* Program subject to change  | Wednesday, November 6, 2002 | | 9:30 AM—4:00 PM | Developments in International Marketplaces Chair:
James Davison, President, Cargill Investor Services, Inc. Speakers:
Rudolf Ferscha, Chief Executive Officer, Eurex; Hugh Freedberg, Chief Executive Officer, Euronext.liffe | | W9:30A
It’s been a very good year for futures exchanges around the world. This panel will discuss new structures, new products and new directions for exchanges and clearinghouses. | | | Portfolio Margining Chair:
John Davidson, Managing Director, Morgan Stanley Speakers:
James Barry, Executive Director, Morgan Stanley; Richard Lewandowski, Head of Compliance, Chicago Board Options Exchange; Andrew Naughton, Senior Vice President, The Options Clearing Corporation; Terry Travis, Director of Risk Management, First Options of Chicago | | W9:30B
Portfolio margining in the futures industry is standard practice at both the clearing organization and customer level. With the introduction of security futures in the U.S., the options and futures industry are integrating systems and practices. The way customer margin is calculated is one of the significant differences. Will the options/securities industry move to portfolio margining beyond the current clearing organization and market-maker levels? How will securities account portfolio margining compare to The Options Clearing Corporation's TIMS margining, to SPAN, to NYSE Rule 431 or to Regulation T margining? What are the implications of this move? The SEC has granted permission for a portfolio margining pilot program for the options industry. What is the status of this initiative?
| | | Japanese Candle Trading Strategies Speaker:
Daniel Gramza, President, Gramza Capital Management
| | W9:30C
Daniel Gramza is a Chicago-based trader and educator known worldwide to institutions for his Japanese Candle Analysis trading techniques. Daniel will present his own proprietary approach to Japanese Candle trading strategies, followed by an open forum in which participants are invited to select current markets for Daniel to analyze and apply his trading strategies real-time. | | 10:45 AM—10:00 AM | Ideas in Focus Futures Study Coffee Break | | | | | 11:15 AM—4:20 PM | Business Implications of Current Legal & Regulatory Rules Chair and Co-Chair:
Eileen Flaherty, Executive Vice President and Senior Deputy General Counsel, Fimat USA, Inc.; Charles Nastro, Managing Director, Lehman Brothers Inc.
Speakers:
Ronald Hersch, Senior Managing Director, Bear, Stearns & Co. Inc.; Christopher Malo, Senior Vice President-Global Head of Marketing/New Business Development, Cargill Investor Services, Inc.; Allan Zavarro, Executive Vice President, ABN AMRO Incorporated | | W11:15A
This panel will explore the difficulties of managing differences in SRO rules for block trading, collateral management, electronic trading, security futures and other industry practices. What impact do these rules have on the P&L of firms?
| | | The New Security Futures Markets: The User’s Perspective Chair:
Joseph Murphy, President, Refco, LLC. Speakers:
Diane Garnick, Global Investment Strategist, State Street Global Advisors; Matthew Halperin, Senior Vice President, Alternative Investments, Putnam Investments; Mark Rzepczynski, President and CIO, John W. Henry & Co., Inc. | | W11:15B
The industry has spent more than a year preparing for the launch of security futures and narrow-based indices. Regulations had to be married, systems modified and new registrations achieved. Now that trading is underway, what is the outlook for the success of these products? How do traders plan to use them in their investing strategies? Or have they adopted a wait-and-see attitude?
| | | What's in Store for Equity Derivatives Traders? Speaker:
David Lerman, Associate Director, Index Products and Services, Chicago Mercantile Exchange Inc. | | W11:15C
Institutional and individual investors: you now have more opportunities than ever before to trade or hedge your portfolio. Single stock futures, equity indices and the all new sector futures...find out all you need to know to make these new investment tools part of your trading strategy.
| | 12:30 PM—10:00 AM | FIA Law and Compliance Division Luncheon Speaker:
Peter Grauer, Chairman, Bloomberg L.P.
