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Banking and Capital Markets, Finance

30 Years of Futures Trading on The Osaka Exchange

Innovating and Expanding for the Next Chapter of Growth

Sydney |
Speakers include:
Hiromi Yamaji

Hiromi Yamaji

Japan Exchange Group, Inc.

Nick  Leeson

Nick Leeson

The Original Rogue Trader

Peter Gavaghan

Peter Gavaghan

IMC Pacific

Overview

This year is the 30th anniversary of the introduction of Nikkei 225 Futures and TOPIX Futures on the Osaka Exchange, the derivatives arm of the Japan Exchange Group. Tracking price movements on the Nikkei Stock Average (Nikkei 225) and the Tokyo Stock Price Index (TOPIX) , each day thousands of contracts are actively traded all over the world. Over the years the market has seen steady growth, innovating to meet the changing needs of a fast growing global customer base.

To mark this anniversary the Osaka Exchange -JPX, in partnership with the Financial Times, will host an exclusive dinner in celebration of 30 Years of Futures Trading on the Osaka Exchange. Bringing together leading traders, fund managers, market influencers and advisors, this invitation-only event will look back at how futures trading has progressed from the pioneering days of 1988 to today’s well-regulated and globally sophisticated markets. Our expert panel of speakers will explore the key factors likely to shape the next phase of growth in this internationally recognised market focusing not only products and services to improve liquidity and price discovery, but also assessing the role that technology and machine learning will play in dictating the path of futures trading in the years ahead.

We hope you will join our discussion as we look ahead to the next 30 years for Nikkei 225 Futures and TOPIX Futures.

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fallback Add to my Calendar 11/14/2018 18:00:0011/14/2018 21:31:00false30 Years of Futures Trading on The Osaka ExchangeThis year is the 30th anniversary of the introduction of Nikkei 225 Futures and TOPIX Futures on the Osaka Exchange, the derivatives arm of the Japan Exchange Group. Tracking price movements on the Nikkei Stock Average (Nikkei 225) and the Tokyo Stock Price Index (TOPIX) , each day thousands of contracts are actively traded all over the world. Over the years the market has seen steady growth, innovating to meet the changing needs of a fast growing global customer base.To mark this anniversary the Osaka Exchange -JPX, in partnership with the Financial Times, will host an exclusive dinner in celebration of 30 Years of Futures Trading on the Osaka Exchange. Bringing together leading traders, fund managers, market influencers and advisors, this invitation-only event will look back at how futures trading has progressed from the pioneering days of 1988 to today’s well-regulated and globally sophisticated markets. Our expert panel of speakers will explore the key factors likely to shape the next phase of growth in this internationally recognised market focusing not only products and services to improve liquidity and price discovery, but also assessing the role that technology and machine learning will play in dictating the path of futures trading in the years ahead.We hope you will join our discussion as we look ahead to the next 30 years for Nikkei 225 Futures and TOPIX Futures.30-Years-of-Futures-Trading-on-The-Osaka-Exchangeb5bd95a74b641dfb3c84a547fb66ad6cMM/DD/YYYY

Speakers (7)

Hiromi Yamaji

Hiromi Yamaji

President and CEO, Osaka Exchange, Inc. Board Member
Japan Exchange Group, Inc.

Hiromi Yamaji is President and CEO of the Osaka Exchange, Inc. and Board Member of the Japan Exchange Group, Inc. Since joining the group in June 2013, he has led the successful derivatives market integration between Osaka Exchange and Tokyo Stock Exchange in April 2014 and is developing the strong derivatives arm of Japan Exchange Group. Before then Mr Yamaji had 36 years experience specialising in the investment banking area and served as Executive Vice President, and Head of Global Investment Banking in the Nomura Securities Co., Ltd. During his professional career, he worked in Europe and the US for 18 years and served as President and CEO of Nomura Europe Holdings plc in London and Chairman of Nomura Holding America Inc. in New York. He graduated from the Law Faculty at Kyoto University, and holds an MBA from the Wharton School at the University of Pennsylvania with MBA.

