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18th November 2014
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Dear Delegate,
WHO SHOULD ATTEND?
I am delighted to welcome you to Structured Products Europe 2014, which marks
the 10th anniversary of our SP conferences.
Job titles of attendees
This year’s keynote speaker is Guillaume Eliet, managing director, Regulation Policy
and International Affairs at AMF, the French financial regulator, who will be followed
by a panel that includes Barbara Antonides, supervision officer at the AFM, the
Netherlands Authority, and Christian Vollmuth, managing director of Germany’s
trade association, the DDV. Marcello Minenna, head of unit, Quantitative Analysis
and Financial Information at Consob will then present on price discovery, risk taking
and the probability approach.
SPECIALISTS/ADVISERS
11%
This regulatory backdrop will be followed by talks on innovation on payoffs and also
in strategy products based on risk factors and risk premia, and then on distribution,
education, marketing, indexing, private banking and listed products. The underlying
of choice for this year’s conference is inflation, which will include a take on inflation
options, how they are traded and the hybrid structured notes in which they are
incorporated.
The conference will culminate with an Editor’s panel, on which senior members of
the structured products community will debate the future direction of the market in
light of volatility, inflation and interest rates, and also broach the question of
whether or not retail investors have become more sophisticated.
HEADS/MANAGERS
35%
I look forward to seeing you at the Hilton London Tower Bridge Hotel on November 18.
Independent asset managers
Registered investment advisors
Private client advisors
Family offices
C-LEVEL
Product distributors
Private banks
Retail banks
Wealth managers
Investment brokers
Portfolio managers
Corporates
Insurance companies
16%
MANAGING DIRECTORS/
VICE PRESIDENTS/
PARTNERS
38%
Best regards,
Richard Jory,
Editor, Structured Products, Risk.net
Benefits of attending
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Speakers
Our expert speaker panel is comprised of the industry’s most respected, innovative
and knowledgeable participants.
Guillaume Eliet,
Managing Director, Regulation Policy and International
Affairs Division, AMF
Christian Vollmuth,
Managing Director, DDV
Barbara Antonides,
Supervision Officer, Netherlands Authority for the
Financial Markets, AFM
Marcello Minenna,
Head of Unit, Quantitative Analysis and Financial
Innovation, CONSOB; Contract Professor of Financial
Mathematics, Bocconi University
Arnaud Jobert,
Managing Director - Equity Derivatives Structuring,
JP Morgan Chase
Tim Mortimer,
Owner, Future Value Consultants
Timothy Hailes,
Chairman, Joint Associations Committee
on Retail Structured Products
Edgar Luczak,
Chief Executive Officer, Garantum Fondkommission
Thomas Wulf,
Secretary –General, Eusipa
Fredrik Langley,
CEO, Strukturinvest Fondkommission
Ted Hood,
CEO, Source
Ian Lowes,
Managing Director, Lowes Financial Management
Nicholas Soerensen,
Vice President Product Advisor, Deutsche Asset &
Wealth Management
Andrew Savill,
Director, Mariana Capital
Bootcamp tutors
Peter Green,
Partner, Morrison & Foerster
For a full list of our speakers please visit
structuredproductseurope.com
Jeremy Jennings-Mares,
Partner, Morrison & Foerster
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Programme
08:30
Registration and refreshments
08:50
CHAIRMAN’S OPENING ADDRESS
Richard Jory, Editor, Structured Products, Risk.net
09:00
KEYNOTE ADDRESS: What are the next main regulatory changes that will impact structured products industry’s processes
Definition of complexity and how to regulate it
Current initiatives at European level to protect investors: what could be the impact for the structured products industry?
Combining national with European legislation
Guillaume Eliet, Managing Director, Regulation Policy and International Affairs Division, AMF (French Financial Markets Regulator)
09:30
REGULATORY ROUNDTABLE DEBATE: Conflict of laws –the requirements of regulation
Current status of regulatory developments
Priips regulation and its potential effect on transparency on structured products
Are European regulators driven to further disclosure?
How are we dealing with regulatory pressure? Is there a conflict of laws?
Moderator: Richard Jory, Editor, Structured Products
Christian Vollmuth, Managing Director, DDV ( German Derivatives Association)
Barbara Antonides, Supervision Officer, AFM (Netherlands Authority for the Financial Markets)
Maria Rabinovich, Director, Counsel, Global Investor Solutions and Equity Derivative Sales, Scotia Capital (USA) Inc., Scotiabank
Marcello Minenna, Head of Unit, Quantitative Analysis and Financial Innovation, CONSOB; Contract Professor of Financial
Mathematics, Bocconi University
Stefan Sonnerstedt, Director, SPIS (Structured Products in Sweden), Swedish Securities Dealers Association
10:10
PRESENTATION: Discovering price and risks of structured products with a probability-based approach
The pricing of structured products as the expected value of an implied probability distribution
About the price inadequacy when dealing with the risks of structured products
Measuring the different risks in an integrated way by adopting the probability distribution implied by market data
How to neutralise model risk by selecting an efficient partition of the probability distribution
Marcello Minenna, Head of Unit, Quantitative Analysis and Financial Innovation, CONSOB; Contract Professor of Financial
Mathematics, Bocconi University
10:30
FOCUS ON INNOVATION - ROUNDTABLE DEBATE:
Strategy and proprietary based products – Does a strategy make products complex?
Risk premia/ Smart beta strategies - Institutional structured solutions
Cross-asset class investments
How derivative-based are SPs?
How does the structured product industry adapt to the digital?
What is driving product development?
Moderator: Richard Jory, Editor, Structured Products, Risk.net
Speakers to be confirmed, please visit structuredproductseurope.com for further updates
11:10
11:40
Morning break
STREAM ONE
STREAM TWO
CHAIRMAN’S OPENING REMARKS
CHAIRMAN’S OPENING REMARKS
DISTRIBUTORS’ PANEL:
PANEL DISCUSSION: Investor education and information
Jan Barta, Chief Executive Officer, CSOB Asset Management
Ian Lowes, Managing Director, Lowes Financial Management;
structuredproductreview.com
Andrej Ogorevc, Structured Solutions, Old Mutual Wealth
Moderator: Eric Greschner, Managing Partner, Regatta Research &
Money Management
Thomas Wulf, Secretary –General, Eusipa
Edgar Luczak, Chief Executive Officer, Garantum
Fondkommission
Sophie Barnett, Director, Sophie Barnett Communications
4
Gary Dale, Head of Intermediary Sales - Derivatives and
Structured Products, Investec
What do distributors have to do nowadays to promote structured products?
The implications of RDR for the UK and across Europe
Do SPs still have a place in your investment portfolio? Is investor confidence
in SP returning?
What are the core requirements from the buy side clients? Have the evolved?
Are they looking for opportunistic products?
Do you believe the full disclosure of costs impact the investors’ decision?
Leads to better decision making?
Do we have to disclose everything as a response to regulatory criticism?
Does it benefit investors?
Structured products on platforms – how can providers overcome the issues
when working with IFA market
Do investors still need education given all the various information supplied
under PRIIPs, MIFID2 and additional national legal provisions?
If yes, is there a duty to (investor) self-education?
Do we need rules/standards for education delivered to investors?
In a fair business world, which burden should be borne in this context by
issuer, distributor, investor, trade bodies and regulator?
How does information flow and education actually influence retail customers’
investment decisions?
In light of disclosure rules and a growing product oversight, what risks are
investors actually still supposed to be taking?
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Programme (continued)
12:20
STREAM ONE
STREAM TWO
Inflation trading and inflation based SPs
Developing public listed market in Europe
David Slater, Global Head of Inflation Trading, Bank of America
Merrill Lynch
Mark Capleton, Global Head of Inflation Research,
Bank of America Merrill Lynch
Speaker to be confirmed please visit
structuredproductseurope.com for further updates
Inflation options
Embedding inflation risk in structured notes
Inflation hybrid notes
12:50
Lunch and an opportunity to visit the exhibition
13:50
PRIVATE BANKERS’ PERSPECTIVE
How do you deem SP suitability for a retail client?
What do private clients want to invest in? Value added by SP to a private client
portfolio (economic, financial, psychological)
What is the current trend in payoff income / performance / hybrids?
Structured products as a tool in the secondary market
Impact of regulation on distribution of retail structured products to (MiFID)
retail investors
Product selection / due diligence process
Nicholas Soerensen, Vice President Product Advisor, Deutsche
Bank Luxembourg, Deutsche Asset & Wealth Management
Ferran Vila Llavina, Structured Product Desk, Capital Markets,
Morabanc
14:30
15:00
What exchanges are doing to promote listed products?
Will more structured products be traded on exchanges?
Current trends in the ETF/ETP landscape
Cats as a platform for European expansion
MORRISON AND FOERSTER BOOTCAMP
Regulatory developments in the EU and UK Finalisation of the PRIIPs regulation and likely effect on the structured
products market in the EU
MiFID II – effect of the rules relating to transparency for certain structured
products, exchange trading of derivatives and product intervention
Finalisation of UCITS V and possible UCITS VI
Ongoing effect of amendments to the Prospectus Directive
Regulators’ views generally on ‘complex’ products
Overview of regulatory approach in individual EU jurisdictions and a look at
Marketing standards of the offshore market, offshore non-UK
products and comparison within Europe
Andrew Savill, Director, Mariana Capital
Peter Green, Partner, Morrison & Foerster
Distributing risk premium an how we do it
Restoring confidence in index benchmarks
Fredrik Langley, CEO, Strukturinvest Fondkommission
Speaker to be confirmed please visit
structuredproductseurope.com for further updates
Strategies based on volatility, correlation and dividends
Where do these products fit in the institutional investor portfolio
Which strategy suits your portfolio?
developments in the US and Asia
Jeremy Jennings-Mares, Partner, Morrison & Foerster
Addressing demands for indexing transparency
How to make index use solid from fraud and manipulation
Public provision of benchmarks
15:30
Afternoon break
16:00
INTERACTIVE PRICING AND STRUCTURING SESSION
Audience discussion of pros and cons of different variations and vote on which is the “best” product and why
Examples of the most important product types in the European market
Initial pricing and how product terms such as participation and coupons are reached
The presenters will vary product terms including maturity, volatility and credit spread
Tim Mortimer, Owner, Future Value Consultants
Eric Greschner, Managing Partner, Regatta Research & Money Management
16:30
EDITOR’S CHOICE CHAMPAGNE ROUNDTABLE
Volatility, interest rates and inflation - where is the market going?
The changed regulatory paradigm - what MiFID II may bring to the way in which the RSP markets work in Europe?
Where are the market opportunities now?
Are retail clients becoming more sophisticated?
Moderator: Richard Jory, Editor, Structured Products, Risk.net
Arnaud Jobert, Managing Director - Equity Derivatives Structuring, JP Morgan Chase
Ted Hood, CEO, Source
Timothy Hailes, Chairman, Joint Association Committee on Structured Products
17:10
Chairperson’s closing remarks followed by a cocktail reception
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Sponsors
Cocktail Reception Sponsor
With more than a thousand lawyers in fifteen offices around the world, Morrison & Foerster LLP offers clients
comprehensive, global legal services in business and litigation. The firm is distinguished by its unsurpassed expertise
in finance, life sciences and technology, legendary litigation skills, and an unrivaled reach across the Pacific Rim,
where the firm has nearly 200 lawyers resident in Hong Kong, Beijing, Shanghai, and Tokyo. Our attorneys are well
positioned to provide our clients with on-the-ground support for their business ventures around the Asia-Pacific
region and internationally. IFLR 1000 recognizes the firm as a leading private equity firm in Asia and notes,
“Morrison & Foerster has one of the leading venture capital practices in the market.”
mofo.com
Exhibitors
Commerzbank is a leading bank in Germany and Poland. It is also present worldwide in all markets for its customers
as a partner to the business world. With the business areas Private Customers, Mittelstandsbank, Corporates &
Markets and Central & Eastern Europe, it offers its private and corporate clients as well as institutional investors the
banking and capital market services they need. With some 1,200 branches Commerzbank has one of the densest
branch networks among German private banks. In total, Commerzbank boasts nearly 15 million private customers,
as well as 1 million business and corporate clients.
commerzbank.com
THE COMPLETE SOLUTION FOR STRUCTURED PRODUCTS
LexiFi is the emerging leader in the new market for software solutions that support the pricing, sale, distribution
and management of structured investment products. LexiFi fills a gap in sales automation that results from chronic
under-investment in client-facing systems. LexiFi, working with a growing number of key industry players, has
developed what is unquestionably the market’s most complete solution. LexiFi’s integrated software automates all
client-related processes including: structuring, pricing, sales, client care, portfolio management and operations.
lexifi.com
Pricing Partners, part of Thomson Reuters, is an international software provider of derivatives pricing analytics and a
service provider of independent valuation for all over-the-counter (OTC) derivatives, ranging from plain vanilla to the
most complex exotic and hybrid structures, as well as proprietary algorithmic indexes. Its best-of-breed financial
library, Price-it®, covers all major asset classes, including interest rates, equity, inflation, credit, foreign exchange,
commodities, variable annuities and hybrid products.
Pricing Partners’ intrinsic knowledge and innovative solutions empower financial institutions to achieve accurate
and transparent valuations on their structured products as well as improve their risk control of the counterparty and
collateral management.The valuation process is completely transparent and auditable, with full details on models,
calibrations and market data used, which enables users to easily comply with the most stringent regulatory and
auditing requirements.
Pricing Partners is named top provider in several pricing and analytics categories in the Structured Products
Technology Rankings from 2010 to 2013.
In 2013, Pricing Partners became a part of Thomson Reuters to combine our industry-leading OTC derivatives
position with the brand reputation, scale and broad capabilities of Thomson Reuters Pricing Service.
For more information about Pricing Partners, please visit pricingpartners.com
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Exhibitors
Framesoft is a software vendor specialising in combining data and documentation within derivatives markets.
Framesoft Solutions help financial institutions to manage key processes in OTC markets and Structured Products.
Framesoft Structured Products (FSP) supports the creation and issue of warrants, certificates and notes based on
underlyings including equities, rates, FX and commodities, details of which are fed into FSP’s unique object oriented
data model. FSP manages termsheet generation and data capture through WYSIWYG documents complete with all
workflows and document generation for production of prospectuses, pricing supplements and listing applications as
appropriate. Once the issue is complete, economic data is then fed back to trading and risk systems.
Headquartered in Zug Switzerland, Framesoft has offices in London, Frankfurt and Munich.
framesoft.com
Modelity provides financial institutions with state-of-the-art technologies for managing structured products and
providing financial advice. The company’s Modelity/Structures solution facilitates an advanced relationship between
the structurer, the distributor and the client. Modelity/Structures manages all the various aspects of a product
throughout its entire lifecycle, such as sales & advice, client support, and back-office operations. Modelity/Structures
bridges the gap between the complexity of structured products and the private client’s comprehension. The solution
is based upon Modelity’s core technology for financial modeling (FiMoML) which significantly shortens the time to
market of new products through its ease of use.
modelity.com
FVC is a research, product design and analytics consultancy specialising in structuring products.
Its flagship service is its structured product analysis services now covering the whole of the UK and US market as
well as products from other markets globally. Its methodologies, analysis and web delivered tools have been used
by many thousands of professionals in the industry. It pioneered the concept of quantitative analysis of structured
products in 1999 and remains the market leader.
Additionally FVC has valuations and index calculation services that have many institutional clients. It provides
valuations, consultancy and support to its clients on their structured products and derivatives portfolios. Its index
calculation business specialises in both algorithmic and custom indices and leverages its expertise in complex
instruments and analysis.
FVC supports industry conferences, education initiatives and media events and has been selected to contribute
analysis to “Structured Products magazine” since 2007.
fvc.om
Supporting Partner
EUSIPA is the first and only European organisation created to promote the interests of the structured retail
investment products market. The aim of our umbrella association is to coordinate transparency initiatives at the
European level and to support uniform market standards. Through us market participants can engage in direct
discussions with the decision-makers at European level.
Structured Products become increasingly popular. These products offer, especially as certificate in a note-based
format, many opportunities to the retail investor. Firstly, they open regional markets and asset classes that are
difficult or impossible to access directly. Secondly, they offer returns also in markets moving sidewards or falling.
Thirdly, they are highly liquid, meaning that they can be bought and sold within any time of the day.
To make national markets grow together to a cross-border level playing-field our members see the necessity of
retaining attractive and fair framework conditions in Europe. Our members contribute for their part by adhering to
a set of principles drawn up as self-regulatory framework for issuers, by promoting initiatives for uniform product
classification such as the EUSIPA map and by enhancing product and market transparency on an overall basis.
EUSIPA is an international non-profit association, established under Belgian law (as AISBL-IVZW) and based
in Brussels.
eusipia.com
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