www.incoda.org

Bürgenstock37th

The international forum for commodities and derivatives

GENEVA, 14/15/16 November 2016

Meeting

2016 Bürgenstock...the 37th international forum for commodities and derivativesSpeakers as at Oct 20:

• Veronica Augustsson, CEO, Cinnober• Andrew Broughton, Head of Regulatory Policy and Rule

Implementation, Société Générale• Rodrigo Buenaventura, Head of Markets Division, ESMA• Breon Byrne, Head of Options Trading, Susquehanna• Matthew Chamberlain, Head of Business Development, LME• Franck Chatillon, CEO, Greenwich Dealing• Robert Cranston, Head, Equity Product Management,

SIX Swiss Exchange• Vincent Derudder, Honorary Chairman, FECIF• Ian Dudden, Global Director Agriculture, Pricing & Analytics,

S&P Global Platts• Fredrik Ekstrom, President, Nasdaq Clearing• Alp Eroglu, Senior Policy Advisor, IOSCO• Wang Fenghai, CEO, Dalian Commodity Exchange• Martin Fraenkel, President, S&P Global Platts• Matthias Graulich, Member of the Executive Board, Eurex

Clearing, Deutsche Börse Group• Aviv Handler, Managing Director, ETR Advisory• David Hardy, Chairman, GCSA Capital• Jonathan Herbst, Global Head of Financial Services, Norton

Rose Fulbright• Patrice Henault, Head of Futures & Listed Options, Saxo Bank• Stephen Humenick, Of Counsel, Covington & Burling LLP

• Barry King, Senior Manager, CCP Policy Team, Bank of England

• Paul Lynch, CEO, itarle• John MacNamara, Global Head of Structured Commodity

Finance, Deutsche Bank• Irene Mermigidis, Managing Director, REGIS-TR• Otto Nägeli, Non-Executive Chairman, CME Clearing Europe• Eric Pan, Director, Office of International Affairs, CFTC• David Peniket, President & CEO, ICE• Rafael Plata, Secretary-General, European Association of

CCP Clearing Houses• Colin Platt, CEO, DPactum• Alexey Rybnikov, President, SPIMEX• Nitesh Shah, Director, Commodity Strategist, ETF Securities• Phil Simons, Global Head of FI & FX Derivatives, Eurex Clearing• Simon Smith, Head of Government and Regulatory Affairs,

Argus Media• Thomas Schmitz, Head of Sales, Coal, Clearing & ISV, EEX• John Turnbull, Chairman, Banking Committee, ICC UK• Tobias Würgler, Partner, Financial Services, Oliver Wyman• Tobias Sproehnle, Global Head of Benchmark Services,

Thomson Reuters• Patrick Young, CEO, Exchange Invest

2016 Sponsors:

www.incoda.org

Bürgenstock37th

The international forum for commodities and derivatives

GENEVA, 14/15/16 November 2016

Meeting

2016 Agenda

Day 2 - Tuesday, 15 November 2016

18.00 Opening night cocktail party in the Winter Garden by Lake Geneva

08.15 Welcome refreshments & registration09:00: Keynote: Matthias Graulich, Member of the Executive Board, Eurex Clearing, Deutsche Börse Group The relationship between the political landscape and the financial markets has never been more fraught then in recent months. The uncertainty looks set to continue as the European negotiations unfold, as America goes to the polls and other major states look to their own elections in the year ahead and strive to adapt to the vicissitudes of the present social climate. Instability is the new normal. How can the markets weather the many storms ahead, and what kind of opportunities are presented by this instability? 9.30 - 11.00: Crossfire panel Where is the exchange landscape headed? Are there threats to self-regulation? Was Brexit just the start in changing the shape of world market landscape? Will any more mega-mergers succeed? Where will exchange groups large and small find value going forward? Markets and exchanges; what’s the form with OTC derivatives? What are the risks remaining in the age of the exchange?• Patrick Young, CEO, Exchange Invest (Moderator)• David Peniket, President and Chief Operating Officer, ICE Futures Europe• David Hardy, Chairman, GCSA Capital• Martin Fraenkel, President, S&P Global Platts11.00 - 11.30: BREAK11.30 - 12.30: Global clearing, macro issues and geopolitics: challenges and pressuresEuroclearing: the role for competing centres. Who are the winners and losers in fast-changing geopolitical landscape? How will the new focus on securing equivalence affect both the global and the European clearing markets? • Fredrik Ekström, President, Nasdaq Clearing• Otto Nägeli, Non-Executive Chairman, CME Clearing Europe12.30 - 13.30: Commodities trends and emerging markets: focus on new products and new platforms and commodity financing (including short presentation on commodity product innovation & OTC derivatives development in China by Mr Wang Fenghai CEO Dalian Commodity Exchange) In the established and emerging markets, what opportunities and challenges are presented to exchanges, banks, clearing houses and other actors in the commodities ecosystem through the emergence of new technologies and platforms? How is ongoing global market volatility affecting product and platform development in commodity-centric economies? How will new market channels continue to shape the commodity cash market and derivatives landscape? What are the trends in commodity finance supporting global trade flows• Alexey Rybnikov, President, SPIMEX• Mr Wang Fenghai, CEO, Dalian Commodity Exchange• John Turnbull, Chairman, Banking Committee, International Chamber of Commerce (ICC) UK• Moderator: John MacNamara, Global Head of Structured Commodity Trade Finance, Deutsche Bank

