2024 Agenda
27 June 2024 | Woolwich Works
Whether you are a cross asset trading technologist or a single asset senior trader, the CMX agenda is designed to give you the power to pick and choose your asset class cohorts and sessions that are most applicable to you.
The agenda (scroll to view full agenda below) will include formats synonymous with The Finance Hive, with asset class specific streams consisting of masterclasses and roundtables (all of which operate under Chatham House Rule, no press or attribution in these areas) – overarched with plenary sessions that are collective critical challenges to the three asset classes we cover – FI, EQ and FX, alongside a new stream dedicated to Head Traders covering all three asset classes:
08.50: CMX Curtain Raiser
David McClelland, Technology Reporter, Presenter and Consumer Champion, Former BBC Presenter and Transformation Lead in Financial Services, Media and Telecoms
09.00: CMX Headliner: Architecting the future – Crafting a dynamic, multi-asset trading hub
Lynn Challenger, Global Head of Trading, UBS Asset Management
- People – The blueprint for excelling across diverse asset domains.
- Processes – Maximising cross-asset efficiency through analytics.
- Technology – Powering a thriving, multi-asset hub through unified tech solutions.
09.20: Leadership Xchange: Trade data optimisation – How to build a cross-asset lake and curate data sets for the foundations for a modern, future-proof trading desk
Allan Guild, Director, Hilltop Walk Consulting
Chi Chi Wang, Multi-Asset Trader and Trading Change, Schroders
Benjamin Mahe, Head of Electronic Trading and Data, AXA investment Management
- The fundamentals for data source ingestion – What sources should and should not go into your lake?
- Putting your ‘Lego bricks’ together – How can you create one consolidated cross-asset data lake that you can rely on with different desk needs and technologies?
- How to warehouse your data and in what forms – Putting the best and most accurate data the fingertips of your traders.
- Balancing internal vs external data sources? How much data should you purchase and what is a fair cost?
- What structures and technology do you need to be able to query your data and pull out what you need in a fast and efficient manner?
- Data to outperform – How should you be using this to gain a competitive edge?
10.00: CMX Special Guest: Harnessing the power of AI and data in trading – The AI playbook and the route forward for trading leaders
David Foster, Author of Generative Deep Learning: Teaching Machines To Paint, Write, Compose and Play, and Co-Founder, Applied Data Science Partners
- From conception to implementation – Where should trading leaders focus their attention in the realm of generative AI?
- What are the practical aspects of AI such as where to apply, what models to use and how to ensure secure deployment of generative AI?
- The future of AI in trading – Uncover the application of generative AI technology in trading, exploring its potential to enhance decision-making and strategy development.
- A review of the practical application of generative AI technology in trading – What is the potential to enhance decision-making and strategy development?
- Implementation practicalities – How to address infrastructure, data, and compliance challenges when moving from pilot to production.
10:20 – 10:50: Morning Refreshments in The Exchange
10:50 – 11:30: Panel Xchange: Unveiling the modern execution trader
David McClelland, Technology Reporter, Presenter and Consumer Champion, Former BBC Presenter and Transformation Lead in Financial Services, Media and Telecoms
Cathy Gibson, Global Head of Trading, NinetyOne Asset Management
Gordon Noonan, Global Head of Global FX Trading European Rates, Schroders
Shaun Copeman, Head of FICC Trading, Federated Hermes
- The role of an execution trader – What makes a modern liquidity and trading mandate advisor?
- Strategies for skillset development in a tech-driven era
- How should traders be upskilling their knowledge and skillsets to effectively harness the latest technological advances?
- How should your traders advise on how they construct trading mandates and act as liquidity advisors and to help with product construction?
- As more automation comes to the fore, how should you evaluate how you redeploy resources across the desk?
- Strategies for training, developing, and retaining the new generation of traders, including mentoring and fostering development beyond ‘learning by osmosis’.
