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Agenda Overview


Day 1 – Asia Day 

8:00 Registration opens

9:30 Welcome address

Charles Li
, Chief Executive, HKEX

9:50 Keynote address: Status of futures market in mainland China

Wang Ying,
Division Director, Supervision Division III, Department of Futures Supervision, China Securities Regulatory Commission (CSRC)

10:20 State of the market: the exchange view
The 2016 conference will focus on a range of challenges and opportunities from regulatory fragmentation to disruptive technology. This panel will bring together some of the key exchange executives in the region to open the conference and provide their views on how they see the market and what they will be launching to meet the demand.

- What are the biggest challenges in the region in 2016?
- How do exchanges see their participants handling regulatory reform?
- What are the key opportunities for exchanges today? 


William Mitting, Publisher, FOW


Kevin Rideout, Managing Director, Market Development, HKEX
Janice Kan, Senior Vice President, Derivatives, SGX
Jennifer Ilkiw, Vice President, Asia Pacific, Intercontinental Exchange
Matthias Rietig, Senior Officer, Osaka Exchange / Japan Exchange Group

11:00 Coffee break

11:30 The liquidity conundrum: squeezed markets
Regulatory reform is being implemented across the world with little consideration for the impact on liquidity. The implications of this cannot be underestimated and may take years to be fully realised. Fragmentation of regulation to the pullback of large financial institutions in the wake of additional capital requirements are all leading to a liquidity crisis that represents the single greatest threat to the global market today.

- How is the differing pace of regulatory reform in regional markets fragmenting liquidity?
- How is the leverage ratio impacting the ability of banks to assist in liquidity provision?
- What concerns does the market have over the reforms?


Luke Jeffs, Editor, FOW


David Strachan, Head of Global Clearing and Execution, Asia Pacific, UBS
Brett Fairclough, Managing Director-APAC, Virtu Financial
Naveen Khanna, Chief Operating Officer, Rates & Currencies Trading, Global Markets, Bank of America Merrill Lynch
Steve Woodyatt, CEO and Executive Chairman, Object Trading

12:10 Innovations in equity derivatives: new products for changing markets
2016 looks set to be another exceptionally volatile year as geo-political issues and continued uncertainty about global growth continue to plague equity markets.  At the same time, exchanges are launching new equity derivative and ETF products to meet market demand.  This panel will look at the latest thinking in equity trading.

- What products benefited from the volatility in 2015?
- Cross market trading: what new products such as spread instruments are coming to market?
- What does the growth of ETFs mean for the futures market?


Chris Lee, Senior Vice President, Market Development, HKEX


Abdelhamid Bizid, Head of Product, iShares Asia Pacific, BlackRock
Govert Heijboer, Co-CIO, True Partner Capital  
Shane Carroll, Equity Derivatives Strategist, SG Securities (HK) Ltd
John Angelos
, Director, Global Client Services and Head of Asia Pacific Business Development, CBOE
Charles Firth,
Head of Equity Derivatives Structuring, APAC, Credit Suisse

12:50 Lunch

13:50 Can Asia become a commodity trading powerhouse?
Commodity derivatives trading in Asia has long been the big opportunity that has been slow to be achieved. But now, with a greater focus from exchanges and regulatory winds pushing firms towards Asia, this could be the moment that its potential is realised. This panel will look at the factors helping commodity trading in Asia and ask what more could be done to boost participation.

- What has held back commodity trading in Asia historically?
- What new launches and exchange initiatives are driving volumes?
- What lessons can be learned from the challenges faced by recent contract launches?
- What is the outlook for the growth of commodity trading in Asia?


Luke Jeffs, Editor, FOW


William Fyfe, Head of Buy Side S.E.Asia, LME
John Browning, Managing Director, Bands Financial Limited
Huang Xiaoyu, Assistant Director, Agricultural Development, Dalian Commodity Exchange
David W Pike, Managing Director, INTL FCStone Pte Ltd

14:30 Gold Focus
Asia is the largest region in the world for the consumption of gold and several exchanges have launched gold futures to tap into this demand.  But with a glut of contracts, liquidity remains fragmented.  This panel will look at the appetite for new products, the outlook for gold in 2016 and how cooperation between China and international markets will change the landscape.  

- How will US Federal Reserve’s interest rate hike affect gold price and trading?
- The development of gold derivatives: the liquidity outlook in Asia
- How will the internationalisation of China’s gold market evolve? 


