Derivatives World London: The Debates

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Derivatives
World London:
The Debates
Tuesday 8th December 2015
Grange City Hotel, London
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Derivatives World London: The Debates
Tuesday 8th December 2015 • Grange City Hotel, London
Welcome to FOW Derivatives World London: The
Debates. To make sure you get the most out of our
conference, please take a moment to read this briefing. FOW
staff will be on hand throughout the event and can assist
you with any queries you may have. Please don’t hesitate to
contact one of the team at the registration desk if you have
any questions.
Name Badges: Each delegate is issued with their name
badge at Registration. We would be grateful if you could
wear your name badge at all times for ease of identification
when you are entering or leaving the conference area.
Networking: There will be networking opportunities
throughout the conference, with catering laid on during
coffee breaks, lunch and a drinks reception at the end of the
day. Do please take time to look around the exhibition halls,
meet the exhibitors and your fellow delegates.
Questions: Time permitting; there will be the opportunity
for questions after most panel sessions. Please wait
until the microphone comes to you before asking your
question. For reasons of courtesy, please also state your
name and organisation.
Presentations: All presentations given at the event will be
available to view on www.fow.com/events. Please note
that if a presentation is not included, this is due to the fact
that the speaker was unable to publish proprietary company
information.
Sponsors: We would like to thank them all for their
continued support.
Don’t forget to leave your business card at the registration
desk to ensure we have your correct email address. We hope
you enjoy the conference.
Yours sincerely,
William Mitting, Publisher,
wmitting@fow.com
Tel: +44 207 779 8350 • Fax: +44 207 779 8248
Dear Delegate,
Platinum sponsor: Gold sponsors:
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Supporting organisation: Media partners:

Event Agenda
9:00 Welcome address
9:05 Keynote address
David Stubbs, Excecutive Director, Global Market Strategist,
J.P. Morgan Asset Management
9:30 Debate
A Brexit would be of benefit to the City’s capital markets
For: Richard Tice, CEO, Quidnet Capital LLP and Co-founder,
Leave.eu
Against: Peter Wilding, Founder & Chairman, British
Influence
10:15 Coffee break
10:45 State of the market
The regular review of 2015 and look ahead to 2016. This
panel will outline some of the key challenges the market has
faced over the past 12 months and what is in store for 2016.
Moderator:
Remco Lenterman, former managing director at IMC
Capital Markets
Panellists:
Andy Ross, European Head of OTC Clearing, Morgan
Stanley
Cees Vermaas, Managing Director, CME Europe
Anil Batra, COO, Hertshten Group
Nicolas Bertrand, Head of Equity and Derivatives, London
Stock Exchange
11:30 Operations Data and Intelligence: a broad
perspective
Christian Nentwich, CEO, Duco
11.45 LME’s Liquidity Roadmap: enhancing the market
Glen Chalkley, Head of Electronic Business Development,
London Metal Exchange
12:00 Ask not what you can do for your exchange...
but what your exchange can do for you
This panel will bring together representatives from across
the trading community to discuss what they want from an
exchange. Whether it is new contracts or more incentives,
different clearing models or just cheaper fees, this panel will
cover it all.
• What does the buyside want from an exchange?
• What should exchanges be doing to innovate?
• How can exchanges bring more participants into the
market?
Moderator:
Brendan Bradley, Member of Eurex Executive Board and
Chief Innovation Officer, Eurex
Panellists:
Simon Crooks, Founding Partner, QSI
Steve Martin, COO, G.H. Financials
Tim Marchant, COO, Cardwell Investment Technologies
Jim Aveling, Managing Director, Positive Equity
12:45 Lunch
13:30 Capital punishment? The future of the FCM
business
After three gruelling years, volumes in the market are
beginning to recover and organic volatility is returning.
The FCM landscape has changed considerably during
the downturn and the pull back of banks has created
opportunities for smaller FCMs. But the Basel III capital
requirements are dragging on the outlook for FCMs and
could radically change how business is priced. THis panel will
look at the outlook for FCMs.
• What are the impact of the capital requirements on the
FCM business model? How are firms overcoming that?
• Is the race to the bottom in terms of fees now over?
• How are smaller FCMs growing in the current market?
Moderator:
John Gammer, Director, Clearing Maze
Panellists:
Marc Bailey, Managing Director, Sucden Financial
Eugene Stanfield, Managing Director, Head of Derivatives
Execution & Clearing, Commerzbank

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Martin Frewer, Global Commercial Director, ABN AMRO
Clearing
Steve Woodyatt, CEO, Object Trading
14:10 Mifid II: the good, the bad and the ugly
Two 15 minute presentations in individual disciplines within
Mifid II followed by a 15 minute Q&A for the two presenters.
Anne Plested, Head of EU Regulation Change Programme,
Fidessa
How to avoid MiFID II doldrums
Carolyn Jackson, Partner, Katten Muchin Rosenman
MiFID II -What’s Next?
14:55 Portfolio margining and open access: a radical
new market structure?
The combination of open access to CCPs and execution
platforms and efficiencies from margining swaps against ETD
positions has the potential to bring once-in-a-generation
change to market structure in Europe. This panel will look at
the developments and ask what they mean to the market.
• Who benefits from portfolio margining?
