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The Financial Markets Infrastructure Dialogue   |   11-12 May 2016

Empowering Asian financial markets as engines of growth

The year 2016 has so far oscillated between market gains and losses as increased volatility has left a marked impact on global financial markets. Economic slowdown in China and the rest of Asia, Europe and US has once again left financial analysts in a delirium, while financial markets are undergoing a frenzied self-examination of long-term sustainability. The diverging monetary policies of the US and the rest of theworld have resulted in heightened asset price volatility from currencies and commodities to equitiesand bonds.

Asia’s financial markets are in a state of evolution as markets remain fragmented and the lack of harmonisation continues to challenge the aspirations of participants who wish to access deep and liquid capital markets. Factors like disintermediation, innovative technology and evolving regulations have pushed the boundaries of its working order off limits – thus demanding a rapid change of scenarios.It is time for the industry to start a conversation that looks beyond infrastructure pipelines and moves to a more standardised compliance regime, coupled with an innovative product set across different asset classes.

The Financial Markets Infrastructure Conference has been planned as a one and a half day event that will bring together some of the most prominent industry professionals operating in the financial market infrastructure space. It will feature structured panel discussions on important issues confronting the trade and post-trade landscape in the region. We aim to provide a platform for fostering dialogue among various market players and infrastructure providers as well as highlight the emerging best practices for building world class markets in Asia.

Key working sessions and dialogues include:

  • Capital Market Integration: Prospects and Challenges
  • Rethinking the business model for post-trade in an era of increased competition
  • Securities financing in Asia: Opportunities for borrowers and lenders
  • Linking markets: China and the rest of the world
  • Blockchain technology: financial disruption or innovation?
Financial Markets Infrastructure Dialogue
Wednesday 11 May 2016 - Day 1
08:30 – 09:00 Registration
09:00 - 10:30

The Asian Banker Summit Opening Keynote Session

Welcome Note
Alain Chevalier
, Chairman, The Asian Banker Summit

Welcome Speech
Nguyen Xuan Phuc, Prime Minister, Socialist Republic of Vietnam (invited)

Opening Keynote
Le Minh Hung, Governor, State Bank of Vietnam

International Keynote
Barney Frank, Congressman (1981-2013), co-author of Dodd-Frank Legislation and former Chairman, House Financial Services Committee, United States Congress

Leadership Dialogue
Nghiem Xuan Thanh, Chairman, Vietnam Banks’ Association & Chairman, Vietcombank (invited)
Paul Schulte, Author, The Next Revolution in our Credit-Driven Economy: The Advent of Financial Technology

Dialogue chaired by Emmanuel Daniel, Chairman, The Asian Banker and co-chaired by Gordian Gaeta, International Resource Director, The Asian Banker

10:30 – 11:00 Tea/Coffee Break
11:00 – 12:30

Financial Markets Infrastructure Dialogue – Opening Session

Developing Markets Infrastructure Resiliency: Prospects and Challenges

  • Building consensus around a common regulatory framework
  • ASEAN Trade Link-the infrastructure is there but where is the volume?
  • Can ASEAN develop as an investable asset class?
  • Standardising clearing & settlement options in reducing transaction costs
  • Financial Market Integration: Drawing on the European experience
  • The next financial crises and potential black swan events
  • What new initiatives can market participants undertake to ensure long term sustainability?

With
Marc Bayle, Director General Market Infrastructure and Payments, European Central Bank
G V Nageswara Rao,MD & CEO, National Securities Depository, India
Ta Thanh Binh, Deputy General Director, Securities Market Development, State Securities Commission of Vietnam
Hasan Rauf, Executive Director &Head of Business Development – Asia Pacific, DTCC