| | W12:30
Peter Grauer was named Chairman of the Board at Bloomberg L.P. in March 2001, succeeding Michael Bloomberg. He joined the 21-year old company as a full-time executive in March 2002. Prior to joining Bloomberg, he was managing director of Donaldson, Lufkin & Jenrette and managing director and senior partner of CSFB Private Equity. Mr. Grauer is a founder of DLJ Merchant Banking Partners and DLJ Investment Partners. He is a graduate of the University of North Carolina and the Harvard University Graduate School of Business. | | 2:30 PM—8:00 AM | FIA Law & Compliance Division presents Hot Topics Chair:
William McCoy, Executive Director, Morgan Stanley Speakers:
Kevin Foley, Principal, Quincy Law Group; Michael Philipp, Partner, Katten Muchin Zavis Rosenman; Edward Riccobene, Commodity Futures Trading Commission; Thomas Sexton, General Counsel, National Futures Association | | W2:30A
Anti-money laundering, post-trade allocation,Segregation Interpretation 12…the latest information on regulations of interest to futures legal and compliance professionals.
| | | The Competitive Landscape Chair:
John Damgard, President, Futures Industry Association Speakers:
Thomas Ascher, Chief Executive Officer, Nasdaq Liffe Markets, LLC; William Brodsky, Chairman & Chief Executive Officer, Chicago Board Options Exchange; Walt Lukken, Commissioner, Commodity Futures Trading Commission; Anthony McCormick, Vice President-Equity Options, Charles Schwab Capital Markets Group; William Rainer, Chairman and Chief Executive Officer, OneChicago | | W2:30B
In certain sectors of the derivatives industry, competition is flourishing. There’s the impressive story of the International Securities Exchange grabbing 20 percent of the market share this year. There’s also stiff competition among security futures exchanges with more entrants into that marketplace expected later this year and first quarter next year. This session will explore the unique characteristics of each exchange, its products and its plans for the future. | | | New Trend in Managed Futures - Investable CTA Indexes Chair:
Sol Waksman, President, Barclay Trading Group Limited
Speakers:
Aleks Kins, Director, RQSI/Access; Bill Marcus, Vice President, Carr Furutes, Inc | | W2:30C
Three years into a bear market, investors are rediscovering the benefits of diversification into non-correlated asset classes such as managed futures. However, many of these investors are new to the futures arena and are reluctant to take individual "manager risk." As a result, there is tremendous interest in being able to buy an index of CTAs. Our panel will discuss two divergent approaches, an index based on established CTAs versus an index based on "emerging" CTAs.
| | 3:45 PM—10:00 AM | Coffee | | | | | 4:15 PM—4:25 PM | The Next Generation of Clearing Standards Chair:
John Munro, Senior Vice President, Product Development, Rolfe & Nolan and
Chair, FIA Standards Working Group Speakers:
Larry Boyer; Director, Quality Assurance, NYMEX; Ed Gogol, Director, Systems Development, Clearing House, Chicago Mercantile Exchange Inc.; Angela Krug, Vice President, Deutsche Bank AG; James Northey, Principal, LaSalle Technology Management Group, Inc.; Christopher Toczycki, Director - Information Technology, Board of Trade Clearing Corporation; Paul Wesemann, Senior Systems Architect, SunGard Futures Systems | | W4:15A
The U.S. futures industry is finally getting together...on data interchange formats that is. FIX, FIXML, XML...attend this session to hear more about what will be a major step to achieving straight-through processing and shortening project lead times.
| | | FIA Chicago Operations Division and FIA Law & Compliance Division present Security Futures Pre-Launch Chair:
Eileen Flaherty, Executive Vice President and Senior Deputy General Counsel, Fimat USA, Inc. Speakers:
Chris Damilatis, Senior Vice President, Prudential Securities Incorporated; William McCoy, Executive Director, Morgan Stanley; Leonard Musso, First Vice President, Lehman Brothers Inc.; Michael Foley, Katten Muchin, Zavis, Rosenman; Timothy Wright, Senior Business Analyst, Cargill Investor Services, Inc. | | W4:15B
By the time Expo happens, we hope to have all the rules in place, registrations achieved and customers signed up. What issues still remain? | | | Options Volatility and Spread Strategies for Today's Markets Speaker:
James Bittman, Director, Program Development and Instruction, The Options Institute Introduction:
Matthew Moran, Vice President, Chicago Board Options Exchange | | W4:15C
Jim Bittman will discuss the implication of changing levels of implied volatility for directional and non-directional strategies. For speculative traders, he will give examples showing how much OEX and SPX implied volatility levels can change and how such changes can impact the results of
buying/selling individual options, one-to-one spreads and ratio spreads. The discussion will include a brief review of the "Greeks," delta, gamma, theta, vega. For portfolio managers, he will discuss the results of a recent study by Professor Robert E. Whaley of Duke University that led to the creation of the CBOE's BXM Index which measures the performance of covered call writing on the S&P 500 Stock Index.
| | 4:30 PM—6:00 PM | Taste of Expo Exhibit Hall Reception *Exhibit hall closes at 6:00 P.M. | | | W4:30 - 6:00 | | Thursday, November 7, 2002 | | 9:00 AM—4:00 PM | New Directions for Chicago Exchanges Chair:
Robert Felker, President, Banc One Capital Markets and Chairman, Futures Industry Association Speakers:
William Brodsky, Chairman and Chief Executive Officer, Chicago Board Options Exchange; James McNulty, President and Chief Executive Officer, Chicago Mercantile Exchange Inc.; and Bernie Dan, Executive Vice President, Chicago Board of Trade
| | T9:00A
The FIA has a wish list for the U.S. exchanges that includes directed clearing, more flexible block trading rules, efficient use of collateral, and rational fee structures. What issues arise when an exchange goes for-profit? How can the industry continue to support both open outcry and electronic trading? | | | The Institute for Financial Markets presents Introduction to Security Futures Speaker:
Stanley Dash, Instructor, Institute for Financial Markets | | T9:00D
Attend this session to learn about single stock futures and narrow-based stock index futures, and the underlying cash markets including the requirements for trading and offering these innovative products. Topics include pricing, trading concepts, and margin and leveraging in comparison to other instruments. The IFM, a nonprofit foundation, is a leading provider of security futures education and was elected by NASD-R and NFA to develop their joint continuing security futures education program for registered reps and associated persons. | | | Identifying and Managing Key Legal and Operational Risks in the Post-Enron Environment Speaker:
Andrea Kramer, Partner, McDermott, Will & Emery | | T9:00B
Trading entities must understand their risk profile, which includes liquidity, credit, operational, legal, and regulatory risks. In this session, Andrea Kramer will focus on the identification and management of the two hardest risks to quantify -- legal and operational risks -- at a time when these risks have been put under the spotlight and have taken on added significance. She will set out the legal and operational risks that trading companies need to understand in today's world. This session will also help trading counterparties and investors in such
entities identify and understand the risks to which these companies are exposed and ways to address them. She will address the responsibilities of corporate boards of directors in the context of new Post-Enron legislation: the Sarbanes-Oxley Act.
| | | New Directions for Chicago Exchanges Chair:
Robert Felker, President, Banc One Capital Markets and Chairman, Futures Industry Association Speakers:
William Brodsky, Chairman and Chief Executive Officer, Chicago Board Options Exchange; James McNulty, President and Chief Executive Officer, Chicago Mercantile Exchange Inc.; and Bernie Dan, Executive Vice President, Chicago Board of Trade.
| | T9:00C
The FIA has a wish list for the U.S. exchanges that includes a bigger role in clearing governance, more flexible block trading rules, efficient use of collateral, and rational fee structures. What issues arise when an exchange goes for-profit? How can the industry continue to support both open outcry and electronic trading? | | 10:15 AM—10:35 AM | Eurex Coffee Break | | | F10:15 | | 10:45 AM—4:00 PM | Competitive Clearing Chair:
Didier Varlet, Chairman & Chief Executive Officer, Carr Futures Inc. Speakers:
Richard Berliand, Global Head of Futures & Options, J.P. Morgan Securities Ltd.; Dennis Dutterer, President & Chief Executive Officer, Board of Trade Clearing Corporation; Phupinder Gill, Managing Director and President, Clearing House Division, Chicago Mercantile Exchange Inc.; David Hardy, Chief Executive Officer, The London Clearing House Ltd. | | T10:45A
This panel will review the current U.S. futures clearing environment and discuss whether alternatives exist that could maximize choice, reduce costs and encourage competition and innovation in the industry.
| | | The Institute for Financial Markets presents Introduction to Security Futures Speaker:
Stanley Dash, Instructor, Institute for Financial Markets | | T9:00D
Attend this session to learn about single stock futures and narrow based stock index futures, and the underlying cash markets including the requirements for trading and offering these innovative products. Topics include pricing, trading concepts, and margin and leveraging in comparison to other instruments. The IMF, a nonprofit foundation, is a leading provider of security futures education and was elected by NASD-R and NFA to develop their joint continuing security futures education program for registered reps and associated persons. | | | Risk Measurement, Control and Monitoring Chair:
Graydon Barz, Chief Risk Officer, Opt4 Derivatives Speakers:
William Balson, Vice President, Charles River Associates, Inc.; Michael Castagna, Vice President, Risk Management, Commodities Management Exchange, Inc.; Martin Chavez, PhD, Co-Founder, Chairman, and Chief Executive Officer, Kiodex, Inc.; Tom Lord, President, Volatility Managers, LLC.
| | T10:45B
Whether you are setting a risk management program in place or fine-tuning an existing program, this session will help you analyze the tools at your disposal to monitor current exposures. It also will address the staff, systems and organizational structure you need to have in place for an effective risk management program.
| | | The European Fixed Income Portfolio Chair:
Larry Schulman, Managing Director, Goldenberg, Hehmeyer & Co. Speaker:
Heike Eckert, Head of Marketing & Sales, Eurex and Dave Minnick, Vice President, Morgan Stanley | | T10:45C
The European fixed income landscape encompasses everything from benchmark interest rate derivatives, OTC and on-exchange bond trading, to a growing interest in non-government debt. Who are the players in this market, and what is the role of U.S. investors? This panel will cover developments in European fixed income trading from the sell-side and exchange perspectives. | | 12:00 PM—10:00 AM | FIA Chicago Division Luncheon Speaker:
Senator Peter Fitzgerald (R-IL)
| | T12:00
Senator Peter Fitzgerald (R-IL) was elected to the United States Senate on November 3, 1998. He was the first Republican in Illinois to win a Senate race in 20 years and is the youngest member of the U.S. Senate. He serves on the Agriculture, Commerce, Small Business, and Governmental Affairs committees. As a member of the Agriculture Committee he has played an active role in futures issues. He is also Ranking Member of the Commerce subcommittee on Consumer Affairs, Foreign Commerce, and Tourism. Fitzgerald, a former commercial banking attorney, has played a leading role in the Consumer Affairs subcommittee’s investigation of the Enron Corporation. He is a graduate of Dartmouth College and the University of Michigan law school. | | 2:30 PM—8:00 AM | FIA Chicago Operations Division presents The Cost of Clearing Chair:
Mark D. Connelly, Senior Manager, American Express Tax & Business Services’ Financial Service Group
Speakers:
Thomas Croke, Vice President, Lehman Brothers Inc.; Jill Harley, Vice President and Treasurer, Chicago Board of Trade; William Metzger, Clearing Manager-Vice President, J.P. Morgan Futures Inc.; Satish Nandapurkar, Managing Director, Products and Services, Chicago Mercantile Exchange Inc.; Rick Walsh, Senior Vice President, Product Design, Rolfe & Nolan | | T2:30A
As exchanges look for new ways to generate revenues, FCMs are feeling the squeeze. The competitive environment makes it difficult for FCMs to pass new fees and fees increases along to their customers. This panel will discuss operational issues arising from new fees and fee increases, benefits and pitfalls of the Chicago Mercantile Exchange's Exchange Fee System (EFS), implementation of the Chicago Board of Trade's Fee Invoicing System and other fee related topics and issues. | | | Connecting Risk and Shareholder Value Speaker:
James Rozsypal, Partner, Ernst & Young Risk Management and Regulatory Practice
| | T2:30B
This session will discuss how to turn your risk management strategy into a business opportunity. Beyond the benefits of risk control, how have organizations turned what is traditionally a cost center into a profit center? How are risk management concepts related to value-based management concepts like EVA and shareholder value added?
| | | Can Government Bond Futures Stand Up to LIBOR? Chair:
Galen Burghardt, Senior Vice President, Carr Futures Inc. Speakers:
George Anagnos, Executive Vice President Business Development-USA, Euronext.liffe; Larry Grannan, Associate Director - Interest Rate Products, Chicago Mercantile Exchange Inc.; Fred Sturm, Senior Economist, Chicago Board of Trade; Randolf Roth, Project Manager, Eurex | | T2:30C
Because of the success of LIBOR based money market futures and interest rate swaps over the past 20 years, the fixed income market has
gradually shifted away from government yields and toward LIBOR as the standard of value. In the U.S., one is more likely to find returns and funding costs benchmarked against LIBOR, and in Europe, all government bond yields are compared as spreads against Euribor. For those of us in the futures business, this development raises serious questions about the long-term viability of government bond and note futures, and wide open questions about the role that LIBOR based products will play. Eurodollar and Euribor futures volumes have exploded over the past couple of years, and swapnote futures are just beginning to emerge. Which will be more important five years from now – government bond futures or money market/swapnote futures?
| | 3:45 PM—10:00 AM | Eurex Coffee Break | | | W3:45 | | 4:15 PM—10:00 AM | FIA Chicago Operations Division presents Disaster Recovery Chair:
Michael Kaczmarski, Managing Director, Bear, Stearns Securities Corporation Speakers:
Steven Bass, Chief Information Officer and Senior Vice President-IT, NYBOT; Charles Bebel, Vice President, Operations, NYMEX; Bryan Durkin, Senior Vice President, Exchange Operations, CBOT; Jim Krause, Managing Director, Operations and Enterprise Computing, CME; and Brett Paulson, Senior Vice President and Chief Information Officer, BOTCC. | | T4:15A
Since 9/11, most exchanges and firms have given considerable thought to their disaster recovery and business continuity plans. What are these organizations doing differently? How is information being disseminated among market participants? What further work is needed? | | | Managing Options Traders Speaker:
Martin O’Connell, President, O’Connell Piper & Associates, Inc. | | T4:15B
Modern corporate risk management requires the integration of complex mathematical tools and old-fashioned people management. The opportunity to use options can stress almost every aspect of this process. This session will explore the management of the trading process, including setting objectives, measuring results, monitoring strategic and tactical behavior, and having productive conversations with traders. Much attention will be given to understanding the conflicting or counterproductive forces that influence trader behavior, to some important natural human weaknesses, and to the communication barriers that can impede management. | | | Commodities: Diversifying Away from Financials Chair:
Lawrence Ryan, Executive Director, UBS Warburg Futures Inc. Speakers:
Joseph Victor, Vice President/Marketing, Allendale Inc. | | T4:15C
Commodity prices are experiencing their biggest rally since 1983. As equity markets have lost some of their luster, commodities are drawing new interest from money managers and investors. This session will provide an overview of the commodity markets with information on how they are being worked into investor portfolios. | | 6:00 PM—8:15 AM | Chicago Board of Trade/Chicago Mercantile Exchange Inc. Reception at the Chicago Mercantile Exchange | | | T6:00 | | Friday, November 8, 2002 | | 9:00 AM—8:00 AM | The New World of Data Distribution Chair:
Christopher Hehmeyer, Co-Chairman, Goldenberg, Hehmeyer & Co. Speakers:
Steve Dickey, Vice President, Market Data Products & Information, Chicago Board of Trade; Glen Madeja, Director, Chicago Mercantile Exchange Inc.; Jeff Patrick, Marketing Manager, GL Trade; Jim Porter, Chairman and Chief Executive Officer, Hyperfeed | | F9:00A
The advent of electronic trading has had a major impact on data distribution in the futures industry. In addition to their quote vendor, customers, are receiving data through firms order routing systems. Exchanges want to treat FCMs like other vendors, using them as collection vehicles for data distribution. Exchanges, vendors, FCMs and customers consider the business issues associated with proposed data policies.