Nick  Leeson

Nick Leeson

The Original Rogue Trader

The collapse of Barings Bank and Nick Leeson’s role in it is one of the most spectacular debacles in financial history. Two decades on, Mr Leeson continues to use his experiences to deliver a cautionary tale on the environment that led to the downfall of the bank, as well as his personal views on the current state of the economy and finance industry, and insights on risk management, company culture and mental well-being.

He started his career in the mid-1980s, as a clerk with royal bank Coutts, followed by a string of positions with other banks, ending up at Barings where he was promoted to the trading floor. He was subsequently appointed manager of a new operation in futures markets on the Singapore Monetary Exchange (SIMEX) betting on the direction of the Nikkei Index.

When Mr Leeson soon began to mount losses he requested extra funds to continue trading, which based on his previous high performance returns, were granted. Unfortunately the losses piled up, and within a few months Barings had lost US$1.3 billion, bringing down the 233 year old investment bank. Mr Leeson was held responsible and spent four years in a Singapore prison, where his wife divorced him, he developed cancer of the colon, and contemplated suicide.

Peter Gavaghan

Peter Gavaghan

Managing Director
IMC Pacific

Peter Gavaghan is the Managing Director of IMC Pacific responsible for IMC’s business across Asia Pacific. Over the past 11 years, he has traded options, futures, warrants and ETFs across Japan, Hong Kong, Korea, Singapore and Australia. Mr Gavaghan started his career at IMC in July 2007 as graduate trader on ASX options. In 2010, he moved to Hong Kong to lead the Hong Kong Index Options trading. By 2013 he was responsible for all Korea trading across options and delta 1 in cash and derivatives products. In 2014 Mr Gavaghan then moved to manage Japan options trading before becoming Japan Trading Head in 2015.

Paul Bryant

Paul Bryant

Senior Portfolio Manager, Global Liquid Strategies
QIC

Paul Bryant joined QIC in 2014 and is a Senior Portfolio Manager within the Global Liquid Strategies team providing leadership on the implementation and management of equity and alternative overlays. He has 26 years of global experience in the financial industry in a variety of equity and derivatives roles. Prior to returning to Australia and joining QIC Paul was a founding partner in the start-up specialist manager Ddraig Partners in Singapore. Before that he managed multi-strategy equity funds for Henderson Global Investors in London and Singapore and commenced his career with AMP Capital in Sydney.  Paul holds a Bachelor of Economics from Macquarie University, and graduate diplomas in Applied Finance and Investment (FINSIA), and Financial Planning (KAPLAN). He is a CFA Charterholder.

Tim Plunkett

Tim Plunkett

Co-Chief Executive Officer
Liquid Capital Group

Tim Plunkett is the Co-Chief Executive Officer of the Liquid Capital Group. In this role he provides strategic direction for the firm presently and for the future. Tim has been involved in financial markets since 1993 and involved in derivatives trading since 1995. He started his career at Potter Warburg in 1993 on the client execution side on the ASX options floor and has worked at UBS Warburg, BZW, BNP, JBWere and Goldman Sachs prior to joining Liquid in 2004, all from the proprietary trading side of the business .  He has had extensive experience working on Asian based products including ASX, HK, N225, Korea and various other products such as Electricity Futures. He started his career at Liquid as a senior trader on ASX singles stocks and then moved onto other Asian index derivative desks primarily N225. He was made Head of Trading in 2008, Managing Director Asia Pacific in 2011, and Co-Chief Executive Officer of the group in 2016. Tim has had a long career in derivatives trading and has witnessed great change in financial markets going from floor based trading early in his career and being present during the migration to electronic markets in the late 1990s on the ASX and the evolution of that electronic trading from what it was initially to what it is today.  

