June 4, 2008 |
7:15 – 8:00 a.m. |
Registration and Continental Breakfast
Continental Breakfast
Hosted by Credit Suisse Securities, LLC
General Session
Hosted by Thomson Reuters
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8:00 – 8:15 a.m. |
Introduction and Opening Remarks |
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Mark Conforti Managing Director Institutional Equity Services Credit Suisse Securities (USA) LLC |
8:15 – 8:45 a.m. |
Keynote Address |
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Andrew J. Donohue Director, Division of Investment Management U.S. Securities and Exchange Commission |
8:45 – 10:00 a.m. |
Regulatory Overview This panel will discuss the latest legal and regulatory developments that will impact institutional equity markets, including best practices for compliance. Specific areas to be discussed include cross-border trading and mutual recognition, soft dollars and commission sharing arrangements, direct market access, electronic connectivity and regulatory consolidation. |
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Moderator: Irene A. Halpin Vice President and Assistant General Counsel JP Morgan Chase Panelists: David Blass Assistant Director, Division of Investment Management U.S. Securities and Exchange Commission Melanie Nussdorf Partner Steptoe & Johnson LLP Richard T. Sharp Partner Milbank, Tweed, Hadley & McCloy LLP Jonathan Sylvestre Accountant, Market Regulation Ontario Securities Commission |
10:00– 10:15 a.m. |
Refreshment Break |
10:15 – 11:15 a.m. |
Buy-side: Completing the Investment Decision The evolution of the Buy Side’s investment process over the past several years has led to a more diverse and sophisticated set of demands from research providers on the Sell Side. As a result, traditional Sell Side research has had to move fast to shift from maintenance to idea-focused product. Trading desks have had to shift their organization from OTC vs. Listed to sector-based alignment, to match the shift on the Buy Side’s moves. And, in response to demand from the Buy Side, an array of primary research products have established themselves as integral components of the new investment process. Our panel will discuss tried-and-true offerings as well as the more innovative products that the Sell Side has to offer to help maximize the Buy Side’s returns on investments in the research process, as well as returns to their investors. |
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Moderator: Stephen J. Buell Director of Research Piper Jaffray & Co. Panelists: Gregory DeSalvo Vice President, Asset Management The Goldman Sachs Group Mark Kuzminskas Director of Equity Trading Robeco Investment Management Lara Warner Managing Director Head of U.S. Equity Research Credit Suisse LLC |
11:15 – 12:15 p.m. |
Execution Venue and Determining the Value Added This panel will explore the proliferation of execution venues globally. Our panel will focus upon the current state of the equity marketplace and where volume is being executed domestically and internationally. It will discuss how traders can best determine the value added of the numerous execution venues and what strategies and tools traders should utilize to access the different pools of liquidity and achieve best execution. We will also discuss the evolving nature of the equity marketplace in regards to the different execution venues and what we think the future holds. |
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Moderator: Jon Giblin Managing Director, US Market Structure Solutions Lehman Brothers Panelists: Alfred Eskandar Corporate Strategy Group Liquidnet Tim Mahoney Chief Executive Officer BIDS Trading, L.P. Robert S. Stellato Founder and Vice Chairman Soleil Securities Corp. |
12:15 – 1:30 p.m. |
Luncheon Presentation
Hosted by BNY ConvergEx Group
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Lawrence Kudlow Economist and Host,CNBC's Kudlow & Company Kudlow & Company LLC |
1:30 – 2:30 p.m. |
Client Sharing Arrangements and Client Commission Arrangements This panel will explore the SEC’s examination of client commission arrangements and client sharing arrangements under Section 28(e) and analyze its impact on institutional brokers and investment managers. These leading professionals will also address the voting process, management tools, disclosure issues, tracking techniques and state taxation (unintended consequences). |
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Moderator: John Meserve Executive Managing Director BNY ConvergEx Group
Panelists:
Michael McCreesh Vice President Hudson Street 3RB The Goldman Sachs Group Jeffrey Rosen Managing Director Chief Administrative Officer Global Equity Group Morgan Stanley Investment Management Brian Spellman Director Deutsche Asset Management |
2:30 – 3:30 p.m. |
Evolution of Trading: A Practitioners’ Liquidity Report Card Today there are more algorithms, more dark pools and more venues to trade equities than ever before. But to borrow a question from the political landscape, is the industry better off today than it was four years ago? This panel of practitioners will describe the current state of equity trading and how they see the evolution of trading and seeking liquidity. |
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Moderator: Michael Scotti Editorial Director Traders’ Magazine Panelists: Lance Lonergan Managing Director, Head of Sales Weeden & Co., LP Frank Loughlin Co-Head, Americas Equity Trading AllianceBernstein LP Daniel Mathisson Managing Director and Head of Advanced Execution Services (AES) Credit Suisse Henry Mulholland Managing Director, Head of U.S. Equity Trading and Salestrading Merrill Lynch & Co., Inc. |
3:30 – 3:45 p.m. |
Refreshment Break
Hosted by State Street Global Markets |
3:45 – 4:45 p.m. |
The Future of the Institutional Equity Business This institutional brokerage business is in flux. Equity trading is transition to a low-touch model, M&A has fallen off, fixed income businesses are challenged by sub-prime contagion, and write-downs and layoffs are plaguing the industry. While challenges abound, it is never as good as it seems at the top and conversely never as bad at the bottom. This panel will objectively look at the industry and try to project where the institutional equity business is truly headed. |
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Moderator: Larry Tabb Founder and Chief Executive Officer TABB Group Panelists: James A. Bennett Jr. Managing Director Greenwich Associates Jeffery Harte Managing Director Sandler O’Neill + Partners, LP Brad Hintz Senior Equity Research Analyst Alliance Bernstein Management L.P. |
4:45 p.m. |
Conference Adjourns |