• What limitations are there?
• What does portfolio margining combined with open access
mean for market structure?
Moderator:
Dan Marcus, Global Head of Stregy & Business
Development, Tradition
Panellists:
Ben Pott, Head of European Affairs, ICAP
Charlotte Crosswell, CEO, NLX
Richard Walker, Head of EMEA Client Sales and Marketing,
LCH.Clearnet
15:35 Coffee break
15:55 Blockchain in financial markets: game changer
or overhype?
Born out of the creation of Bitcoin, the Blockchain (or
distributed ledger) is tipped to revolutionise how financial
markets operate. With promises ranging from real time
back office processing to total disintermediation of the
intermediary in trading, there are high expectations for the
distributed ledger but are they realistic?
• What is a distributed ledger?
• Where can it disrupt the derivatives market?
• What is the timeframe for change?
Moderator:
Tim Swanson, Director of Market Research, R3
Panellists:
Peter Randall, COO, SETL
Robert Sams, CEO, Clearmatics
Ollie Jones, former head of Pro Trader Division at Marex
Spectron
Jerome Kemp, Managing Director, Futures, Clearing and
Collateral Global Head, Citi
16:30 The future of FX trading
Scroll back a year and it was all about exchange traded
FX. However, the slow development of volumes in Europe
and some interesting investments by exchanges in trading
platforms suggests that the transition to ETD is not as
inevitable a transition as was suggested. This panel will look
at the future of FX trading and ask what is holding back the
move onto exchange.
Moderator:
Alice Attwood, Senior Reporter, FOW
Panellists:
Eddie Tofpik, Head of Foreign Exchange, ADM Investor
Services
Will Patrick, Executive Director, FX Products, CME Group
Muammer Cakir, Head of Derivatives (VIOP), Borsa
Istanbul
Andrew Priest, Head of Institutional Sales UK/IRL, 360T
17:10 Drinks reception

Biographies
David Stubbs
Executive Director, Global Market Strategist, J.P.
Morgan Asset Management
David Stubbs, Executive Director, is a
global market strategist at J.P. Morgan
Asset Management. Based in the London
office, David is responsible for delivering
research-driven insights on the global
economy and markets to both retail and institutional
clients in the UK and Europe. He is a frequent guest
on CNBC, Bloomberg and other major market
outlets.
Prior to joining J.P. Morgan, David worked at MRB
Partners in New York where he was a senior macro
strategist, and he held similar roles at Heitman
Securities in London and at the United Nations
Department for Economics and Social Affairs,
amongst others. David holds a M.Sc. in International
Political Economy from the London School of
Economics and a Ph.D. in Economics from The New
School for Social Research in New York. He is an FRM
and CMT Charter Holder.
Alice Attwood
Senior Reporter, FOW
Alice Attwood has served as senior
reporter of FOW since joining Euromoney
in December 2014. Before FOW, Alice
was news editor at start-up financial
newswire, Alliance News in London,
leading a team of journalists covering every FTSE
100, 250 and AIM-listed company for a year.
She joined Alliance News from Profit & Loss
magazine, also in London, where she was a reporter
for the financial markets business title and its online
presence for nearly three years. Before this she
worked across a number of construction titles at
publishing house, Progressive Digital Media. During
this time she successfully drove a crane.
Marc Bailey
Managing Director, Sucden Financial
Marc has over 30 years’ experience
within the capital markets and
commodities business, with extensive
knowledge of both OTC and exchange
traded derivatives. Marc began his career
on the trading floor in 1983, moving on to Morgan
Stanley where he held various trading based roles.
He later became Executive Director at CIBC before
joining the London Stock Exchange in 2001 as
Director of Business Development.
He joined Cargill Investor Services as Chief Operating
Officer and Director of Business Development. In
2006 Marc moved to Bache Commodities Limited
where he was Managing Director and Chairman.
In 2015 Marc joined Sucden Financial as Managing
Director, where he is responsible for growing and
developing its brokerage activities.
Anil Batra
COO, Hertshten Group
Anil joined Hertshten Group in 2005 as
Head of Business Development. He is
part of the original team that established
many of the Group’s global offices. Today,
he is part of the core management team
that drives business for the Group and, as COO, he
continues to play a key strategic role in the Group’s
activities. As an external auditor, Anil was instrumental
in the establishment of G.H. Financials in London in
1993. He is a Chartered Accountant by profession.
Nicolas Bertrand
Head of Equities and Derivatives Markets,
London Stock Exchange
Nicolas Bertrand is Head of Equities and
Derivatives for London Stock Exchange
Group. Appointed in 2010, Nicolas is
responsible for UK and Italian equity
markets and the Group’s derivatives
markets. Nicolas joined Borsa Italiana in November
1999 and has been responsible for IDEM, the Italian
Derivatives Market of Borsa Italiana, since January
2004. In July 2009, Nicolas was appointed head of
the newly created ‘Equity Markets and IDEM’ division
within the London Stock Exchange Group, which
combined the equity cash and derivatives markets for
Italy and the UK. He is also a board member of FTSE
and Turquoise. Prior to joining the Exchange, Nicolas
worked for Citibank and developed his expertise
trading on various markets and asset classes. Nicolas
graduated in econometrics and holds a postgraduate
degree in finance (DESS 203) from Universite Paris
IX-Dauphine in Paris.
