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‘The’ largest global buy side gathering for institutional equity traders and technologists
October 4-6, 2010
The Westin at Market Street
San Francisco, CA
www.TradeTechWest.com
Sponsors:
Organized by:
At TradeTech you don’t get old news. The agenda is always evolving. Check www.TradeTechWest.com
often for new speaker announcements, agenda updates, and more.
“Any structure that offers the buy side trader a venue to meet and mix
with peers is very valuable. There aren’t many opportunities for us to gather
A Very Special Thanks To The
and discuss relevant material outside of TradeTech. I left with a stack of business TradeTech San Francisco 2010
cards and have been in contact with many traders since the conference.”
– Edward J. Smith, Senior Equity Trader, Pyramis Global Advisors Advisory Board:
Glenn Davis, CFA
SVP, Head Trader
• More buy side in attendance. Last year’s event sold out; this year we Alex Green
will accommodate more buy side traders (145+) and are already booking Head Trader
ahead of schedule! Relational Investors LLC
• More guest speakers offering unbiased and academic insight into the equity markets
• Improved Buy Side-Only Trading Summit with roundtables grouped by firm type, buy side co- Justin Kane
moderators, and topics most relevant to heads of trading Principal, Director of Equity Trading
• Topics on more than just the technicals of electronic trading to include all areas that make your Rainier Investment Management Inc.
desk more profitable, compliant, and efficient
• Sell Side Workshop – why should buy side have all the fun? This 1.5 hour session will arm sell Kurt Kujawa
side traders with the knowledge they need to stay relevant and gain greater market share in
Head Trader
2011
Cortina Asset Management
• Afternoon tracks on Oct. 6 give you a choice of which content to listen to that brings most value
to your desk
Lee Weiner
• Innovation Spotlight – Learn from new cutting-edge vendors in the equity trading space to be at
the forefront of this fast-moving industry Director of Options, Head of Electronic
Trading
• More than just equities – learn what’s new in options, ETFs, multi-asset trading platforms and
JMP Group
more!
• 78% new speakers!
Nenad Yashruti
Head Trader
Freestone Capital Management
Buy Side-Only Head Trader Think Tank
October 5, 2010; 1.35pm
Table of Contents:
30 Head Traders. No vendors. No media. Just frank discussion on ways to increase the performance of
your trading desk. Request your invitation to the most anticipated session at TradeTech West now. See
page 5 for details.
Buy Side-Only Trading Summit ................................3
Conference Agenda Day One..................................4
Buy Side-Only Head Trader Think Tank.....................5
Attendee Breakdown: North America 2009-2010 Event Series Sell Side Workshop .................................................6
Conference Agenda Day Two..................................7
Firm Type: Buy Side Job Titles: About Our Sponsors ...............................................9
■ 49% Buy Side ■ 26% Head of Trading About Our Media Partners ....................................10
Conference Pricing and Team Discounts ................11
■ 38% Sell Side ■ 39% Trader
Venue Information ................................................12
■ 13% Other ■ 20% IT/Systems Registration Form..................................................12
■ 10% Business
Management For biographical information on all of our
■ 3% Portfolio distinguished speakers, visit www.TradeTechWest.com
Management
■ 2% Other
Sponsored By • During the roundtable discussions you will be grouped into one of the
following categories based on your firm type so dialogue is more
How often do you get to bounce trading strategies off of your fellow buy relevant to your day-to-day and you get to learn from your true peers:
side traders? Or get to pick the brains of your peers to learn which trading - Hedge Funds
tools are most useful, and which aren’t worth the time and money? - Long-Only Growth Managers
- Long-Only Value Managers
For over four years now, TradeTech has held an interactive, roundtable- • Buy side moderators join roundtable hosts to ensure the most critical
focused Buy Side Only Trading Summit, because you keep telling us this is buy side issues are addressed, instead of vendor pitching
some of the most valuable time you spend away from your desk. • Pre-determined topics most relevant to your trading desk
It’s buy-side only in attendance; but we keep changing the day up to make • More guest presenters add even more color to the day
it even more valuable for you. Here’s what’s new and improved this year:
9:30 Guest Speaker: Exploring Recent Developments In A buy side moderator and roundtable host will guide you and your
Technical Analysis To Boost The Performance Of buy side peers through solution-defining discussion on five different
Your Equity Trading Strategy topics. You’ll walk away with a stronger buy side support network
(so you know who to ring when you have a challenge to
Greg Morris overcome!) and countless strategies to increase the profitability of
Chief Technical Analyst your trading desk.
