Event Agenda:

Day 1 - Wednesday 21st February 

08.00 Registration and Refreshments

08.30 The Current State of Trade Surveillance & Market Compliance

  • Evolution of Trade Surveillance & Market Compliance
  • Why is Trade Surveillance and Market Compliance Important
  • Regulatory Environment under the New Administration
  • Comparing US and EU Regulatory Requirements
  • How Organizations approaching Trade Surveillance and Market Compliance 
  • Peer Benchmarks
  • Importance of Record Keeping and Data Retention

Tom Lord, President, Dynamic Commodity Management

10.00 Morning Break

10.30 How to Detect for Potential Manipulation

  • Understanding Manipulative and Disruptive Trading
  • A Framework for Analyzing Market Manipulation
  • Case Studies as Building Blocks for Surveillance: 
    • Misrepresentations
    • Gaming
    • Cross-Market Manipulation
  • Documentary Screens

Shaun Ledgerwood, Principal, The Brattle Group

12.00 Lunch

1.00 Tools of the Trade

  • Software
  • Custom Applications
  • Manuel Process
  • Policies and Controls
  • Data and Technology Challenges
    • Aligning C/ETRM systems
    • Aligning Voice, Email and IM
    • Aligning with Transaction Data

Patrick Woody, Energy Trading Surveillance, NASDAQ

2.30 Afternoon Break

3.00 Technology Innovation: Operational Efficiency and Business Insight

  • Digitizing Voice Activity - New Capabilities
  • Value of Transcription and Call Metadata
  • Demonstration of AI/Machine Learning with Trader Voice
  • Implications for Compliance
    • MiFID II
    • CFTC Rules - existing and future
    • Front-office Trading
  • Facilitate real time monitoring and reporting
  • Consolidation of internal and external data sources

Kapil Mohindra, Head of Business Development, Cloud9 Technologies

4.00 End of Day 1

Day 2 - Thursday 22nd February

08.00 Refreshments

08.30 Considerations for Building a Trade Monitoring Program

  • What is trade monitoring/surveillance? 
    • Definition
    • Scope
    • Maturity Framework
    • Benefits
  • What should be considered for monitoring?
    • Regulatory Standards
    • Common Practices
    • Peer Benchmarks
  • What should be considered for effective trade monitoring?
    • Framework
    • Intersection with Risk Management
    • Staffing
    • Peer Benchmarks
  • What considerations for supporting technology?
    • Data 
    • Analytics
    • Case Management
  • Putting it All Together

Sid Jacobson, Managing Director, Pivotal Risk Advisors 

10.00 Morning Break

10.30 Case Study: Trade Surveillance Integration

  • How are companies responding operationally
  • Compliance operating model considerations
  • What is the role of compliance, how does it interact with the wider organisation and how does surveillance fit in to the overall model?
  • Documentation and policy
  • Compliance reporting and oversight
  • Culture and impact on compliance

Tom Lord, President, Dynamic Commodity Management

12.00 Lunch

1.00 Data and the Wash. Rinse. Repeat

  • Technology - tools
  • Data Capture (data you need and want) and Centralizing data
  • Real-time monitoring and reporting
  • Exception database - history of past alerts and exceptions
  • Exception processing
    • Review & documentation
    • Risk Scoring & pattern recognition
    • Dealing with the exceptions/false positives

Frank Hayden, Vice President, Trading Compliance, Calpine

2.30 Afternoon Break

3.00 Trade Surveillance Implementation

  • Example: Trade Surveillance for Power Trades, Virtual Bids, and FTRs
  • Example: Trade Surveillance of Natural Gas Trades and Financial Swaps
  • Calibrating the Trade Surveillance System: 
    • Incremental Approach to Implementing Trade Surveillance
    • Avoiding False Positives and False Negatives
    • The Need for Audits
  • Can Trade Surveillance Improve Profitability?

John Tsoukalis, Senior Associate, The Brattle Group

4:30 End of Course

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