William Purpura, Chairman, Northport Commodities Pte Ltd


Leo Wang, Head of Bullion Business, Global Markets, Bank of China (Hong Kong) Limited 
Sunil Kashyap
, Managing Director, Head of Asia - ScotiaMocatta, Scotiabank
Thomas McMahon, CEO, DGN

15:00 Global ambition for Asia  
Asia has long been home to a number of key emerging markets in the global derivatives market. Regional exchanges have been known primarily for a few flag ship contracts in single asset classes, and most have been successful in attracting local and international players to trade them. Now it’s clear that certain players in Asia are setting their sights on international growth. This panel will look at the opportunities and challenges for these companies and will discuss how they can compete on a global scale.

-What are the challenges for Asia-based firms seeking to internationalise?
-What mechanisms are being used for international expansion and what can hinder progress?
-What are the opportunities for international firms in the growing Asia market? 


Sharon Shi, Managing Director, G.H.Financials (Hong Kong) Limited


Carolyn Chou, President, Yuanta Futures
W.Martin Aiken, Senior Advisor, Efficient Capital Management, LLC
Teyu Che Chern
, CEO, Phillip Futures 
Anthony Sneed,
Quantitative Fund Manager, Pegasus Investment Management

15:40 Coffee break

16:00 Managing margin in the new world
Historically margining has been a relatively simple process.  But with more illiquid and complex instruments now subject to clearing and margining, there will be challenges ahead. This panel will look at how margining requirements are changing, what tools CCPs are launching to deal with the new requirements and highlight areas of concern about the new regime.

- What impact is the move to clear OTC products having on margin requirements?
- What is helping and what is hindering the evolution of cross border and cross product margining?
- How is portfolio margining working in reality at international CCPs? 


Michelle Price, Regulation Correspondent, Thomson Reuters


Andras Torok, Director, Technical Sales & Solutions, ECLiPSe, Standard Chartered Bank
Mark Naisbitt, OTC Product Development Lead (APAC), HSBC
Conor Cunningham, Founder and CEO, ACUO Financial Solutions
Wallace Chan, Managing Director, Head of FIC and OTC Clearing Risk Management, HKEX

16:40 Blockchain: game changer or over-hyped fad?
2015 has been the year of the Blockchain with hype over the new technology reaching fever pitch. Is Blockchain a game changer that will revolutionise markets or a fad that will not live up to expectations? Find out in this debate.


Douglas Ashburn, COO and Editor-at-large, John J.Lothian & Co


Alex Medana, CEO, WIP Solutions Ltd
Leonhard Weese, President, Bitcoin Association of Hong Kong
Lukas Petrikas, Senior Vice President, Group Strategy, HKEX

17:10 Big data, the cloud and the barriers to implementing disruptive technology
New technologies are coming to market that are revolutionising how global derivatives trading operates. From cloud delivery to big data there is abundant opportunity for forward thinking firms to simplify processes, lower costs and create new efficiencies. But barriers to entry remain and the potential of new technology is being held back by inefficient adoption practices.

- What new technologies have the potential to change market infrastructure?
- What applications do these technologies have?
- Will we see any big disturbances to market structure as a result of these technologies any day soon? 


Katie Kolchin, Global Exchanges and Capital Markets Analyst, Rosenblatt Securities 


Pravin Chandrasekaran, CEO, OpalCrest
Arthur Tricoire, Director, Head of Business Development APAC, Real-Time Solutions, S&P Global Market Intelligence
Russell Toop, Managing Director of Singapore/Hong Kong, Trading Technologies
Zuo Tao
, Managing Director, Mainland Technology Centre, Platform Development, HKEX

17:50 Drinks reception

Day 2 China day

9:00 Opening Address: Development of Chinese OTC derivatives market and central counterparty clearing 

Zhou Rongfang,
General Manager, Shanghai Clearing House

9:20 Keynote Address

Prof. Ba Shusong,
Chief China Economist, HKEX

9:50 Opening up:  the liberalization of Chinese capital markets
The stock market volatility in China in 2015 sent shockwaves across the world.  The short term impact is well known but the medium to long term impact is still uncertain.  This panel will ask how the events of summer 2015 will impact the Chinese market, its internationalisation and the pace of innovation in the market.

- What lessons were learned from the volatility in the stock market?
- How will the experience impact the liberalisation of Chinese capital markets?
- What are the implications for the country’s derivatives markets? 


