Asia 2006 Program
* Program subject to change
Tuesday, October 17, 2006
9:00 AM—5:15 PMRegistration Opens
 Registration Open
9.00 to 17.00
10:00 AM—4:00 PM
InformationXchange: National Stock Exchange of India (NSE)

Speaker:
Mr. Arup Mukherjee, Assistant Vice President

 National Stock Exchange of India Ltd. (NSE), is a technology driven, demutualized, electronic exchange, promoted by financial institutions, banks, insurance companies. It provides trading in various types of financial instruments such as equities, bonds, ETFs, mutual funds, warrants, futures and options on stocks and indices. It is the largest stock exchange in India and is ranked the third largest exchange in the world in terms of number of daily transactions. It is also ranked first in the world in terms of number of contracts traded in the single stock futures category and third in the index futures category. NSE’s trading terminals are spread in over 300 cities across India.
11:00 AM—4:00 PM
InformationXchange: Multi Commodity Exchange of India (MCX)

Speaker:
Mr. Joseph Massey, Deputy Managing Director

 MCX (ISO 9001: 2000), with permanent recognition from the Government of India is an independent and de-mutualised multi-commodity exchange. MCX, as a nationwide, digital exchange facilitates online trading, clearing and settlement operations for commodity futures trading. Key shareholders of MCX include Financial Technologies (India) Ltd., State Bank of India & its subsidiaries, Fid Fund (Mauritius) Ltd. an affiliate of Fidelity International, National Stock Exchange of India Ltd. (NSE), National Bank for Agriculture & Rural Development (NABARD), HDFC Bank, SBI Life Insurance Co. Ltd., Union Bank of India, Canara Bank, Bank of India, Bank of Baroda and Corporation Bank.
12:00 PM—4:00 PM
InformationXchange: National Commodity & Derivatives Exchange (NCDEX)

Speaker:
Mr. Narendra Gupta, Chief Strategy Officer

 National Commodity & Derivatives Exchange Limited (NCDEX) is a professionally managed nation-level, technology driven, de-mutualized, online multi commodity exchange promoted by ICICI Bank, Life Insurance Corporation of India, National Bank for Agriculture and Rural Development and National Stock Exchange of India Limited. Punjab National Bank, CRISIL Limited (a Standard & Poor company), Indian Farmers Fertilizer Cooperative Limited, Canara Bank and Goldman Sachs by subscribing to the equity shares have joined the initial promoters as shareholders of the Exchange. It is committed to provide a world-class commodity exchange platform for market participants to trade in a wide spectrum of commodity derivatives driven by best global practices, professionalism and transparency. NCDEX is located in Mumbai and offers facilities to its members in more than 550 centres throughout India. The reach will gradually be expanded to more centres. NCDEX currently facilitates trading of 56 commodities in agriculture, bullion, metals and energy.
1:00 PM—4:00 PMLunch
 
2:00 PM—4:00 PMInformationXchange: National Multi-Commodity Exchange of India Limited (NMCE)
 National Multi-Commodity Exchange of India Limited (NMCE) is scientifically conceived, scientifically organized and structured commodity exchange incorporated in 2001. NMCE the first ISO 9001:2000 with first permanent recognition from Govt. of India set benchmarks by adopting the state-of-the-art technology, nationwide appropriate communication network, best international practices of efficient and clearing and fair settlement, the first demutualised, professionally managed Multi-Commodity Exchange. The total number of commodities listed is 68. The key stakeholders of NMCE include Central Warehousing Corporation (CWC), National Agricultural Co-operative Marketing Federation of India Limited (NAFED), Gujarat Agro Industries Corporation Limited (GAIC), Punjab National Bank (PNB) [2nd largest public sector bank in India] and Neptune Overseas Limited.
3:00 PM—11:00 AMInformationXchange: Dalian Commodity Exchange
 Zhiqiang Liu, assistant president of the Dalian Commodity Exchange, will be available to meet with delegates and provide information about the Dalian Commodity Exchange including current and proposed products, exchange members and customers. He also can provide insight on the exchange's interest in international cooperation and how the exchange's regulation and trading system are moving closer to international practices.
4:00 PM—11:00 AM
InformationXchange: Korea Exchange (KRX)