Stadion Money Management
Buy Side Roundtable Moderators:
• Identifying the most recent technical analysis tools embraced by Kurt Kujawa
buy and sell side firms Head Trader
• How has the use of technical analysis changed in the past ten Cortina Asset Management
years;
• Forecasting the use of technical analysis on the trading desks of Bill Quinn
the future VP and Head Trader
• Examining current trends in the stock market to determine the HighMark Capital Management
most profitable trading strategies for your desk Tim Olsen
SVP, Head Trader
10:10 Guest Speaker: Grading Broker Algorithms – An ICM Asset Management
Impartial Perspective
Leslie Boni, Ph.D. 11:00 Buy Side Roundtable Discussion #1: Sourcing
Professor of Finance Liquidity
University of New Mexico
11:30 Buy Side Roundtable Discussion #2: Information
Based upon her research published in the Journal of Trading, Dr. Overload: Determining How To Value News And
Boni will break down today’s algorithmic trading space and share Information That Crosses Your Trading Desk
strategies that buy side traders can use to determine not only which
algo to use, but whose algo to use. Don’t miss this unbiased view of 12:00 Buy Side Roundtable Discussion #3: Maintaining
the current algorithmic trading landscape to ensure your desk is Broker Relationships & Commission Management
achieving optimal execution. Tracking Solutions
10:45 Morning Refreshment & Networking Break 12:30 Lunch
11:00 Buy Side Roundtables 1:30 Buy Side Roundtable Discussion #4: How Trading
Desks Are Responding To Regulatory Reform & The
Hosted By: Best Execution Process
Sponsors:
3
2:30 Afternoon Refreshment & Networking Break about the future of our industry!
• Quant, HFT, computer based program trading vs. the fundamental
2:45 Roundtable Wrap Up trader: Will computers take over?
• Are their limits to what computers can be programmed to
How it works: “know”? Where does the experience and relationships of a live
The roundtable hosts wrap up all the sessions by sharing the most trader add value to the trading process?
useful solutions identified by each of the 5 discussion groups so you • Examining the current state of trading to determine how
can be sure you don’t miss a single trading strategy to boost the computer-driven models and human traders are performing; how
performance of your desk. will this change in the future?
3:00 Fundamental Vs. Quantitative Trading – A Debate 3:40 Chairperson’s Closing Remarks
Over The Future Of Trading
Jayaram Muthuswamy 3:45 TradeTech San Francisco 2010 Kickoff Cocktail
Associate Professor, College of Business Administration Reception
Kent State University You've spent the day debating solutions to overcome liquidity and
regulatory challenges; now its time to relax, have fun, and strengthen
Michael Levas relationships with your buy side colleagues.
Chief Investment Officer and Managing Member,
Olympian Capital Management All TradeTech conference attendees are welcome to enjoy this
reception!
Michael Levas of Olympian Capital Management takes on Jay
Muthuswamy of Kent State University for a lively debate. Don’t miss 4:45 Conclusion Of Buy Side-Only Trading Summit
this high energy, exciting session that will make you think differently
Real Time Audience Polling technology adoption to support of regulatory proposals. You’ll see the
results on screen in real time. Plus we’ll send you the final full results
Sponsored by
report following the conference so you can share this invaluable
Throughout the presentations on October 5th, participate in live, information with the rest of your team. What a great way to effectively
anonymous polling – right from your own conference chair. Find out how benchmark your firm and gain support from upper management where
you really compare to your peers and competitors on everything from new technology purchases may be needed to keep you competitive.
7:00 Conference Registration & Breakfast In The Exhibit the past year; where is the buy side most dependent on the sell
Hall side?
