya, Director, ICE Trade Vault Europe

10:30 AMCoffee Break Grand Foyer/ Cafe Mezzo11:00 AMChallenges in Commodity Trade FinanceChair:
Nicolette de Joncaire, Journalist, l’AGEFI

 

Speakers:
George Bellord, Director, BPL Global
Claude Chaubert, Member of the Management Committee, Credit Agricole Suisse
Guillaume de La Ville, Head of Trade Finance, PeaKom SA
Christophe Salmon, Chief Financial Officer, EMEA, Trafigura12:30 PMLunch2:00 PM

GTSA Presents: Regulation & TransparencyTo improve the stability of financial markets and prevent new financial crises, we have in recent years observed the emergence of a new model dominated by the growth in regulations. These regulations designed initially for the financial industry are also impacting physical commodity trading and creating confusion between the two. When it comes to regulation, the particulars of physical trading and the way it is already regulated have to be considered. This panel will discuss the current regulatory trends from the perspective of the commodity trading industry engaged in physical trading and will provide a comprehensive understanding of how physical markets are regulated.

 

Chair:
Cyril Pasche

 

Speakers:
Victoria Attwood Scott, Global Head of Compliance, Mercuria
Philippe Berta, Attorney at Law, Philaw
Jean-Yves De Both, Partner, Schellenberg Wittmer
Stephane Graber, Secretary General, GTSA
Brian Lewis, Compliance Director, Gunvor

3:15 PMCoffee Break3:30 PM

Price Discovery: The Fragile Link Between the Physical Market and FuturesBefore OPEC took control of their own oil resources, major oil companies moved oil through their internal supply chains at opaque prices. As these supply chains were broken, the industry developed derivatives, futures markets and price reporting agencies. These relatively efficient price discovery mechanisms were brought into question by the spike in oil prices to $150 in 2008 and the debate is ongoing amid a wave of regulation. What is the future for price discovery in petroleum?

 

Chair:
John Brunton, Programme Director, Global Energy

 

Speakers:
Kevin Batteh, General Counsel, Commodity Markets Council
Peter Caddy, Director, Head of Business Development, Argus
Norman Hay, Recent Chairman of the Board (2014), Cargill International SA Geneva
Julie Lerner, Founder & Chief Executive Officer, PanXchange

4:50 PMFarewell Drink5:30 PMProgram Concludes

 

Tuesday, 23 September 2014 Wednesday, 24 September 2014 Thursday, 25 September 2014

Christophe Aletti, Head of Derivatives, Lombard Odier

Jan Bart de Boer, Chief Commercial Officer, ABN AMRO Clearing Bank

Kevin Batteh, General Counsel, Commodity Markets Council

George Bellord, Director, BPL Global

Lee Betsill, Chief Executive Officer, CME Clearing Europe

David Bicchetti, Economic Affairs Officer, United Nations UNCTAD

John Brunton, Programme Director, Global Energy

Daniel Bucsa, Deputy Director for Data and Reporting, Division of Market Oversight, Commodity Futures Trading Commission

Rodrigo Buenaventura, Head of Markets Division, European Securities and Markets Authority

Peter Caddy, Director, Head of Business Development, Argus

Muammer Cakir, Head, Derivatives Market – VIOP, Borsa Istanbul

Sonia Cattarinussi, Director, Market Regulation Division, Autorité des Marchés Financiers

Matt Chamberlain, Head of Business Development, London Metal Exchange

Claude Chaubert, Member of the Management Committee, Credit Agricole Suisse

Sara Cresswell, Executive Director, Goldman Sachs International

Charlotte Crosswell, Chief Executive Officer, NASDAQ OMX NLX

Emma Davey, Director of Membership & Corporate Affairs, FIA Europe

James Davies, Chief Operating Officer, Global Markets Exchange Group (GMEX)