Speaker:
Yeong-Ho Woo, President, Futures Market Division, Korea Exchange

 Korea Exchange (KRX) is celebrating its 50th anniversary since the opening of the capital market and the tenth anniversay of the KOSPI200 futures contract, which has experienced remarkable growth within a short period. The InformationXchange will cover the information on KRX and market activities including the KOSPI200 options. Come hear new challenges and next steps for the Korea Exchange.
5:00 PM—11:00 AM
InformationXchange: Dubai

Speakers:
Framroze Pochara, Chief Executive Officer, Dubai Gold and Commodities Exchange
Gary King, Chief Executive Officer, Dubai Mercantile Exchange

 DGCX, the world’s newest online commodities derivatives exchange, commenced trading on November 22, 2005. It is the first international commodities derivatives market in the Middle East region and, therefore, the first in the critical time zone between the markets of Europe and the Far East. DGCX offers a range of commodities, with electronic trading accessible from anywhere in the world. DGCX offers and trades Gold, Silver and Currency futures, to be followed by options on Gold and Silver futures. A diversified range of commodities such as steel, marine fuel oil, freight rates and cotton will be introduced for trading as exchange progresses further.

DGCX is a joint venture between the Dubai Multi Commodities Centre (DMCC) – Government of Dubai, Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX). The Management of DGCX comprises senior personnel from commodities, securities & financial services industry.

DGCX is a technology driven, non-mutual organization committed to providing a world-class trading platform for a wide array of commodities and to implementing the best global practices, with the highest level of transparency.

The Dubai Mercantile Exchange Limited (DME), a joint venture between the New York Mercantile Exchange, Inc. (NYMEX) and Tatweer, a member of Dubai Holding, aims to be the premier energy and commodity futures exchange in the Middle East. The Exchange will initially trade an Oman Crude Oil futures contract, Oman/Brent spread and Oman/WTI spread, to be followed by Jet Fuel and other energy and commodity products in 2007. The DME will be a fully electronic exchange located within the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA). All trades executed on the DME's trading system, DME Direct will be cleared through, and guaranteed by, NYMEX’s AA+ rated clearinghouse.

The InformationXchange presentation will include: an overview of the Dubai Mercantile Exchange; Asia and the Middle East – energy interdependence; imbalance in world crude pricing; OTC Market concerns; benefits of sour crude oil futures contract; and membership structure.

6:30 PM—3:20 PMOpening Reception
 
Wednesday, October 18, 2006
9:00 AM—5:15 PMRegistration Opens
 Registration Open
9.00 to 17.00
10:00 AM—4:00 PMOpening Ceremonies: Lighting of the Lamp
 
Speaker: The Honorable S.M. Krishna, Governor of Maharashtra

His Excellency S.M. Krishna took the oath of office as Governor of Maharashtra on December 6, 2004. After his graduation from Maharaja's College, Mysore, he obtained a law degree from the Government Law College, Bangalore, and entered the legal profession as Attorney-at-Law. Further, he studied in the U.S. at Southern Methodist University in Dallas and later at George Washington University, Washington D.C., as a Fulbright Scholar. After a stint as a Professor of International Law, he entered public life and was first elected to the Karnataka Legislative Assembly in 1962. In 1968, he was elected to the Parliament of India (Lok Sabha) and has been a Parliamentarian of long standing in both Houses of Parliament. During his illustrious public career, he has been Minister of State for Industry and for Finance in the Government of India, Speaker of the Karnataka Legislative Assembly and, from 1999 to 2004, he was the Chief Minister of the State of Karnataka, of which Bangalore is the capital. A good part of the credit for Bangalore's attaining world prominence certainly redounds to his dynamism and outstanding leadership. Widely traveled, Mr. Krishna was a Member of the Indian Delegation to the United Nations in 1982 and he attended the Commonwealth Parliamentary Seminar at Westminster, U.K., in 1990.