Brendan Bradley
Member of Eurex Executive Board and Chief
Innovation Officer, Eurex
Brendan has worked within the exchange
traded derivative industry for 27 years
and has in-depth knowledge of product
development, market structures, clearing
and technology issues. He has played
a major part in the development of most of today’s
high volume European futures and options contracts
during his time with LIFFE or Eurex.
From October 2013 he has been Executive Board
Member and Chief Innovation Officer at Eurex
with responsibility to “champion new ideas”
both internally and externally and advise on
new opportunities within the changing market
environment. More recently he has focused on
the opportunities presented by the changing
regulatory environment and built a network amongst
entrepreneurial FinTech firms that can benefit from
the changing trends. He also acts as Chairman
of Deutsche Boerse Holdings Asia, Non-Executive
Director for GMEX and Digital Vega, where he is
responsible for managing Deutsche Boerse’s minority
equity holdings, and holds DB’s Observer seat on the
Illuminate FinTech VC Fund Investment Committee.
Muammer Cakir
Head of Derivatives (VIOP), Borsa Istanbul
Muammer Çakir is the Head of
Derivatives Market (VIOP) at Borsa
Istanbul. Prior to joining Borsa Istanbul,
Çakir served as the Head of Turkey Desk
at the Debt Capital Markets of WestLB
London. He is currently responsible for the multi-
asset derivatives platform at Borsa Istanbul where
he diversified the product base, increased the total
trade volume by 49% in 2015 and FX derivatives by
fivefold in 2 years. His first job was at a convertible
arbitrage/stress debt hedge fund in the United States.
Upon joining Borsa Istanbul, Çakir launched the first
listed single stock futures & options market, and
later on the first Equity Index & Non-deliverable FX
Options products at Borsa Istanbul Derivatives Market
(VIOP). He was appointed as the CEO of Turkish
Derivatives Exchange (TurkDex) during the acquisition
and merger of the two exchanges. From 2002-2008,
he was the head of derivatives market at the Capital
Markets Division of Akbank where he developed
the derivatives & precious metals business. Çakir
holds a master’s degree in financial engineering from
Princeton University and he is a Fulbright fellow.
Glen Chakley
Head of Electronic Business Development,
London Metal Exchange
He joined the exchange in March 1991
in the Market Operations team. He then
spent 2 years as an LME clerk at Sharps
Pixley before returning to the LME in
1994 as the Trading Floor Manager.
He was appointed Head of Electronic Operations
in 2001 after successfully launching LMEselect and
responsible for LMEselect operations and promoting
Electronic trading. He moved to his current role in
2010 responsible for electronic business development
for new and existing users as well as Independent
Software Vendor (ISVs) relationships.
Simon Crooks
Founding Partner, QSI
Prior to founding QSI in December 2013,
he worked at Graham Capital LLP as a
discretionary portfolio manager trading
a portfolio of systematic strategies and
prior to that as the senior research
manager, mandated to build and manage the stand
alone London systematic trading group.
Prior to this he was a senior member of the portfolio
management team at AHL. Before starting his
financial career, Simon was a post-doctoral researcher
in the Physics Department at the University of Oxford
where he worked on probabilistic-based modelling of
climate change.
Simon holds a DPhil in Physics from the University of
Oxford.

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Charlotte Crosswell
CEO, Nasdaq NLX
Charlotte Crosswell is CEO of Nasdaq
NLX (“NLX”), a London-based market for
European interest rate derivatives trading,
launched in May 2013. Prior to NLX, Ms
Crosswell held a number of positions
with the Nasdaq Group in two separate periods,
including running a European equity MTF and as
Head of International Listings for The NASDAQ Stock
Market. Ms Crosswell was a Partner and the Head
of Business Development at Pension Corporation,
a London-based pension management firm. She
also held a number of senior management positions
at The London Stock Exchange, including Head of
International Business Development.
Ms Crosswell started her financial services career
at Goldman Sachs in European Equity Sales. Born
in Southampton, Ms Crosswell was educated at
Southampton University where she gained a BA Hons
in French. She also serves as a board member of LCH.
Clearnet Limited.
Martin Frewer
Global Commercial Director, ABN AMRO
Clearing UK
Martin Frewer is Global Commercial
Director PTG following the recent
commercial reorganisation at ABN AMRO
Clearing where they have split their client
base into the three mains sectors of
PTG, Prime and Corporates. PTG (Principal Trading
Groups) is still the significant revenue generator for
the global DMA and clearing provider and covers
clients who are market makers, stat arb players,
brokers and algorithmic traders. He’s been at ABN
and previously Fortis Clearing since 2005. Before
his recent appointment he was a Global Director
and Head of the London Commercial Department
at ABN and prior to ABN until 2005 was Global
Head of Sales at Easyscreen (the first publicly quoted
TechMARK listing on the LSE) and before that Head
of Financial Clearing and Brokerage services at Credit
Lyonnais Rouse until 2000. He started in the city
on the Liffe market where he worked for Gill and
Duffus, Lehman Bros and Alexanders Discount.
