Attending FIA Expo 2010 implies permission for FIA to use, reproduce, edit, publish and distribute any photographs or videos that the FIA or its designated photographer may take of the registrant during the conference.

3 DAYS • 12 SOCIAL EVENTS • 26 SESSIONS • 130 EXHIBITORS • 5,000+ ATTENDEES. Exhibit Hall

NORTHWEST RED HALL

Redline Telvent eFinancial Cleartrade ITG Careers Fidessa Exchange Trading DTN CDW 1813 TIBCO Herderson Chester- & Arista IFM Software wood LLP Networks Lyman Global Studio Crossing Area Lime Steadfast Brokerage FIA TO SOUTHWEST HALL Networks 1808 1809

Tbricks Devex- perts Eurex Media Lounge Bottom Line ULLINK Sybase & Cyber Spot Networks

SOUTHWEST GREEN HALL

United Stock Exchange of India

Sidera Shortcut to Northwest/Southwest Halls TO SOUTHEAST HALL Euronext TO NORTHWEST HALL TO NORTHWEST TO SOUTHEAST HALL

Eurex Cyber Spot Exhibit Hall

November 2010 3 Expo Exhibitors

COMPANY NAME BOOTH # COMPANY NAME BOOTH # 29West, Now Informatica ...... 1014 Level 3 Communications ...... 1708 360 Technology Center Solutions ...... 906 Lexent Metro Connect LLC ...... 1703 Ace Computers ...... 1503 Lightower Fiber Networks ...... 219 Acquire Media ...... 706 Lime Brokerage ...... 1508 Activ Financial ...... 514 MATba - Mercado a Término de Buenos Aires ...... 117 ADVA Optical Networking ...... 110 McGladrey ...... 815 Advantage Futures ...... 529 MexDer, Mercado Mexicano de Derivados S.A. de C.V...... 807 Anova Technologies ...... 1004 MGEX Minneapolis Grain Exchange, Inc...... 807 Arista Networks ...... 1711 MICEX ...... 222 Australian Securities Exchange ...... 914 Morningstar, Inc...... 120 Barchart.com, Inc...... 525 Nadex ...... 1602 BHF-BANK Aktiengesellschaft ...... 1505 NASDAQ OMX ...... 315 BlackRock ...... 310 National Futures Association ...... 216 Bloomberg ...... 410 Newedge Group ...... 322 BM&F Bovespa ...... 807 NTT Communications ...... 227 Borsa Italiana ...... 520 NYSE Euronext ...... 327 Bottom Line Metrics, LLC ...... 1603 Object+ Financial Products BV ...... 1609 Brocade ...... 1604 Objective Paradigm, Inc...... 204 BT ...... 415 OneMarketData LLC ...... 205 BTG Pactual ...... 909 The Options Clearing Corporation ...... 311 Bursa Malaysia Derivatives ...... 807 OptionsCity Software, Inc...... 920 CDW ...... 1511 Orc Software ...... 321 Celoxica Inc...... 707 Patsystems ...... 427 Chesterwood LLP ...... 1611 Penson Financial Services, Inc...... 913 Chicago Board Options Exchange | CBOE Futures Exchange ...... 421 Prime Analytics, LLC ...... 912 Cinnober Financial Technology ...... 314 QuantHouse ...... 312 Cisco ...... 1006 Quick Screen Trading ...... 320 Citigroup Global Markets Inc ...... 515 Quod Financial ...... 116 Cleartrade Exchange Pte Limited ...... 1512 RapiData ...... 709 CME Group ...... 807 Redline Trading Solutions ...... 1613 Corvil Ltd ...... 109 RMMSoft ...... 121 CQG ...... 326 RTS Realtime Systems ...... 713 Derivatives Week / Institutional Investor News ...... 220 RTS Stock Exchange ...... 412 Derivix ...... 308 Samsung Securities ...... 810 Devexperts ...... 1704 Shinhan Investment Corp...... 1608 DMA Direct AB ...... 118 Sidera Networks ...... 510 Dow Jones & Company ...... 123 Singapore Exchange ...... 414 Edge Financial Technologies ...... 905 Solace Systems ...... 313 eFinancialCareers ...... 1713 SpryWare LLC ...... 904 ELX Futures ...... 513 State Street Global Advisors ...... 215 Endace ...... 1011 Steadfast Networks ...... 1709 EnergyMatch ...... 106 Stellar Trading Systems ...... 519 Equinix ...... 516 Stocks & Commodities Magazine ...... 910 Eurex ...... 722 StreamBase Systems ...... 108 Exegy, Inc...... 1012 SunGard ...... 1705 Federated Investors ...... 318 Sybase ...... 1703 Fidessa Group ...... 1813 Symphono ...... 209 Fifth Third Bank ...... 217 Taiwan Futures Exchange ...... 411 Futures Industry Association ...... 1808 Tbricks ...... 1605 Futures Magazine ...... 210 Telvent DTN ...... 1712 Global Crossing Telecommunications Inc...... 1809 Telx ...... 511 GlobalRisk Corporation ...... 1015 Tethys Technology, Inc...... 316 The Green Exchange ...... 807 thinkorswim ...... 711 Henderson & Lyman ...... 1710 Thomson Reuters ...... 417 Hibernia GFN ...... 1502 TIBCO Software ...... 1610 Hong Kong Exchanges & Clearing Limited ...... 115 TMX | Montréal Exchange ...... 618 IBM ...... 111 Tokyo Commodity Exchange, Inc...... 413 IDC Global ...... 213 Tokyo Financial Exchange Inc...... 224 IIT Stuart School of Business ...... 710 Tokyo Stock Exchange ...... 229 The Institute for Financial Markets ...... 1810 Trading Technologies International, Inc...... 820 Interactive Data Corporation ...... 212 TradingScreen ...... 211 IntercontinentalExchange, Inc...... 609 Transaction Network Services ...... 907 International Market Recruiters ...... 107 Turkish Derivatives Exchange ...... 218 IPC ...... 1007 ULLINK ...... 1702 ITG ...... 1612 United Stock Exchange of India ...... 517 Juniper Networks ...... 113 The Volatility Exchange ...... 112 Knight ...... 104 Voltaire ...... 1013 Korea Exchange ...... 812 Waverules, LLC ...... 223 Korea Investment & Securities ...... 908 WhenTech ...... 911 KVH Co., Ltd...... 119 WTD Consulting, Inc...... 714 Latisys ...... 1010 X-Change Financial Access ...... 208 LCH.Clearnet ...... 527 YJT Solutions ...... 225

