Fixed Income Leaders Summit APAC 2018

18 - 20 September, 2018

Sheraton Towers, Singapore

65 6722 9455

Fixed Income Leaders Summit APAC Day 2 - Thursday, September 20th 2018

Unlock The Full Potential Of Your Trading & Investment Division

8:00 am - 8:55 am Registration and Breakfast

8:55 am - 9:00 am Welcome Address

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Tariq Dennison

Investment Adviser, Portfolio Manager, ETF Expert
GFM Asset Management

Think Big To Win Big

Will 2018 bring more stability, or more uncertainty? There are plenty of hurdles ahead: tighter monetary policy, political change, and technological disruption, not to mention huge environmental and social challenges. So how should investors react? In this panel, you will hear from our panel of expert Chief Investment Officers on how to best do asset allocation within the fixed income space to generate returns for your investors in an increasingly complex environment:
 
-          How best to do asset allocation within the Fixed Income space to generate returns for your investors in an increasingly complex environment?     
-          How can you achieve an acceptable level of risk-adjusted bond returns in the current low yield environment?
-          Expansion into alternatives and emerging markets - What is the investment case for emerging market bonds right now and how can you explore new avenues to bolster returns to remain competitive in the fixed income arena?
-          The increased focus on using platforms to be able to run businesses – how can you successfully embed a comprehensiverisk management system in your investment process?
-          Diversification and risk reduction - How can you broaden your opportunity and actively select securities with an eye toward prudent risk management in order to adequately compensate risk?
-          Managing duration and credit risks - How can you effectively manage the downside risks to ensure superior performance over time?
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Tariq Dennison

Investment Adviser, Portfolio Manager, ETF Expert
GFM Asset Management

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Yezdi Chinoy

Regional CIO Asia
Generali Asia

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Michael Chang

Chief Investment Officer, Fixed Income
RHB Asset Management

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Binay Chandgothia

Managing Director - Portfolio Manager, Principal Portfolio Strategies
Principal Global Investors

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Rajeev De Mello

CIO
Bank of Singapore

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Derek Mok

Chief Investment Officer
Fubon Convoy Asset Management

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Sylvain Baude

Executive Director, Chief Investment Officer
Oclaner Asset Management

10:00 am - 10:30 am In Conversation With Leading Hedge Funds: What are the top 5 themes that will dominate the fixed income landscape over the next 12 months and how can you best tap into the opportunities they bring?

Tariq Dennison - Investment Adviser, Portfolio Manager, ETF Expert GFM Asset Management Arun Singhal - Head of Fixed Income Edelweiss Sanjay Guglani - CIO Silverdale Funds Tuck Meng Yee - Partner JRT Partners
Bitcoin, MiFID II, and “1 or 30” were just a few of the most talked about hedge fund topics of 2017 and it was a year of industry growth, innovation, solid returns, as well as one of disruption. Investors looked to hedge funds for unconstrained active management and the hedge fund model continues to evolve. In this panel we have both the hedge funds and hedge fund investors who will share their insights on:
 
-          How has the recent regulatory reforms and geo-political landscape shaped the hedge fund industry in Asia?
-          Transcending asset classes: What is the new thinking towards allocators and implications for the hedge fund industry?
-          What forces are shaping the Asian hedge fund industry today, and where do allocators see opportunity?
-          Working smart: How is technology driving change in the hedge fund industry?
-          What are hedge fund investors looking for in the year ahead and what are the strategies in favour?
-          Treasury management – what are the latest trends and offerings in this segment and what are the potential options and associated risks?
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Tariq Dennison

Investment Adviser, Portfolio Manager, ETF Expert
GFM Asset Management

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Arun Singhal

Head of Fixed Income
Edelweiss

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Sanjay Guglani

CIO
Silverdale Funds

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Tuck Meng Yee

Partner
JRT Partners

10:30 am - 10:50 am Keynote: Enabling compliant efficient workflows in a rapidly evolving global fixed income landscape

Ganesh Iyer, CAIA, FIA - Director, Global Marketing IPC
The shifting sands of market structure, stricter risk management practices and an ever-changing regulatory regime continue to alter the landscape for fixed income investment and trading workflows. Throw in geopolitical uncertainty, volatility, an alarming frequency of black swan events, the increasing interest rate environment and market fragmentation – navigating the fixed income markets just became that much more complex.
In these exciting and uncertain times, there is an unprecedented need for specialized communications technology to enable market participants to achieve their goals of price discovery, best execution, alpha generation and risk mitigation. This presentation will explore the vital role of communications in:

- The search for assets and conducting transactions.
- Executing block trades and trading complex products. - Sourcing liquidity, particularly in stressed market conditions. - Internal collaboration among traders, researchers, portfolio managers, risk managers, compliance professionals, technologists, settlement
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Ganesh Iyer, CAIA, FIA

Director, Global Marketing
IPC

Increased regulatory pressure, the drive towards operational efficiencies and the requirement to deliver “best execution” are part of a matrix of forces leading buy-side firms to reassess both their data requirements and technology infrastructure and is forcing all industry participants to reassess the quality, efficiency and sustainability of their existing trading systems. Listen to our expert speakers from BlackRock and T Rowe Price who will shed light on the key steps to ensure that you have taken all the sufficient steps to comply with best execution requirements.
- The impact on your IT infrastructure from front-to-back – how can you ensure that you have taken all the sufficient steps to comply with the best execution requirements technologically?
- The shift towards investment in technology infrastructure and risk management? – How can you expand your asset allocation through real time calculation and look at sophisticated ways of monitoring compliance and monitoring risk?
- Where is the investment in new technology going in order to now focus trading resources where they are truly needed?
- How can you have a sound integrated technology platform to compete effectively through the most informed decisions and investment solutions?
- How is MiFID II accelerating the disruption of traditional information flows in favor or technology, big data and AI research solutions?
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Tariq Dennison

Investment Adviser, Portfolio Manager, ETF Expert
GFM Asset Management

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Patrick Leung

Head of Fixed Income Trading, APAC
BlackRock

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Isa Eamon Keaveny

Director
Efsol Asset Management

Ambarish Ray

Fixed Income Trader
T Rowe Price

11:20 am - 11:50 am Morning Refreshment Break

Establishing Winning Partnerships

As the fixed income industry works to cope with new regulations, wades through an outpouring of new products, learns to satisfy investors’ shifting priorities and manages the active-passive debate, the viability of business units will be questioned, and at times radical measures will be taken. In this 40-minute session, you will hear from a panel of expert speakers who will cover:
- The cultural shift in fixed income trading - How are the roles of the buy and sell side changing and the lines of the traditional structure becoming indistinct?
- What is the right combination of brokers, platforms and technology you need to successfully navigate the market?
- Who should you partner with to navigate your trading desk in a fragmented market structure?
- How does technology and market structure go hand in hand and how will this continue to evolve over the next 5 years?
- Unlocking the value of data – How can Asia evolve more rapidly in the next decade by focusing on reliable, high-quality pre-trade or post-trade market data?
- If there is wage tightening, what would happen to emerging market bonds? Will there be a capital outflow or inflow from the countries?
- With the rising maturing population in Asia and the increased interest in fixed income investments, what’s the capacity for the fixed income industry?
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Pankaj Nagrath

Chief Business Advisor & Investment Counselor, GSAM
Bank of Singapore

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Alexander Bouzalis

Executive Director
Morgan Stanley Investment Management

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Daniel Lau

Portfolio Manager
PIMCO

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Christophe Roupie

Head of Europe and Asia
MarketAxess and TRAX

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Sage Patel

Executive Director & Head of Fixed Income, Asia Pacific
IHS Markit

Thinking Ahead

12:20 pm - 12:40 pm In Conversation: Is MiFID III on the horizon? - Gain first hand clarity on what new reforms to expect by when and how to best prepare

Tariq Dennison - Investment Adviser, Portfolio Manager, ETF Expert GFM Asset Management Jason Valoti - Partner Simmons & Simmons
Jason Valoti is a recognised leading expert and practitioner in legal markets and acts for leading international investment banks in relation to regulatory matters, structured and OTC derivate transactions. He is also recognised in Chambers Asia Pacific 2017 as an “exceptional” practitioner with deep experience in acting for investment banks. With notable proficiency in equity, credit and fund-linked structures and having written several articles on MiFID II, this will be a fantastic opportunity for you to get up close with the upcoming reforms which will transform your global trading operations in the next 5 years:
-          How are regulations expected to transform your global trading operations in the next 5 years?
-          Will the data generated by Mifid II’s stricter reporting requirements enable European law-makers to further tweak the rules?
-          Regional adoptions of MiFID II – What are some of regulations that have come out of MiFID II that might be adopted across the regions?
-          From challenge to opportunity- what market changes from the new regulation could bring welcome opportunities for the buy side?
-          Predicting the unintended consequences- Will the implementation of MiFID II stifle liquidity and business growth and lead to a more order driven market?
-          How will the market handle a more transparent environment and what impact will this have on trading behavior and risk taking?
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Tariq Dennison

Investment Adviser, Portfolio Manager, ETF Expert
GFM Asset Management

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Jason Valoti

Partner
Simmons & Simmons

Big Idea Guest Speaker

12:40 pm - 1:00 pm Special Guest Speaker: Why, despite an ever growing rule book does the same kind of bad behaviour and misconduct keep on occurring in the finance industry?

David McClean - Senior Technical Advisor FICC Markets Standards Board
David has worked in the wholesale financial markets for over thirty years in London, New York and Tokyo. Having held senior trading roles in fixed income and treasury at various investment banks, including Nomura and UBS, he has provided expert opinion and consultancy services in several commercial disputes in the financial sector. In his presentation David will provide expert insights on the misbehaviour of financial markets with case studies demonstrating market abuses.
- The Conduct Void : Where standards fit into a regulatory framework
- Writing Standards – Experiences 12 months on at the FMSB
- Where the Gaps are: areas where market practitioners are seeking clarity on conduct
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David McClean

Senior Technical Advisor
FICC Markets Standards Board

1:00 pm - 2:00 pm Lunch and Networking Break

Chair: Gareth Nicholson, Head Fixed Income, Bank of Singapore

TRACK A | Trading Accelerating Electronification

2:00 pm - 2:40 pm 360° Perspective: How can you transform the way in which you source and leverage data across your investment and trading division to make it a competitive edge?
Gareth Nicholson - Head Fixed Income Portfolio Management Bank of Singapore Pierre-Emmanuel Charlier - Head of Fixed Income Trading, Asia Pictet Asset Management Eric Busay - Founder SROL Consulting
The big equity exchanges figured this out years ago, and now the fixed-income market is starting to follow suit. After years of debating trading protocols and what should be counted as “true” electronic trading, the debate will shift to who can provide the best data and derive insights that ultimately help both liquidity-makers and takers get their jobs done. Hear from Bank of Singapore and Pictet AM who will share their thoughts on: - How can you use the increased amount of data as a competitive advantage and use MiFID II as a catalyst to ensure your data infrastructure is flexible and efficient? - What is the future is for fixed income markets as investment firms begin to take firmer grasp on data? - What does MiFID II mean for data management and disclosures for investment firms? - Harvesting data- How can you best collect, store and package data in a way that it is easily accessible and accessible for your traders? - How can you deal with MiFID II requirements on real-time and historical data? - How can you effectively mine data to create “a view into the location of every bond in the world”? - Pre-trade market data, post trade data and public data- How can you bring this all together to make more informed trading decisions?
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Gareth Nicholson

Head Fixed Income Portfolio Management
Bank of Singapore

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Pierre-Emmanuel Charlier

Head of Fixed Income Trading, Asia
Pictet Asset Management

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Eric Busay

Founder
SROL Consulting

TRACK A | Trading Accelerating Electronification

2:40 pm - 3:20 pm Fire-side chat: What makes a credible TCA system- Outlining the building blocks for obtaining reliable pre and post trade fixed income TCA
Gareth Nicholson - Head Fixed Income Portfolio Management Bank of Singapore Pierre-Emmanuel Charlier - Head of Fixed Income Trading, Asia Pictet Asset Management Nic Yiu - Senior Fixed Income Trader Allianz Global Investors
TCA is evolving rapidly. What was once pre-trade analysis of what might happen, used retrospectively by compliance departments is now morphing into a real-time, dynamic process of trade monitoring with an impact on trading behaviour, consequently informing better judgments. In this panel, understand from our speakers what the current offerings of fixed income TCA are and how the market is developing a reliable TCA methodology which can be used to help measure and achieve best execution. - TCA is currently used by just 32% of fixed income trading desks – what are the main challenges in using a TCA system? - What are the implications of the lack of core aggregated data in fixed income TCA? - What are the latest benchmarking tools available in Fixed Income TCA and how can TCA work as an useful tool or guide to inform trading decisions and identify outliers? - With the lack of comprehensive tools available to aggregate data, how can TCA providers provide a credible, transparent and more robust multi-asset TCA capability?
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Gareth Nicholson

Head Fixed Income Portfolio Management
Bank of Singapore

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Pierre-Emmanuel Charlier

Head of Fixed Income Trading, Asia
Pictet Asset Management

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Nic Yiu

Senior Fixed Income Trader
Allianz Global Investors

TRACK A | Trading Accelerating Electronification

3:20 pm - 3:45 pm Fire-side chat: Making the switch to algo trading– How can you smoothly make this transition and reap the full benefits they have to offer?
Gareth Nicholson - Head Fixed Income Portfolio Management Bank of Singapore David McClean - Senior Technical Advisor FICC Markets Standards Board
Fixed-income trading desks are facing more pressure than ever from regulations, which is making it more expensive to handle big trades. After seeing the cost reduction success of other trading desks that switched to automation, debt traders can no longer justify the costs of the status quo. Examine how you can reduce manual errors, emotional trading decisions, as well as execution costs through the use of algo trading. - The evolution of the algorithmic landscape – how much has algorithmic trading penetrated the fixed income markets in Asia? - In an increasingly maturing market, what are the opportunities and challenges in automated trading and which claims about automated trading are valid and which are misunderstood? - How can algo trading reducing manual errors and emotional trading decisions, as well as execution costs? - What are new innovations expected in algorithmic trading in the next 5-10 years? - What fixed income products are next for trading automation? - How can you adapt your internal team structure to respond to tomorrow’s algo trading?
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Gareth Nicholson

Head Fixed Income Portfolio Management
Bank of Singapore

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David McClean

Senior Technical Advisor
FICC Markets Standards Board

With demonetization, introduction of GST policies and the banks re-cap for the public sector, what can we expect from India’s bond market? Listen to our panel of expert speakers who will discuss the key trends, challenges and opportunities in this space:
 
-          India and Credit – what are the key trends, challenges and opportunities in this space?
-          Less than 5% on Indian bonds are owned by foreigners - What developments to India’s debt markets needs to be made to further attract global investors?
-          With demonetization, introduction of GST policies and banks re-cap for the public sector, what can we expect from the Indian bond market?
-          What is the outlook for Indian bonds going ahead with the increase in oil prices and the US tax reforms?
-          With the local emerging market currencies and global developments, what is the outlook of the Indian bond market?
-          Nurturing a local currency bond market - What has been the journey for masala bonds?
-          NPL - Non-performing loans in India - how does this impact Indian banks balance sheet with a lot of bond issues that are outstanding?
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Pankaj Nagrath

Chief Business Advisor & Investment Counselor, GSAM
Bank of Singapore

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Shamit Chokshi

Head - Offshore Fund Investments
ICICI Prudential Asset Management Company

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Vivek Sharma

Head – SEA and Middle East, Global Asset Management
Edelweiss Financial Services

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Olivier Spoor

Portfolio Manager
Oclaner Asset Management

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Arvind Chari

Head - Fixed Income & Alternatives
Quantum

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Praveen Jagwani CFA

Chief Executive Officer
UTI International

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Sanjay Guglani

CIO
Silverdale Funds

TRACK B | Portfolio Management Drill Down On Emerging Markets

2:45 pm - 3:15 pm Fire-side chat: As Green Bonds grow in popularity, is it better to launch it as a separate fund as opposed to integrating them into your mainstream portfolio?
Mushtaq Kapasi - Chief Representative, Asia Pacific International Capital Market Association (ICMA) Samy Lounis - Fixed Income Product Specilist Allianz Global Investors Oualid Ammar - Senior Financial Officer International Finance Corporation
Asia’s Green bond market is beginning to bloom. Even in a quiet year for China’s domestic market, the arrival of first-time issuers from the likes of India, Australia and Singapore are adding new depth to the region’s green finance push. In this interview session speakers from IFC and Allianz global investors will cover: - With the increasing trend in sustainable investment, is green bond the next best investment Asset class? - Is the green bond market going to be an asset class and is green investing a legitimate sector? - The unclear benefits of green bonds – Are issuers issuing green bond only for tax exemption reasons or where exactly is the channelling of funds happening? - The lack of liquidity and research in green bonds – is it possible for investors to make educated investment decisions to gain positive returns from green bonds? - Growth in this space - Are investors really looking to invest in green bonds despite the lack of any clear benchmark standards in this space?
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Mushtaq Kapasi

Chief Representative, Asia Pacific
International Capital Market Association (ICMA)

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Samy Lounis

Fixed Income Product Specilist
Allianz Global Investors

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Oualid Ammar

Senior Financial Officer
International Finance Corporation

TRACK B | Portfolio Management Drill Down On Emerging Markets

3:15 pm - 3:45 pm 360° Perspective: With increasing interest in the Asian local currency bond market, how can you adapt your portfolio to gain optimum exposure to them?
Pankaj Nagrath - Chief Business Advisor & Investment Counselor, GSAM Bank of Singapore Brad Gibson - Head of Portfolio Management - Fixed Income AB Global Manu George - Senior Investment Director, Fixed Income Schroders Investment Management Shamit Chokshi - Head - Offshore Fund Investments ICICI Prudential Asset Management Company
With interest rates remaining low and headline inflation moving higher up the curve, investors continue to look beyond traditional income sources, moving further out on the risk spectrum to meet their long-term targets. In this session our speakers will share their insights on: - With headline inflation moving higher up the curve, what are the implications for investors in Asia? - The currency outlook in Indonesia - How the Indonesian rupiah will be affected by the policy normalisation from across the countries and the central bank policies? - The political dynamics in Indonesia and Malaysia – With the presidential elections coming up in 2019 what are the uncertainties these markets will face? - The monetary policy of Bank of Japan – What are implications of this in the Japanese bond market? - The dominance of China - how can we get more issuance out of other regions? - On the country level - how structures and whole reporting side of things work in India, Indonesia as versus to Singapore?
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Pankaj Nagrath

Chief Business Advisor & Investment Counselor, GSAM
Bank of Singapore

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Brad Gibson

Head of Portfolio Management - Fixed Income
AB Global

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Manu George

Senior Investment Director, Fixed Income
Schroders Investment Management

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Shamit Chokshi

Head - Offshore Fund Investments
ICICI Prudential Asset Management Company

TRACK C | Creative Boardrooms: Making Derivative Reforms Business As Usual

2:00 pm - 2:50 pm Creative Boardroom: Pragmatic Steps to Digital Transformation: From Open API to Open Banking
Eiichiro Yanagawa - Senior Analyst Celent
-          Setting the scene - Digital Opportunities
-          The Emerging Open Banking Landscape
-          Down-on-earth Open API Threats and Opportunities
-          The Future of Banking
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Eiichiro Yanagawa

Senior Analyst
Celent

TRACK C | Creative Boardrooms: Making Derivative Reforms Business As Usual

2:50 pm - 3:45 pm Creative Boardroom: Reaping the ROI on past regulatory spend- How to streamline your trading, clearing, collateral and reporting infrastructure to drive workflow efficiencies
Erryan Abdul Samad - Assistant General Counsel International Swaps and Derivatives Association, ISDA Rahul Advani - Director Public Policy International Swaps and Derivatives Association
The core challenges now facing the entire industry are common to all participants which is how to future proof the clearing infrastructure to accommodate the raft of market and regulatory driven changes still to come. Delve deeper into the discussion led by Mark and Erryan from ISDA:
 
-          What recent regulatory changes have come into play and what impact have new regulations had on trade execution processes and costs?
-          Where are the current clearing proposals up to and how will you be impacted?
-          Uncleared swaps- How will they be handled under the new mandate?
-          What are documentation protocols associated with central clearing and who can help with this?
-          Moving systematic risk- What are the recovery and resolution rules for CCP’s themselves?
-          Swaps trading in Asia- How do the mandatory trading rules in Asia differ from the US and European trading requirements?
-          Are there any further regulatory changes on the horizon and what are the implications for investment managers and institutional investors?
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Erryan Abdul Samad

Assistant General Counsel
International Swaps and Derivatives Association, ISDA

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Rahul Advani

Director Public Policy
International Swaps and Derivatives Association

3:45 pm - 4:15 pm Afternoon Refreshment Break

The Game Changers

4:15 pm - 4:45 pm Fireside Chat: Front office talent – What are the critical success factors for hiring, training and retaining the best front office trading talent, now and in 10 years’ time?

Isa Eamon Keaveny - Director Efsol Asset Management Sam Ahmed - Managing Director and Head of Asia Pacific Deriv Asia Tariq Dennison - Investment Adviser, Portfolio Manager, ETF Expert GFM Asset Management
Who will be the winners and losers in the evolving fixed income market structure and which new types of job functions are now coming to the fore? Don’t miss this  fireside chat where our speakers will share insights on:
 
-          Who will be the winners and losers in the evolving fixed income market structure? Which new types of job functions are now coming to the fore?
-          How do you need to position your firm to attract the best talent?
-          What expertise and technological know how is now needed on the buy and sell side in increasingly electronic markets? 
-          What are the unintended consequences of regulation which are impacting buy and sell side firm structures?
At which types of firms do new entrants into the Fixed income market most want to work? 
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Sam Ahmed

Managing Director and Head of Asia Pacific
Deriv Asia

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Tariq Dennison

Investment Adviser, Portfolio Manager, ETF Expert
GFM Asset Management

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Isa Eamon Keaveny

Director
Efsol Asset Management

Fully engage with the most contentious and divisive issues currently facing your industry.
Sit back and witness industry leading figures pitting themselves against each other in a battle to deliver the knockout argument. Will you reconsider your position? And will you walk away with a fresh mind-set and better prepared to take on this key conundrum?
-          The speculative nature of crypto currency investment – Do you run the risk of losing all your capital?
-          Bitcoins, the next biggest thing after rates – how is this threatening the financial stability in the region?
-          With Asian countries continuingly warning investors again bitcoins, what’s the direction in this space?
-          Are bitcoins going to take over the entire financial systems?
-          Are they going to take over the current currencies we trade if crypto currencies become a common medium of exchange?
-          What are the risk factors associated with crypto currencies being a store of value?
-          What are the implications of actual market acceptance with the rising volatility of store of value?
-          Will investors be allowed to invest in this as part of their portfolio?
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Avtar Sehra

CEO and Chief Product Architect
Nivaura

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Tuck Meng Yee

Partner
JRT Partners

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Shui Wei Ho

Head of Money Market, Fixed Income & Foreign Exchange
Bank of Singapore

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Tariq Dennison

Investment Adviser, Portfolio Manager, ETF Expert
GFM Asset Management

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Michael Preiss

Co-founder
Blockchain Association of Singapore

Join our fixed income sharks during this exciting ‘Shark Tank’ style session, where you will hear from 3 new and innovative FINTECH start-up firms as they present their offerings in a bid to win first place. Listen up as the ’sharks’ review the technologies’ benefits to your business, predict their future success and deliver their verdicts. The ultimate decision is in your hands though, as the audience get to vote for their favourite. Will you find the next big thing?
-          What is the role of this in the fixed income market and how is it impacting the growth of this market in terms of providing liquidity?
-          How is this creeping into fixed income market and how are companies looking to automate processes that are traditionally manual?
-          What are the glaring opportunities in this space and how can they reduce the inefficiencies in your trading desk and improve price discovery and price transparency from a regulatory perspective?
-          Processing enormous amount of market data in a low latency environment – How can technology solve this for you?
What is happening in AI, robotics, peer-to-peer platforms and cloud technology and how will these impact investments and trading in the next 5 years?
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Gareth Nicholson

Head Fixed Income Portfolio Management
Bank of Singapore

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Isa Eamon Keaveny

Director
Efsol Asset Management

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Steve Toland

Founder
TransFICC

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Vincent Caldeira

CTO & Co-founder
Bondlinc

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Emir Hrnjic

Visiting Senior Research Fellow and Former CEO
CAMRI @ NUS Business School and CIBFM (Monetary Authority of Brunei Darussalam)

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Rahul Banerjee

Founder
BondEvalue

5:55 pm - 6:00 pm Chairperson’s Closing Remarks

6:00 pm - 7:30 pm Conference close