13.30 - 14.30: LUNCH

Day 1 - Monday, 14 November 2016

www.incoda.org

Bürgenstock37th

The international forum for commodities and derivatives

GENEVA, 14/15/16 November 2016

Meeting

14.30 - 15:30: Risk management panel How to keep up with the changing nature of risk in a rapidly evolving financial ecosystem. Looking at the role of technology in commodities and derivatives trading risk management. Are we seeing a convergence of operational risk and other forms of risk? Exploring innovations and best approach for managing risks entailed by market uncertainty. Where will defensive measures to combat cyber risk take the markets? • Veronica Augustsson, CEO, Cinnober• Tobias Würgler, Partner, Financial Services, Oliver Wyman15.30 - 16.00: Equity options panel How will the equity options markets react to potential mega mergers? Is creating a strong market leader likely to be beneficial? How does the equity options market respond to present volatility and the need to generate returns in a low interest environment? What are the major challenges facing the industry? Is there evidence of fragmentation? What is the threat coming from in terms of competitor products? How might PRIIPs and KIDs regulations prove to be inhibitive? • Moderator: Patrice Henault, Head of Futures & Listed Options (Director), Saxo Bank• Breon Byrne, Head of Options Trading, Susquehanna16.00 - 16.30: BREAK16.30 - 18.00: Increasing scope of regulationThere is an ever-increasing range of reporting requirements and regulations, with MiFIR, EMIR, REMIT, SFTR and MMSR all seeing full implementation by 2020. How can market participants deal with this deluge of regulatory change?Dealing with the iterative approach of regulators: what does the evolution of MiFID I into MiFIR/MiFID II mean for market participants? An iterative process appears to have been adopted by regulators regarding reporting standards for EMIR, and this will likely be mirrored with the other reporting regulations. How should market participants react to this iterative approach, where regulations can no longer be dealt with as fixed term projects? How far-reaching are the operational implications?EU and extra-EU regulatory equivalency: how equivalent are EU regulations with non-EU counterparts (e.g. FinfraG and EMIR)? What can be done to improve equivalence? What does this mean for the relationship with other global players? How might relevant market provision evolve as the lines of access and influence in Europe are redrawn? How can we turn requirements for investor protection, post-trade transparency, organisational set-up and risk control into opportunities? What might the directives of Basel IV entail? Subtopic: Trading: Are dark pools and the lack of transparency around HFT creating market biases towards certain kinds of investors? How is trading likely to evolve in the face of the new legislation which has changed the market paradigm? • Eric Pan, Director, Office of International Affairs, CFTC• Rodrigo Buenaventura, Head of Markets Division/ Department, ESMA • Irene Mermigidis, Managing Director, REGIS-TR• Moderator: Vincent Derudder, Honorary Chairman, FECIF• Masamichi Kono, Senior Advisor, KPMG18.00 - 20.00 Cocktail in the winter garden by Lake Geneva08.15 Welcome refreshments & registration

Day 2 continued:

2016 Supporters:GSCGI

INVIC

TAE FIDELITATIS P

RE

MIU

M

CIFA INITIAL CONTRIBUTOR

www.incoda.org

Bürgenstock37th

The international forum for commodities and derivatives

GENEVA, 14/15/16 November 2016

Meeting

09:00: Welcome 09.00 - 10.00: Indexing/ benchmarking/ exchange-traded funding and ETPs panelAre indexes acting increasingly as catalysts rather than barometers within the marketplace? How has the change of oversight gone within metals, LIBOR and other benchmarks? Are market indexes affecting ETF performance - or is it vice versa? Can the rapid ETF expansionary momentum be sustained and continue? If so, what are the next steps for diversification in the Index & ETF universe given recent developments such as the first product listing of a Bitcoin ETP? Is there an inhibitive trend towards an over-reliance on benchmarks? Is there a greater risk entailed on certain kinds of indexes and should there be a move towards consolidation?• Tobias Sproehnle, Global Head of Benchmark Services, Thomson Reuters• Matthew Chamberlain, Head of Business Development, LME• Simon Smith, Head of Government and Regulatory Affairs, Argus Media• Nitesh Shah, Director – Commodity Strategist- ETF Securities• Alp Eroglu, Senior Policy Advisor, IOSCO• Ian Dudden, Global Director Agriculture, Pricing & Analytics, S&P Global Platts10.00 -11.00: Equivalence (presentation/ panel) The negotiation and recognition of equivalence is likely to be a hot topic as players in the rapidly evolving financial landscape look to protect and improve market access. We look at the procedures through which equivalence is determined and consider what the broader implications of this might prove to be. Will geopolitical shocks like Brexit continue to change the equivalence roadmap?• Andrew Broughton, Director, Head of Regulatory Policy & Rule Implementation, Société Générale• Jonathan Herbst, Global Head of Financial Services, Norton Rose Fullbright 11.00 - 11.30: BREAK11.30 - 12.30: Best execution panelFrom transaction cost analysis, to evolving legacy infrastructure, managing pre-trade and impact costs and looking at innovative ways to enable portfolio optimization. In the absence of a clear Mifid II definition we ask how both buy-side and sell-side players determine and implement best execution practices that keep both client and regulator happy?• Paul Lynch, CEO, Itarle (Moderator)• Rob Cranston, Head Equity Product Management, SIX Swiss Exchange• Franck Chatillon, CEO, Greenwich Dealing12.30 - 13.30: Fintech presentation/panel: With so many fintech companies being consumed by big businesses, is fintech losing its edge as a disruptive force? Where is the latest disruption coming from? Are we seeing any real impact of blockchain/distributed ledger technology (DLT) on the financial services industry? Understanding the potential business impacts of emerging technologies. • Colin Platt, CEO, DPactum

13:30 - 14.30: LUNCH

Day 3 - Wednesday, 16 November 2016

2016 Supporters:GSCGI

INVIC

TAE FIDELITATIS P

RE

MIU

M

CIFA INITIAL CONTRIBUTOR

www.incoda.org

Bürgenstock37th

The international forum for commodities and derivatives

GENEVA, 14/15/16 November 2016

Meeting

14.30 - 15.30: Commodity regulation: looking at the impact of market volatility throughout the industry; identifying the regulatory pressures on commodity flows. Examining the unintended consequences of MiFID II, and Basel III/ IV on commodity trading firms. • Aviv Handler, Managing Director, ETR Advisory• Thomas Schmitz, Head of Sales – Coal, Clearing & ISV, EEX• Philip Goodswen, Senior Lawyer, Cargill 15.30 - 16.45: CCPs panelHas the evolution of the CCP set in motion post-crisis run its course, or do the CCPs continue to provide safety and protect the integrity of the financial markets industry? Do they continue to mitigate systemic risk? Is too much risk concentrated in the CCPs? Is the Basel III framework still proving effective on placing limitations on exposures? Are there some inherent weaknesses in the risk management practices of CCPs which would render them vulnerable to another crisis? How far can this be countered by the implementation of the recovery and resolution legislation/ regimes in process for CCPs? Has the de-facto strengthening of the role that CCPs play within the financial ecosystem lead to a situation where they have now become too big to fail? What are the challenges posed by the drive towards increased interoperability? What effect could the relative weakness in compliance terms of certain jurisdictions have on the broader system?• Barry King, Senior Manager, CCP Policy Team, Bank of England• Phil Simons, Global Head of FI & FX Derivatives, Eurex Clearing.• Rafael Plata, Secretary General, European Association of CCP Clearing Houses• Moderator: Stephen Humenik, Of Counsel, Covington & Burling LLP17.00: Conference closes

Day 3 continued:

2016 Sponsors: