Derivatives Forum Frankfurt 2023

The return of Inflation – here to stay?

The rise of inflation was driven, for the most part, by the aftermath of the pandemic and the war in Ukraine. But what is the future path of inflation and what are the implications for monetary policies and long-term stability?

• Will the ECB be able to keep inflation expectations in check – and do they need to be more active?
• How are geo-political events and central bank intervention shaping fixed income and equity markets?
• What is the future path of inflation in Europe and the U.S.?
• How will the U.S. Fed approach interest-rate hikes in 2023?
• What is the current state of play in inflation derivatives?

• One year post invasion – what is the EU's geopolitical role following the Russian invasion of Ukraine?
• Stability and Growth Pact - suspended since the pandemic, when and how are these rules being reintroduced?
• Crisis - how to reconcile business, climate and politics in 2023?
• How are the current political risks reshaping the financial landscape?

Moderator:

• Jeremy Grant, Freelance Writer & Editor

Speaker:

• Friederike Koehler-Geib, Chief Economist, KfW
• Martin Lück, Investment Strategist, BlackRock
• Thilo Rossberg, Head of FICC Markets, LBBW
• Goya Subramanian, Managing Director, Co-Head of EU Rates Trading J.P. Morgan

Product Innovation - Focus: Equity & Index Futurization

Futurization has brought new products and instruments into the realm of listed derivatives. But what opportunities remain and how are they being developed?

• Futurization innovation process and challenges
• What is the opportunity for the buy-side from futurization?
• Index Total Return Futures (TRF) and Equity & Basket TRFs
• Thematic and Systematic Indices

Moderator:

• Luke Jeffs, Managing Editor, Global Investor Group

Speaker:

• Omar Bennani, Head of EMEA Delta One Trading, J.P. Morgan
• Elena Marchidann, Equity and Index Products Design, Eurex
• Serkan Batir, Managing Director, Global Head Index Product Development and Benchmarks, Qontigo
• Natasha Sibley, Fund Manager, Janus Henderson Investors

Sustainability and the Role of Derivatives - A view from the Nordics

Policies around the globe aim to reduce emissions and drive investment to more sustainable businesses and technologies. Financial markets have a key role to play in the transition.
 

• What is the role of derivatives as a means of helping firms meet their sustainability objectives?
• What are the real drivers for ESG Derivatives in the Nordics – and why are those not being applied the same way in other regions?
• What are the challenges with implementing different strategies?

• Crisis - how to reconcile business, climate and politics in 2023?
• How are the current political risks reshaping the financial landscape?

Moderator:

• Will Mitting, CEO, Acuiti

Speaker:

• Anette Andersson, Senior Sustainability Investment Specialist, SEB Investment Management
• Kristin Wallander, Senior Sustainability Analyst, Swedbank Robur
• Magnus Linder, Portfolio Optimization & Derivatives Trading, Swedbank Robur
• Antonio Celeste, Director, Sustainability Product Management, Qontigo

Demystifying Euro Clearing

How has the overall uncertainty, changing rates and an increased need for hedging a broader marketplace changed the setting – and the behavior of buy and sell side firms when it comes to Euro Clearing?
 

• What happened since prolonging the equivalence of UK CCPs until 30 June 2025?
• What can we really derive from the Eurex-LCH basis?
• Is reduced concentration risk more important than ever before?

Moderator:

• Lukas Becker, Markets Desk Editor, FX Markets

Speaker:

• Gaspard Bonin, Deputy Global Head of Derivatives Execution & Clearing, BNP Paribas
• Scott O'Malia, CEO, ISDA
• Erik Müller, CEO, Eurex Clearing
• Christoph Hock, Head of Multi-Asset Trading, Union Investment

Development in the European Bond Market

Economies across Europe are facing higher interest rates at a time of debt levels unprecedented in modern times. As showed in 2022, decisions can have a dramatic impact on interest rates and government borrowing costs.
 

• How much capacity is there for further borrowing in European bond markets?
• Are investors becoming wary in this volatile changing yield environments?
• What does 2023 have in store for European bond markets?

Moderator:

• Dominic Webb, Reporter, Responsible Investor

Speaker:

• Thomas Weinberg, Head of Trading & Issuing Business, Federal Republic of Germany - Finance Agency
• Natacha Hilger, Managing Director, Relationship Manager European Debt, Deutsche Bank
• Frank Gast, Managing Director and Member of the Management Board, Eurex Repo
• Michaël Soued, Head of Aggregate and Multi Asset Total Return, Ostrum Asset Management

Where are the growth opportunities today in European derivatives markets?

• How can we emulate the growth we have seen in U.S. options markets in Europe?
• How to bring retail flow to the listed market in Europe?
• What products have the biggest growth opportunities?

