The Financial Times, in partnership with Eurex, hosted Dividend Derivatives: An Emerging Asset Class, in London, which will brought together thought leaders within corporate and investment banks, asset and fund managers alike to explore the best investment strategies for dividend derivatives. Participants examined some of the arguments for and against listed and OTC products, as well as how industry executives are reacting to changing customer requirements and keeping pace with the investment needs of the market - all whilst operating in a new regulatory environment.
Dividend Derivatives – An Emerging Asset Class
Deutsche Börse AG
In partnership with
Stuart Heath is the Executive Director and Head of the UK Representative Office of Deutsche Börse AG where he focuses on Eurex’s Derivatives business. Mr Heath has been Head of the Eurex/Deutsche Börse London representative office since July 2010 having spent the previous three years working on product development at Eurex and latterly designing and managing listed dividend futures and options products which were launched in 2008. Prior to joining Eurex he held positions in credit and fixed income trading, covering both credit default swaps and corporate bonds at Daiwa SMBC and previously at Greenwich Natwest/RBS. He also has experience in the risk management side of the industry with HSBC. Mr Heath has over 15 years experience in finance and holds an BA (Hons) in Accountancy and Finance and an MSc in International Banking and Financial Studies from Heriot-Watt University, Edinburgh.
Maximilian Leuschner is currently Vice President, Institutional Equity Division, Delta One Trading at Morgan Stanley with a focus on Dividend Swap Trading. Prior to this he worked at UBS Investment bank on Equity Flow Finance Trading. Earlier on in his career he interned at Citigroup’s Global Markets Division and also at Lincoln International in Frankfurt.
Mr Leuschner holds a BSc (Hons) in Management from the London School of Economics.
Philip Stafford became the FT trading room editor in November 2012, having been reporter since 2010. Before this appointment he was a senior UK companies reporter for the Financial Times, covering technology and telecoms. Previously, he moved from UK stock markets editor to the London markets editor in 2005. He was also companies and stock market reporter and web page editor for FTMarketwatch. Before joining the FT in 2000, Mr Stafford worked at Lafferty Newswire writing online for top level finance executives. He also completed an internship with Bloomberg LP working on their news wire. In 2007 he won the Techmark Awards, Technology Journalist of the Year. Mr Stafford has an MA in International Relations from the University of Durham.
Willem Buiter joined Citi in January 2010 as Chief Economist. One of the world’s most distinguished macro economists, Mr Buiter previously was Professor of Political Economy at the London School of Economics and is a widely published author on economic affairs in books, professional journals and the press. Between 2005 and 2010, he was an advisor to Goldman Sachs advising clients on a global basis. Prior to this, Mr Buiter was Chief Economist for the European Bank for Reconstruction & Development between 2000 and 2005 and from 1997 and 2000 a founder external member of the Monetary Policy Committee of the Bank of England. He has been a consultant to the IMF, the World Bank, the Inter-American Development Bank and the Asian Development Bank, the European Commission and an advisor to many central banks and finance ministries. Mr Buiter has held a number of other leading academic positions, including Cassel Professor of Money & Banking at the LSE between 1982 and 1984, Professorships in Economics at Yale University in the US between 1985 and 1994, and Professor of International Macroeconomics at Cambridge University in the UK between 1994 and 2000. Willem has a B.A. in Economics from Cambridge University and a PhD in Economics from Yale University. He has been a member of the British Academy since 1998 and was awarded the CBE in 2000 for services to economics.
Stanislas Bourgois is a Director and Head of Equity Derivatives Strategy at Credit Suisse in London. Prior to that, Mr Bourgois was a senior algorithmic trader in Credit Suisse Equity Derivatives Trading. Mr Bourgois joined Credit Suisse in 2003 from Societe Generale, where he was a Quantitative Analyst. Mr Bourgois is a Chartered Financial Analyst and holds a management degree from ESSEC Business School in France (1998) and an MS in Mathematics from the University of Paris VI-Jussieu (1999).
Antoine Deix joined BNP Paribas in 2003 and currently heads the Global Dividend Strategies within the Equity & Derivatives Strategy team for BNP Paribas Global Markets. Having been based in New York from 2004 until 2009, Mr Deix was first Head of the Dividends and Indices Analysis team, before taking up responsibility for fundamental research within the Forward Trading team. He has a DESS in Corporate and Market Finance from ESA Grenoble.
Jad Comair is an investment management professional with extensive experience in dividend investing. Before founding Melanion Capital he worked at Société Générale’s equity derivatives division as Managing Director of the fundamental trading desk. Mr Comair holds an engineering degree from École Polytechnique and a Masters in finance from École Nationale des Ponts-et-Chaussées.