John Gammer
Director, Clearing Maze
John Gammer has worked in the Futures
Markets for 30 years, holding Global and
European Head positions with Tier One
Banks, Senior Relationship roles with two
of the worlds largest Clearinghouses,
and most recently COO for a European Bank.
Carolyn Jackson
Partner, Katten Muchin Rosenman
Carolyn Jackson is a partner in Katten
Muchin Rosenman UK LLP and is a
Registered Foreign Lawyer. She provides
US financial regulatory legal advice to
a broad range of market participants,
including commercial banks, investment banks,
investment managers, broker-dealers, electronic
trading platforms, clearinghouses, trade associations
and over-the-counter derivatives service providers.
Carolyn guides clients in the structuring and offering
of complex securities, commodities and derivatives
transactions and in complying with US securities and
commodities laws and regulations. She is adept at
addressing US registration issues for non-US entities
looking to transact business into the US, including
clearing organizations and exchanges as well as asset
managers and swap dealers.
Having practiced outside of the United States for her
entire legal career, she is particularly well-versed in
the cross-border effects of US regulations including
the Dodd-Frank Act. She is a frequent speaker on
topics including OTC derivatives regulatory reform
and investment management regulation.
Prior to joining Katten, Carolyn was the European
head of Allen & Overy LLP’s US Regulatory Practice.
Before becoming a lawyer, Carolyn was the executive
director and a board member of the International
Swaps and Derivatives Association, Inc. (ISDA).
Carolyn spent the first 13 years of her career as a
derivatives trader and was part of the original swaps
team at Chase Manhattan Bank, NA. She established
the New York derivatives trading desk for Banque
Nationale de Paris, and was the first vice president
and manager of the Banque Indosuez International
Capital Markets Group in New York.
Ollie Jones
Former Head of ProTrader, Marex Spectron
Ollie is a successful financial services
entrepreneur and operator currently based
in London. Ollie started his career on the
London International Financial Futures
Exchange (LIFFE) trading floor in 1997. In
1998 Ollie and three partners co-founded MacFutures
which pioneered the shift from open outcry floor
trading to electronic trading of financial futures. Over
the following five years Ollie and his partners grew
MacFutures into the leading trading group in London
primarily trading LIFFE & EUREX products.
In 2003 MacFutures was successfully acquired by
Refco, a leading Futures Commission Merchant
(FCM) in the US, and MacFutures became the
electronic trading division of Refco. Ollie moved
to Refco’s Chicago Headquarters where he was
responsible for expanding the electronic trading
division into the US, Canada and Singapore. After
the collapse of Refco in late 2005, Marex Spectron
was born and Ollie focused his efforts into re-
building the business, which he successfully did by
growing the client base to over 1,000 traders globally
through providing gold standard infrastructure and
world class customer service.
Ollie has always focused in the exchange traded
Futures space that has enabled him to successfully
build business after business and fully appreciates
and understands his client’s needs.
Ollie has spent the last year researching various
bitcoin and distributed ledger technologies and is
working on a couple of concepts in this field.
Jerome Kemp
Global Head of Futures, Clearing and Collateral,
Citi
Jerome Kemp, Managing Director, is
the Global Head of Futures, Clearing
and Collateral, which sits within
the Investor Services Division. His
Global Management Team includes
regional heads in Asia/Pacific, Europe, EMEA, and
the Americas, as well as Global Heads of OTC
Clearing, In-Business Risk Management, Operations,
and Technology. With over 25 years of industry
experience gained in Paris, Tokyo and London,
Jerome is a recognized leader in the global Futures
industry. Jerome is the Vice Chairman of FIA Global,
located in Washington, D.C., and serves as well on
the Executive Board of FIA Europe in London. From
2009 to 2010, Jerome sat on the Board LCH.Clearnet
Group Ltd.
Before joining Citi, Jerome was the Global Co-
Head of the Futures and Options and OTC clearing
businesses at J.P. Morgan, where he worked for over
18 years. He received his Bachelor of Arts at Brandeis
University and a dual Master of Arts/Master of
Science degree from the School of International and
Public Affairs at Columbia University.
Remco Lenterman
Former Managing Director at IMC Capital
Markets
Remco was formerly Managing Director
at IMC Financial Markets, responsible
for Global Corporate Development and
market Structure. Prior to assuming his
role at IMC, Remco spent 16 years at
Goldman Sachs as Managing Director responsible
for Pan European Equity trading and 5 years as
managing director at Kempen & Co, responsible for
Securities. Remco is currently also an advisor to the
FIA European Principal Traders Association, which he
previously chaired.
Richard Walker
Head of EMEA Sales & Marketing, SwapClear &
ForexClear, LCH.Clearnet
Richard Walker is Head of EMEA Sales &
Marketing for SwapClear/ForexClear and
is responsible for SwapClear’s external
marketing in Europe and Asia to clients,
and clearing firms.
Previously, Richard was Executive Director at
Nomura International and led team of professionals
in London, UK and Mumbai India to build out a
Managed Account Platform from the ground up at
Nomura.
Prior to Nomura, he was Executive Director
at Lehman Brothers where he was involved in
new product development for hedge funds and
alternative asset managers. Richard was also Vice
President Product Marketing at Traiana Inc, a venture
backed technology start-up providing post-trade
processing solutions to global investment banks, and
an Analyst at Swiss Bank Corporation.