• Identifying new profit-making opportunities created by the new
7:45 Opening Remarks market structure
1:35 Chairperson’s Afternoon Address 1:35 Buy Side-Only Head Trader Think Tank
Sponsored by
1:45 Case Study: Effectively Moving From Single-Asset To
Multi-Asset Trading: Automation And Optimization Moderators:
Lee Thacker
Michael Levas
Director of Trading
Chief Investment Officer and Managing Member
Parametric
Olympian Capital Management
Nhan Bui
• Identifying the most pressing challenges faced when moving from
Director, Head Equity Trader
single asset to multi-asset trading; what are solutions to these
First Quadrant
challenges and how can you automate the workflow?
• Identifying which cross-asset trading platforms are currently Chairperson:
available; how are they being utilized by buy and sell side firms Lee Morakis
• What does optimization in multi-asset workflow look like and who Managing Director, Head of Execution Services Sales
is getting it right? Bank of America Merrill Lynch
• Monitoring and maintaining the performance of your multi-asset
This exclusive event is invitation-only. To request your
trading systems and processes to increase efficiencies and
invitation, please contact Rob Golen at 416-597-4771 or
profitability of your trading desk
robert.golen@wbresearch.com.
2:25 Panel: Managing Trading System Risk On A Global Basis Cited as most head traders’ favorite part of TradeTech, the Think
Tank provides you an opportunity to take part in shockingly open
Lee Weiner
and honest debate with your fellow senior-level buy side traders in
Director of Options, Head of Electronic Trading
an environment free of vendors or media.
JMP Group
How it works: The Think Tank moderators will determine the
Maurizio Ferconi
discussion topics approximately two weeks before the event to
Managing Director, Head of Risk Methodologies
ensure the most timely, critical trading topics are addressed. (If
BlackRock
you’d like to nominate topics to be discussed, please join our
Spiros Giannaros LinkedIn group, follow us on Twitter, or email
Vice President, Sales, Americas sara.mueller@wbresearch.com.)
Charles River Development
During the Think Tank, the moderators will guide you and your
• Examining your current trading systems to identify where risk peers through small-group discussions on ways to lead your
management is most critical trading desk to maximum profitability; then you’ll come together
• Analyzing the current state of data flow within your OMS and/or as a larger group to share the most valuable strategies defined.
EMS; where are inefficiencies and errors increasing trading risk?
• Improving data management in your order and execution “I always walk away from the Buy Side Head Trader Think
management systems to reduce risk Tank with valuable information.” – John Nuzzo, VP Head
• Defining best practices to measure risk in your investment systems Trader, Anchor Capital Advisors
most effectively
• How has the crisis of 08 impacted risk management in capital
markets? How can the happenings of May 6th be avoided in the
future?
Sponsors:
5
3:05 Afternoon Refreshment & Networking Break In The Exhibit Hall
3:35 Panel: Broker And Commission Management: 3:35 Sell Side Workshop New for
Getting Maximum Value Out Of Your Commission Sell Side
Why should the buy side have all the fun? Following Attendees
Dollars And Broker Services
the success of New York’s debut of the Sell Side
Kevin Petrello Workshop, we are bringing this invaluable, interactive
Director, US Head of Commission Management session to the West Coast. Learn directly from buy side head
Barclays Capital traders what they want from their broker services and solutions,
and where you might fall short. Get into buy side minds to learn
Tim Carkin
how you can adapt your offerings to stay relevant in the changing
Head Trader
environment. Then take part in closed-door discussion with your
Ferguson Wellman
sell side peers to brainstorm solutions to overcome your challenges
• As brokers take away services due to the declining commission in the evolving marketplace.
environment, how are traders currently determining what
Who should attend this workshop?
services are essential for the trading desk, PMs, and analysts?
Sell Side Traders: Learn directly from the buy side what they want
• Balancing electronic and direct trading to get the greatest value
from their brokers’ services and offerings. How are buy sides’
for your trades
needs changing? What can you do to stay relevant and gain more
• Determining which brokers are bringing the buy side value in the
market share? Gain strategic insight into where your competitors
current environment
are failing and you can add value.
• Deciding who to trade with directly and who to write CSAs with;
how do wrap accounts come into play?