11:35 – 12:15: Panel Xchange: The aftermath of T+1
Stuart McClymont, Independent Market Structure Specialist
Nina Suhaib-Wolf, Senior Director and Deputy Head of Market Practice and Regulatory Policy, ICMA
Huw Gronow, Head of Dealing and Implementation, Newton Investment Management
Callum McPherson, Dealing Manager, Evenlode Investment
Jim Goldie, EMEA Head of Capital Markets, ETFs and Indexed Strategies, Invesco
- Exploring where new liquidity pockets have emerged and determining the most advantageous trading times.
- Management of International Fund Cash Flows.
- Exploring how buy side firms are effectively managing cash flows for their international funds in the T+1 environment.
- Reviewing the efficacy of follow-the-sun models and potential outsourcing strategies.
- How have the buy side adapted their operational models
- Risk Management Post-T+1 – Assessing the level of risk exposure resulting from T+1 implementation and steps being taken to mitigate operational risks associated with accelerated settlement.
- Operational Technology for T+1 Settlement – Discussing technological solutions and automation tools available to streamline and automate
aspects of T+1 settlement processes to alleviate operational burdens. - ESMA and FCA – Understanding the timelines and plans set forth to move to T+1 in Europe.
12:15 – 13:45: Lunch and Networking in The Exchange
13:45 – 14:25: Panel Xchange: Cross-asset O/EMS acceleration
Liakos Papapoulos, Trading and Technology Expert, Formerly MN Investment Partners
David Shack, VP – Trading Technology, Fidelity International
- Maximising OMS potential – Strategies to enhance functionality and performance.
- Bridging the gap between OMS and EMS features – Reducing linkages and costs for seamless trading systems.
- Evolutionary OMS – How can you transform current features to emulate EMS capabilities for streamlined operations?
- The holy grail of digitisation – How can you leverage your
current OMS for cost efficiencies, smart automation, and real-time optimisation in multi-asset trading systems?
14:30 – 14:50: CMX Interview: Empowering trader-PM relationships
David McClelland, Technology Reporter, Presenter and Consumer Champion, Former BBC Presenter and Transformation Lead in Financial Services, Media and Telecoms
Martin Hendry, Head of Trading, LionTrust Asset Management
Ash Sharma, Global Trading Analytics Manager, Aviva Investors
- How can you empower your traders to demonstrate value and position the desk as an alpha contributor.
- Fund manager reviews – How should you look to enhance the way your trading team works with PMs to be more visible, empowered and advise though strategic execution?
- How should you use TCA to facilitate trader and PM collaboration?
- How can you build strong communication patterns to ensure PMs can stay on top of their investment actions and executions through the trade life cycle?
14:55 – 15:15: CMX Talk: NLP and AI to support and best execution
- How can this be used to support and demonstrate best execution?
- AI and language models – What is a good use of AI and NLP for the desk?
- ChatGPT and the trading desk – How can it improve information capture and trade analysis?
- How can AI and chat rooms help support best ex analysis through non-structured language processing?
- Reviewing the use case for NLP to log key information, such as timestamps for voice trades
- AI and smart chatbots for trading – How can you build and challenge this to get instant information access?
- NLP and information from brokers, and reports – How to build an engine that connects the dots and runs autonomously
15:10 – 15:40: Afternoon Refreshments in The Exchange
15.40 – 16.20: Panel Xchange: Dealer wallet share – How can you showcase the value you are getting from the sell side?
David McClelland, Technology Reporter, Presenter and Consumer Champion, Former BBC Presenter and Transformation Lead in Financial Services, Media and Telecoms
Dan Dewar, Head Dealer Fixed Income, Invesco Henley
- Benchmarking how buy side heads can manage counterparties in a firm manner, take a firm view when fake prices are added, and ensure they are receiving mutual respect.
- Creating a framework for trust-based relationships to achieve success.
- What steps are needed to maintain open communication with counterparties, being fair, and seeking ways to encourage better performance?
- Reviewing the optimal number of banks on your panel – How do you minimise information leakage?
- Advice to ensure you are retaining strong relationships with counterparties?
