|FIA Asia Derivatives Conference|
9th Annual FIA Asia Derivatives Conference
3-6 December 2013
St. Regis, Singapore
The FIA Asia Derivatives Conference is unique to similar events because of its high-quality delegates, program, and exhibitors. Five-hundred and fifty senior delegates from 22 countries and more than 150 firms attend this annual event. Executive-level and other senior managers comprise 76% of the delegate list, making FIA Asia the place to network in the Asia-Pacific region.
|Korea Derivatives Conference18 June 2013|
Busan, South Korea
FIA Asia is holding the first ever Korea Derivatives conference in Busan, Republic of Korea, on June 18th, 2013. The conference will open the doors to this vibrant and dynamic major financial centre. A distinguished list of speakers, exhibitors and participants will be discussing the Korean markets as well other global and regional issues affecting our industry.Korea Derivatives Conference
|Seminar on The Liberalization of Debt, Currency and Commodity Markets in India and Derivatives for Equity Asset Managers – Boon or Bane?FIA Asia Welcomes Members and Guests to a Seminar on The Liberalization of Debt, Currency and Commodity Markets in India and Derivatives for Equity Asset Managers – Boon or Bane?|
Grand Hyatt Mumbai
Grand Ballroom I, Banquet Level
Off Western Express Highway
Santacruz East 400055, India
Friday, 26 April 2013
2:00pm - 5:00pm (Mumbai time)
MAS Official Provides Perspective on OTC Reforms at FIA Asia Conference (Nov. 28, 2012) Lee Chuan Teck, assistant managing director at the Monetary Authority of Singapore, provided a progress report and a half-time assessment of the “long journey” to implement the G-20 global derivative reforms. Speaking Nov. 28 at the FIA Asia conference in Singapore, Lee noted three challenges for Asian regulators. First, regulators need to make sure that the changes do not overwhelm the market so that it ceases to function effectively. Second, regulators have to work with the industry to develop the market infrastructure necessary to support the changes. Third, cross-border differences in regulation will cause complexity and confusion for entities and transactions that span different regions.
“In resolving extra-territorial issues, it is helpful if regulators can focus on achieving broadly similar regulatory outcomes, rather than identical regulations,” Lee told the FIA Asia conference. “Regulators will have to recognize that exact alignment of detailed rules may not be possible or even desirable, as market characteristics and legal regimes differ. However, what is important is that we all end up with broadly similar outcomes.”
Lee also updated the audience on several recent initiatives in Singapore. These include the drafting of new regulations for clearinghouses and new segregation requirements to strengthen the protection of margins and facilitate portability. MAS also is in discussions with local and foreign clearinghouses and trade repositories that want to offer their services to Singapore market participants. Lee said the goal is to allow participants to continue to clear and report their trades at infrastructures they are familiar with so as to minimize market disruption and support the ability to choose among several providers.
Click here for the full opening address
|FIA Asia Futures Conference |
The FIA Asia India Conference on May 10 will be all about one of the most dynamic markets for listed derivatives in the world. Recent volume growth has been eye-popping. New contract volume has amazed. What products can be traded from inside and outside India? What are the rules and regulations (including GAAR issue and its impact on Mauritius FII) and what changes are in store? Existing and would-be participants need to keep up with products, technology, and rules of the game. Find out what's new, what's next, and how to make it all work in the next phase in the development of India's futures markets.
Click here to learn more
FIA Asia Announces New Leadership, Establishes Office in SingaporeWashington, D.C. and Singapore—Feb. 28, 2012—FIA Asia is pleased to announce the appointment of Bill Herder as executive director. Bill will be based in Singapore and will be responsible for expanding the group's membership, strengthening its activities in the Asia-Pacific region, and furthering its relationships with exchanges and industry regulators. Nick Ronalds, who has led the organization since 2007, will stay on as a senior advisor to FIA Asia, focusing in particular on the association's activities in China. FIA Asia also announced plans to establish an office in Singapore to provide the association with an on-the-ground presence in the region. FIA Asia expects the office to be operational during the second quarter of 2012.
Bill has 20 years experience in the listed derivatives industry, most recently as the regional head of operations-Asia Pacific for ICAP. Earlier in his career, he served in front, middle and back office management positions at various trading firms and software vendors including Trading Technologies, SunGard Futures Systems and BNP Securities (USA) Inc. Bill has extensive experience in the futures and options business and has been a key participant in the development of processes and systems for the electronic trading and clearing of exchange traded derivatives. He and his family have resided in Singapore since 2007. He received an M.B.A. in Finance and Economics from University of Rochester.