Speaker: Dr. Jagdish Bhagwati

Dr. Jagdish Bhagwati, currently University Professor, Economics and Law, at Columbia University and Senior Fellow in International Economics at the Council on Foreign Relations. He was Economic Policy Adviser to the Director General, GATT and also served as Special Adviser to the UN on Globalization and External Adviser to the Director General, WTO. Currently, he is a member of UN Secretary General Kofi Annan's Advisory Group on the NEPAD process in Africa. Five volumes of his scientific writings and two of his public policy essays have been published by MIT press. The recipient of six festschrifts in his honor, he has also received several prizes and honorary degrees. Professor Bhagwati's latest book In Defense of Globalization was published by Oxford University Press in 2004 to worldwide acclaim.

11:10 AM—4:00 PMCoffee
 
11:30 AM—2:00 PMKeynote Address
 
12:00 PM—9:00 AMFMC Keynote Address
 Mr. S. Sundareshan, IAS, Chairman, Forward Markets Commission (FMC), the statutory regulator for commodity futures trading in India, belongs to the Kerala cadre of the elite Indian Administrative Service. He has had a distinguished career both in the picturesque southern State of Kerala and in the Government of India. Immediately before his present assignment, he was the Minister, Economic and Commercial, at the Embassy of India in Tokyo, Japan. Earlier, he was the Joint Secretary, Department of Economic Affairs, in the Union Ministry of Finance in New Delhi, where he was in charge of the disinvestment program of the Government of India. He was also in charge of bilateral economic relations with Western Europe and with the management of UNDP assistance. Earlier, he was Secretary to the Government of Kerala in the Department of Expenditure, Joint Chief Controller of Imports and Exports, Union Ministry of Commerce, New Delhi, and the CEO of several State public sector undertakings in the State of Kerala. He holds a Master's degree in Economics from the University of Bombay and an MBA from the University of Leeds, UK. He assumed office as the Chairman, FMC, in January 2005, at a very exciting period in the history of commodity markets in India and has already taken some bold and firm steps for the proper regulation and the speedy and healthy development of the commodity futures market in India.
12:30 PM—9:00 AMCFTC Keynote Address
 The Honorable Reuben Jeffery III is Chairman of the Commodity Futures Trading Commission (CFTC), the federal agency that regulates commodity futures and options on futures trading in the U.S. Prior to joining the CFTC, Mr. Jeffery was the Special Assistant to the President and Senior Director for International Economic Affairs at the National Security Council. He was previously the Representative and Executive Director of the Coalition Provisional Authority Office (CPA) at the Pentagon, after having served as an advisor to Ambassador Bremer in Iraq. Prior to joining the CPA in May 2003, Mr. Jeffery served as Special Adviser to the President for Lower Manhattan Development. Mr. Jeffery also spent 18 years working for Goldman, Sachs & Co. in Paris and London. Prior to joining Goldman Sachs, Mr. Jeffery was a lawyer with the New York firm of Davis Polk & Wardwell.
1:00 PM—4:00 PMNetworking Lunch
 
2:00 PM—4:00 PM
The Internationalization of India's Markets

Chair:
Lamon Rutten, Joint Managing Director, Multi Commodity Exchange of India

Speakers:
Mark Fox-Andrews, Managing Director, ADM Investor Services International
Dr. Murali Kanakasabai, Economist, Chicago Climate Exchange
Haresh Shivdasani, Head of Institutional Equity Derivative Sales, DSP Merrill Lynch, India

 The barriers are coming down to accessing India's derivatives markets as India prepares to emerge from a local market to an international market. Growth has been nothing short of phenomenal, but the markets are just beginning to take off. This session will give delegates the latest information on where India stands on its own citizens accessing overseas commodity and financial futures markets and foreign currency derivatives. How can foreign brokers profit from access to Indian-based hedgers and traders and "know their customers?" What is the role of introducing brokers in India?
3:15 PM—4:00 PM
How to Successfully Do Business in India

Chair:
Kailash Gupta, Managing Director, National Multi-Commodity Exchange of India