4 www.futuresindustry.com Expo Overview

TUESDAY, NOVEMBER 2 6:00 p.m. Expo Opening Reception at the Art Institute

WEDNESDAY, NOVEMBER 3 Time Industry Issues Markets Trading Technology 8:00 a.m. Registration Opens 8:00 a.m. Welcome Break Sponsored by Connamara Systems 8:45 a.m. Welcoming Remarks 9:00 a.m. CFTC Chairman’s Address 9:30 a.m Exchange Leaders: Setting the Stage for the Next Generation of Markets 10:00 a.m. Exhibit Hall Opens 10:45 a.m. Networking Break Sponsored by The Options Clearing Corporation 11:15 a.m. FIA Law & Compliance Division presents Implementing Regulatory Reform 12:30 p.m. FIA Division Lunch Energy: Dodd-Frank Impact on FIA Information Technology Division 2:00 p.m. Trading & Clearing Interest Rate Swaps OTC & Exchange Trading presents Technology Views 2010 3:15 p.m. Networking Break Sponsored by Tokyo Commodity Exchange ALGO 3.0: The Evolution of Algorithmic 3:45 p.m. Switching on SEFs Accessing Brazil Trading in a High-Frequency Trading World 4:00 p.m. Taste of Expo Exhibit Hall Reception 6:00 p.m. Exhibit Hall Closes 6:00 p.m. CME Group Reception

THURSDAY, NOVEMBER 4 Time Industry Issues Equity Options Trading Technology 8:00 a.m. Registration Opens Balancing Act: OTC vs. Innovation in the A Global View of 9:00 a.m. Traditional Clearing Demands Midst of Change Direct Access Risk Management 10:00 a.m. Exhibit Hall Opens 10:15 a.m. Networking Break Sponsored by Chicago Board Options Exchange & CBOE Futures Exchange Retooling the Roles Market Insights from Equity Technology Challenges of 10:45 a.m. of Market Participants Options Exchange Leaders Controlling Direct Access Risk 12:00 p.m. Bank of America Merrill Lynch Networking Lunch FIA Chicago presents New Customer Data The Impact of Regulatory Reform on The Debate Over 1:00 p.m. Requirements: Building an OCR Database the Equity Options Market Effective Error Trade Policies FIA Futures Services Division High-Frequency Trading in the Equities Co-Location: 2:15 p.m. presents Integrating OTC into Markets: Cash vs. Options When Does Proximity Pay Off? ETD Systems and Processes 3:30 p.m. Networking Break Sponsored by Chicago Board Options Exchange & CBOE Futures Exchange 4:00 p.m. Tech Solutions for OTC Clearing Implications of the Flash Crash Technology of High-Frequency Trading 4:00 p.m. Exhibit Hall Closes 6:00 p.m. Futures Cares Charity Dinner in support of Greater Chicago Food Depository*

* Separate ticket required

November 2010 5 Expo Sponsors

General Sponsors

Event Sponsors

Signage & Information Sponsors

Media Sponsors

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TUESDAY, NOVEMBER 2 8:00 a.m. Continental Foyer, Lobby Level Welcome Break Sponsored by 6:00 p.m. Connamara Systems, LLC Opening Reception at the Art Institute of Chicago’s Griffin Court Sponsored by: After you check in, grab a cup of coffee and a breakfast snack before heading into the first session courtesy of Connamara Systems.

