Market Place Seminar 2009 - October 28th

Liquidity, Information and Trading in Liberalised European Stock Markets

Who should attend?

Buy- and sell side: Head of Trading, traders, sales traders, Head of Trading Technology, Portfolio Manager or otherwise involved with the trading of equities on either the buyside or sellside
ISVs'
Lawyers
Compliance
FSA
Market Places
Other persons/organisations involved in the stock market

Price

DKK 500,- (except buy-side and authorities)

Why participate?

Liberalisation of the European Stock Markets, caused by the implementation of MiFID in November 2007, has turned the European Stock Markets upside down. The most significant change to the trading landscape has been the impact of new Multilateral Trading Facilities (MTFs) like Chi-X, BATS, Turquoise, Burgundy, NEURO etc. Information and trading is now fragmented and it is no longer enough e.g. to look at NASDAQ OMX when trading Danish Blue-Chip - approximately 10 market places in Europe offers trading in Danish Blue-Chip shares.

How is it possible to keep an eye on prices and liquidity on so many market places? And what are the consequences for liquidity and volume? Is it possible to execute orders in the light market or are dark pools better? Are market participants gamed? Who benefits from MiFID and what more can we expect?

Get answers on the Danish Securities Dealers Associations' Market Place Seminar 2009.

Program

3.00 - 3.05 pm Introduction
by the Danish Securities Dealers Association

3.05 - 3.50 pm Consequences of MiFID on the European Stock Markets (and the expected reactions from the Authorities)
by CEO Karel Lannoo, CEPS (The Centre for European Policy Studies)

Big picture
Fragmentation and best execution - how?
Market data
Transparency
Market abuse
Who's benefitting?
Next step

3.50 - 4.20 pm Information post MiFID - how far are we?
by Managing Director, Niki Beattie, The Market Structure Practice

Brief status on information post MiFID
What are the key challenges in delivering a consolidated tape for Europe?
How do we get there?
What impact will a consolidated tape have on pan-European liquidity?

4.20 - 4.50 pm What is algo-trading and Smart Order Routing and which effect does algos' and Smart Order Routing (SOR) have on best exection?
By Director of Strategy Steve Grob, Fidessa

What are the benefits and disadvantages of algo trading and SOR?
What impact do they have on best execution?
What is the potential impact of flash-orders on best execution

4.50 - 5.00 pm Coffee break

5.00 - 6.00 pm Dark pools vs. light pools
1) A sell side perspective by Head of European Liquidity Strategy for AES George Andreadis, Credit Suisse
2) A buy side perspective by Head of Global Equity Trading Danny Burton, Threadneedle

What is a dark pool?
Pros. et cons. for dark vs. light pools'
Consequences for markets and market quality
Gaming and market abuse in dark pools
Present initiatives

Facilitator: Managing Director Niki Beattie, The Market Structure Practice

6.00 - 6.30 pm Trading post MiFID - a Danish buy-side view
by Head of Trading Niels Børsting, ATP

The importance of liquidity
Liquidity post MiFID
Transparency and dark pools
What does Buy-side want?

6.30 - 7.00 pm Drinks