16.35: Sell Side Spotlight: Buy side-sell side evolution – Collaborative strategies to overcome future costs and achieve mutual growth
Mike Poole, Head of Trading, Jupiter Asset Management
- The bid-offer spread evolution – What do sell side desks want to see from the buy side to forge better individual relationships, leading to better pricing and better service?
- Future trading costs – How do you characterise the true cost of trading and should the buy side be prepared to front some of the cost in the near future?
- How can you best use and work with new technology as it evolves and how can the sell side support buy side tech evolution?
- In the ‘race to zero’, how are the sell side supporting their businesses in a sustainable manner?
- UK vs. EU investor bases – Should you consider different approaches with the sell side?
16.55: Leadership Xchange: The path to scalable trading – Uniting asset classes for efficient and dynamic end-to-end workflows
Mark Croxon, Founder, Thames Bench Limited
Sabina Awan, Head of Strategic Initiatives, Fidelity International
Jennifer Young, Trading and Compliance, Franklin Templeton
Session purpose: Providing you with actional approaches to unite trading workflows for cost efficiencies.
- In the context of limited resources and budget constraints, how can you bring the functionalities of your technology into a multi-asset, one-stop-shop?
- The sophisticated trading desk – Reviewing the building blocks for an end-to-end workflow that is gelled together and is scalable across asset classes
- Evolving electronic workflows – What solutions can enable you to trade cross-asset products more efficiently?
- How should you review the potential for a long-term industry move set to be away from asset class silos and a specialist approach to high and low touch trading?
- How is the evolution of order routing playing out across asset classes towards increased low touch capabilities?
- What cross-asset processes can you consolidate as an effective strategy for cost reduction while maintaining best execution standards?
The Finance Hive Social: Summer Party @ CMX
17.35 – 21.30: Happy Hour on The Hive! Unwind with your colleagues and peers with food, drink and games, as well as music
10:50 – 11:30: EQ Roundtables Round 1
Our roundtables, facilitated by industry leaders, foster collaborative discussions among 8-10 buy-side. These sessions drive market structure and tech initiatives, operating under Chatham House rule for open, trusted, and idea-rich dialogue.
ALGO ENHANCEMENTS
Roundtable 1: Algo strategy and optimisation
A focus on fine-tuning your Equity algos for better execution.
Louisa Paul, Global Head of Equity Dealing, Barings
Roundtable 2: Algo customisation
Reviewing how you can get more customisable algos and what qualifies.
Stuart Lawrence, Head of Equity Trading, UBS Asset Management
DATA AND TCA
Roundtable 3: Best practice EQ TCA
Reviewing how you can make gains with intra-day and post-trade TCA.
Alastair Clarke, European Equity Trader, Capital Group
Roundtable 4: Data optimisation
Approaches to leveraging your data pools to extract additional alpha.
Frans de Wit, Head of Trading, PGGM Investments
AUTOMATION
Roundtable 5: Smart data management and automation
Benchmarking how to enhance your automation capabilities.
Tim Miller, Senior Equity Trader, Fidelity International
Roundtable 6: Dynamic, straight-through processing
Benchmarking how you can create more streamlined processes and realise true STP.
Eric Heleine, Head of Trading, Groupama Asset Management
Hosted by Simcorp
Roundtable 7: Equities SOR intelligence
How can you deploy more EQ AI capabilities for intelligent SOR?
11:35 – 12:15: EQ Roundtables Round 2
LIQUIDITY
Roundtable 1: Is the traditional liquidity order dead?
Benchmarking best practice strategies for maximising liquidity access.
Christopher Hughes, Senior Equity Trader, Royal London Asset Management
Roundtable 2: ETF liquidity
Sharing best practice approaches to efficient execution.
Jason Conan-Davies, Head of Trading, Nutmeg
Roundtable 3: Small and mid cap strategies
Opportunities for automation for small and mid cap workflow.
MARKET STRUCTURE
Roundtable 4: Outsourced trading evolution
Reviewing how this impacts the shape of the buy side desk.