8:45 a.m. Continental A/B, Lobby Level Welcoming Remarks

Speaker: John Damgard, President, Futures Industry Association

9:00 a.m. Continental A/B, Lobby Level A new tradition, this event has been the premiere place for CFTC Chairman’s Address attendees to network and kickoff the show the past two years. Speaker: Gary Gensler, Chairman, Greet your business associates, colleagues and friends at The Art Commodity Futures Trading Commission Institute of Chicago’s Griffin Court. You also will have access to CFTC Chairman Gary Gensler leads the the famous Impressionists and other exhibits that have made The agency at a critical time in the evolution of the Art Institute of Chicago world renowned. derivatives industry. He was instrumental in shap- An RSVP is not necessary, however you must be registered for ing many areas of the Dodd-Frank bill and now, Expo (either the trade show or the conference sessions) in order to working with the SEC and a team of Federal reg- attend the reception. Only those that have registered prior to ulators, is responsible for the CFTC’s implemen- Monday, November 1 will appear on the guest list. We apologize, tation of many areas of the derivatives section of the bill. Chairman but walk-ups will not be accommodated. Gensler will share his thoughts on the tasks currently underway and what lies ahead. WEDNESDAY, NOVEMBER 3 8:00 a.m. 8th Street Registration Area Hoops for Charity & Lower Level Registration Area Stop by the Northwest Red Hall and shoot some hoops for Registration Opens charity. Each sponsoring company will be challenged to raise Badge lanyards are sponsored by as much money as possible through player donations. A charitable contribution of $10 per round of play will be asked of each player and a contribution tally will be kept for each sponsored hoop. A player can be any Expo attendee who wishes to play or make a charitable contribution to Futures Don’t forget to pick up your registration tote bags at the regis- Cares in support of the Greater Chicago Food Depository. tration counters courtesy of At the close of the Expo exhibit hall on November 4, the sponsored hoop garnering the most charitable contributions will be declared the winner and recognized at the Futures Cares Charity Dinner later that evening. Sponsored by the FIA Information Technology Division and Trading Technologies.

November 2010 7 Expo Program

9:30 a.m. Continental A/B, Lobby Level 11:15 a.m. Continental A/B, Lobby Level Exchange Leaders: Setting the Stage for the FIA Law & Compliance presents Next Generation of Markets Implementing Regulatory Reform Chair: Carl Eichstaedt, Senior Portfolio Chair: Maria Chiodi, Director and Counsel, Manager, Western Asset Management Legal and Compliance, Credit Suisse Securities Exchanges are preparing for new business The regulatory agencies are busy imple- and assessing the changes that may be needed to menting the sweeping reforms contained in the their business models. They are working with Dodd-Frank Wall Street Reform and Consumer market users and intermediaries, and reviewing Protection Act. This panel of legal experts will their rules and their decision making structures. discuss proposed rulemakings and their poten- Importantly, they are also working with regula- tial impact on firms and their customers, tors they know and new regulators. They are considering if prod- traders and markets. ucts should be traded as futures or OTC. And they are reviewing Speakers: Gary DeWaal, Senior Managing Director and Global the international implications of the new regime. Our panel of General Counsel, Newedge USA; Michael Dunn, Commissioner, exchange leaders will share their insights on how the markets are Commodity Futures Trading Commission; Kevin Foley, Partner, Katten preparing for change and their vision for the future. Muchin Rosenman; Jill Sommers, Commissioner, Commodity Futures Speakers: Craig Donohue, Chief Executive Officer, CME Group; Trading Commission; Lauren Teigland-Hunt, Managing Partner, Garry Jones, Group Executive Vice President & Head of Global Teigland-Hunt Derivatives, NYSE Euronext; Andreas Preuss, Chief Executive Officer, Eurex; Jeffrey Sprecher, Chairman & Chief Executive Officer, 12:30 p.m. Grand Ballroom, Second Floor IntercontinentalExchange FIA Division Lunch 10:00 a.m.—5:00 p.m. Red/Green/Blue Exhibit Halls Speaker: Peter D. Hart, Chairman, Peter D. Hart Research Associates Exhibit Hall Opens Expo begins as Election 2010 ends. We’ve invited Peter D. Hart, one of the top analysts of 10:45 a.m. Continental Foyer, Lobby Level public opinion in the United States, to give us his view of what happened and why. Since 1971, Networking Break Sponsored by Mr. Hart has served as chairman of Peter D. The Options Clearing Corporation Hart Research Associates and since 1989, he has been a pollster for NBC News and The Wall Street Journal. In the political realm, Hart has represented more than 40 United States Senators and 30 governors. The National Journal named Hart one of its 150 national leaders who shape federal government policy, laud- ing him as “probably the foremost Washington pollster for the Democratic Party and its centrist candidates.” Hart appears fre- Do you want a mid-morning pick me up? The Options quently on Meet the Press, The Today Show, and The News Hour with Clearing Corporation is clearing the way for you to have a morn- Jim Lehrer. ing cup of joe and a pastry or bagel. Compliments of the The Options Clearing Corporation.

Eurex Cyber Spots On each of the three show floors (Red, Green & Blue) we will New for 2010! Expo Today Live! will be the live, studio version have internet access, “goCharge” mobile device recharge of our popular Expo Today newsletter. Bringing the show daily stations, video monitors broadcasting Expo news and events, to life will include segments on speakers broadcast from the networking lounges for Expo attendees, and more, courtesy Expo Today Live! studio located in the Northwest Red Hall, as of Eurex. well as happenings on the trade show floor. There will be six Expo Today Live! video monitors located around the venue. Sponsored by The Options Clearing Corporation.