Leo Shen, Deputy CEO, Rongtong Global Investments


Chern Lu
, CRO, Ping An Pioneer Capital Ltd
Yanan Wu
, Chairman, Zhen Rong Bao
Terry Shen, Co-Founder, Leiton Capital
TF Cheng
, Managing Director, Head of Greater China Business, BNP Paribas Investment Partners Asia Limited

10:30 Chinese FCMs: going international
Regional Asian brokers going international has been a trend for some years now but the latest pioneers are coming out of China.  From building out businesses from Hong Kong to opening up international offices and taking international exchange memberships, a host of Chinese FCMs have their sights on global growth.  

- What opportunity is there for Chinese FCMs in the international markets?
- What are the goals and strategies of Chinese FCMs launching internationally?
- What are the barriers to international growth?


Ma Wensheng, Chairman, Xinhu Futures Co Ltd, and Vice President, China Futures Association


Zhao Guiping, Chairman, GF Futures Co Ltd, and Chairman of the Board, GF Financial Markets (UK) Ltd 
Shi Jianjun, General Manager, Yongan Futures Co Ltd, and Vice President, China Futures Association
Chen Fang
, Chairman of the Board, Luzheng Futures Co Ltd, and Vice President, China Futures Association
Xia Runzhe (Charles),General Manager, HGNH International Asset Management Co Limited
Eric Ren, Executive Director, Innovation Business Division, Haitong Futures Co Ltd

11:10 Coffee break

11:40 RMB Internationalisation: new products
With China’s One Belt One Road strategy and RMB’s inclusion as one of the IMF SDR reserve currencies, the internationalisation of China’s currency is gaining global attention.  Several RMB contracts and platforms are in the pipeline. This panel will monitor the latest development of RMB Internationalisation and examine the effect on China and the global market.  

- Update on the development of CNH derivative markets
- What opportunities does the internationalisation of RMB pose for investors?
- How will the IMF decision impact the advance of RMB as a global currency? 


Bernard Lock, Managing Director, Global  Macro Concepts 


Julien Martin, Head of Fixed Income and Currencies Product Development, HKEX
Zhaoping Zhou, Head of RMB Solutions, RMB Competence Centre, BNP Paribas 
Patrick Wu,
Deputy Head of Markets, China, and Head of RMB Trading, ANZ

12:20 Connect: next steps for expansion
With Connect now live for over a year, expansion is on the cards. A number of possible links, from commodities to derivatives are being touted as the next logical steps for HKEx and other global exchanges are seeking to replicate the model.  This panel will bring together the exchange and the market and ask what has been learned since launch and what is next for this innovative initiative.

- What lessons have been learned from the launch of Connect?
- What other instruments could be launched on the link?
- Which other markets could connect via such a link? 


Nick Ronalds
, Managing Director, Head of Equities, Asia Securities Industry & Financial Markets  Association (ASIFMA)     


Vincent Chen, Director/Head of ETF Business, China Asset Management (Hong Kong) Limited
Jean-Paul Linschoten, Managing Director, Prime Finance, HSBC
Christopher Hui, Managing Director and Head of Project Management, Market Development, HKEX
Cindy Liu
, Senior Manager, Ping An Securities Company Ltd

13:00 Lunch

14:00 Chinese indexes: arbitrage and opportunity 

Panel sponsored by FTSE Russell

As international index providers look to begin including China in their global benchmarks, exchanges across the world are launching products to meet the demand to gain exposure to China’s markets. This panel will look at the recent development of indexes in China and the opportunities for global investors.

- How can international firms gain exposure to China?
- What will be the implications of including China in international index benchmarks?
- What opportunities are there for traders? 


John Liu, CEO and President, Han Capital Management


Sudir Raju, Managing Director, Exchange Traded Products, FTSE Russell
Sunny Fang, Director of R&D and Institutional Business Dept., Orient Futures Company Limited
Daniel Yeo
, Senior Director, UOB Bullion and Futures Limited
Reuben L. Sushman,
Managing Director, 375 Park Associates

14:40 Regional crude oil development
The Shanghai International Energy Exchange launch in China looks set to be one of the most important developments in the global capital market for years. The exchange will cross a number of key themes from internationalisation of China’s markets to the development of regional benchmarks.  At the same time, crude oil trading on established markets is attracting interest across China.

- Update on the launch of the exchange
- How will the exchange be structured for international firms?
- How are firms in China already engaging with energy contracts?


