About ASIFMA-GFMA Market Liquidity Conference 2015
Modeled on the successful series of AFME’s annual European Market Liquidity Conference in London,
ASIFMA aims to bring this well-received event to Asia as an industry-wide conference of the region.
The ASIFMA-GFMA Market Liquidity Conference was held in June in Singapore.
The conference gained support from over 200 attendees. More than 40 speakers including senior
representatives from regulators, trading platforms, buy side, sell side and many other leading
financial institutions.

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The conference provides unique opportunity for global and regional industry representatives fromboth sell-side and buy-side, fixed income and foreign exchange communities ASIFMA members andtheir guests, to discuss in-depth and genuine debates with policy makers and lead by senior speakers.
We highly appreciated the valuable supports by from 10 sponsors including EBS, Thomson Reuters,UBS, ING, J.P. Morgan, MarketAxess, Nasdaq, SGX, Bloomberg, Tradeweb and 13 endorsers as well as
5 media partners.

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We have received very positive feedback from the stakeholders including speakers, delegates,sponsors and endorsers. Most of them found the speakers excellent, the discussions highly
informative, concurrent panels interactive, and the conference thought provoking and enjoyable withthe opportunity to meet the various senior representatives with similar interests in financial
regulation.

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List of Participating Organizations in 2015:
360T
Afton Chemical Asia Pte Ltd
Algomi
Allgrace Investment Management Private
LimitedAlternative Investment Management
Association
Amundi Asset Management
ASIFMA
Association of Corporate Treasurers(Singapore)
Australia and New Zealand Banking Group
Australian Securities & Investments
Commission
Australian Securities & Investments
Commission
Bank of America Merrill Lynch
Bank of Singapore
Barron's
BlackRock
Bloomberg
Bluecrest Capital Management
BNP Paribas
BP PLCCFA Institute
CIMB GroupCiti
CITIC Securities Co Ltd
Clifford Chance
CLSA
CognitoCommerzbank
Cornerstone Asset Management
Credit Suisse
DBS
Delta Neutral Pte Ltd

Deutsche Bank
Dymon Asia Capital
Eastspring Investments
EBSEBS
Edelweiss Financial Services Limited
Ernst & Young
Eurex
Euroclear
European Union OfficeFirst Derivatives
Futures & Options WorldFX Week
General Electric Company
GFMA
Graticule Asset Management Asia
HNWI Private Limited
Hong Kong Exchanges & Clearing Limited
ICAP
Infrastructure Development Finance Company(IDFC Limited)
ING
Interactive Data Corporation
Interhoebiger Finanz
International Capital Market Association
Isuzu Motors Asia Ltd
J.P. Morgan
J.P. Morgan Asset Management
Lion Global Investors
Macquarie Group
Maersk Treasury Center (Asia) Pte Ltd
Malayan Banking BerhadMarketAxess and Trax
MarketAxess Europe Ltd.
Mewah Oils & Fats Pte Ltd
Millennium Capital
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List of Participating Organizations in 2015 (Con’t):MizuhoMonetary Authority of Singapore
NASDAQ
Nestle Tc Asia Pacific Pte Ltd
Nikko Asset Management
NN Investment Partners
Norges Bank Investment Management
Oversea-Chinese Banking Corporation Limited
Pennridge Private Consultancy
PricewaterhouseCoopers
Principal Global Investors
Promontory Financial Group
Quorum 15
RHB Bank Berhad
SBICAP (Singapore) Limited
Schroders
Scotia Capital
Sentosa Leisure Management Pte Ltd
Singapore Exchange Limited
Societe Generale
ST Asset Management

Standard Chartered
State Street Global Advisors
Stone Harbor Investment Partners
Stradegi Pte Ltd
SWIFT
Talklah Group
Temasek
The Epoch Times
The Institute of International Finance
The Securities Association of Singapore
The Wall Street JournalThomson Reuters
Tradeweb
U.S. Department of the Treasury
UBSUBSUBS Global Asset Management
United Overseas Bank LimitedWestpac
Xilinx Inc