Matthias  Rietig

Matthias Rietig

Senior Officer
Osaka Exchange, Inc.- Japan Exchange Group, Inc.

Matthias Rietig is Senior Officer at the Osaka Exchange, Inc. (OSE) and General Manager / Chief Representative of the Singapore Branch of OSE. Since joining Osaka Securities Exchange (currently Osaka Exchange) in 2006, Mr. Rietig continues to lead OSE’s international derivatives marketing with a focus on driving growth and expansion of OSE's global investor base. Also, he played a key role in the integration of the derivatives markets between OSE and Tokyo Stock Exchange in March 2014. Since 2012, he is based in Singapore for further development of the communication with Asian and Global investors.

Prior to joining OSE, Mr. Rietig started his professional career with Deutsche Boerse AG in 1998 and left the company in 2003 for a short 8-month stint with Monex Securities Inc. in Tokyo, one of the leading Japanese online brokers. After returning to Europe, he joined the Global Markets team at Deutsche Bank, covering Euro-bonds and Autobahn trades for the London desk before taking up a role as ECB watcher for the Japanese Ministry of Finance in Frankfurt.

Mr. Rietig studied economics and Japanese studies at the Goethe University of Frankfurt. He received a CDG-fellowship grant from the German parliament in 2003.

Tristan Thompson

Tristan Thompson

Head of Trading
Optiver Asia Pacific

Tristan Thompson is the Head of Trading for Optiver Asia Pacific. Optiver is a leading global electronic market maker, focused on pricing, execution and risk management. Optiver provides liquidity to financial markets using their our own capital, trading a wide range of financial products. Tristan joined Optiver in 2005 as an Options market maker trading on the ASX. He has subsequently managed market making activities across the major APAC exchanges. Tristan graduated from UNSW, where he completed a Co-op scholarship in Accounting and Finance.

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Chairman (1)

Leo Lewis

Leo Lewis

Tokyo Correspondent
Financial Times

Leo Lewis is the Financial Times’ Tokyo correspondent, appointed in 2015. He covers financial markets, investment, banking, and a broad sweep of Japanese industry, from the largest corporate names to the microcap stocks that form the backbone of the country’s SME economy. He is a regular writer for the Short View and Market Insight columns. Mr Lewis’s experience of Japan and Asia is extensive – before becoming a journalist and working in London for the Independent and Independent on Sunday newspapers, he graduated in Oriental Studies and was awarded a Toyota Trevelyan scholarship in 1996. In 2003 he returned to Japan as the Tokyo Business Correspondent for The Times (of London) and later became Asia Business Correspondent, leading business and economic coverage of the Asian region and travelling extensively. In 2010 he left Tokyo to spend almost five years as Beijing bureau chief for The Times, covering China during an electrifying period that saw the  rise of Xi Jinping and the downfall of Bo Xilai. Mr Lewis is a regular contributor to TV and radio broadcasts, providing analysis on Japan and the broader region. He is the co-author of Japanamerica – a book that investigated the globalisation of Japanese pop culture.

Agenda - 14th Nov

  • 6:00pm
    Registration and Welcome Drinks
  • 7:00pm
    Dinner is served
  • 7:15pm
    FT Chair’s opening remarks

    Leo Lewis, Tokyo Correspondent, Financial Times 

  • 7:20pm
    Welcome: Reflecting on the 30 Year History of Nikkei 225 Futures and TOPIX Futures

    Over the past 30 years, the equity futures market in Japan has seen steady growth and development, delivering innovative products and services to meet the growing investor demand for participation in the Japanese economy.  This session will take a look back at the milestones which have shaped today’s markets, from increasing the global investor base, expanding trading volumes and extending trading hours, to embracing technological advances and improving regulation to foster growth and investor protection.

    Hiromi Yamaji, President and CEO, Osaka Exchange, Inc., Member of the Board, Japan Exchange Group, Inc.