| | | Converging Systems Chair:
Leslie Sutphen, President, Financial Markets Group, Inc. Speakers:
Stephen Auerbach, Chief Operating Officer, SunGard Futures Systems; James Birney, Chief Financial Officer, Rolfe & Nolan; Leonard Musso, First Vice President, Lehman Brothers Inc.; Eric Wicart, Global Head of Sales, Ubitrade | | F9:00B
The passage of the CFMA and the introduction of security futures and futures on narrow-based indices has blurred the lines between equity and futures back office processing in the U.S. Outside the U.S., the lines have been blurred for years. A panel of futures and securities back office vendors and equity product experts will discuss what this convergence means for the future of both futures and securities processing. | | | New Trading Tools: Composites, Modules, and Adaptation Speaker:
Jim Miclot, Ph.D., President, Steidlmayer Software | | F9:00C
Jim Miclot looks at new tools for creating light, modular systems that adapt to particular market behaviors. He demonstrates ways to filter out the noise created by 1) price rotation for purposes of liquidity and 2) charting structures that camouflage holding behavior or liquidation.
Featured are MP+ tools from Aspen Research--for creating composites (synthetic profiles); the new SIFTER tool from Mercury Markets--for database reformulation; and the “F-10” graphic display from Steidlmayer Software--for
distinguishing between price rotation and sustainable direction.
| | 10:15 AM—11:00 AM | Coffee | | | | | 10:45 AM—8:25 AM | The Wise Guys: The Sequel Chair:
Scott Gordon, President and COO, Tokyo-Mitsubishi Futures Speakers:
Patrick Arbor, Chairman, United Community Bank and Principal, Shatkin, Arbor, Karlov and Co.; John Gelderman, John T Associates, Inc; Les Rosenthal, Managing Partner, Rosenthal Collins Group; Robert Zellner | | F10:45A
Back by popular demand…you came, you listened, you laughed…decades of experience, no shortage of opinions…we’re assembling another panel of names you would recognize. | | | FIA Information Technology Division presents IT Management Tools Chair:
Gerald Tellefsen, Senior Vice President, Tellefsen Consulting Group Speakers:
Steven Bass, Chief Information Officer and Senior Vice President-IT, New York Board of Trade; William Farrow, Executive Vice President, Chicago Board of Trade; Phil Marks, Project Management Consultant, Rolfe & Nolan Plc; Brett Paulson, Chief Information Officer, Board of Trade Clearing Corporation; Roman Szymansky, President, MicroDesign Services, Inc.; Jon Weisblatt, Senior Vice President, eTrading/eCommerce, Man Financial | | F10:45B
In the financial services industry, when you think of risk management, you think of trading controls. And, those trading controls usually rely heavily on automated applications of many types and flavors. But, what if one of these critical applications failed or did not operate properly? What type of risk management tools does the CIO use? What’s available to him? Is a suite of risk management tools in place? How are they managed? How do they integrate? How do they manage risk? | | | Trading Systems Review Chair:
Louis Lukac, President, Wizard Trading, Inc. Speakers:
Wade Brorsen, Regents Professor and Jean & Patsy Neustadt Chair, Department of Agricultural Economics, Oklahoma State University; Michael Dever, President, Brandywine Asset Management, Inc.; Jerry Parker, Chief Executive Officer, Chesapeake Capital Corp. | | F10:45C
Are the challenging times for systems traders over? Is profitability back? This session presents an overview of the trials and tribulations of traders who have relied on systems to trade over the past decade and the prospects for the future. Plus the results of a study recently published by Oklahoma State University which quantifies how system traders' returns are linked to volatility. | | 2:00 PM—11:00 AM | Exhibit Hall Closes * No one will be admitted after 1:30 P.M. | | | |
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