Panel: Uncovering Current Buy Side Demand For
• Making sure the people who provide you valuable services are
Broker Services And Solutions
getting compensated accordingly and that your CSA program is
up to par Nancy O’Hearn
Director, Investment Analytics
4:10 Closing Keynote: Preparing For An SEC Hoover Investment Management
Examination To Ensure Compliance: What Buy Side
Jeff Pralle
Traders Need To Know
Head Trader
Lori Hoch RMB Capital Management
Principal and Chief Operating Officer • Outlining the benefits and pitfalls electronic trading has created
Cortina Asset Management
for the buy side/sell side relationship
• Explaining how sourcing liquidity, TCA, and other trading activity • Assessing how brokers are currently responding to buy side
is currently being monitored by the SEC demand; is it really addressing their needs?
• Debating if algos and other performance-enhancing • Use of high touch vs. low touch trading: What are current
technologies are going to become industry standard for best statistics and how do buy side traders see their firms changing in
execution and compliance reporting the next one to three years
• Documenting and monitoring the appropriate trade activity to • Identifying best practices for maintaining relationships as the buy
prove best execution was obtained and sell side move to different firms while market structure
•
Tying it all back to the trader to determine how changing evolves
compliance requirements will affect your day to day routine and
trading strategies
year on year!
It’s your opportunity
to hash out challenges
and get the inside scoop
on how your peers are
maintaining a profitable
trading desk.
Years
6 Call: 646.200.7530 Visit: www.TradeTechWest.com Email: TradeTech@wbresearch.com
Main Conference Day Two
Wednesday, October 6, 2010
7:30 Conference Registration & Breakfast In The Exhibit • Outlining how payment for order flow has evolved; what lead to
Hall the current make-or-take pricing models and rebating?
• Assessing how the make-or-take model is impacting market
8:15 Opening Remarks structure; debating whether it is distorting trading
• Uncovering how your brokers are responding to this change in
Sara Mueller market structure; what can you do to protect against gaming and
Executive Director increase profits to your desk
TradeTech • Establishing how and where your orders are being routed to
overcome transparency issues as a result of make-or-take
8:30 Chairperson’s Morning Address
11:15 Panel: Optimizing Your Global Trading Platform To
8:45 Guest Speaker: Equity Trading In The 21st Century: Enhance Global Connectivity
The Impact Of Recent Innovations On U.S. Market
Structure Derek DePetra
Head of International Equity Trading
Lawrence Harris Artisan Partners
Fred V. Keenan Chair in Finance, Director, Center for
Investment Studies, Marshall School of Business David Hagen
University of Southern California Global Director of Trading
Linedata Services
• Electronic trading has changed the equity trading landscape
• Liquidity have never been cheaper for most traders • Establishing which platforms are being adopted to increase
• Traders continue to solve the same problems, but their tools are connectivity across the globe; what offerings should you evaluate
much better when shopping for a platform?
• Electronic trading poses some regulatory problems, though not • What is the value of working with a full trading platform provider
necessarily the ones that concern the SEC vs. contracting connectivity either directly from providers or in a
managed services offering
9:25 Panel: The Block Trade Is Still Alive; So How Can • Optimizing your current OMS/EMS systems for greater global
You Source Block Liquidity? connectivity; what are buy side firms looking for to increase value add?
• Assessing how present regulation is factoring into trends in buy
Kurt Kujawa and sell side connectivity usage
Head Trader
Cortina Asset Management 11:55 Panel: Enhancing The Trading Process With PM
Vlad Khandros Profiling And Other Next-Generation Developments
Corporate Strategy/Market Structure In TCA
Liquidnet Mark Schlarbaum
Jose Marques Managing Director, Portfolio Manager and Head Equity Trader
Global Head of Autobahn Equity Palliser Bay Capital Management
Deutsche Bank Roderick Burns
• Is block liquidity still important? How are buy side traders Director, Western Region
currently trading blocks and will this volume increase or decrease Credit Suisse AES Advanced Execution Services
in the near future? Mark Herman
• Sourcing natural blocks on an agency basis vs. capitol blocks Head Trader
•
Debating whether it is more effective to execute a block trade Tamro Capital
electronically or through a broker
• The lost art of negotiating block trades: Teaching the importance Timothy Stark
of relationship management and negotiating skills to new traders Equity Analytics
• Identifying which algorithmic trading developments have eased The Capital Group Companies, Inc.
the search for and execution of block trades • Getting buy-in from the rest of your firm – from portfolio
management to trading to execution – to embrace TCA to
10:05 Morning Refreshment & Networking Break In The improve the trade execution process
Exhibit Hall - Interpreting transaction cost reports and making them easier
for all stakeholders to understand
10:35 Panel: Determining How The Make-Or-Take Pricing •
Beating the benchmark: debating if this is really conducive to your
Model And Rebating Is Impacting Market Structure overall investment process?