Speaker:
Rajesh Begur, Managing Partner, A.R.A. Law
Rajendra Bhambhani, Deputy Managing Director, Man Financial - Sify Securities
Anil Mishra, Country Head, Ecom Gill Coffee Trading
Charles Seeger, Chairman and CEO, Financial Markets International

 This session will cover how foreign firms and investors are gaining access to India markets including how to register as a local broker-dealer and a foreign institutional investor. Who can be an FII? What are participatory notes? Can foreign firms and customers access commodity markets? What are the practical considerations such as getting equipment in the country and dealing with cultural differences?
4:30 PM—4:00 PMCoffee
 
5:00 PM—4:00 PM
Market Participants

Chair:
Sayee Srinivasan, Director, Research, Chicago Mercantile Exchange

Speakers:
Theodore Bryce, Managing Director, Susquehanna International Group
Brian Daly, Managing Director, Morgan Stanley
Gedon Hertshten, Chairman, GH Financials
Jeffrey Levoff, Partner, DRW Trading Group

 What is the role of various types of market makers, commercial banks, proprietary traders, and hedge funds in the listed derivatives marketplace? What does each of these types of market participants bring to the market and how do they impact liquidity and price discovery? What impact, if any, do they have on the underlying market? What regulatory oversight has been implemented by government authorities and exchanges over various market participants?
  • How have market makers evolved in an electronic environment?
  • How are hedge funds distinguished from vanilla asset managers?
  • How does the market benefit when commercial banks use futures and options markets to hedge their credit portfolios?
7:00 PM—4:00 PMNSE/MCX/NCDEX/NMCE Reception & Gala Dinner
 The reception and gala dinner will facilitate interaction among conference delegates, regulators, government officials, financial industry professionals and the media. The venue for the event is The National Centre for the Performing Arts, India’s premier centre for promotion of classical, traditional and contemporary performing arts. Standing majestically on the southern tip of Mumbai’s Marine Drive promenade (next to the Hilton Towers), NCPA is perhaps the only centre of its kind in Asia. This multi-faceted facility has hosted some of the most culturally significant events over the years including performances by prominent national and international artists.

The evening will include an Indian bazaar (mela) such as you would see in rural India. Potters, artists, palmists, and a typical village puppet show will be enacted while sword-jugglers and authentic kachchi-ghodis will enchant the gathering. Soft traditional music will be playing while lively and colorful India folk dances will be performed depicting the rich culture of India. A full Indian buffet with food centers representing the delicacies from the different states of India will be served throughout the evening.

Thursday, October 19, 2006
9:00 AM—5:15 PMRegistration Opens
 Registration Open
9.00 to 16.00
10:00 AM
Opportunities in Commodity Markets

Introduced by:
Jignesh Shah, Managing Director, Multi Commodity Exchange of India

Speaker:
Dr. Kewal Ram from the Forward Markets Commission read the speech that was going to be given by M L Mansingh, Secretary, Department of Food and Consumer Affairs.

 
10:30 AM—4:00 PM
Challenges & Opportunities in the Financial Derivatives Markets in Asia

Chair:
R. Sundararaman, Senior Vice President, National Stock Exchange of India

Speakers:
Anil Desai, Vice President, JPMorgan
William Lin, Member of the Board, Taiwan Futures Exchange
Yeong-Ho Woo, President, Futures Market Division, Korea Exchange

 Industry, academic and regulatory experts debate product development, market structure, and types of participants in equity, interest rate and foreign exchange markets. How are these markets developing? What is the proper balance between retail, institutional and professional traders, and local and international participation? What regulatory issues need to be addressed? What have established and emerging markets learned from their experiences?
11:45 AM—4:00 PMCoffee
 
12:15 PM—4:00 PM
Challenges & Opportunities in the Commodity Derivatives Markets in Asia

Chair:
P.H. Ravikumar, Managing Director and Chief Executive Officer, National Commodity & Derivatives Exchange

Speakers:
Ravishankar Mantha, Associate Director, Commodities, Yes Bank
Thomas McMahon, Director, Asian Marketing, New York Mercantile Exchange
Yasuo Mogi, Senior Executive Vice President and Chief Operating Officer, Himawari CX
Robert Ray, Senior Vice President, Chicago Board of Trade