Session chaired by Sam Ahmed, Managing Director, Deriv Asia

12:30 – 14:00 Luncheon
14:00 – 15:00 Securities financing in Asia: Opportunities for borrowers and lenders
  • How has traditional securities financing evolved?
  • Cash vs. non-cash collateral: implications for market players
  • Why hasn’t security financing taken off in Asia relative to Europe?
  • Why do Asian institutions not feel comfortable about lending excess inventory
  • Liquidity drying up and volatility going up in global markets

With
Valerian Crasto, MD & COO, Treasury & Markets, DBS
Frederick Shen, Head Global Treasury Business Management Unit, OCBC
Chong Kin Tuck, Global Head, Securities Services, Transaction Banking, Maybank

Session chaired by Mobasher Zein Kazmi, Head of Research, The Asian Banker

15:00 – 15:30 Tea/Coffee Break
15:30 – 16:30 Asia’s commodities markets: setting the stage for global price referencing
  • What are prospects and challenges in price formation of key benchmarks?
  • How will China’s changing commodity appetite impact markets amidst slowing growth?
  • What are next steps for ensuring greater transparency and legal oversight of commodity transactions?
  • What are the implications of alternative financing of commodity producers?

 
With
Tsuyoshi Oyama, former Deputy Director General, Bank of Japan
Thomas McMahon, former MD & CEO, UD Trading Group

Session chaired by Ahmed Tabaqchali, Chief Investment Officer, AFC Iraq Fund

16:30 – 17:30 Blockchain technology: Financial disruption or innovation?
  • How can blockchain technology be utilised in financial markets?
  • Are distributed ledger systems more transparent and operationally efficient compared with traditional platforms?
  • What are the synergies for strategic industry collaboration?
  • Post-trade application and challenges of scale

With
Alex Medana, Risk & Compliance Expert, Start-up Advisor & Investor
Leonhard Weese, President, Bitcoin Association, Hong Kong

Session chaired by Mobasher Zein Kazmi, Head of Research, The Asian Banker

  End of Day 1

For more details contact:
Muhammad Usama, Program Manager
Tel: (86) 10 5869 1463
musama@theasianbanker.com

Financial Markets Infrastructure Dialogue
Thursday 12 May 2016 - Day2
08:30 – 09:00 Registration
09:00 – 10:00 Asia’s derivatives markets: elements for renewed growth
  • The evolving international regulatory impact on Asia’s OTC market and liquidity
  • Ensuring resiliency of central-counterparties (CCPs) through effective recovery framework and resolution regimes
  • Derivative market development in Asia’s frontier markets: prospects and challenges

With
Valerian Crasto, MD & COO, Treasury & Markets, DBS
Frederick Shen, Head Global Treasury Business Management Unit, OCBC
Verinder Sharma, Policy Advisor, Int’l Organization of Securities Commissions (IOSCO)
Sam Ahmed, Managing Director, Deriv Asia

Session chaired by Thomas McMahon, former MD & CEO, UD Trading Group

10:00 – 10:30 Tea/Coffee Break
10.30 – 11:30 Regulatory Challenges in Asian Capital Markets
  • Challenges to standardisation of ASEAN integration under regional adoption of Basel III / IV, CCP and IFRS 9 regulations
  • Steps taken by the market players to change their strategy and model due to regulations
  • How regulations are impacting liquidity and volumes? Where are the new sources of growth?

With
Ahmed Tabaqchali, Chief Investment Officer, AFC Iraq Fund
James Varun Sehgal, former MD APAC, XVA, RBS

11.30 – 12:30 Linking markets: China and the rest of the world
  • Is the UK-China connect feasible?
  • The way forward: Cross-listings vs. Pipes vs. Joint Ventures?
  • Learnings from the HK-Shanghai Stock connect program
  • Implications for market participants as China’s capital markets deepend
  • Can pre-trade connectivity and post-trade systems be synchronised?