William Mitting, Publisher, FOW

Serena Chen, General Manager, International Department, Haitong Futures Co Ltd
Lewis Richardson, Business Development Manager-Derivatives, Fidessa
Sebastian Lewis, Editorial Director, China, Platts 
Christine Chai
, Director, BOCI Commodities and Futures Limited

15:20 Options: future direction 
Recently, the trading volume of SSE50 ETF options has been growing and commodity contracts still looking set for an imminent launch.  Additionally, the demand for OTC options is enormous in China and progress has been made.  This panel will look at recent updates in the options market and examine the future direction.

- Review of SSE50 ETF options
- Preparation of commodity options
- Development of OTC options
- Opportunities for other innovation 


Natasha Xie, Partner, JunHe LLP


Ari Pine, President, Tradeco Global
Hank Chang, Director, Options Department, Yongan Futures Co Ltd
Lin Xibin,
Manager, Derivative Brokerage Department, GF Securities
Haidong Wang, General Manager, CITIC Securities Capital Management (Shenzhen) Co Ltd

16:00 Close of conference

FOW’s Derivative World Asia Conference – now in its 23rd year
(12-13 April 2016, Renaissance Harbour View Hotel, Hong Kong)

第一天 : 亚洲日

9:30  欢迎辞

9:50  主题演讲: 中国内地期货市场的基本情况

10:20 市场现状:交易所的看法
- 2016年区域面临的最大挑战
- 交易所会员如何应对监管改革
- 交易所当前的关键机遇
- 香港交易所市场发展科客户关系及市场推广部主管韦嘉勋
- 新加坡交易所衍生产品部高级副总裁简佩玉
- 洲际交易所亚太区副总裁Jennifer Ilkiw
- 日本交易所集团/大阪交易所高级主管Matthias Rietig

11:00 茶歇

11:30 流动性难题:被挤压的市场
- 各地监管改革的不同步伐如何导致破碎的流动性?
- 杠杆比率如何影响银行协助流动性供给的能力?
- 市场对监管改革有哪些顾虑?
FOW 期货期权世界编辑 Luke Jeffs
   -KCG亚太区首席执行官 Farid Moslehi
   -Virtu金融亚太区董事总经理Brett Fairclough
   -美银美林环球市场利率与货币交易首席运营官Naveen Khanna
   -Object Trading 首席执行官, 执行主席 Steve Woodyatt

12:10 权益类衍生品的创新: 变化市场中的新产品?
- 哪些产品受益于2015年的市场波动?
- 跨市场交易:有哪些新产品即将进入市场?
- ETF(交易所交易基金)的成长对期货市场意味着什么? 
     -BlackRock贝莱德iShares 亚太区产品主管 Abdelhamid Bizid
     -True Partner Capital 联席首席投资官Govert Heijboer
     -法国兴业证券(香港)有限公司权益类衍生品策略师 Shane Carroll
     -CBOE芝加哥期权交易所环球客户服务总监,亚太区业务主管John Angelos
     -瑞士信贷(香港)公司 产品设计部亚太区主管霍查理

12:50 午餐

13:50  亚洲能够成为大宗商品交易的桥头堡吗?
- 历史上阻碍亚洲大宗商品交易的因素
- 推动交易量的新产品和交易所措施
- 从近期推出合约面临的挑战中可吸取的经验
- 亚洲大宗商品交易的增长前景
     FOW 期货期权世界编辑 Luke Jeffs
     -伦敦金属交易所买方主管-东南亚 范威廉
     -磐石金融董事总经理 John Browning
     -寰宇·福四通董事总经理 David W Pike 
14:30  聚焦黄金
- 美联储加息对黄金价格和交易的影响
- 亚洲黄金衍生品的发展及流动性前景
- 中国黄金市场的国际化进程
     北港商品私人有限公司主席 William Purpura
     -Scotiabank 董事总经理 Sunil Kashyap
     -DGN 首席执行官 Thomas McMahon
15:00 亚洲的国际雄心
- 亚洲机构寻求国际化所面临的挑战
- 国际拓展的机制和阻碍
- 成长中的亚洲市场给国际机构带来的商机
-Efficient资本管理公司高级顾问W.Martin Aiken
-富舜投资量化投资经理Anthony Sneed

