Annual Conference

19-22 April 2009


Tuesday 21 April - Day Two


Commodities futures


The natural client base for these products has been producers and users of the underlying goods, with investors assuming geared risk in exchange for the potential of geared rewards. What are exchanges doing to develop this segment in terms of new products, and expansion of the types of risks that can be hedged?
  • Hugh Freedberg, Chairman of NYSE Liffe and Chairman of IOMA, as moderator
  • Michael V. Dunn, Acting Chairman, Commodities Futures Trading Commission
  • John Mathias, Chief Business Officer, Singapore Mercantile Exchange
  • John J. Lothian, President & CEO, John J. Lothian Company
  • John Damgard, President, Futures Industry Association
  • Huilian Li, Manager, Zhengzhou Commodity Exchange
Cash market price fragmentation and its effects on derivatives
How did fragmentation of cash market liquidity develop post-MiFID and post-Reg NMS implementation? Is the fragmentation of cash markets affecting the process of price discovery, and is there an impact on reference prices? What could be the impact of cash market fragmentation on derivatives markets?
Are investors developing a preference for trading derivatives?  How are the derivatives markets structures themselves being modified? What role, if any, are dark pools playing in this?
  • Gary Katz, President and CEO, International Securities Exchange, moderator and presenter
  • Ester Levanon, Chief Executive Officer, Tel Aviv Stock Exchange
  • Frank Gerstenschläger, Member of the Executive Board, Deutsche Börse AG
  • Breon Byrne, Head of European Derivatives Trading, Susquehanna International Group (SIG)
Reworking principles for short-selling practices
Market operators, regulators, and participants and investors would all agree that the short-selling bans imposed in late September 2008 did not work well, or achieve their purpose in stemming the market decline. IOSCO acknowledges the role short-selling plays in providing efficient price discovery and is preparing new principles. How will those principles be implemented in different jurisdictions?
  • Richard DuFour, Executive Vice President, Chicago Board Options Exchange as moderator
  • Michael Treip, Manager, Market Conduct, Markets Division FSA London, and member of the IOSCO Technical Committee task force on short-selling
  • Josh Galper, Managing Principal, Finadium