With
Michele Geraci, Head of China Economic Policy Program, Nottingham University Business School, China and Global Policy Institute
George Jia, Chief Representative China, Depository Trust & Clearing Corporation (DTCC)
Christopher Balding, Associate Professor of Finance & Economics, HSBC Business School, Peking University

Session chaired by Mobasher Zein Kazmi, Head of Research, The Asian Banker

  End of Day 2

For more details contact:
Muhammad Usama, Program Manager
Tel: (86) 10 5869 1463
musama@theasianbanker.com

The program is designed for:

  • Senior representatives of regulatory agencies across Asia
  • Senior representatives of regional exchanges and trading platforms
  • Senior executives from clearing houses and custodian banks
  • Senior executives at local CSDs
  • Senior executives and business decision makers from asset management companies and sell-side institutions

Speakers


Marc Bayle, Director General Market Infrastructure and Payments, European Central Bank (ECB)

Marc leads the directorate general market infrastructure and payments at ECB. Previously he worked as T2S Programme Manager, as well as managed dossiers related to the promotion of market integration and the definition of the Eurosystem’s operational framework, focusing in particular on payment systems and market infrastructure. He has authored publications on the market infrastructure integration and related issues, such as the euro repo market. Before joining the ECB he worked for ten years at SICOVAM S.A. (now Euroclear France), in particular as Adviser to senior management. He is an active member and chairman of European and international working groups.


G V Nageswara Rao, MD & CEO, National Securities Depository

G V Nageswara Rao is presently managing director and CEO of National Securities Depository. He has over 26 years of experience in various sectors of financial services including capital markets, life insurance, retail banking and corporate banking. Prior to this, Rao was MD and CEO of IDBI Federal Life Insurance since its inception in 2007 till June 2013. IDBI Federal was amongst very few life insurance companies which achieved break-even in the fifth year of its operations, with consistently better than industry growth in business. Between 2003 till 2007, Rao was MD & CEO of IDBI Bank, and following its merger with IDBI he was CEO of the commercial banking SBU. He was also the first MD and CEO of IDBI Capital Market Services between 1997 to 2003. In his early career at IDBI, he held key positions in corporate finance, business development, investment banking, resources and infrastructure finance. He was part of a core team that worked on setting up SEBI, India’s securities regulator.


Valerian Crasto, MD & COO, Treasury & Markets, DBS

Valerian Crasto is a seasoned banking professional with over 25 years of experience in the financial services industry. Before joining DBS in 2007, Crasto held key positions at BoA, CIBC, BMO, the Ontario Pension Board in Canada, Ernst & Young and Nomura Investment Bank in the Middle East. He has diverse experience in audit, finance, risk management, back and front office having worked in key roles in all the three lines of defence. He has also been chairing the Asia pacific committee of International Capital Market Association (ICMA) since January 2015.


Frederick Shen, Head, Business Management, Global Treasury, OCBC Group

Frederick Shen is tasked with strengthening the infrastructure, processes, monitoring, and analytics of the OCBC Group to tackle increasing regulatory and risk requirements; and enabling the Treasury business to grow in different areas and countries. Shen started his career as a professor of finance at the University of Waterloo, Canada. With over 20 years in the financial industry, his experience includes extensive assignments in various financial institutions and areas, which includes leading the group market risk unit (Emirates NBD); risk oversight of the financial engineering trading group (RBC Capital Markets); bank-wide economic capital and risk modeling (Bank of Montreal); and life insurance and asset management risk management (Manulife).


Ahmed Tabaqchali, CIO of AFC Iraq Fund

Ahmed Tabaqchali is an experienced capital markets professional with over 22 years experiences in US and MENA markets. Currently a board member of the Credit Bank of Iraq, he is a former executive director of NBK Capital, the investment banking arm of the National Bank of Kuwait as head of Brokerage. Prior to that he was MD and head of international institutional sales at WR Hambrecht + Co. based in London, New York and San Francisco. This followed on from roles as a managing director at KeyBanc in London charged with international sales, and as director & head of capital markets & institutional sales at Jefferies Int’l in London. He started his career at Dean Witter Int’l in London.