Biographies
Richard gained his PhD from the University of
Southampton, research that was undertaken while
an employee of Lucas Aerospace in the UK.
Tim Marchant
COO, Cardwell Investment Technologies
Tim Marchant is an experienced systematic fund
manager with over a decade of
financial experience. He co-founded the
$100MM systematic Cardwell Global
Fund and currently oversees strategy
development, implementation and
technical communication with clients. This experience
is backed up by a BSc in Economics from Warwick
University, coupled with a CAIA charter membership.
Dan Marcus
Global Head of Strategy and Business
Development, Tradition
As Chief Executive Officer of both ParFX
and Trad-X, and Global Head of Strategy
and Business Development at Tradition,
one of the world’s largest and most
diverse interdealer brokers, Dan Marcus is
responsible for the development and implementation
of strategic initiatives on a global basis, including
regulatory strategy. He is based in London.
As CEO of ParFX, Dan is leading the charge to
create a fair and transparent FX marketplace that
offers a level playing field for all participants, while
eradicating disruptive trading behaviour.
ParFX was launched in 2013 in partnership with the
industry’s largest FX-trading institutions, and currently
has 14 founder banks: Bank of Tokyo Mitsubishi
UFJ, Barclays, BNP Paribas, Citi, Deutsche Bank, JP
Morgan, Morgan Stanley, Nomura Securities, Royal
Bank of Canada, SEB, Société Générale, Standard
Chartered, State Street and UBS.
Dan is also CEO of Trad-X, Tradition’s hybrid trading
platform for OTC derivatives and other financial
instruments. Trad-X enables clients to trade
interest rate swaps and offers a flexible execution
methodology utilising hybrid, voice and electronic
capabilities and the provision of functionality that
meets the demands of today’s market.
The platform was designed together with market
participants and founder streaming participants,
including BofA Merrill Lynch, BNP Paribas, Citigroup,
Credit Suisse, Goldman Sachs, HSBC, Lloyds, Morgan
Stanley, Nomura, Royal Bank of Scotland, Société
Générale and UBS.
Dan is a qualified solicitor and was General Counsel
at Tradition before moving in to his business
role. Prior to joining Tradition, Dan was Senior
Counsel at The London Stock Exchange, where he
was responsible for regulatory, IT, corporate and
commercial legal work.
Steve Martin
Chief Operating Officer, G.H. Financials
Steve joined G. H. Financials in 2012 to
bring his 25-plus years of experience to
his COO responsibilities in London. Steve
became a member of G. H. Financials
Limited Board of Directors on July 1,
2014. Steve started his career in listed derivatives
in the 1980s and was instrumental in setting up
what became SEB Futures. By 2010, SEB Futures had
grown into one of the largest institutional houses
in London and Chicago. Following his 23 years
at SEB, Steve joined State Street Futures as Head
of Business for EMEA/AsiaPacific to develop their
derivatives clearing business. Most recently, Steve ran
a successful buy side consultancy advising the tier 1
buy side community on the impact of the changing
US and European regulatory landscape on the global
derivatives clearing environment.
Will Mitting
Publisher, FOW
William Mitting was appointed Editor
of FOW in March 2011 and publisher
in May 2012. He has been a business
journalist for ten years and his previous
positions include editor of Corporate
UK magazine. Prior to his appointment at FOW he
worked in Malawi in east Africa where he launched
the country’s first national business magazine.
Christian Nentwich
CEO, Duco
Christian Nentwich is the CEO of
Duco. He has more than 10 years of
experience with financial technology
and processes and a track record of
delivering innovative solutions to the
market. Christian was named in 2014 in Financial
News’ 40 under 40 Rising Stars of Trading and
Technology. Before Duco, he founded and sold his
previous company, Systemwire, and advised multiple
tier one investment banks, fund managers, clearing
houses and ISDA on standards and data strategy.
Christian holds a BSc and PhD in Computer Science
from University College London, and is a winner of
its medal of the Faculty of Mathematical and Physical
Sciences.
Will Patrick
Executive Director, FX Products, CME Group
William Patrick was appointed Executive Director,
Foreign Exchange (FX) Products of CME Group –
Europe, Middle East, Africa, in January 2013. He is
responsible for promoting CME Group’s FX products
and markets to European customers, increasing
market share and product uptake across all customer
segments. Patrick brings his experience in FX Options
to CME Group. Prior to joining CME Group, Patrick
was a Sales Manager of FX Options at Reuters in
London where he established a trading community
of more than 100 banks for the business, as well as
developed the direct market in FX Options with an
STP solution for the Reuters Terminal and oversaw the
introduction of API trading for Reuters FXO Matching
system. Before that, Patrick worked at ICor, at both
Europe and Asia officers, Volbroker.com, JP Morgan
and GFI Holdings. Patrick holds a B.A. Hon. Degree in
Business Studies from the University of Westminster.
