2012 AFM in Budapest
Please download Conference Programme!
Pre-conference workshop: REGULATIONS AND SURVEILLANCE
Wednesday, March 7
This interactive workshop on a core function enabling the integrity of any exchange business will allow conference participants an opportunity to learn, share and debate how this important part of the exchange business keeps us all honest!
11:00 – 12:15
Session I: Surveillance tools: what are available from the technology providers to transform the deluge of trading data into useful information; tools to link exchange-owned information to other intelligence sources; would graphical representation of data be helpful to conduct investigation?
Moderator: Paul Constantinou, Trayport
Presenters:
Gökhan Ugan, TURKDEX
Lorne Chambers, SMARTS
Harde Kader, Cinnober
12:15 – 13:45: Lunch
13:45 – 14:45
Session I: A survey of the legal framework in different jurisdictions: who is in charge and who does what; types of violations, civil or criminal charge, and respective penalty; how cross-market regulation is carried out; notable cases in recent history. What international organisations are around and do they add value?
Presenters:
Ed Dasso and Karen Wuertz, National Futures Association, USA
Marc Strategier, Head of Compliance, NYSE Euronext
14:45 – 15:15: Coffee
15:15 – 16:15
Session III Case study: Through a practical case study report on a successful crack down; detail how the case arose and how it was identified, what interaction with the market or other regulators was required, the logic applied and legal nature of the investigation (also mention if there is a difference between cash settled products and physical settled), examine the difficulties encountered in enforcing regulation through market surveillance. Finally what, if any, changes were required to rules to ensure better compliance
Presenters:
Sean Chuang, Associate, TAIFEX
Ivana Gazic, President of the Management Board, Zagreb Stock Exchange
Marc Strategier, Compliance Odfficer, NYSE Euronext
18:00 AFM General Assembly
20:15 Coctails in the Budapest Marriott Hotel
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21:00 Opening Dinner in the Budapest Marriott Hotel
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MAIN CONFERENCE
Thursday, March 8
08:00 – 09:00 Registration
09:00 – 09:15 Welcoming Remarks
Mr. Huang Naikuan, TAIFEX on behalf of AFM Chairman Tony Fan, TAIFEX
Mr. György Dudás, KELER Budapest
09:15 – 09:30 Keynote Address by dr. Károly Szász, President, Hungarian Financial Supervisory Authority
09:30 – 10:45 Roundtable 1: Interactive Panel Discussion on the East European Market: Local vs. Regional
Moderator: Otto Naegeli, Swiss Futures and Options Association
Panelists:
Attila Toth, Budapest Stock Exchange
Ivana Gazic, Zagreb Stock Exchange
Daniel Nevidal, Intercapital Securities
Sinisa Krneta, Belgrade Stock Exchange
Piotr Borowski, Warsaw Stock Exchange
10:45 – 11:15 Coffee break
11:15 – 12:30 Roundtable 2: Lessons learned in Emerging Countries and Further Opportunities: Africa, South America
and the CIS Region
Moderator:
Panelists: Henri Bergström, NASDAQ OMX
Eleni Gabre-Madhin, Ethiopian Commodity Exchange
Vladzimir Torchyk, Belorusian Universal Commodity Exchange
Kristian Schach Moller, ACE Africa
Robert Ray, CME Group
12:30 – 14:00 Lunch
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14:00 – 15:30 Roundtable 3: Power Exchanges in Europe – Get to Understand the Market Structure, What drives pricing dynamics, How Delivery takes place, Cross-Border Trades, Settlement, Linkages with the Carbon Market
Moderator: Michael Jesch, bankon Management
Panelists:
Zoltán Medveczki, HUPX Hungarian Power Exchange Ltd.
Clive Furness, Contango Markets
Oliver Maibaum, European Electricty Exchange
Peter Boehmwalder, NASDAQ OMX
Ireneusz Lazor, Polish Power Exchange
15:30 – 16:00 Coffee Break
16:00 – 17:00 Roundtable 4: The Derivatives Market Outlook for Emerging Markets in Asia
Moderator: Simon Rostron, Rostron Parry Ltd.
Panelists:
Huang Naikuan, TAIFEX
Samir Ahmed, Pakistan Mercantile Exchange
Alan van Griethuysen, NYSE Euronext
Mustafa Baltaci, FEAS and Istanbul Stock Exchange
20:00 Conference Gala Programme in the Budapest Gerbeaud House: Fine Food and Local Entertainment
Friday, March 9
09:30 – 09:45 Roundtable 5: Regulation and Surevillance: Conclusions from the Pre-Conference Seminar
Moderator: Roderick-Gravelet Blondin, Honorary AFM Member
Panelists:
Paul Constantinou, Trayport
09:45 - 10:15 Presentation: The Possible Implications of the MF Global Bankruptcy and Lessons Learned
John Lothian, President and CEO, John J. Lothian and Company
10:15 – 10:45 Coffee break
10:45 – 12:15 Roundtable 6: Technology: Pie in the Sky
- High frequency trading, how emerging markets are handling this issue?
- Faster order processing vs more exchange functionality
- Cloud computing for emerging markets, is this an enabler for future development
- The future of exchange connectivity: Native API, FIX, FIX FAST
Moderator: Chip Dempsey, Morgan Stanley
Panelists:
Cetin Ali Dönmez, CEO, TURKDEX, Turkey
Dewald Marais, STT, South Africa
Patrick Thornton-Smith, Traiana, UK
Harde Kader, Cinnober
Peter Jessup, NASDAQ OMX
12:15 – 13:45 Lunch
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13:45 – 15:00 Roundtable 7: Product Development: (Agricultural, Currency, Equities, Gold etc.): Engage with panelists to find out what’s new, what’s old and where to in this space…Why some highly demanded and speculative underlying, semiconductors have never been successfully developed into popular contracts? And some old stuff, such as gold, have never been out of fashion almost anywhere?
Moderator: John Mathias, JM Consulting
Panelists:
Chris Sturgess, JSE Limited
Gary Delany, Options Industy Council
Michelle Janke, STT South Africa
Cetin Ali Dönmez, TURKDEX
15:00 – 15:15 Coffee break
15:15 -16:30 Roundtable 8: Emerging Markets Trading International Benchmark Indices/Products: how, why and can this
lead to success?
Moderator: Paul Meier, Honorary Member, AFM
Panelists:
Chris Sturgess, JSE Limited
Christian Sima, SIBEX
Konrad Sippel, STOXX Ltd.
David Feltes, CME
17:00 Farewell Program: Thematic Tour of one of the jewels of Budapest: Andrássy Avenue. Visit of KOGART Gallery followed
by a reception (www.kogart.hu)
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