Moderator:

• Will Mitting, CEO, Acuiti

Speaker:

• Paul Jiganti, Managing Director, Head of Business Development & Market Structure Strategy, IMC
• Eric Böss, Managing Director Global Head of Trading, Allianz Global Investors
• Philipp Schultze, Head Equity & Index Sales EMEA, Eurex 

Focus Pension Funds: Central clearing of OTC IR derivatives – a blessing in disguise?

With mandatory central clearing of OTC interest rate derivatives around the corner for pension funds, this panel will look at what this really means in terms of efficiencies and challenges?
 

• Is repo market access a prerequisite for Pension Scheme Arrangements (PSAs) in a centrally cleared world?
• Which role does the end of the time-limited equivalence for UK CCPs play in this context?
• Strategic opportunities from central clearing and how to achieve margin and collateral efficiencies across the clearing and repo value chain
• How to maintain liquidity for pension funds during times of market stress?

Moderator:

• Ross Lancaster, Head of Research, Acuiti

Speaker:

• Matti Leppälä, Secretary General/CEO, PensionsEurope
• Max Verheijen, Director Financial Markets, Cardano
• Jamie Gavin, Head of OTC Prime Clearing – EMEA, Société Générale
• Frank Odendall, Head of Securities Financing Product & Business Development, Eurex

Where are the growth opportunities today in European derivatives markets?

Despite the extreme price declines of the crypto winter and the shock collapses, institutions have not abandoned their interest in digital assets. Is it time for a reset of the crypto opportunity?
 

• Does the institutional adoption timeline of digital assets remain on track?
• What are alternative models of market access – and are those real alternatives?
• What can we expect in terms of listed product launches?
• What is to be expected from the legislative framework for digital assets?

Moderator:

• Radi Khasawneh, Derivatives Editor, Global Investor Group

Speaker:

• Kristen Mierzwa, Director, Head of Digital Assets, FTSE Russell
• Rafael Zanatta, Equity & Index Sales EMEA, Eurex
• Thomas Uhm, Global Crypto Institutional Sales & Trading, Jane Street
• Maha Al-Saadi, Compliance and Regulatory Affairs Director, Bankhaus Scheich

Fireside chat: Fast and slow – different approaches for a level playing field

Jonas Ullmann, Chief Operating Officer, Eurex

Moderator:

• Rebecca Healey, Managing Partner, Redlap Consulting

Fireside chat: Best practice in assessing Climate impact of portfolios

Christina Sell, Chief Sustainability Officer, Trading & Clearing, Deutsche Börse

Gaspard Bonin, Deputy Global Head of Derivatives Execution & Clearing, BNP Paribas

Moderator:

• Ross Lancaster, Head of Research, Acuiti

Where are the growth opportunities today in European derivatives markets?

Hitendra D. Varsani, Managing Director and Global Head of Factor and Derivative Solutions Research, MSCI

Speaker:

• Annette Weisbach, Correspondent Germany, CNBC

Trading Carbon Markets

Global markets for trading carbon credits are being established - but what is current status and how can market participants ensure markets are transparent and verifiable?
 

• What role will carbon markets play in the transition?
• Where are we today in terms of the roll out of carbon markets?
• How can the market establish common methodologies and standardization and what is the role of regulation?
• What are the challenges to building a global market for carbon trading?

Moderator:

• Dominic Webb, Reporter, Responsible Investor

Speaker:

• Aude Filippi, Director Sustainability Markets, EEX
• Kavita Ahluwalia, Vice President and Head of Global Positioning, Uniper
• Florian Rothenberg, Senior Analyst, ICIS

Managing your liquidity needs

With rising interest rates, the end of Quantitative Easing and the end of the flagship TLTRO III.4 tranche expiring in June 2023, the need for relevant collateralized financing and money market instruments will increase.
 

• What are available liquidity management tools to address rising liquidity needs for treasury desks on both the sell and buy side.
• How will pension fund clearing impact demand for repo?

Moderator:

• Radi Khasawneh, Derivatives Editor, Global Investor Group

Speaker:

• Katja Renner, FIC Derivatives & Repo Sales, Eurex Repo
• Andreas Biewald, Managing Director Treasury Senior Advisor Liquidity and Collateral, Commerzbank
• Oliver Deutscher, Head of Department Money Market, Collateral Management and SFT Trading, DZ Bank

Fireside chat: Clearing Innovation & trends

In this panel, experts across the trading and clearing ecosystem will discuss some of the most pressing operational and technology challenges of the future – and how to respond with innovative technologies for the exchange traded and cleared derivatives industry.
 

• Trade allocation process - creating standards and consistency across the industry
• Trade give-in process - reducing complexity across various settlement timings
• Average pricing methodologies - allowing equitable allocations for multiple accounts

Moderator:

• Rebecca Healey, Managing Partner, Redlap Consulting

Speaker:

• Per Haga, Global Head of PDS Product, Barclays
• Nick Solinger, President & CEO, FIA Tech
• Melanie Weber, SVP Derivatives Clearing Design, Eurex Clearing
• Christoph Holthaus, Global Head of Listed Derivatives, Fund Execution and Money Markets EMEA, Investment Operations, DWS

Insight into the Buy Side

This keynote provides an overview of the asset management industry, including its size and structure. It also shares insights into the industry's main topics sustainable transformation of the economy and old-age provision.