15:40 茶歇

16:00 新形势下的保证金管理
- 场外衍生品清算的发展趋势对保证金要求有什么影响?
- 跨境和跨产品保证金演变的助力和阻力 
- 现实中国际中央对手方的投资组合保证金如何运作?
汤森路透 路透新闻Michelle Price
-渣打银行董事Andras Torok
-香港上海汇丰银行有限公司亚太区场外衍生品发展部负责人Mark Naisbitt
-ACUO Financial Solutions 创始人,总裁Conor Cunningham
16:40 区块链(Blockchain) - 将改变市场的游戏规则,还是过度吹捧的一时之风?
2015年是区块链之年,这一新技术被过度吹捧,红极一时。 区块链将是变革市场的游戏规则改变者,还是无法达到业者预期的一时之风?   从该论坛中了解。
 John J.Lothian & Co 首席运营官和特约编辑Douglas Ashburn
-WIP Solutions 有限公司首席执行官Alex Medana
-香港比特币协会会长Leonhard Weese

17:10 大数据,云计算及实施突破性技术的障碍
- 哪些新技术有潜力改变市场基建?
- 这些新技术有哪些应用?
- 这些技术是否很快会导致对市场结构的大干扰?
 Rosenblatt证券 环球交易所和资本市场分析师Katie Kolchin
   -OpalCrest 首席执行官Pravin Chandrasekaran
   -标准普尔全球市场情报 实时解决方案 亚太区业务发展总监Arthur Tricoire
   -Trading Technologies 董事总经理,新加坡/香港  Russell Toop
   -香港交易所 平台发展科中国大陆技术中心 董事总经理左涛

17:50 鸡尾酒会

第二天 – 中国日

9:00   开幕演讲:中国场外衍生品市场和中央对手清算的发展

9:20   主题演讲  

9:50   中国资本市场的开放前景
- 股市震荡中可吸取的经验
- 这段经历如何影响中国资本市场的开放?
- 对中国衍生品市场的影响
融通国际资产管理有限公司副行政总裁 沈良
-真融宝 董事长吴雅楠 
-垒土投资 创始合伙人沈天瑞
10:30 中国期货公司论坛:走向国际
- 中国期货公司在国际市场的机遇
- 中国期货公司走出去的目标和战略
- 国际化进程中的挑战
- 广发期货有限公司董事长,广发金融交易(英国)有限公司董事局主席赵桂萍 
- 永安期货股份有限公司总经理,中国期货业协会兼职副会长施建军
- 鲁证期货股份有限公司董事长,中国期货业协会兼职副会长陈方 
- 横华国际资产管理有限公司总经理夏润喆
- 海通期货有限公司创新事业群总监任俊行 

11:10  茶歇

11:40  人民币国际化: 新产品
  在一带一路背景下,人民币被纳入国际货币基金组织IMF的 SDR(特别提款权)货币篮子对中国和
   - 离岸人民币衍生品市场的发展
   - 人民币国际化能给投资者带来什么商机?
  -  IMF的决定将如何影响人民币进一步成为全球货币?
12:20 互联互通:进一步拓展
- 现有互联互通中可吸取的经验
- 其它可通过互联互通推出的工具
- 其它可联通的市场
亚洲证券业与金融市场协会 董事总经理朗若思
- 华夏基金(香港)有限公司业务拓展部总监陈志豪
- 香港上海汇丰银行有限公司 董事总经理Jean-Paul Linschoten
- 香港交易所董事总经理兼市场发展科项目管理部主管许正宇
- 平安证券有限责任公司高级经理刘艳华

13:00 午餐

14:00 中国指数:套利和商机
该论坛由FTSE Russell 富时罗素赞助
- 国际机构如何参与中国市场
- 将中国纳入国际指数基准的影响?
- 为交易商带来的机遇
大汉基金管理有限公司首席执行官/总裁 刘汉兴
-FTSE Russell富时罗素 董事总经理-交易所交易产品 华数
-375 Park Associates 董事总经理 Reuben L Sushman

14:40 区域原油期货的发展
- 交易所产品推出的最新进展
- 国际机构的参与架构/方法
- 中国机构如何参与现有能源合约
-Fidessa 衍生品业务发展经理Lewis Richardson
-Platts 普氏能源资讯中国区编辑总监陆彬 
-中银国际环球商品控股有限公司(香港)董事 柴华

15:20 期权:未来方向
- 上证50 ETF 期权的运行回顾
- 商品期权合约的准备情况
- 场外期权的需求和发展
- 其它创新的机遇
-Tradeco Global 总裁 Ari Pine

16:00  会议结束


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