Christie Goncalves, Assistant Portfolio Manager, Rathbones Asset Management
Roundtable 5: Broker management
Steps to create best-in-class broker panels for passive and aggressive execution styles.
Nina Marsh, Senior Equity Trader, AustralianSuper
Roundtable 6: Syndicate process automation – Reviewing the best industry solutions to automate the process
Simon Steward, Head of European Equity Trading, Capital Group
Hosted by S&P Global
12:15 – 13:45: Lunch and Networking in The Exchange
14:30 – 15:10: Networking and meetings in The Exchange with CMX recommended partners and the buy side
15:10 – 15:40: Afternoon Refreshments in The Exchange
15:40 – 16:30: EQ Workshops
Our workshops offer a specialised, interactive session led by a subject matter expert to educate and empower members in specific areas of the industry. Limited to 12-15 participants for an immersive learning environment.
Workshop 1: The prospect of rebundling- Reviewing the parameters and how you may pay for research.
Workshop 2: Next gen algos and TCA – How can you judge liquidity seeking algo success and ensure you are getting bang for your buck?
Workshop 3: Trading at the close innovations – What are the most efficient ways to access liquidity, price formation and volume formation at the close?
Sell Side EQ Drop-in Clinic
A pre-prepared question and answer closed-door session between a leading sell side institution and a select group of EQ buy side.
10:50 – 11:40: FI Workshops
Our workshops offer a specialised, interactive session led by a subject matter expert to educate and empower members in specific areas of the industry. Limited to 12-15 participants for an immersive learning environment.
Workshop 1: Direct connectivity and bespoke axe provision – Is this the future?
Workshop 2: FI algo trading evolution – How credit algos work and evolve across Fixed Income workstreams?
Workshop 3: Improving derivatives workflow – How you can increase your electronic and data capabilities across derivative products.
Sell Side FI Drop-in Clinic
A pre-prepared question and answer closed-door session between a leading sell side institution and a select group of FI buy side.
11:45 – 12:25: Networking and meetings in The Exchange with CMX recommended partners and the buy side
12:15 – 13:45: Lunch and Networking in The Exchange
13:45 – 14:25: FI Roundtables Round 1
Our roundtables, facilitated by industry leaders, foster collaborative discussions among 8-10 buy-side. These sessions drive market structure and tech initiatives, operating under Chatham House rule for open, trusted, and idea-rich dialogue.
LIQUIDITY
Roundtable 1: FI liquidity provision through different trading protocols
A focus on how you can build out efficiencies to establish the best path to trade.
Roundtable 2: FI ETFs – Unlock the block
A guide to how can you integrate ETFs into FI workflow.
Joe Bellman, Head of Dealing, Arbuthnot Latham
Raphael Stern, Global Head of Fixed Income Portfolio Management, ETFs and Index Strategies, Invesco
Roundtable 3: How to engage with all-to-all trading
Reviewing best practice rules of engagement.
Tabea Handrick, Senior Fixed Income Trader, MEAG
Roundtable 4: The shift towards RFM
Pioneering new frontiers for liquidity sourcing
Lynn Challenger, Global Head of Trading, UBS Asset Management
Hosted by Tradeweb
DATA ENHANCEMENTS
Roundtable 5: FI consolidated tape
Reviewing the timelines to implementation and the use cases of the CTP
Nina Suhaib-Wolf, Senior Director and Deputy Head of Market Practice and Regulatory Policy, ICMA
Roundtable 6: Maximising your data
Reviewing how you can use your Fixed Income data to improve trading insights.
Sharon Ruffles, Head of Fixed Income Dealing, State Street Global Advisors
Roundtable 7: Axe dissemination
A focus on how you can improve your access to up-to-date axes to improve execution quality.
Sven Rudolf, Head of Trading, ODDO BHF
Hosted by Neptune
14:30 – 15:10: FI Roundtables Round 2
Our roundtables, facilitated by industry leaders, foster collaborative discussions among 8-10 buy-side. These sessions drive market structure and tech initiatives, operating under Chatham House rule for open, trusted, and idea-rich dialogue.