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CONCURRENT SESSIONS 2:00 p.m. Continental C, Lobby Level FIA Information Technology Division presents 2:00 p.m. Continental A, Lobby Level Technology Views 2010: Trading and Clearing Interest Rate Swaps Supporting the Business Chair: Donald Wilson, Chief Executive Chair: Matthew Rees, Chief Relationship Officer, DRW Trading Officer, R.J. O’Brien There are big changes ahead for the interest Contrasting the uncertainty of 2009, 2010 rate swaps market. This is one of the largest seg- brought about a new way to view the financial ments of the over-the-counter markets, roughly marketplace and built a solid platform for mov- $350 trillion in notional amounts outstanding. ing forward. With this new view comes a unique The Dodd-Frank Wall Street Reform and perspective on technology that affects every link Consumer Protection Act requires that much of along the trade lifecycle from the trading screen this market will have to be centrally cleared and traded. Many ana- to the clearinghouse. How will 2011 benefit from the hard work in lysts say this could impact as much as 80% of this market. This panel 2010 and where will technology play a part? How will technology will discuss the current state of the regulation and trading of interest continue to evolve and assist the business in making new strides, rate swaps including any new SEF arrangements that have emerged. fueling growth and assisting in the success of our industry through Speakers: Neal Brady, Chief Executive Officer, Eris Exchange; Clifford the coming year? Lewis, Chairman & Chief Executive Officer, Currenex; Roger Liddell, Speakers: Brian Adams, Chief Information Officer, Rosenthal Collins Group Chief Executive Officer, LCH.Clearnet; Garry O’Connor, Chief Group; Sean Barry, Managing Director, Patsystems; John Barun, Executive Officer, International Derivatives Clearing Group; Robin Managing Director & Chief Information Officer, Geneva Trading; Ross, Managing Director, Interest Rate Products, CME Group; Martha Wolfgang Eholzer, Head of Trading System Design, Eurex; Christopher Tirinnanzi, Chairman, Clearinghouse Working Group, Office of Market Meens, Executive Vice President, Operational Services, SunGard Risk, Division of Enterprise Regulation, Federal Housing Finance Agency 3:15 p.m. Continental Foyer, Lobby Level 2:00 p.m. Continental B, Lobby Level Networking Break Sponsored by Energy: Dodd-Frank Impact Tokyo Commodity Exchange on OTC & Exchange Trading U.S. energy markets have been transitioning to OTC clearing since Enron collapsed in 2001. What can we learn about how energy traders adjusted to the rise of Clearport and ICE OTC? TOCOM is providing you with a great afternoon networking How do clearinghouses determine what products are suitable for opportunity and a quick pick-me-up! Please join us for a variety of clearing, and how will that process change under Dodd-Frank? refreshments compliments of the Tokyo Commodity Exchange, Inc. Speakers: James Davies, Head of Sales & Client Services, Trayport; Yvonne Downs, Head of Futures, Commodities & Swap Execution CONCURRENT SESSIONS Facilities Compliance, ICAP North America; William Hederman, Director, Regulatory Compliance, Energy & Resources, Deloitte & 3:45 p.m. Continental A, Lobby Level Touche; Peter Malyshev, Counsel, Winston & Strawn; Jon Olson, President & Chief Executive Officer, TruMarx Data Partners Switching on SEFs Chair: Kevin McPartland, Senior Analyst, TABB Group EXPO TODAY—the daily newsletter sponsored by The financial reform regulation created a TradingScreen provides the most current Expo news. new category of execution platforms for trading Pick up your copy every morning at 8:00 a.m. at the interest rate swaps: Swap Execution Facilities or registration counters! SEFs. New rules from the CFTC will determine how SEFs will be structured and who can become a SEF. Existing trading venues are gear- ing up to become SEFs and new platforms are preparing to launch. This session will discuss their offerings and the status of the regula- tion. What execution method will they use? How will orders inter- act? What type of traders can access their platforms? Speakers: Howard Corb, Managing Director, Tradeweb; Chris Ferreri, Managing Director, ICAP; James Rucker, Chief Operations Credit and Risk Officer, MarketAxess; Johnathan Short, Senior Vice President & General Counsel, IntercontinentalExchange