Oliver Sung • Identifying how forward-thinking buy side firms are gathering
VP, Head of Americas Execution Consulting more data for better transaction cost analysis
Bank of America Merrill Lynch • Examining other next-generation developments firms are
incorporating into their TCA process, PM profiling to portfolio
Matthew Scoble turnover analysis
Director, Citi Electronic Execution Sales
Citi 12:35 Lunch
Sponsors:
7
Concurrent Sessions – Choose One
Track A: Multi-Asset Trading Track B: Opportunities & Efficiencies In Trading
1:45 Panel: Examining The Evolution Of Options Market 1:45 Panel: The Explosion Of ETFs And Its Impact On
Structure To Align Your Desk For More Profitable Trading Liquidity And How Stocks Are Bought And Sold
Jon Werts Bryan Novak
Managing Director, Head of Broker Dealer Execution and Managing Director
Global Head of Electronic Futures Astor Asset Management
Bank of America Merrill Lynch
Rahul Shah
Alan MacKenzie Group Manager, Official Institutions
CFO State Street Global Advisors
Gargoyle Asset Management LLC • Uncovering what has contributed to the explosion of ETFs over
• Examining option exchanges’ pricing models; which have adopted the past decade, and most significantly, over the past two years
maker-taker pricing and how does that impact your desk? • As more money is invested in ETFs, how are they affecting stock
• Is there a need for more dark crossing networks in options trading; price movement?
does market structure support it? • Determining if active ETFs are making headway; looking at the
• Assessing volatility and its impact on the options market evolution of leveraged ETFs and their benefits and pitfalls
• Predicting the future of the buy side/sell side relationship as it • Analyzing current market movement and volatility and how it is
relates to options trading being affected by ETF execution
2:20 Panel: Enhancing Your Trading Desk To Support The 2:20 Innovation Spotlight: Unveiling The Future Of The
Electronic Trading Of Equity Options Electronic Trading Space
Lee Weiner You asked to learn about the emerging leaders in the electronic
Director of Options, Head of Electronic Trading trading space. Those companies (that maybe you’ve never heard
JMP Group of) creating something new and bleeding edge to increase the
performance of trading desks around the world. TradeTech brings
Additional panelists to be confirmed. Please visit
these forward-looking minds together to share where the future of
www.TradeTechWest.com for updates.
trading technology is heading and to highlight the new
• Determining how liquidity is being sourced in equity options innovations. Don’t miss this exciting panel that ensures you
• Describing trading strategies most effective for alpha generation maintain the competitiveness of your desk as technology pushes
using equity options our industry forward.
• Identifying the electronic trading tools and broker relationships
Know of an innovator in the trading space? Suggest participants
necessary for successfully navigating the equity options space
for this panel by emailing Seth Weisleder at
• Uncovering how current options trading is impacting the way the
sweisleder@wbresearch.com.
underlying equity is trading
2:55 Closing Guest Speaker: Trading Out Of Your Mind – Integrating Technical Analysis With Human Psychology To
Improve Trading Performance
Craig Fullen, JD, CMT
Technical Analyst & Portfolio Manager
Advanced Asset Management Advisors, Inc.
•
Understanding the psychological components and limitations of technical analysis
• Using intuition to support trading decisions
• Analyzing recent market situations from a technical analysis and psychological perspective
• Recognizing and adjusting your own psychological profile to improve trading results
Sponsors:
9
Venues and Dark Pools. The company offers electronic, real-time trading solutions, one of the largest providers of financial services in the world. RBC has more than
including Front-, Middle-, and Back-Office products and Compliance reporting. For more US$620 billion in assets and one of the highest credit ratings of any financial
information, visit www.mixitusa.com or contact sales@mixitusa.com. institution – Moody’s Aaa and S&P AA-.