AUTOMATION
Roundtable 1: Credit auto-execution
Reviewing how far you should look to take your auto-ex capabilities.
Jonathan Tricker, Portfolio Manager and Trader- Credit, Vanguard
Roundtable 2: Enhancing bond automation
Sharing approaches increase the levels of your automation capabilities.
ANALYTICS
Roundtable 3: Creating a common benchmark for TCA
Sharing best practice approaches to analytics so you can achieve the best trading outcomes.
Shaun Copeman, Head of FICC Trading, Federated Hermes
Roundtable 4: Enhancing pre-trade analytics
Sharing approaches to utilise your knowledge and market insight to inform trading.
Kevin Flood, Head of Trading & Execution Analytics, Royal London Asset Management
TECHNOLOGY
Roundtable 5: Reducing the primary market burden
Sharing approaches to cutting out a lot of the manual nature of new issues.
Eric Murphy, FX and Multi-Asset Trader, Irish Life Investment Managers
Hosted by S&P Global
Roundtable 6: Does an EMS suit your trading needs?
Debating the question of whether a FI EMS is cost effective for you.
15:10 – 15:40: Afternoon Refreshments in The Exchange
10:50 – 11:30: Networking and meetings in The Exchange with CMX recommended partners and the buy side
12:15 – 13:45: Lunch and Networking in The Exchange
13:45 – 14:35: FX Workshops
Our workshops offer a specialised, interactive session led by a subject matter expert to educate and empower members in specific areas of the industry. Limited to 12-15 participants for an immersive learning environment.
Workshop 1: FX modelling – In the race to zero, how are the sell side supporting their business sustainably?
Workshop 2: Institutional digital assets – The cross-pollination of FX and crypto. Hosted by Galaxy Digital.
Workshop 3: Streamlining FX hedging workflows – How to achieve the best possible transparency and efficiency for your hedging outcomes to ensure consistent and stable performance.
Sell Side FX Drop-in Clinic
A pre-prepared question and answer closed-door session between a leading sell side institution and a select group of FX buy side.
14:30 – 15:10: FX Roundtables Round 1
Our roundtables, facilitated by industry leaders, foster collaborative discussions among 8-10 buy-side. These sessions drive market structure and tech initiatives, operating under Chatham House rule for open, trusted, and idea-rich dialogue.
LIQUIDITY MANAGEMENT
Roundtable 1: Peer-2-peer – Myth or reality?
How advanced are the pools and can they add a liquidity advantage?
Roundtable 2: FX emerging markets
Improving access to pricing and eTrading at scale.
Paul Ferrier, Head of Fixed Income and FX Trading, GAM
DATA AND TCA
Roundtable 3: Data capture and distribution
How can you add value while reducing costs?
Roundtable 4: FX analytics
Exploring the true productivity and the advantages you can gain.
Joseph Forde, FX Trader, Brown Brothers Harriman
SETTLEMENT
Roundtable 5: The race to T0
Stuart McClymont, Independent Market Structure Specialist
Roundtable 6: T+1 implementation
Reviewing the most optimal solutions and experiences to manage the process.
Allan Guild, Director, Hilltop Walk Consulting
Roundtable 7: Collateral management
Best practice processes to align risk with the right management.
Mark Croxon, Founder, Thames Bench Limited
Franck Noel, MD, Head of Market Structure and Strategy, AXA Investment Management
15:10 – 15:40: Afternoon Refreshments in The Exchange
15:40 – 16:20: FX Roundtables Round 2
TECHNOLOGY
Roundtable 1: Low-latency FX trading
Reviewing how you can optimise FX trading from data transmission to execution.
Roundtable 2: FX Automation
How can you develop SOR 2.0 in FX?
GLOBAL CODE
Roundtable 3: FX global code – Why the time is now
Updates on the progress made and the path ahead.
Natalie Lovell, Senior Manager, FX Policy, Bank of England
PRODUCT DEVELOPMENT
Roundtable 4: FX options electronification
Benchmarking how you can streamline the front-to-back process.