Tsuyoshi Oyama, Partner, financial industries group, Deloitte Touche Tohmatsu

Tsuyoshi Oyama is a partner of financial industries group at Deloitte Touche Tohmatsu in Tokyo and mainly engaged in risk management and regulatory advisory services for large Japanese and Asian financial institutions. Oyama joined in May, 2010 after worked 23 years at the Bank of Japan, most recently as deputy director-general in Financial System and Bank Examination Department. At the BoJ, he conducted several projects to deal with Japanese banks' NPL problem, on-site examinations for Japanese major banks, and recently to lead Basel II implementation in Japan.


Chong Kin Tuck, Global Head, Securities Services, Transaction Banking, Maybank

Chong Kin Tuck joined Maybank in September 2014 and was appointed as director of global securities services / CEO of Maybank Trustee. He is responsible for spearheading the growth of securities services regionally, leveraging his knowledge, experience, network and drive to bring the business in Malaysia, Indonesia and Philippines to the forefront and explore potential business in Singapore, Hong Kong and China. Chong has more than 20 years of experience in the banking industry, including a 20 years at Citibank covering loans operations, mortgage business, share financing and investment operations, securities and fund services operations and product development. He was also head of direct custody and clearing at JPMorgan Chase.


Verinder Sharma, Policy Advisor, International Organization of Securities Commissions

Verinder Sharma joined the IOSCO General Secretariat in January 2015. He is seconded from the UK Financial Conduct Authority (FCA), where he served in a policy role in the derivatives market. Sharma is currently involved in the Policy Standing Group of the Committee on Payments and Market Infrastructures (CPMI) and IOSCO, which is reviewing the principles for financial market infrastructures to address central counterparty clearing house risk; and the CPMI–IOSCO harmonisation working group.


Christopher Balding, Associate Professor, Finance & Economics, HSBC Business School of Peking University

Christopher Balding is an expert in sovereign wealth funds and has recently written a book entitled “Sovereign Wealth Funds: The New Intersection of Money and Power”. Balding’s work has been cited by a variety of global media outlets including Wall Street Journal, BBC & CNBC and he speaks regularly on the Chinese economy and financial markets. His scholarly work has been published in such leading journals as the Review of International Economics, the International Finance Review, and the Journal of Public Economic Theory on diverse topics including CDS pricing, the WTO, and the economics of adoption and abortion. Balding worked as associate VP in private equity prior to entering academia.


James Varun Sehgal, former MD and APAC Head of XVA, RBS

James Varun Sehgal has been working in the financial services industry for almost 19 years across 3 continents. He is specialised in XVA portfolio management, risk management (market & credit), Basel III regulation, capital optimisation, documentation, risk policy & control and governance. In his last role, he was MD and APAC head of XVA for a UK based bank. He is also co-author of PRMIA Handbook on Counterparty Risk & CVA.


Hasan Rauf, Executive Director/Head of Business Development – Asia Pacific, Depository Trust & Clearing Corporation (DTCC)

Hasan Rauf is executive director and head of business development for the Asia Pacific region at DTCC, managing and driving business growth for the company’s portfolio of leading-edge solutions in the region. He covers institutional trade matching, data services and collateral management. His responsibilities also include providing strategic direction to organisation by assessing and penetrating new markets, building alliances with key partners, managing P&L for the company’s sales and business development unit. Prior to this he played senior sales roles at Omgeo, a subsidiary of DTCC, focusing on markets in South Asia, Australia and New Zealand. Before Omgeo, he held various business development positions in Australia with CommSec, St George Bank, National Australia bank and Westpac.


Alex Medana, Risk & Compliance Expert, Start-Up Advisor & Investor

With 17 years of relevant experience in the securities industry, Medana has held a number of key management roles in global tier 1 financial institutions in operations across various asset classes, client segments, business lines and locations particularly in post-trade. His front-to-back knowledge of regulations, inner workings of banks, brokers and buy sides with his uncanny drive for simplification through a lean methodology approach is a great asset to take start-ups from concept to market. He is currently developing ecosystems on the blockchain to improve risk and controls whilst cutting costs and generating revenue.