Event Website:
For more about ASIFMA-GFMA Market Liquidity Conference 2015:
http://www.asifma.org/liquidity2015/
For more information about ASIFMA events:
http://www.asifma.org/events/

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ASIFMA-GFMA Market Liquidity Conference
Final Program
Location:

Marina Mandarin Hotel, Singapore(Marina Mandarin Ballroom, Level 1)

8:30-8:35

Welcome Remarks
Mark Austen, CEO, Asia Securities Industry & Financial Markets Association (ASIFMA)

8:35-8:55

Presentation – “State of Financial Market Liquidity”
Nick Forrest, Director, Economics, PwC

8:55-9:15

Presentation - Execution Policy – UK Fair and Effective Markets Review, Impact onAsia
James Kemp, MD, Global FX Division, Global Financial Markets Association (GFMA)

9:15-10:15

Panel 1 - Impact of Market Regulation on Asian Liquidity
 Andrew Ng, Group Executive, Head of Treasury & Markets, DBS
 David Lynne, MD, Head of Fixed Income and Currencies, Asia, Deutsche Bank Ashley Walsh, COO for North Asia, Regional Business Manager Asia Pacific, ICAP Chunhua Ou, ED, Collateral Management Sales Asia-ex Japan, Investor Services,J.P. Morgan Michael Karbouris, Head of Business Development, Asia Pacific, Nasdaq
 Rachel Armstrong, Editor - Asia Top News, Reuters (Moderator)

10:15-10:45

Coffee Break

10:45-11:45

Panel 2 - Electronic Trading in Asia – Threats and Opportunities
 Ravi Sawhney, Global Head of FI Credit E-Trading, Bloomberg
 Simon Winn, Head of Sales Asia Pacific, EBS Duncan Klein, Head of Sales Asia, MarketAxess Europe Limited Tsai Li Renn, SVP, Head of Fixed Income Trading, Singapore Exchange Kelly McKenney, Director, Head of Distribution for Asia (ex-Japan), Tradeweb Wayne Arnold, Senior Columnist, Barron’s (Moderator)

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11:45-12:45

Panel 3 - The Growth of Local Currency Markets – China and India
 Feng Ping, MD, Head of Fixed Income, CITIC Securities Co Ltd
 Jean-Charles Sambor, Director, Asia Pacific, The Institute of InternationalFinance Rajeev DeMello, Head of Asian Fixed Income, Schroders
 Kheng Siang Ng, Head of Fixed Income, Asia Pacific, State Street Global Advisors Phil Low, Head of Market Development - China, Thomson Reuters Wayne Arnold, Senior Columnist, Barron’s (Moderator)

12:45-13:45

Lunch

13:45-14:05

Keynote - How Liquidity Impacts Markets and Economic Growth
Tim Condon, MD and Chief Economist, Asia, ING

14:05-14:15

Presentation – Changing Market Landscape for FICC in Asia
Anthony Hall, Head of FX, Rates & Credit – APAC, UBS

14:15–15:15 Concurrent Panels:
Panel A: FI Topic – Evolution of Best Execution and Equitisation of FI- The changing face of FI : Best Execution evolution and its consequences, what was
the biggest change in FI market in the last year and what will be the biggest change in
the next year ?
- The equitisation of FI - Is the FI market seeing an equitisation, how does it affect themarket and what will be its future? Conventions, practices, protocols, procedures,
business models, etc that:easily transfer from Equities to FI and add value
don't transfer without significant alteration
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don't transfer at all- Initiatives - What criteria should we look for in an FI initiative to assess whether it's
likely to succeed or fail- MIFID II - Practical Issues related to compliance, possible mitigation of impact(s)Page 7 of 11
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Ben Davies, MD, Head of Credit Trading, DBS
Richard Coulstock, Director, Head of Dealing, Eastspring Investments
Leo Hu, Senior Portfolio Manager, Emerging Market Debt Hard Currency (EMD HC),
NN Investment Partners
Mark Russell, Global Head of Clearing and Execution Services Cash Products, UBS
Gabriele Frediani, ED, Quorum 15
Vijay Chander, ED – Fixed Income, Asia Securities Industry & Financial Markets
Association (ASIFMA) (Moderator)