 Industry, academic and regulatory experts debate issues impacting the development of commodity markets in Asia. What is the impact of derivatives markets on the underlying cash market? What are the advantages of cash versus physical delivery? How do exchanges attract more hedging participation? What is the role of commercial banks? What are the regulatory impediments to growing these markets?
1:30 PM—4:00 PMNetworking Lunch
 
2:30 PM—4:00 PM
Automated Trading

Chair:
Rodney Banus, Director, Barclays Capital Futures

Speakers:
Nicholas Bolton, Director, Chicago Mercantile Exchange
Vikas Khemani, Senior Vice President, Institutional Equities, Edelweiss Capital
Dewang Neralla, Director, Financial Technologies India
Steve Stewart, Managing Director Sales, Trading Technologies
Seshadri Sundaram, Director, Chicago Mercantile Exchange

 This session will address the experience of developed markets with algorithmic trading and direct market access. What are the contributions and implications for liquidity? How are exchanges managing bandwidth? How are they addressing latency issues? Where should terminals be located? Should automated trading be allowed in emerging markets? How are firms and exchanges managing the risks associated with automated trading and direct market access?
 
Product Innovation

Chair:
Dr. Michael Gorham, Director, Center for Financial Markets, Stuart Graduate School of Business, Illinois Institute of Technology

Speakers:
Philip Bruce, Senior Strategy Adviser, Euronext.liffe
Patrick Catania, Advisor, National Commodity & Derivatives Exchange, Mumbai
Satish Nandapurkar, President and Chief Executive Officer, U.S. Futures Exchange

 A study of product innovation in the global futures industry with an analysis of whether the success rate is rising or falling. This session will looks at a broad spectrum of products including fixed income, indexes, foreign currencies and the successful new over-the-counter products being traded and/or cleared on exchange. Representatives from Asia-Pacific, Europe, Latin America and North America share their observations on innovation.
3:45 PM—4:00 PMCoffee
 
4:15 PM—4:00 PM
International Best Practices: Market Integrity

Chair:
Frederick Grede, Chairman, Vega Financial Engineering

Speakers:
Angelique Murphy, Senior Vice President, Calyon Financial
John Nicholas, Senior Vice President, Director of Securities Compliance, Fimat USA
Yeo Lian Sim, Executive Vice President and Head of Risk Management & Regulation Group, Singapore Exchange
Kimberly Taylor, Managing Director and President, Clearing House Division, Chicago Mercantile Exchange

 This session will provide insight on how brokers, exchanges and regulators monitor market activity on an ongoing basis and during the delivery process. How do they distinguish between legitimate market-making activity and manipulation? How are large traders identified and monitored? What special conditions are imposed during the delivery period? What is the role of the exchange, regulator and firm in ensuring customers are ready for delivery? What are the consequences of a default and how do the exchanges, regulators and firms respond?
 
The Options Experience in Asia

Chair:
Nicholas Ronalds, Director, UBS Securities LLC

Speakers:
Dr. Michael Gorham, Director, Center for Financial Markets, Stuart Graduate School of Business, Illinois Institute of Technology
Foo-shiung Ho
Sung Hee Hong, Director, Futures Market Division of Korea Exchange
R. Sundararaman, Senior Vice President, National Stock Exchange of India

 The most actively traded options contract in the world, the Kospi 200 index option, is located in Asia, yet other Asian countries still do not permit options trading. Why do some markets ban options while options trading in other markets flourish? What are the ingredients for a successful options market? What impact does introducing options have on the underlying market? What challenges are faced by exchanges, regulators, and other market participants as options are introduced?
7:00 PM—4:00 PMMan Financial Reception
 The landmark Taj Mahal Palace & Tower Hotel provides a regal setting for our closing reception. Enjoy the panoramic view which includes the Gateway of India and the Arabian Sea from the private Taj Chambers Terrace.
FIA
2001 Pennsylvania Avenue N.W.
Suite 600
Washington, D.C.20006
(202) 466-5460 phone
(202) 296-3184 fax
www.futuresindustry.org