Thomas Richter, CEO, BVI

Latest trends and opportunities across asset classes and markets

• What are the major trends driving the global derivatives markets today?
• What are the lessons from the markets of 2022?

Moderator:

• Thomas Richter, CEO, BVI

Speakers: 

• Ross Lancaster, Head of Research, Acuiti
• Sharon Bains-Kler, F&O E-Sales EMEA: BofA Securities and WIND Ambassador

Energy markets and the road to sustainability during crisis

Energy markets were at the centre of the economic storm in 2022 as Russia cut supply to Europe and energy prices experienced heightened volatility.

• How have exchange traded energy markets coped with the impact of price volatility?
• Will 2023 be as volatile as 2022?
• How important is sustainability during times of political and economic crisis and what role do energy markets play?

Moderator:

• Radi Khasawneh, Derivatives Editor, Global Investor Group

Speakers:

• Steffen Riediger, Director Business Development Power & Global Commodity Markets, EEX
• Piotr Listwoń, Vice- President, Polish Power Exchange
  Gijs Stroink, ABN AMRO Clearing Bank NV

Evolution of Collateral Management

What were the latest developments in collateral management – and what more is to come in terms of collateral optimization, counterparty risk mitigation and liquidity management?

• How has regulation shaped collateral management?
• What is the latest best practice with regards to collateral management?
• How are the sell-side firms changing their approaches to collateral management?
• Should intra-day margin calls to clients become industry standard – not just during times of volatility?

Moderator:

• Amy Caruso, Head of Collateral Initiatives, ISDA

Speakers:

• Phil Simons, Global Head of Fixed Income & FX Derivatives and Repo Sales, Eurex
• Daniel Johnson, Futures & Derivatives Clearing Treasurer - EMEA & ASIA, J.P. Morgan
• Neil Murphy, triResolve Business Manager, OSTTRA

FX Clearing trough block trades and EFPs

Market participants in FX want to combine the best of both worlds: achieving optimal portfolios through clearing while benefitting from deep OTC liquidity and bilateral trade relationships. The panel discusses FX futures and their use cases in a traditionally bilateral FX market.

• What drives the growing interest for listed alternatives?
• Why are FX futures increasingly traded as block trades and EFPs?
• How can clients access OTC FX liquidity when trading FX futures?
• How are FX futures traded differently to FX forwards and swaps?

Moderator:

• Lukas Becker, Markets Desk Editor, FX Markets

Speakers:

• Jens Quiram, Global Co-Head FIC Derivatives & Repo Sales, Eurex
• David Holcombe, Head of Product: FX Futures & FX Clearing, 360T
• Ian Lomas, Head of FX Futures Trading, Société Générale
• Shuo Wu, Global Head of Forward eTrading, Deutsche Bank

Credit Training in 2023

Volatility soared in 22 as Europe is gradually exiting a decade of ultra-low rates environment. Inflationary pressures leading to higher borrowing costs have caused credit spreads to widen in 2022, as fears of recession rise.

• What products are available to hedge existing portfolios against duration and credit risk in one go?
• How will Credit markets respond to a prolonged recession?
• How are futures based on credit indices performing from a trading perspective?
• Credit Trading and ESG

Moderator:

• Ross Lancaster, Head of Research, Acuiti

Speakers:

• Lee Bartholomew, Global Head of Fixed Income Product R&D, Eurex
• Juan Reig Mascarell, Global Head of Credit Solutions & Exotics Trading, J.P. Morgan

Energy Transition: The Investor's View

Unfazed by ideological discussions, the energy transition, a global transformation of energy systems away from fossil fuels to renewable and clean energy sources by 2050, is clearly on its way. What does this mega trend mean for markets, investment managers, and investors?

• Structural and market-driven opportunities
• Role and opportunities for investment managers
• Can impact and retail investors help “move the needle” while getting ROI?

Moderator:

• Matthias Knab, CEO, Opalesque

Speakers:

• Nataliya Shybanova, Head of Investor Solutions, AQUIS Capital AG
• Jie Hayes, FRM Managing Principal, Songbird Capital
• Matt Fernley, Head of Research & MD of Battery Materials Review, Westbeck Capital

Structured products & Derivatives

Despite an overall difficult market environment in 2022, structured products did offer a better return compared to some other asset classes. But with inflation growing – how will performance be affected in 2023? This panel will discuss the challenges and opportunities that come along structured products with a focus on sustainability.

• What are the challenges and opportunities for structured products?
• Structured products and ESG – fit for the future?
• How do structured products fit into a broadly diversified portfolio?

Moderator:

• Serge Nussbaumer. CEO, Payoff

Speakers:

• Romain Sellem, Structured Solutions & Systematic Strategies, BofA Securities