Anne Plested
Head of EU Regulation Change Programme,
Fidessa
Since joining Fidessa in 2009 Anne
has played a significant role in the
establishment of the Fidessa Regulation
Team, monitoring and evaluating the
regulatory environment and working
on the impact analysis of MiFID II and other major
EU regulatory changes running in parallel. Anne is a
frequent contributor to a number of industry groups
discussing MiFID II, regulation, best practice and
post-trade data standards. She is a Member of the
Steering Committee for the FIX Trading Community’s
MMT (Market Model Typology) initiative as well
as being a member of, and regular contributor to,
their EMEA Regulatory Sub-Committee. In May
2014 Anne was appointed by ESMA as an external
stakeholder representative on the Consultative
Working Group that supports ESMA’s Market Data
Reporting Working Group. With more than 20
years’ experience of the financial markets in London,
Anne has previously worked as front-office projects
manager, specialising in trading systems, for the retail
and institutional divisions of a large private client
investment management firm. She has also been
involved in numerous projects for a major investment
bank and a number of other City firms.
Ben Pott
Head of European Affairs, ICAP
Ben Pott is Head of European Affairs
at ICAP. In this role, Ben works on key
regulatory issues with external and
international stakeholders, anticipating,
interpreting and communicating changes
to European policy and legislation that may impact
the Group’s business. Prior to joining ICAP in June
2014, Ben was Policy Expert at the European Banking
Authority working on delivering technical standards
in the areas of recovery and resolution, credit risk
and infrastructure services. Ben started his career
at the UK Financial Services Authority (now FCA) in
2005, where he spent 7 years in a variety of roles
focusing on post-trade policy implementation and
supervision. During that time, Ben spent a year on
secondment at HM Treasury helping to negotiate
the European Market Infrastructure Regulation. Of
German nationality, Ben studied Politics, Philosophy
and Economics at York University and holds Masters
degrees from Kings College London in European
Studies and from ESCP Europe Business School in
European Business.

Andrew Priest
Head of Institutional Sales, 360T
As Head of Institutional Sales of UK &
Ireland Andrew Priest is responsible for
the Institutional team in the UK & Ireland,
focusing on Real Money Asset Managers,
Hedge Funds and Market Taking Banks.
Prior to this position he was Senior Vice President,
Head of Foreign Exchange Sales, EMEA at NORTHERN
TRUST CORPORATION in London. Andrew gained also
considerable experience in the FX market at TULLETT
& TOKYO FOREX INTERNATIONAL in London, where
he acted as an intermediary broker between banks
trading forward FX swaps and broked on Forward
Cable (GBP/USD) desk.
Peter Randall
COO, SETL
As COO, Peter Randall will be
spearheading the SETL initiative
alongside Anthony Culligan, SETL’s CEO.
Credited with revolutionising the equity
exchange market in Europe through the
establishment of Chi-X Europe Ltd, Peter led the
company’s growth as founder and CEO, from an
unknown multilateral trading facility to become one
of the top 5 trading venues in Europe by volumes
traded. Subsequently, Peter was appointed CEO of
Equiduct, where he restructured the business, and
turned it into the fastest growing trading platform
in Europe in 2012. Prior to Equiduct and Chi-X,
Peter was COO at Instinet Europe Ltd, and Executive
Director of FIX Protocol Ltd.
Andy Ross
European Head of OTC Clearing, Morgan Stanley
Andy Ross is a Managing Director and
European Head of OTC Clearing at
Morgan Stanley. He is responsible for
the sale and build of a best in class OTC
clearing service for clients in Europe.
Ross joined the firm in June 1998 as an analyst in
Operations, serving in a variety of roles with increasing
responsibility. Following a short stint at Deutsche
Bank, Ross returned to Morgan Stanley in June 2004,
with promotion to Vice President in Operations, in
December 2005. After a diverse career in operations,
he moved to the Counterpart Portfolio Management
desk in June 2007, where he was promoted to an
Executive Director in December 2008. For the past
two and a half years, Andy has been leading the
OTC clearing business in Europe and was promoted
to Managing Director in January 2012.Ross is a
member of the ICE Clear Europe risk committee and
heavily involved in a number of other key industry
initiatives in the OTC clearing and counterparty risk
management space. He earned a Bachelor of Science
degree (2.1) from the University of Edinburgh.
Eugene Stanfield
Managing Director, Head of Derivatives
Execution and Clearing, Commerzbank
Eugene Stanfield is Head of Derivatives
Execution & Clearing Services overseeing
the delivery of client focused solutions
to meet the changing regulatory
and industry landscape for OTC and
Exchange Traded derivatives. He is a regular
participant on industry wide working groups and
panels discussing regulatory change and the impact
on clients. During his 15 years at Commerzbank,
he has held a number of senior positions including
Head of Business Management and Transaction
Support for the Americas, Global Head of
Transaction Support and since 2009 Head of OTC
Client Clearing. He has a BSc in Mathematics and
Management from Manchester University and is a
qualified Chartered Accountant.
Tim Swanson
Director of Market Research, R3
Tim Swanson is currently Director of
Market Research at R3CEV. He worked in
East Asia for more than six years and is
based in the San Francisco Bay Area. He
is a visiting research fellow at the Sim Kee
Boon Institute at Singapore Management University
and is a graduate of Texas A&M University. He is the
author of three books. Follow on Twitter: @ofnumbers
Richard Tice
CEO, Quidnet Capital LLP and Co-Founder,
Leave.eu
Richard Tice is CEO of Quidnet Capital
LLP, a real estate group managing
over £500 million of assets for clients.