Charles de Boissezon
Charles de Boissezon heads the Flow Strategy & Solutions team for Europe at Societe Generale Corporate & Investment Banking. The team is part of SG CIB’s Equity & Derivatives Financial Engineering group. Its mandate is to provide clients across the globe with trade ideas and research implementation, as well as long-term analysis and in-depth reports on market parameters. Mr de Boissezon and his team act as advisers to the Firm’s clients on cross-asset investments and hedging, market direction, country and sector allocation, as well as single-stock strategies. Prior to joining Societe Generale in 2006, he worked at Morgan Stanley and Deutsche Bank as an Equity Strategist. He holds a Masters in Management and Finance from the EDHEC Graduate School of Management (France).
Professor Radu Tunaru has been working in Quantitative Finance since 2000 and he specialises in Structured Finance, Derivatives Pricing and Risk Management. Currently head of Finance group in Kent Business School, Director ofCentre for Quantitative Finance Research (CEQUFIN) and Director of Research for Kent Centre for Finance. His latest work includes three papers on real-estate derivatives with Nobel laureate in Economics Robert Shiller. His career includes working for Bank of Montreal and for Merrill Lynch where he was a vice-president in Structured Finance EMEA RMBS. His latest book on Model Risk For Financial Markets has been published recently by World Scientific Press. He has over 50 publications to date and he holds a PhD in Statistical Modelling, 1999 London, and a PhD in Probability and Statistics from the Centre of Mathematical Statistics of the Romanian Academy, 2001, Bucharest.
Agenda - 13th Oct
2:00pmChair’s opening remarks
Philip Stafford, Trading Room Editor, Financial Times
2:10pmBrief overview of dividend derivatives
Stuart Heath, Executive Director, Head of UK Representative Office, Eurex
Interviewed by: Philip Stafford, Trading Room Editor, Financial Times
2:20pmPresentation: Macroeconomic outlook - implications for revenue and dividend growth
Willem Buiter, Chief Economist, Citigroup
2:45pmInterview: Dividend derivatives in financial services
- How has the market changed as a result of new regulatory measures?
- What next for dividend derivatives?
Paul Beck, Executive Director, Head of Sales for Continental Europe, Eurex
Maximilian Leuschner, Vice President, Institutional Equity Division, Morgan Stanley
Moderated by Philip Stafford, Trading Room Editor, Financial Times
3:15pmCase Study: Why are dividend derivatives an emerging asset class?
Antoine Deix, Equity Derivatives Strategist - Head of Dividend Strategies, BNP Paribas
3:40pmPanel session: Dividend derivatives in action
- Why dividends matter to investors
- How can dividend derivatives grow from a niche product to a mainstream one?
Charles de Boissezon, Managing Director, Head of Flow Strategy & Solutions Europe, Societe Generale
Jad Comair, Founder & CIO, Melanion Capital
Stanislas Bourgois, Director and Head of Equity Derivatives Strategy, Credit Suisse
Radu Tunaru, Professor of Quantitative Finance, Kent Business School
4:40pmChair’s Closing Remarks
Philip Stafford, Trading Room Editor, Financial Times
- Gain insights into the practical implementations of investing in dividend derivatives.
- Hear from top industry decision makers to get a variety of perspectives from a macroeconomic level to an operational one.
- Network with an audience of your peers from corporate and investment banking, and the asset and fund management sector.
- Discover how the industry is keeping pace with the changing needs of the market and adapting to new regulatory measures.
- Learn from investment management professionals why dividend derivatives are a key emerging asset class.
Complimentary places are available for the following:
- Institutional investors
- Portfolio managers
- Investment bank equity traders and brokers
- Institutional asset managers
- Hedge fund managers
- Heads of trading
The FT Trading Room is all about one thing: market structures. It’s a dry-sounding phrase but it encompasses one of the most dynamic and important parts of the financial world that is likely to affect banks, brokers, exchanges, clearing houses, settlement systems, asset managers and - let’s not forget - the ordinary investing public for years to come.
Whether you are interested in high-frequency trading, trading technology, the “flash crash”, the Mifid review in Europe, equities fragmentation in Asia, OTC derivatives, clearing, T2S, the Dodd-Frank act and the European Commission’s equivalent reforms, it’s all here on FT Trading Room, a new section of FT.com offering a single source of intelligence for the global community at the heart of all these developments from New York to Mumbai, London to São Paolo.
It is supported by the FT’s unmatched global network of correspondents and is edited in London.
The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of one million, three-quarters of which are digital subscriptions. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.
Eurex Exchange. An exchange for the better.
As one of the world’s leading derivatives exchange we offer a broad range of international benchmark products and operate the most liquid fixed income markets in the world. Innovative and reliable technology provides more than 400 participants and about 7,500 traders in 36 countries worldwide with access to our products and services.
We offer a wide choice of equity-based contracts on indexes, single equities, ETFs, dividends and some of the world’s most liquid fixed income derivatives. All on one single platform.
With about 2000 products across nine traditional and alternative asset classes we provide our customers a broad diversity and greater opportunities. The trading volume of our market participants connected amounted to 1.5 billion contracts in 2014.
For further information on our broad range of products and services please visit www.eurexchange.com
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