Panel B: FX Topic – Changing Market Structure of FX as result of Regulation- How is the FX market landscape changing?
 Volumes growth Structure key developments over recent years
 Different dealers:a) Multi-dealer platforms vs voice brokerage evolutionb) Growth in proprietary trading firmsc) Interdealer platformsd) Special distributors / other dealers- How does regulation impact the FX market?
 Conduct Market regulation
 Economic pressure Market Structure- Will FX become more like fixed income or vice versa?
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15:15-15:45

Robert Coughlan, Head of Sales Asia Pacific, 360T
Damian Glendinning, President, Association of Corporate Treasurers (Singapore)
Simon Winn, Head of Sales Asia Pacific, EBS
Arsalan Haque, Director, Head of FX Option Trading, Asia, ING
Jonathan Woodward, Senior Director, Co-Head of Asia-Pacific – Transaction Sales,
Thomson Reuters
Mark Austen, CEO, Asia Securities Industry & Financial Markets Association(ASIFMA) (Moderator)

Coffee BreakPage 8 of 11

15:45-16:45

Concurrent Panels:
Panel C: FI Topic – New Trading Models, Data Transparency and Deployment- What are the new trading models on FI market and how does it impact trading: Investors’ views on e-trading: Evolution, drivers of growth, Choice of venues,
future development
 Dealers’ views: Changes in market making, liquidity & market making: rates vs.
credit, new protocols as volumes grow, Innovations to cope with regulation
 Role of the e-trading venues– changing e-trading needs of both dealers andinvestors, innovations, new regulatory requirements in Asia
 Obstacles to further growth in the Asian e-trading markets (protocols, trading
behavior, regulatory constraints, fragmented markets, etc.)- How is data transparency handled and deployed by firms and what are the impacts:
 importance of increased transparency and pricing data to facilitate new liquidity
models Change in the Asian fixed income market with the growing transparency
requirements Data product developments

Jesper Bruun-Olsen, MD, Head of Asia-Pacific, Algomi
Jason Gresko, Head of eFI Sales Asia, Corporate Banking & Securities, Deutsche
Bank
Martin Haines, MD, Asia, First Derivatives
Chris Smith, Head of Trax & Operations Services, MarketAxess and Trax
Salvatore Capocelli, SVP, Fixed Income Trading, Singapore Exchange
Vijay Chander, ED – Fixed Income, Asia Securities Industry & Financial Markets
Association (ASIFMA) (Moderator)

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Panel D: FX Topic – Evolving Market Infrastructure and Nature of ClientRelationships- How profound have the market structure changes been over recentyears(fragmenting liquidity, client persepective, etc.) ?
- Is the rise of electronic trading inexorable? Or have we reached a saturation point?
 user behavior evolving
 options, limits to electronic trading- Will the ramp up of banks’ cost of capital and balance sheet over recent years willlead to commitment to parts of the market?
 risk commitment / inventory; prime broking- Liquidity conditions and impact on market (Liquidity today, capacity, algos, client
perspective, margin trading/retail, etc.)- Regulatory changes and impact on client execution (choice, access, transparency,challenges of best execution, impact of clearing, etc.)- Agency trading and its role in the future market- Impact for bank business models and importance of franchise- Nature of client relationship and evolution (end user, other users, etc.)
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Bernard Wee, Department Head and ED for Financial Markets Development,
Monetary Authority of Singapore
Jamie Salamon, COO Asia Pacific, 360T
Scott Offord, Head of South Asia Bank Sales, Fixed Income & Currencies,
Deutsche Bank
Hong Paterson, ED, APAC Head of Custody Cash and Liquidity, Investor Services
J.P. Morgan
Andrew Billing, Head of Institutional Sales, Financial Markets, Westpac
Mark Austen, CEO, Asia Securities Industry & Financial Markets Association(ASIFMA) (Moderator)

16:45-16:55

Closing Remarks
Nigel Fuller, Head of Liquidity Sales, Asia Pacific, Thomson Reuters

16:55-17:00

Wrap UpMark Austen, CEO, Asia Securities Industry & Financial Markets Association (ASIFMA)
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