Dan Day-Robinson, Vice Chairman, Swiss Futures & Options Association

Nicolette de Joncaire, Journalist, l’AGEFI

Guillaume de La Ville, Head of Trade Finance, PeaKom SA

Fredrik Ekström, President, NASDAQ OMX Clearing

Thomas Erickson, Vice President & Director of Legal Affairs, Bunge Product Lines

Dave Ernsberger, Global Editorial Director, Oil, Platts

Patrick Fay, Director, Listed Derivatives — Russell Indexes, Russell Investments

Teo Floor, Vice President, CCP Risk Management, Eurex Clearing

Conor Foley, Advisor, Government & Regulatory Affairs, Norton Rose Fulbright

Christopher Giancarlo, Commissioner, Commodity Futures Trading Commission

Stéphane Graber, Secretary General, GTSA

Matthias Graulich, Chief Client Officer, Eurex Clearing

Norman Hay, Recent Chairman of the Board (2014), Cargill International SA Geneva

Steve Hall, Managing Director, Tradeweb

Richard Heckinger, Vice President & Senior Policy Advisor, Financial Markets Group, Federal Reserve Bank of Chicago

Mark Hemsley, Chief Executive Officer, BATS Chi-X Europe

Tracey Jordal, Executive Vice President & Attorney, PIMCO

Ágnes Juhász, Chief Advisor, International Policy and Strategy, KELER CCP Ltd.

Pat Kenny, Senior Vice President, CQG

William Knottenbelt, Senior Managing Director, Europe, Middle East and Africa (EMEA), CME Group

Johannah Ladd, Secretary General, FIA European Principal Traders Association

Ireneusz Łazor, President of the Management Board, Polish Power Exchange S.A.

Julie Lerner, Founder & Chief Executive Officer, PanXchange

Brian Lewis, Compliance Director, Gunvor

Stephen Li, Managing Director, Head of Agency Derivative Services, EMEA, Barclays

Walt Lukken, President & Chief Executive Officer, FIA

Daniel Maguire, Managing Director, Global Head of SwapClear, LCH.Clearnet

Dennis McLaughlin, Group Chief Risk Officer, LCH.Clearnet

Paul Meier, Honorary Chairman, Swiss Futures & Options Association, and Honorary Member, AFM

Ian McLelland, President & Chief Executive Officer, DTCC Derivatives Repository Limited

Martin Merlin, Director, Financial Markets, Directorate General for the Internal Market and Services, European Commission

Jacqueline Mesa, Executive Director, FIA Global

Hirander Misra, Chief Executive Officer, GMEX

Gregory Mocek, Partner, Cadwalader Wickersham & Taft

Avinash Mohan, Executive Vice President, NCDEX India

Otto Naegeli, Chairman, Swiss Futures & Options Association

Stephen Obie, Partner, Jones Day

Hans Pieterse, Director, Optiver Europe

Olga Petrenko, Market Integrity Senior Officer, Markets Division, European Securities and Markets Authority

Elliott Piggott, Chief Executive Officer, Trayport

Stephen Plestis, Head of Marketing, Prime Derivatives Services EMEA, Credit Suisse Securities

Simon Puleston Jones, Chief Executive Officer, FIA Europe

Andrew Ross, Managing Director, European Head of OTC Clearing, Morgan Stanley

Christophe Salmon, Chief Financial Officer, EMEA, Trafigura

Edwin Schooling Latter, Head of Market Infrastructure & Policy, Financial Conduct Authority

Bill Stenning, Managing Director, Clearing, Regulatory & Strategic Affairs, Société Générale

Chris Sturgess, Director, Commodity Derivatives, Johannesburg Stock Exchange

Piebe Teeboom, Senior Policy Advisor, Strategy, Policy, & International Affairs Division, Netherlands Authority for the Financial Markets

Kathleen Traynor, Consultant, Traynor Consulting

Claire Tumkaya, Director, ICE Trade Vault Europe

Geert Vanderbeke, Executive Director, Global Sales & Sales Support, ABN AMRO Clearing

Christian Voigt, Senior Regulatory Adviser, Fidessa

Michael Voisin, Partner, Capital Markets, Linklaters

Nehal Vora, Chief Regulatory Officer, Bombay Stock Exchange

Tony Walker, Co-Head of E-Trading, Bank of America Merrill Lynch

Megain Widjaja, Chief Executive Officer, Indonesian Commodity and Derivatives Exchange, and Chairman, AFM

Mark Woodward, Vice President, Corporate Development, ICE Clear Europe

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