Formerly CEO of the FTSE 250 multi
national property group, CLS Holdings
PLC from 2010-2014. His City experience includes
previously being a non executive director of 3
other listed property companies. He is co-founder
of Leave.eu which is campaigning to leave the
European Union.
Eddie Tofpik
Head of Foreign Exchange, ADM Investor
Services International
Currently Head of Foreign Exchange
of ADM Investor Services International
Limited (‘ADMISI’) a position he has
held for over 24 years, he has built up
and maintained a 24 hour FX & related
derivatives team covering various international
markets from ADMISI’s London Centre. A Member of
the Society of Technical Analysts and an Affiliate of
the Market Technicians Association of the US as well
as a member of the ACI-UK, in addition to running
the daily operations of a FX broker, Eddie publishes
a variety of market reviews on FX as well as various
derivative markets. Most recently he has been the
first mainstream brokerage to add a Bitcoin Monthly
commentary. Eddie is a regular on CMEGroupTV &
TipTV – both available on YouTube. He has been a
regular speaker and panellist at various international
seminars, symposiums & conventions as well as a
guest of radio & TV.
Cees Vermaas
Managing Director and CEO, CME Europe
Cees Vermaas has served as Managing
Director and CEO of CME Europe
Limited, CME Group’s European-based
derivatives exchange, since January
2015. He is responsible for the ongoing
build-out of CME Europe to meet the needs of
customers in the European marketplace, following
the exchange’s initial launch in April 2014. Prior
to joining CME Group, Vermaas served as CEO of
NYSE Euronext Amsterdam and as a member of
the Management Committee of NYSE Euronext,
with global responsibility for international business
development for cash and listings. Prior to that, he
served as Executive Vice President, Head of European
Cash Markets, where he was responsible for NYSE
Euronext’s European cash trading business, including
equities, fixed income, operations, projects and
business development. He originally joined Euronext
in 2002 as Director Cash Market Netherlands before
being promoted to Executive Director Sales and
Marketing, Cash Market. His background also
includes a decade working in IT and commercial
roles at leading Dutch and international companies.
Vermaas holds a degree in business engineering from
the Rijswijk University of Technical Education in The
Netherlands. He serves on the Board of Directors
of the Confederation of Netherlands Industry and
Employers and the American Chamber of Commerce
of the Netherlands. He also Ambassador of the War
Trauma Foundation.
Peter Wilding
Founder and Chairman, British Influence
Peter Wilding is the Founder and
Chairman of British Influence, a cross-
party think tank promoting British
leadership in Europe. In 20-years of
working in European affairs, he has
practiced and lectured as a solicitor in EU law,
been Head of Media for the Conservative Party in
the European Parliament, Director of CabinetDN,
a Brussels public affairs consultancy and Europe
Director for BSkyB. He is a regular speaker on radio
and television and the author of “Influencing the
European Union.
Steve Woodyatt
CEO, Object Trading
Steve is CEO and co-founder of
Object Trading. Based in London, he
is responsible for building strategic
partnerships and supporting the firm’s
continued growth around the world.
Steve was integral to the initial development of
Object Trading’s flagship direct market access (DMA)
product suite, FrontRunner, and he continues to
mold its development today. Prior to forming Object
Trading in 2000, Steve was chief executive officer
at an alternative investment fund manager, which
managed two retail hedge funds and wholesale
allocated accounts. In this role he observed and
resolved a multitude of trade execution problems,
which drove him to apply his buy-side operational
experience in automated trading systems
development to create the FrontRunner suite. Steve,
a member of the Futures Industry Association, is
a frequent industry speaker and has been quoted
extensively in publications including The Financial
Times, The Trade and FOW. He received a B.Sc.
(Hons) degree from the University of Queensland,
and Grad. Dip. Management and MBA from
the Australian Graduate School of Management
(AGSM). Steve is also the proud father of two, an
avid music lover and a skilled violinist.
fowevents.com

Company profiles
Platinum Sponsor
As the leading and most diverse derivatives
marketplace, CME Group is where the world comes
to manage risk, offering the widest range of global
benchmark products across all major asset classes. We
bring buyers and sellers together through our CME
Globex electronic trading platform and our trading
facilities in the United States and Europe.
CME Clearing, an industry-leading central
counterparty clearing provider, offers clearing and
settlement services for exchange-traded and over-the-
counter derivatives. CME Europe, our London-based
derivatives exchange, offers FX contracts and a suite
of commodity contracts and will become a multi-asset
class exchange over time.
CME Clearing Europe, our London-based clearing
house, provides a single, integrated platform for
a broad range of OTC financial and commodity
derivatives and futures in a European regulatory
framework.
http://www.cmegroup.com/clearing/
Gold Sponsors
As one of the world’s leading
derivatives exchanges we offer
a broad range of international
benchmark products. With
more than 2,000 products across nine traditional and
alternative asset classes we provide our customers
a broad diversity and greater opportunities. We
operate the most liquid EUR fixed income derivatives,
provide the broadest range of equity index derivatives
worldwide and are the platform of choice for European
equity derivatives. In addition we cover derivatives on
ETFs, dividends and volatility. All on one single platform.