November 2010 9 Expo Program

3:45 p.m. Continental B, Lobby Level 6:00 p.m. Union Station Accessing Brazil CME Group Reception Chair: John Van Der Bleek, Vice President, Deutsche Bank Securities BM&FBovespa is one of the largest and fastest growing derivatives exchanges in the world and presents interesting opportunities and CME Group invites you to a special reception at Chicago’s challenges for traders and clearing firms. This landmark Union Station! Join your fellow delegates for food and panel will discuss key issues for market partici- drink in the magnificent Great Hall, a 20,000 square foot classic pants interested in accessing the Brazilian listed venue boasting 18 soaring Corinthian columns and a spectacular derivatives markets, including the different types of access to five-story, barrel-vaulted, atrium ceiling. Trolleys will be provided BM&FBovespa, the opportunities for low-latency direct market to take delegates from the Hilton Chicago to the venue starting at access, the roles played by custodians and brokers, and the partner- 5:45 p.m. Buses depart from the Hilton’s eighth street exit. ship between BM&FBovespa and CME Group, The panel also will discuss certain regulatory issues, including requirements related to 6:00 p.m. technology, connectivity and bookkeeping. Exhibit Hall Closes Speakers: Carlos Ferreira, Director, International Affairs, BM&F Bovespa; Laurence Latimer, Senior Vice President & Managing Director, Trading & Client Connectivity Americas, SunGard; Clecio Lima, Associate Director and Chief Technology Officer, BTG Pactual; THURSDAY, NOVEMBER 4 Landulpho Profili, Head of Sales and Execution, J.P. Morgan; Guy Scott, Managing Director, Chicago, Trading Technologies 8:00 a.m. 8th Street Registration Area & Lower Level Registration Area 3:45 p.m. Continental C, Lobby Level Registration Opens ALGO 3.0: The Evolution of Algorithmic Trading in a High-Frequency Trading World CONCURRENT SESSIONS Chair: Russell Abramson, Executive Director, J.P. Morgan Futures 9:00 a.m. Continental A, Lobby Level Can algorithms help you be more effective in an automated environment? Have you ever tried Balancing Act: to list an offer or hit a bid and it was gone OTC vs. Traditional Clearing Demands before you clicked the mouse? Algos can Chair: Craig Abruzzo, Managing Director, improve the efficiency of the execution of Morgan Stanley orders. Using improved technology with proxim- Clearinghouses face perhaps the greatest ity to exchanges can provide human traders the edge they need in challenge of all the entities preparing for the a computer-based trading world. This panel will explore in depth new regulatory requirements. They must con- the technology that allows the human being to remain effective in sider what can be cleared, standards for clearing today’s electronic trading environment. members, and other policies and procedures that Speakers: Robert Almgren, Co-Founder & Chief Quantitative Officer, may need to change in order to handle the OTC Quantitative Brokers; Timothy James, Customer Engineering Manager, contracts they decide to clear. In addition, clearinghouses could be Thomson Reuters; Alexander Lamb, Executive Board Member, Senior considered to be “systemically important,” which will mean addi- Vice President, Business Development & Marketing, RTS Realtime tional oversight by the Fed. Panelists will discuss these topics as Systems; Andrew Schumacher, Executive Director, Futures & Options, well as co-mingling futures and OTC in default funds, individual J.P. Morgan Futures segregation of customer funds, standards for new classes of clearing members, cross-margining, and connecting to SEFs. In the face of 4:00 p.m. Lower Level, Tradeshow Floor— all of this change, what improvements are contemplated for futures Red/Green/Blue Exhibit Halls clearing platforms? Taste of Expo - Exhibit Hall Reception Speakers: Thomas Book, Member of the Executive Board, Eurex; Michael Cahill, President & Chief Operating Officer, Options Clearing Taste of Expo is an event that everyone looks forward to...the Corporation; Thomas Hammond, President & Chief Operating Officer, exhibit hall is packed! Relax with your colleagues after the first day ICE Clear U.S.; Roger Liddell, Group Chief Executive Officer, of Expo 2010. Join us from 4:00 - 6:00 p.m. for food, drinks and LCH.Clearnet; Ananda Radhakrishnan, Director, Division of Clearing networking, courtesy of the Expo 2010 exhibitors. See you there! and Intermediary Oversight, Commodity Futures Trading Commission; Kim Taylor, President, CME Clearing, CME Group

10 www.futuresindustry.com Expo Program

9:00 a.m. Continental B, Lobby Level 10:15 a.m. Continental Foyer, Lobby Level Innovation in the Midst of Change Networking Break Sponsored by Chair: Richard Repetto, Principal, Sandler Chicago Board Options Exchange O’Neill & Partners & CBOE Futures Exchange Regulatory changes by the SEC and new rule changes by the exchanges are having a dramatic impact on market structure. This panel will share their views on how recent rule filings are impacting the way the equity options markets are traded. Topics include market models, Do you love to have options? Join us as CBOE gives you plenty exchange fee schedules, payment for order flow, price improve- of options. You will have the option of coffee, snacks or both. All ment, proposed rules for high-frequency trading, dark pools, and provided courtesy of the Chicago Board Options Exchange. new options products. What technology innovations are resulting from these changes in market structure? How will different market CONCURRENT SESSIONS participants adapt to these changes both domestically and abroad? Speakers: Luca Barillaro, Independent Trader & Money Manager; Jim 10:45 a.m. Continental A, Lobby Level Boyle, Executive Director, UBS; Slade Winchester, Director, Citigroup Global Markets Retooling the Roles of Market Participants Chair: Gonzalo Chocano, CoHead, Global 9:00 a.m. Continental C, Lobby Level Futures & Derivatives Clearing Service, A Global View of Merrill Lynch Pierce Fenner & Smith This panel will contemplate the impact of Direct Access Risk Management regulatory reform on intermediaries and end- Chair: David Hartney, Managing Director, users. Trading venues are being re-tooled, inter- J.P. Morgan Futures mediaries are restructuring, and end-users are The FIA Market Access Working Group rethinking their approach to risk management. released in April recommendations for controls Panelists will discuss distinguishing OTC from ETD, capital and exchanges that allow direct access should have customer fund requirements, evaluating SEFs, new clearing opportu- in place. The FIA then surveyed exchanges nities, reassessing clearing member responsibilities, educating cus- around the world to determine which exchanges tomers, new registration requirements, and consider the offer direct access and the controls they are con- implications for growth of the U.S. markets. sidering or currently offer. This panel will discuss the results of the Speakers: Raymond Kahn, Global Head of OTC Derivative Clearing, survey and various regulatory, exchange and private sector initia- Barclays Capital; Marcus Katz, Senior Vice President, Newedge USA; tives that address controlling risk in a high-frequency trading envi- Steve O’Connor, Managing Director & Chief Risk Officer, Morgan ronment. Stanley; David Olsen, Managing Director, Global Head of OTC Speakers: Robert Brown, Global Head of EBusiness Integration, BGC Clearing, J.P. Morgan; Christopher Perkins, Director, Head of OTC Partners; Bryan Durkin, Managing Director and Chief Operating Client Clearing, Citigroup Officer, CME Group; Brett Funderburg, Managing Director, RGM Advisors; Matthew Haraburda, Head of Operations, XR Trading; 10:45 a.m. Continental B, Lobby Level Rama Pillai, Senior Vice President, Sales & Distribution, Singapore Exchange; Leslie Sutphen, Managing Director, Newedge USA Market Insights from Equity Options Exchange Leaders 10:00 a.m.—4:00 p.m. Red/Green/Blue Exhibit Halls Chair: Christopher Nagy, Managing Director, Exhibit Hall Opens Order Strategy, TD Ameritrade Welcome to Exchange Leader Jeopardy! Your host will challenge our panelists to answer ques- tions on categories including regulatory reform, Quench your thirst with ICE cold water, located throughout the flash crash, access fees, pricing models, fee the conference venue, sponsored by caps and new exchanges. Hear senior manage- ment perspectives on a range of topics as well as their outlook for the next 18 months. Speakers: Edward Boyle, Executive Vice President, NYSE Euronext; William Brodsky, Chairman & Chief Executive Officer, Chicago Board Options Exchange; Jeromee Johnson, Vice President, Market Development & Head of BATS Options, BATS Exchange; Gary Katz, President & Chief Executive Officer, International Securities Exchange; Tony McCormick, Chief Executive Officer, Boston Options Exchange Group; Thomas Wittman, President, NASDAQ OMX

