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
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?

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

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

                         Sponsored by 

21:00               Opening Dinner in the Budapest Marriott  Hotel

                         Sponsored by 



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
                        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
                        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
                       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.
                       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
                       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
             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
                      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
                      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 (
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