  • 7:30pm
    Keynote Address: Trading and Risk – Then and Now

    Nick Leeson’s role in the collapse of Baring’s bank through speculation on Nikkei 225 futures, Nikkei options and Japanese government bonds futures, remains one of the most spectacular debacles in modern financial history.  In this session, Mr Leeson will share how and why it was allowed to happen, and give his take on risk management practices then and now.  Has enough changed to prevent another market catastrophe?

    Nick Leeson, The Original Rogue Trader

  • 8:00pm
    Panel Discussion: New Directions for Growth for the Osaka Exchange Futures Market

    As Japan looks to take a leading position as the financial centre for Asia, building innovative, efficient and well-supervised markets, this panel will discuss the road ahead for the OSE.  What are the critical factors that will define future success in an industry that is more competitive and increasingly influenced by changing regulation and evolving investor preferences?  As markets become progressively more automated, how can the OSE capitalise on opportunities from artificial intelligence, distributed ledgers and algorithmic and low latency trading, whilst managing risks such as cyberattacks?  How should national, cross-border and international controls and safeguards evolve to support and promote market growth, whilst protecting investors?  What are the next steps for OSE in expanding its infrastructure, services and products across multiple asset classes, to deepen liquidity and deliver a well-balanced and diversified portfolio?

    Paul Bryant, Senior Portfolio Manager, Global Liquid Strategies, QIC

    Peter Gavaghan, Managing Director, IMC Pacific

    Tim Plunkett, Co-Chief Executive Officer, Liquid Capital Group

    Matthias Rietig, Senior Officer, Chief Representative of Singapore Branch of Osaka Exchange, Inc., Japan Exchange Group (JPX)

    Tristan Thompson, Head of Trading, Optiver APAC

    Moderator: Leo Lewis, Tokyo Correspondent, Financial Times

  • 8:45pm
    Chair’s closing remarks

    Leo Lewis, Tokyo Correspondent, Financial Times

  • 9:30pm
    Networking and close of event

Presented by (2)

Financial Times Live (FT Live) is the global conferences and events division of the Financial Times Group. Chaired by senior journalists from the Financial Times Group, the summits, conferences, awards and strategic forums organised by FT Live gather the world’s brightest minds and most influential decision-makers.

Exclusive on-stage interviews, stimulating presentations and lively panel debates – available on multiple content platforms – provide the cutting-edge insights, unique personalities and peer audience engagement that have the power to transform finance, business, politics, society and culture.

The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. In 2016 the FT passed a significant milestone in its digital transformation as digital and services revenues overtook print revenues for the first time. The FT has a combined paid print and digital circulation of more than 910,000 and makes 60% of revenues from its journalism.

Osaka Exchange, Inc. (OSE), the mother market of Nikkei 225 Futures & Options, is the derivatives arm of JPX-Group. Following the integration of Tokyo Stock Exchange’s derivatives market in March 2014, OSE is offering trading opportunities of all range of Japanese equity index futures/options including TOPIX products and also JGB products.

In July 2016, OSE launched the new trading platform, New J-GATE, powered by Nasdaq Genium INET Trading, and extended their trading hours to cover not only European but also US trading hours. Also, they celebrated 10 year’s anniversary since the launch of Nikkei 225 mini, the small-sized futures contracts of Nikkei 225, their flagship product. The Nikkei 225 mini is ranked third place for trading volume among equity index futures after E-mini S&P 500 and Euro Stoxx 50.

The origin of OSE stem from the world’s first institutional futures exchange, the Dojima Rice Exchange. Established in 1730, it already provided futures trading with cash settlement. This pioneering DNA remains intact today at OSE as it continues to challenge itself and constantly seeks innovation to create and build an attractive market. For more information about OSE, please visit: http://www.jpx.co.jp/english/derivatives/index.html

We’re open all night, we keep it liquid, and we’re up to speed.

Venue

Establishment Hotel
252 George Street
Sydney,

Australia

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