November 2010 11 Expo Program

10:45 a.m. Continental C, Lobby Level CONCURRENT SESSIONS Technology Challenges of 1:00 p.m. Continental A, Lobby Level Controlling Direct Access Risk FIA Chicago presents New Customer Data Chair: Leslie Sutphen, Managing Director, Newedge USA Requirements: Building an OCR Database As more and more traders clamor for faster Chair: Yvonne Downs, Head of Futures, speed and ask to go to the exchange directly in a Commodities and Swap Execution Facilities facility co-located with the matching engine, Compliance, ICAP North America the fear that unintended or illegal trades can The Commodity Futures Trading occur before anything can be done to stop them Commission has proposed rules to collect cer- has increased. The FCMs who clear the trades, tain ownership, control and related information the exchanges, and the regulatory authorities have struggled to for all trading accounts active on U.S. futures come up with appropriate risk control mechanisms that are techno- exchanges. This is an unprecedented amount of logically feasible. The trading firms agree that risk management is information—including data that exists in different places within a appropriate but want to ensure that the same risk standards are firm in a variety of formats (hardcopy and electronic) and data that applied equally across all participants. The traders are also con- is not currently collected. How is the industry preparing to collect cerned that applying traditional regulations such as wash trade pre- this type of data and deliver it to the reporting entity? Where are vention becomes more complex in a world where multiple the sticking points in comparing the data points with the daily algorithms operate simultaneously, pursuing completely different trade register? strategies. What can be done to address risk and regulation in a Speakers: Tammy Botsford, Vice President & Deputy General high speed environment? Counsel, Penson GHCO; Mark Fabian, Vice President, Market Speakers: Bruce Domash, Risk Director, ICE Clear U.S.; Scott Regulation, ICE Futures U.S.; Alun Green, General Manager, Johnston, Chief Operating Officer, Tower Research; Amy McCormick, SunGard; James Moran, Global Director, Market Regulation Strategies Director, Market Risk Management, CME Group; Ted Myerson, Chief & Technology, CME Group; Robert Paul, Executive Director, Nomura Executive Officer, FTEN; Greg Wood, Vice President, Advanced Securities International; Raymond Tubridy, Managing Director, Execution Services, Credit Suisse Securities Derivatives Sales and Marketing and Product Development, State Street Global Markets 12:00 p.m. Lower Level, Tradeshow Floor— Red/Green/Blue Exhibit Halls 1:00 p.m. Continental B, Lobby Level Networking Lunch Sponsored by Impact of Regulatory Reform Bank of America Merrill Lynch on the Equity Options Markets Chair: Paul Zubulake, Senior Analyst, Aite Group Clearinghouses in both the U.S. and Europe are making plans to clear OTC equity options and other OTC equity derivatives. What will Need a break? Join Bank of America Merrill Lynch on the Expo these plans mean for the listed options business show floor for a filling lunch that includes a hors d’oeurvres sta- in the U.S. and Europe? What impact will the tion, a pasta station, salads, deep dish pizza, carving stations and clearing of these products have on existing OTC more. Network with BAML representatives, Expo exhibitors and dealers? Will it provide opportunities for other firms to enter the your colleagues and friends over lunch on the trade show floor. All OTC business as dealers? What role will the regulators play? brought to you courtesy of Bank of America Merrill Lynch. Speakers: Heike Eckert, Executive Director, Head of Clearing Business Development, Eurex Clearing; Joseph Elmlinger, Managing Director & Head of Marketing, Global Futures & Derivatives Clearing Services, The press room is sponsored by Bank of America Merrill Lynch; Paul Maley, Head of Listed Derivatives, Americas, Deutsche Bank; Michael McClain, Executive Vice President, Business Development and Operations, Options Clearing Corporation; John Nagel, Managing Director and General Counsel, Asset Management and Markets, Citadel; Tess Weil, Partner, Purrington Moody Weil