Nick Nellis, Senior Trader, FX & Rates, MEAG
Marco Serra, Derivatives Portfolio Manager, AB Asset Scale
Roundtable 5: Maximising the potential of NDF trading
A discussion on improving liquidity and transparency and electronification.
Roundtable 6: Swaps evolution
How can you drive change through electronification?
Mark Molloy, Senior Trader, Nomura Asset Management
Hosted by New Change FX
Roundtable 7: Effective cash management
Reviewing the building blocks to setting up a separate treasury desk
Neil Palan, Former Head of Treasury, Odey Asset Management
Marc Tuehl, Managing Director, Global Head – GIS FX Overlay, HSBC
11:35 – 12:25: Head Trader Think Tank
Build a winning trading culture
Nigell Todd, Head of Global Foreign Exchange Trading, Fidelity International
Alastair Clarke, European Equity Trader, Capital Group
- Diversity, skill development, team dynamics and ongoing improvements to mitigate risks and maintain efficiencies
- Advocating for diversity of thought and inclusive practices to enhance team proactivity and performance- What are the proven results of doing this?
- Reviewing the shift of trading demographics to tech-savvy traders- How are trading heads managing this transition?
- How can you adapt to managing the challenge of individual needs and the importance of open dialogue for career progression?
- As a leader how can you embolden and power your team to push for change, and cultivate a successful and dynamic trading culture?
- With an evolution in skillsets and a different type of young trader talent coming forward, how should you work closely with your senior specialists to support them?
- Staff training, education and retention- What are a new generation of traders motivated by to stay and commit to your culture?
12:15 – 13:45: Lunch and Networking in The Exchange
13:45 – 14:35
How to make your trading desk more valuable
Adam Conn, Head of Trading, Baillie Gifford
Huw Gronow, Head of Dealing and Implementation, Newton Investment Management
- What tasks are trading heads taking on to the desk to show value-add
- Innovative strategies to elevate the value of your trading desk and achieve unprecedented success
- With technology taking centre stage, how can you strategically redeploy resources across your trading desk for maximum impact and efficiency?
- How to identify and cultivate essential soft skills that empower traders in the contemporary era, ensuring adaptability and resilience
- Actionable approaches for trading heads to not only demonstrate, but also position their desks as indispensable contributors to organisational success?
14:30 – 15:10: Networking and meetings in The Exchange with CMX recommended partners and the buy side
15:10 – 15:40: Afternoon Refreshments in The Exchange
15:40 – 16:30
Best execution strategies for multi-asset trading
Liakos Papapoulos, Trading and Technology Expert, Formerly MN Investment Partners
- How can you compare cross-asset traders like-for-like?
- Data – ensuring you have the right data framework in place for outperformance
- Best-in-class, cross-asset TCA metrics, benchmarks and reporting
- How can you ensure you have the key trading intelligence for verifying execution quality across a range of benchmarks, from high-touch to direct market access?
The next generation of execution quality reporting. Ensuring you are delivering trading intelligence to your desk
Main Stage
Hear from cutting-edge industry leaders during exclusive, 20-minute CMX talks or our panels with a representative from each part of the trading value-chain for sessions across all asset classes, or to an asset-class specific cohort to provide critical industry updates as a market pioneer.
Asset Class Specific Roundtables
Our roundtables are moderated by an industry leader, facilitating a group conversation amongst 8-10 buy side, designed to help drive forward key market structure and technological initiatives. They operate under Chatham House, allowing for an open dialogue and free flow of ideas in a trusted setting.
CMX workshops
Private sessions led by an industry thought leader in a particular field, designed to educate and enhance knowledge in a particular area of the industry. Each workshop is open to 12-15 buy side attendees to promote an open interactive learning experience.
Buy side 121 meetings
Want a more tailored, intimate experience- speak to a member of the CMX team who are on hand to organise dedicated 20 minute 121 meetings on the day. The 121 meeting concierge service is available to all buy side.