Annual Conference, 2006 Istanbul, TURKEY


APRIL 6-7, 2006

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Wednesday, April 5


18:30 Opening Cocktail

20:00 Opening Dinner

Thursday, April 6

08:00 -10:30 AFM General Assembly (only for AFM members)

10:30 - 11:00 Welcoming Remarks

Mr. Mircea Filipoiu, AFM Chairman
Mr. Tugrul Yemisci, Chairman, Turkish Derivatives Exchange

11:00 - 11:30 Keynote Address: Turkey and Its Derivatives Industry

Mr. Dogan Cansizlar, President, Capital Markets Board of Turkey

11:30 - 12:45 Roundtable 1: Situation and Expectations of the Turkish Derivatives Industry

Moderator: Roderick Gravelet-Blondin, General Manager, JSE Limited, South Africa
Panel Members:
Mr. Hamdi Bagci, CEO, Turkish Derivatives Exchange
Mr. Cetin Ali Donmez, Istanbul Stock Exchange
Mr. Celali Yilmaz, Capital Markets Board of Turkey
Mr. Saliha Ascensio, Istanbul Gold Exchange
Mr. Hakan Yamacoguz, Is Investment and Securities Inc.
Mr. Atesan Aybars, Media

12:45 - 14:15 Lunch

14:15 - 15:30 Roundtable 2: Legal and Regulatory Issues: SRO or Government oversight;
Specific Legal Issues of Emerging Markets;
Combining Commodities into Stock Exchange Dealings; Influence of MiFid

Moderator: Mr. Gregor Pozniak, ICMA
Panel Members:
Zsolt Horvath, CEO, Budapest Stock Exchange, Hungary
Hans-Christian Koltze, Hanover Commodity Exchange, Germany
Roderick Gravelet-Blondin, General Manager, JSE Limited, South Africa
Ms. Burcak Inel, Head of Regulatory Affairs, Federation of European Securities Exchanges

15:30 - 16:00 Coffee break

16:00 - 17:15 Roundtable 3: Products: (1) OTC or exchange listed - what is better for emerging markets? Flexibility of the OTC market or standardization and transparency of exchange listed products - or both? (2) More and more countries joining the EU (and the Euro) - chances and risks for emerging markets.

Moderator: Ms. Simona Simon, Sales Manager, EUREX Frankfurt AG, Germany
Panel Members:
Lawrence Peirson, Director - Futures, Barclays Capital, UK
Hristo Milenkov, Chairman, State Commission for Commodity Exchanges and Wholesale Markets, Bulgaria
John Mathias, Director of Financial Futures & Options, Merrill Lynch, UK
Jahja Wirawan Sudomo, Jakarta Futures Exchange, Indonesia
Napaporn Kurupasutachai, President, Agricultural Futures Exchange of Thailand
Laurence Davison, Editor, Futures & Options Week, UK

20:00 Conference Gala Dinner

Friday, April 7

09:00 - 09:30 Keynote Address

09:30 - 10:45 Roundtable 4: Technology - Vendor Experience Dealing with Exchanges and vice versa; new trends - are they needed for emerging markets? Wishes from exchanges to ISVs

Moderator: Peter Koster, CEO, European Climate Exchange, the Netherlands
Panel Members:
Duncan Symmons, Head of Exchange Systems, Patsystems, UK
Jonathan Butler, Project Manager, Deutsche Borse System AG, Germany
Philip Haynes, OMX AB, Sweden
Garry O'Reilly, Business Development Manager, MEFF, Spain
Paul Constantinou, Sales Manager, Trayport Limited, UK

10:45 - 11:15 Coffee break

11:15 - 12:30 Roundtable 5: Clearing: Horizontal or vertical organization? Or better via international or regional cooperation?
Any lessons to be learned from the Refco case?

Moderator: Patrick Young, Chairman, erivatives
Panel Members:
Gyorgy Dudas, CEO, KELER, Hungary
Lawrence Peirson, Director - Futures, Barclays Capital, UK
Chip Dempsey, Senior Vice President. The Clearing Corporation, USA
Otto E. Naegeli, Managing Partner, OEN Consulting, Switzerland
Michael Jesch, Managing Partner, Maycroft & Jesch, Germany

12:30 - 14:00 Lunch
Sponsored by Euronext.liffe

14:00 - 15:15 Roundtable 6: Emerging Markets: What Lessons (Good or Bad) Have They Learnt from Mature Markets; Cooperation Among Emerging Markets and with international organizations; Influence of Hedge Funds: (how) can their business be accommodated?

Moderator: Paul Meier, Chairman, Swiss Futures & Options Association, Switzerland
Panel Members:
Larissa Gorbunova, RTS Stock Exchange, Russia
Robert Ray, Senior Vice President, Business Development, CBOT, USA
Allen Lin, Director, Clearing Department, Taiwan Futures Exchange, Taiwan
Clive Furness, Managing Director, Contango Markets Ltd., UK
Mr. Ferdinando Zullo, Director, Research & Development, Gestore del Mercato Elettrico, Italy

15:15 - 15:30 Concluding Remarks

16:00 Tour of the City

19:00 Closing Coctails

20:00 Farewell Dinner



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