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Agenda Overview

Day One: Thursday 3rd March 201608.20 Registration and morning refreshments09.05 Chairperson's opening remarks09.15 The state of play in Latin American capital markets: What is the liquidity landscape?
  • Analysing global credit market liquidity conditions, and the current state of LatAm’s local secondary markets
  • How will the impending US rate rise impact LatAm’s capital markets?
  • LatAm’s fixed income liquidity environment within the global emerging markets context
  1. Gabriel Casillas, Managing Director, Chief Economist & Head of Research, Banorte
09.45 The e-trading story so far: How far has electronification come, and how will it be rolled out into fixed income?
  • How did developed markets originally come to adopt fixed income e-trading?
  • What are e-trading’s benefits of over traditional voice-brokerage?
  • What can LatAm’s bond markets learn from other asset-classes and regions in creating e-trading standards?
  1. Sandy White, Head of Emerging Markets and High Yield Product Management, MarketAxess
  2. Mark Russell, Managing Director, Global Head of Credit Execution Services, UBS Investment Bank
  3. Dennis Floh de Araujo, Fixed Income Electronic Trading Specialist, Bloomberg

10.30 Morning refreshments and networking break
11.15 What role will the biggest dealers play in facilitating innovation in LatAm’s local fixed income market?

  • What trading protocols would suit banks best to encourage further exposure to local markets?
  • Is there enough risk appetite among banks to drive local currency trading?
  • What can LatAm learn from e-trading’s proliferation in the US and Europe?
  1. Carlos Muniz-Morell, Head of Fixed Income eCommerce, Santander
  2. Brad Bailey, Research Director, Capital Markets, Celent

12.00 Lunch
14.00 How can Mexico’s fixed income trading environment build on its highly liquid capital markets?

  • What incentives are required for Mexican Afores to trade electronically?
  • Is Mexico’s concentrated broker landscape conducive to nurturing the electronic space?
  • How will clients encourage dealers to provide price streaming and straight-thru-processing?
  • Can OTC swaps trading provide a framework for fixed income electronification in Mexico?
  1. Alejandro Padilla Santana, Head of Strategy, Fixed Income and FX Markets, Banorte

14.45 How will institutional investors collaborate to boost liquidity in Latin America's fixed income products?

  • Will LatAm’s secondary corporate bond market stay a ‘dollar market’ for the foreseeable future?
  • Developing buyside-led initiatives to build interconnectivity in LatAm’s local liquidity pools
  • What role will more stringent transaction cost analysis play in pushing the buyside to adapt?
  1. Ray Zucaro, Chief Investment Officer, RVX Asset Management
  2. David Krein, Head of Research, MarketAxess
  3. Moderator: Kathryn Rooney, Head of Research, Bulltick

15.30 Afternoon refreshments and networking break
16.00 What does the evolution of fixed income trading technology look like?

  • What are the key trends occurring around the adoption of technology in fixed income trading?
  • What are some lessons to be learned from this process globally?
  • Are interest-rate futures and other asset classes a workable model for bond market e-trading?
  1. Brad Bailey, Research Director, Capital Markets, Celent

16.30 What structural and institutional practices will attract banks and investors to trade fixed income through exchanges?

  • Transparency, clear pricing, and integrated clearing as a determinant of success in fixed income
  • Will cross-border securities listings encourage market makers to the electronic space?
  • How can exchanges centralise bond markets in a highly concentrated liquidity environment?
  1. Alberto Estrada, Chief Executive Officer, Mercado Abierto Electronico
  2. J. Eduardo Barbieri, Chief Operating Officer, Bolsa Electrónica de Valores del Uruguay

17.15 Chairperson’s closing remarks followed by cocktail reception sponsored by MarketAxess

Day Two: Friday 4th March 2016

08.45 Morning refreshments

09.10 Chairperson’s opening remarks09.15 Price streaming and client matching: Applying the US and Europe’s data innovation to LatAm

  • What methods can information providers use to adapt their practices from Europe and the US into LatAm?
  • What assurances do brokers need in order to facilitate pre-trade information exchange?
  • Do broadly relationship-dependent business practices inhibit anonymous client-matching initiatives?
  1. Rodrigo Covian, Partner, Head of Fixed Income, Bulltick
  2. Anthony Perrotta, Global Head of Research & Consulting, TABB Group
  3. Nicolas Masso, Executive Director, Head of Credit Execution Services - Americas, UBS Investment Bank
  4. Moderator: Gabriele Frediani, Centurion, ZBO International Ltd

10.00 How are Brazilian banks and investors faring in a volatile local liquidity environment?

  • With Brazil’s sovereign debt returning to junk status, how will this impact local trading volumes?
  • Could local market volatility prohibit the formation of electronic liquidity pools?
  • In a highly concentrated banking environment, how will local brokers be convinced of the value of pre- and post-trade transparency?
  1. Marcelo Fleury, Brazil & Latin America Financial Services Consultant and Contractor, Independent Consultant
  2. Bruno Fernandes, Head of Fixed Income Dealing Desk, Itaú BBA

10.30 Morning refreshments and networking break11.00 When will local currency debt becoming fully accessible to screen-based trading?
  • How are platforms building relationships with local buyside? 
  • What features are required to incentivise the sellside to provide continuous firm pricing?
  • Is the RFQ model destined to remain dominant, or can other models make inroads in LatAm?
  • Is voice trading here to stay, or is its demise inevitable in an evolving market?
  1. Anthony Perrotta, Global Head of Research & Consulting, TABB Group
  2. Pedro Loffredi, Head of Fixed Income Trading, XP Securities
  3. Moderator: Chris Ferreri, Chief Operating Officer, OpenDoor Trading
11.45 Navigating LatAm’s regulatory landscape: How can regulation revolutionise fixed income markets?
  • How far away are we from a LatAm ‘MiFID II’ or ‘TRACE’ system?
  • Would consolidation of regulatory regimes in Latin America aid innovation?
  • What kind of transparency regime is required to facilitate electronification?
12.15 Chairperson’s closing remarks followed by lunch and close of conference