Sam Ahmed, Managing Director, Deriv Asia

Sam Ahmed is the managing director and founder of Deriv Asia, a technical management consultancy firm focusing on credit risk modelling, collateral management architecture, OTC regulatory implementation, Basel 3 liquidity solutions, CVA methodology and enterprise risk management. Prior to opening Deriv Asia, Ahmed was Citi’s head of collateral services sales for the Asia Pacific region. Ahmed’s career spans 18 years in Asia across top tier international banks such as Lehman Brothers and Merrill Lynch where he worked across various faculties from derivatives trading, risk management to middle office.


George Jia, Chief Representative China, Depository Trust & Clearing Corporation (DTCC)

George Jia serves as the China chief representative for DTCC, responsible for managing their China business with a focus on sales, relationship management and industry relations. Before DTCC, Jia was with Omgeo since since April 2009. Prior to that he worked at Thomson Reuters, where he headed the China expert network business unit, focusing on providing primary research to the hedge fund industry. Before entering the financial services industry, Jia spent nine years in the semiconductor industry working for Future Electronics, the world’s third largest semiconductor distributor.

 

Advisory Council


Paul Chow, ex CEO, HongKong Exchanges and Clearing

Paul Chow has been a key architect in the expansion of Hong Kong’s modern securities and derivatives markets. He has also made significant contributions to the development of global financial markets. Mr Chow was former chief executive of the Hong Kong Exchanges between 2003 and 2010 and a founding member of the Hong Kong Securities Institute. He served as Chairman of the East Asian and Oceania Stock Exchanges Federation from 1994 to 1995 and was Chairman of the Working Committee of the Federation Internationale des Bourses de Valeurs (FIBV, now known as the World Federation of Exchanges, or WFE) from 1995 to 1996. Mr Chow was Chairman of the WFE Working Committee from 2007 to 2008 and became WFE Vice Chairman in 2009.


Thomas McMahon, MD & CEO, UD Trading Group Ltd Pte

Thomas McMahon is currently the Director/CEO of UD Trading Group Ltd Pte. He previously served as the CEO of the Singapore Mercantile Exchange (SMX) from 2009 to 2011. Before that Thomas was President, Deputy Chairman at the Hong Kong Mercantile Exchange HKEx from 2007 to 2009. In addition, he served as Director-Asia Vice President Tokyo, Singapore at New York Mercantile Exchange (NYMEX) during 2003-2007. Thomas has also served as Advisor at the Dubai Mercantile Exchange and was Member, Board of Directors, and Chairman of the Natural Gas & Petroleum Advisory Committees a t NYMEX. Thomas has a combined 30 years of experience across U.S. and Asian exchange and regulatory frameworks with a focus on the development of exchange traded and cleared futures and OTC products as well as exchange architecture development

Supported by

ASIFMA is an independent, regional trade association with over 90 member firms comprising a diverse range of leading financial institutions from both the buy and sell side, including banks, asset managers, law firms and market infrastructure service providers. Together, we harness the shared interests of the financial industry to promote the development of liquid, deep and broad capital markets in Asia. ASIFMA advocates stable, innovative and competitive Asian capital markets that are necessary to support the region’s economic growth. We drive consensus, advocate solutions and effect change around key issues through the collective strength and clarity of one industry voice. Our many initiatives include consultations with regulators and exchanges, development of uniform industry standards, advocacy for enhanced markets through policy papers, and lowering the cost of doing business in the region. Through the GFMA alliance with SIFMA in the United States and AFME in Europe, ASIFMA also provides insights on global best practices and standards to benefit the region. www.asifma.org

Programme Manager
Muhammad Usama
musama@theasianbanker.com

Delegate Registrations & Sponsorships
Valerie Toh
vtoh@theasianbanker.com




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