12 www.futuresindustry.com Expo Program

1:00 p.m. Continental C, Lobby Level 2:15 p.m. Continental B, Lobby Level The Debate Over Effective Error Trade Policies High-Frequency Trading in the Chair: Chris Hehmeyer, Managing Member, Equities Markets: Cash vs. Options HTG Capital Partners Chair: James Angel, Associate Professor of Error trade policies have received increased Finance, McDonough School of Business, attention after the so-called flash crash in May. Georgetown University The FIA Market Access Risk Management Although high-frequency trading tends to be Recommendations included a recommendation viewed as a single type of approach to trading, it that error trade policies should focus on trade has very different characteristics depending on certainty. This panel of exchanges and trading the type of trader and the market in which it is firms will discuss the difficulty in striking the right balance employed. This session will compare and con- between trade certainty and busting trades. What happened during trast high-frequency trading in the cash equity markets versus this the flash crash? How has thinking changed since the events of May type of activity in the equity options markets. It will look at the 6 and 7? trading behavior, the rules and the results. Speaker: Edward Dasso, Manager, Market Regulation, Intercon- Speakers: Peter Bottini, Executive Vice President, Trading & tinentalExchange; Bryan Durkin, Managing Director & Chief Customer Service, OptionsXpress; Matthew Gray, Chief Executive Operating Officer, CME Group; Lynn Martin, Chief Operating Officer, Simplex Investments and additional speakers to be announced. Officer, NYSE Liffe U.S.; Donald Wilson, Chief Executive Officer, DRW Trading 2:15 p.m. Continental C, Lobby Level

CONCURRENT SESSIONS Co-Location: When Does Proximity Pay Off? Chair: Nathan Ulery, Director of Infra - 2:15 p.m. Continental A, Lobby Level structure Solutions, West Monroe Partners Co-location is becoming increasingly impor- FIA Futures Services Division presents tant to a variety of traders including high-fre- Integrating OTC into ETD Systems and Processes quency traders, intermediaries and end-users. Chair: Vincent Mattera, Senior Vice President The CFTC has proposed rules that would & Regional Head of Futures Clearing and change the way co-location is defined, moni- Client Service, HSBC Securities tored and marketed. This panel will discuss the The mandate to clear traditional counter- different flavors of co-location, the advantages of locating servers party-to-counterparty OTC products such as CDS in close proximity to the exchange trading engines, and the need and swaps will bring sweeping changes to the way for transparency and equal access. FCMs process trades, reconcile to the exchanges, Speakers: Jerry Capaci, Vice President of SFTI Services Americas, interface with their clients, and manage end-to- NYSE Euronext; Tayloe Draughon, Director & Manager, E-Solutions end flow for both traditional futures and the new exchange cleared Client Services Americas, Newedge Group; Craig Mohan, Director, OTC products. What new requirements can we expect from Co-location & Data Center Services, CME Group; Lilia Severina, exchanges? What kind of support can we expect from the back-office Proximity Hosting Director, Interxion; Chris Zuehlke, Head of Front vendors? What are the pitfalls FCMs will need to avoid? Our panel Office Development, DRW Holdings of FCMs, service bureaus and exchanges will address next steps and potential plans in support of the OTC initiative. 3:30 p.m. Continental Foyer, Lobby Level Speakers: Alessandro Cocco, Managing Director, J.P. Morgan Networking Break Sponsored by Futures; Edward Gogol, Managing Director, Clearing Solutions, CME Group; Diane McFadden, Director, Chicago Operations, ICE Clear Chicago Board Options Exchange U.S.; John Munro, Senior Vice President, Product Design, Ion & CBOE Futures Exchange Trading; John Omahen, Director, Project Management, SunGard; Reggie Shivers, Director of New York Operations, Newedge USA

Hilton room key cards provided by Join us as CBOE gives you plenty of options for your afternoon break. You will have the option of gourmet coffee, pastries, pop- corn and more. All provided courtesy of the Chicago Board Options Exchange.