Founded in 2003, Pragma is a New York-based financial services firm RBS Global Banking & Markets (GBM) division is a leading banking
and an established provider of sophisticated and innovative trading partner to major corporations, financial institutions and public sector
solutions. A pioneer of tactical execution tools, Pragma’s suite of products includes the clients around the world. GBM provides an extensive range of debt,
award-winning ONEPIPE, LIFEGUARD’s advanced anti-gaming logic, PEAK™broker equity and commodity markets, treasury and investor products, and financial advisory
solutions, and sophisticated single stock and portfolio execution strategies. Pragma is services. The division focuses on long-term customer relationships and excellence in
dedicated to consistently meeting the goals of its diverse client base by providing top global product execution. GBM is active in the Americas, EMEA and Asia Pacific. RBS
quality execution, proven technology and exceptional support and service. Buy-side firms Securities Inc. a member of FINRA/SIPC, is a subsidiary of The Royal Bank of Scotland
can access these advanced tools through Pragma’s executing partner, Weeden & Co. L.P. plc. RBS is the marketing name for the securities business of RBS Securities Inc.
For additional information, please visit: www.pragmatrading.com.
UBS is a global firm, providing services to private, corporate
RBC Capital Markets is A Premier Investment Bank that and institutional clients through its wealth management and
provides a focused set of products and services to Swiss banking businesses alongside its global expertise in
institutions, corporations, governments and high net worth investment banking and asset management. In Switzerland, UBS is the market leader
clients in 160 countries. With over 3,100 employees, we operate out of 75 offices in in retail and commercial banking. UBS is present in all major financial centers and has
15 countries and deliver our products and services through operations in North offices in over 50 countries. UBS Direct Execution is the firm’s global institutional
America, Europe, the U.K., Asia and Australia. We work with clients around the world electronic trading business. Direct Execution offers ultra-low latency Direct Market
to help them raise capital, access markets, mitigate risk and acquire or dispose of Access (DMA), a suite of award-winning advanced Algorithmic Trading strategies, a
assets. According to Bloomberg, we are consistently ranked among the top 20 global state-of-the-art analytics platform -- offering Real-Time TCA -- called UBS Fusion, and a
investment banks. RBC Capital Markets is part of the Royal Bank of Canada (RBC), multi-asset international execution management system called UBS Pinpoint.
Sponsors:
11
October 4-6, 2010
Limited complimentary passes available for buy side organizations! Apply for your buy side complimentary pass online at
www.TradeTechWest.com. Or contact Josephine Andrews at 646.200.7448 or email her at JAndrews@wbresearch.com
Terms and Conditions: Complimentary places are strictly reserved for buy side organizations. Passes are allocated at the discretion of WBR. WBR will
charge a 'no-show' fee of $799 if you or a nominated replacement from your organization fails to attend the event. If you register for all three days of
the event and fail to attend the buy side only summit plus one of the main days of the conference, you will be charged 33% of the fee.
I would like registration package: Delegate Details: (photocopy for multiple bookings)
(please see pricing on page 11) Yes! I will be attending TradeTech 2010
Buy Side Options:
Last Name: (Mr/Mrs/Ms): _______________________________________
❑ Buy Side Summit + 2 Day Conference (October 4-6, 2010)
❑ 2 Day Main Conference (October 5-6, 2010) First Name: ___________________________________________________
❑ Buy Side Summit Only (October 4, 2010)
Job Title: ____________________________________________________
Sell Side Options:
❑ 2 Day Main Conference (October 5-6, 2010) Department: _________________________________________________
____________________________________________________________
Sleeping Room Rate: $269.00 Single/Double Occupancy ❑ Charge to my: ❑ AMEX ❑ Visa ❑ MasterCard ❑ Diners Club
Offer Cut Off Date: September 10, 2010
Card # _______________________________________________________
TradeTech West has procured a special conference rate of $269.00 per
night (plus tax). To book your reservations, call the Westin San Sum of ________________________ Exp Date: ______________________
Francisco Market Street at 888-627-8561 and identify yourself as a
TradeTech West attendee. Rooms are limited and are on a first come, Cardholder’s Name______________________________________________
first served basis, so make your reservations as soon as possible. After
September 10, 2010 rooms may still be available, so inquire with the Signature _____________________________________________________
hotel if you have missed the cut off date.