Innovative and reliable technology provides about
400 participants and 7,500 traders in 35 countries
worldwide with access to our products and services.
Eurex is part of Deutsche Boerse Group. Further
information www.eurexchange.com
Nasdaq NLX (NLX) is a
London-based market
for trading interest
rate derivatives. Market participants have the ability
to trade a suite of UK- and European-listed interest
rate derivatives products across the yield curve. For the
first time, the short and long ends of the interest rate
curve are merged onto a single market for trading and
clearing. NLX enables simplified execution of a broad
range of hedge, strategy and contingent trades, and
will support registration of both Central Order Book
(COB) and off-order book trades on the same Genium
INET platform. All NLX products are cleared through
a single clearing house, LCH.Clearnet, and margined
using a Value at Risk (VaR) methodology and LCH.
Clearnet’s Portfolio Approach to Interest Rate Scenarios
(PAIRS). NLX is built upon the Nasdaq infrastructure,
which powers one in every 10 transactions worldwide,
and leverages the expertise and knowledge of tried
and trusted partners to create an efficient, robust and
flexible market.
Fidessa’s futures & options
trading platform provides fully
integrated order management
and automated workflow for trading futures, options
and strategies. With ‘follow the sun’ global order
management and high-speed gateways to all the
leading derivatives exchanges, it delivers the risk
management, compliance and reporting capabilities
that firms need to meet regulatory demands across the
globe. Sophisticated algos and synthetic order types
enable users to take advantage of the evolving futures
landscape. With a global footprint and proven track
record in hosting large-scale derivatives operations
worldwide Fidessa’s platform supports the trading
activities of some of the world’s leading firms.
Are competition, fragmentation, and
regulation affecting trading outcomes?
Velocity of Change Demands a New Approach
Take control with market access infrastructure that scales as you grow.
Get more information
US: +1 646 583 1850 • UK: +44 20 3763 2220 • APAC: +61 (2) 9450 2999
www.objecttrading.com
FOW-December2015-Ad-v04.indd 1 11/30/15 6:43 AM

Silver Sponsors
London Stock Exchange
is the world’s most
international exchange.
Nearly 2,500 companies
from more than 90 countries are quoted across its
markets, with a combined value of £4.4 trillion.
London Stock Exchange’s markets include the Main
Market – London’s flagship venue for equity, debt and
exchange traded products, offering businesses access
to Europe’s most liquid pool of capital – and AIM – the
world’s leading market for small and growing companies.
Since its launch in 1995 AIM has helped 3,500
companies raise £87 billion.
Trading participants access London Stock Exchange
markets via a range of secure, low latency interfaces,
including the Order book for Retail Bonds (ORB), which
since its launch in 2010 has allowed private investors
to trade bonds in small denominations, and has helped
companies raise over £4 billion.
Duco enables financial services firms
to control complex data using light-
touch, self-service technology. We
are shaping the core of new, efficient operations with
customers on the sell side, buy side and major service
providers.
Katten is a full-service law firm with
approximately 650 attorneys in
locations across the United States
and in London and Shanghai. Katten’s Financial Services
practice advises a broad range of participants, including
broker-dealers, futures commission merchants, investment
advisers, finance companies, investment banks, futures
and securities exchanges, commodity trading advisors,
pension funds, banks, and insurance companies. Our
attorneys are well-versed in the latest developments in the
industry, and several previously have held senior positions
with regulatory agencies or have been in-house counsel at
financial services firms.
The London Metal Exchange is the world
centre for industrial metals trading. 82%
of global non-ferrous futures business
is conducted on the LME totalling $15
trillion, 177 million lots and 4 billion tonnes in 2014. A
member of HKEX Group, the metal community values
the LME as a place to transfer or take on price risk, as
a physical market of last resort and as the provider of
transparent global reference prices.
Bronze Sponsors
Object Trading delivers an
independent, global, multi-asset
direct market access trading
infrastructure combined with decades of client-side
insight and experience, enabling each customer
regardless of its trading strategy, size, style or frequency,
to innovate, control risk and trade in an ever-changing
and fiercely competitive environment. Object Trading’s
DMA Service Platform provides ready access to the
international markets with a proven, independent
infrastructure that readily normalises the mass of
market connectivity, eliminates infrastructure startup
processes and unifies risk constraints, ultimately enabling
accelerated growth. Object Trading is connected to
more than 60 global equity, derivative and FX exchanges
for both market data and order routing, with offices in
London, New York, Chicago and Sydney.
Borsa Istanbul, with historical roots going
back to 1873, is a diversified regional
exchange in Turkey, providing trading,
settlement, custody and registry services
for equities, derivatives, fixed income &
repo, precious metals and Islamic finance
markets all under a single umbrella. Borsa Istanbul
Derivatives Market (VIOP) is the region’s leading and
most liquid derivatives marketplace where the investors
and corporates come to manage their risk. VIOP offers
the widest range of regional benchmark products across
all major asset classes, including futures and options
based on equity indices, currencies, interest rates,
precious metals, commodities and energy with a central
counterparty clearing service. For more information,
please visit http://borsaistanbul.com/en/viop
178x124 ilan-OK.indd 1 27.11.2015 10:27

Derivatives World London: The Debates

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