November 2010 13 Expo Program

CONCURRENT SESSIONS 4:00 p.m. Continental C, Lobby Level Technology of High-Frequency Trading 4:00 p.m. Continental A, Lobby Level Chair: Robert Brown, Global Head of Tech Solutions for OTC Clearing eBusiness Integration, BGC Partners Chair: John Rapa, President & Chief This panel will look at the ongoing evolu- Executive Officer, Tellefsen and Company tion of technology as related to electronic trad- Vendors are working with swap dealers, ing. We will question whether screen or major swap participants, clearing members, spreading systems can realistically compete with SEFs, swap data repositories, and exchanges to the latest HFT applications. Can vendors supply meet all of the record-keeping, processing and these HFT solutions or do traders need to build other requirements for new markets. What busi- them from scratch in order to compete? We will also look at the ness and technology challenges will result from ways that traders are minimizing latency via networks, co-location the creation of a cleared OTC derivatives account classification? and more efficient HFT solutions. Finally we will discuss the effect How are market participants preparing for these changes? Leading that HFT technology is having on all market participants including service providers discuss how they are gearing up to support OTC the buy/sell side, exchanges, vendors and even regulatory bodies. Clearing in this brave new world. Speakers: Joe Bigane, Managing Partner, Interactive Data 7Ticks; Speakers: Ted Brooks, Director, Clearing Initiatives, MarkitSERV; Robert Creamer, President, Geneva Trading; Tyler Moeller, Co- Peter Fredriksson, Chief Executive Officer, Baymarkets; Richard Hulit, Founder & President, Broadway Technology; Feargal O’Sullivan, Head Executive Vice President, SunGard of Trading Solutions Americas, NYSE Euronext; Dan Zalewski, Senior Technology Business Analyst, Bank of America 4:00 p.m. Continental B, Lobby Level Implications of the Flash Crash 4:00 p.m. Chair: Jay Knopf, Senior Vice President, Exhibit Hall Closes Options, Newedge USA The debate continues over what caused the 6:00 p.m. Grand Ballroom, Second Floor market turmoil on May 6. Commentators gener- ally agree that it illustrates the inter-connected- Futures Cares Charity Dinner in support ness of the cash and derivatives markets, the of the Greater Chicago Food Depository need for circuit breakers, and the need for a (Separate ticket required) robust error trade policy. This panel will attempt to sort fact from fiction and discuss what actions have taken place since the flash crash and what is on the horizon. Speakers: Alistair Brown, Founder, Chairman & Chief Executive Officer, Lime Brokerage; Bob Hill, Senior Vice President, NYSE Euronext; James Overdahl, Vice President, National Economic Research Associates

Expo 2010 Steering Committee

• Mike Gorham, Illinois Institute • Steve Staszak, CME Group of Technology Center for • Leslie Sutphen, Newedge USA Financial Markets • Ray Tubridy, State Street • Peter Johnson • David Goone, J.P. Morgan IntercontinentalExchange • Vassilis Vergotis, Eurex Chairman • David Hartney, J.P. Morgan • Rob Brown, BGC Partners • Scott Johnston, Tower Research FIA Representatives • Anne Byerwalter, Citigroup • Anita Liskey, CME Group • Mary Ann Burns Global Markets • Joanna Mallers, Nico Holdings • Toni Vitale Chan • Dan Driscoll, National Futures • Matt Moran, Chicago Board • Mary Kincheloe Association Options Exchange • Barbara Wierzynski • Maria Gemskie, MF Global • Matthew Rees, R.J. O’Brien • Angelique Wilkins

14 www.futuresindustry.com Charity Dinner

Futures Cares Reception & Dinner Gold Sponsors November 4, 2010
Hilton Chicago FIA Futures Cares—a donation drive and charity reception/dinner held in conjunction with Futures & Options Expo each fall—gives companies and individuals in the futures industry the opportunity to provide funds to feed people in need. Proceeds from the drive and dinner benefi t the Greater Chicago Food Depository, a nonprofi t food distribution and training center providing food for hungry people. This year, 15% of proceeds from Gold and Silver sponsorships will be donated to Everybody Wins! DC (up to a maximum donation of $25,000). Everybody Wins! DC is a non-profi t organization devoted to promoting children’s Silver Sponsors literacy and a love of learning through shared reading experiences with caring individuals. Reception and Dinner: 6:00 - 9:00 p.m., Normandie Lounge and Grand Ballroom, Second Floor Post Dinner Reception: 9:00 - 11:00 p.m., hosted by Russell Investments, Normandie Lounge, Second Floor Tickets: Limited single seats may still be available for purchase; please see FIA Expo Registration Desk staff if you are interested in attending. Tickets are $250 each, max of 4 tickets. Featured Entertainment: Fabled Chicago Bears running back Gale Sayers will speak at this year’s Dinner on November 4. Sayers played for the Bears from 1965-1971 and became the youngest player in NFL history inducted into the Hall of Fame.

Futures Cares Raffl e Post-Dinner Reception Sponsor Raffl e tickets for the chance to win a Chevrolet Camaro−donated by CME Group−will be available for purchase during FIA Expo 2010, November 3 & 4 ($20 each or 6 for $100). The winner will be drawn and announced during the Dinner on November 4. Winner need not be present to win. Raffl e tickets are not tax-deductible contributions. Hoops for Charity Sponsors Honorary Steering Committee Terrence Duffy, CME Group, Event Chairman • William Brodsky, Chicago Board Options Exchange •Harris Brumfi eld, Trading Technologies International, Inc. • Christopher Hehmeyer, Penson GHCO • James Heinz, Marquette Partners • Peter Johnson, J.P. Morgan Futures Inc. • Paul Pantano, McDermott Will & Emery • Daniel Roth, National Futures Association • Richard Vendor Partners Sandor, Chicago Climate Exchange • Jeffrey Sprecher, IntercontinentalExchange

Working Group Greg Carroll, CME Group • Karl Fruecht, Penson GHCO • Maria Gemskie, MF Global • Daniel Irving, J.P. Morgan Futures Inc. • Amy Kinney, DRW Trading Group • Maureen Lawrence, Marquette Partners • Diane Saucier, Trading Technologies International, Inc. • Vanessa Tanaka, McDermott Will & Emery www.chicagosfoodbank.org/fi a