"We are delighted to welcome Bill as the head of the organization," said Paul Davies, managing director at Goldman Sachs and chairman of FIA Asia. "Nick has done a fantastic job in building the organization, and we have now reached the point where a permanent presence in Singapore is necessary to take the organization to the next level. With the rapid growth of derivatives trading and clearing in this part of the world, coupled with the important changes to the regulatory environment, FIA Asia is more important than ever in representing our membership and providing direction and best practice."
FIA Asia was established in 2005 and currently has 45 members. FIA Asia's mission is to be the regional thought leader, advocate and educator for centrally cleared derivatives. FIA Asia is affiliated with the Futures Industry Association, a non-profit trade association based in Washington, D.C. The FIA's membership includes the leading international futures commission merchants as well as derivatives exchanges and clearing organizations from around the world.
For more information about FIA Asia, visit our website at: http://www.fiaasia.org/default.asp
|STATEMENT: Engage China Urges Secretary Geithner to Push For Financial Sector Modernization, Market-Opening Reforms During China TripClick here for the statement|
|7th Annual FIA Asia Derivatives ConferenceThe FIA Asia Derivatives Conference is unique to similar events because of its high-quality delegates, program, and exhibitors. Four-hundred and fifty senior delegates from more than 150 firms attend this annual event. Executive-level and other senior managers comprise 76% of the delegate list, making FIA Asia the place to network in the Asia-Pacific region. |
Join our growing list of speakers as they discuss the opportunities in Asia—the fastest-growing region in the world. Watch some of the leading players in regional markets debate the challenges in Asia of OTC clearing, the changing nature of the markets in a high-speed world, and the commodity markets next door to the biggest, fastest-growing consumers of commodities in history.
FIA Asia Executive Director to Speak at Chicago Seminar on Accessing China’s Derivatives MarketWith the opening up of the financial markets in China and the launch of a stock-index contract last year, international interest in the Chinese derivatives markets continues to grow. For observers and would-be participants, however, uncertainties and questions abound. What are the rules of the game? Who can participate in trading the commodity and financial products? How do the Chinese derivatives markets compare with other global markets? And what are the short, mid and long term prospects for the future?
Nick Ronalds, executive director of FIA Asia, will participate in a panel discussion on these topics at an event organized by the Chinese Derivatives Association. The discussion will take place on July 12 in Chicago starting at 4:30 p.m. Michael Gorham, director of the IIT Stuart Center for Financial Markets, will moderate the discussion, and the other speakers will be Lian Hao, president of Chinese Derivatives Association, Steffen Gemuenden, chief executive officer of RTS Realtime Systems, and Ruirong Huo, executive vice president, Shanghai Stock Exchange.
To register for this event, go to: http://thecda.org/?fpage/l2/i134
FIA Asia Welcomes Issuance of New QFII Rules for Stock Index Futures (May 9, 2011)FIA Asia, the futures industry association for the Asian region, welcomes the new directive issued by the China Securities Regulatory Commission permitting foreign institutional investors (QFIIs) to trade index futures in China. The directive allows QFIIs to use the CSI 300 Stock index futures contract traded at the China Financial Futures Exchange (CFFEX), though with restrictions.
“The evolution of futures markets has demonstrated time and again that increasing the diversity of market participants improves the depth and quality of markets,” said Nick Ronalds, Executive Director of FIA Asia. “By permitting QFIIs to access the CSI 300 stock index futures on the China Financial Futures Exchange, the CSRC is opening the door to greater participation by institutional investors in this market. This will tend to improve market efficiency and fair pricing.”
About FIA Asia: FIA Asia is the industry association for the Asia-Pacific region. Its mission is to be a regional thought leader and futures advocate and educator in futures and cleared swaps; to encourage adoption of best practices among exchanges and regulators throughout the region to increase efficiency and reduce costs; to protect the public interest through adherence to high standards of professional conduct and financial integrity; and to provide a forum for discussion on core issues with the goal of building consensus across industry stakeholders including brokers, end-users, exchanges, and regulators.
|Nick Ronalds, Executive Director of FIA Asia, spoke on a panel on derivatives at the 2011 CFA China Investment Management Conference on the topic of China’s futures marketsIn addition, moderated a panel on Financial Innovation at the same conference. The event took place at the Shanghai International Convention Center, 2727 Riverside Avenue, Shanghai, China, April 16. The website for conference information is here: |
Click here for more conference information
|FIA Asia Hosts Webinar on Risk Controls at Futures Exchanges (Feb. 9, 2011)On Feb. 9, 2011, FIA Asia hosted a webinar on a global survey of futures exchanges conducted by the FIA to determine what controls are in place to manage the risks in providing trading firms with direct market access. Twenty-six exchanges, including several in the Asia-Pacific region, responded to the survey with detailed information about the types of risk controls that they have in place or are planning to implement in the near future. Leslie Sutphen, an expert on electronic trading who was involved in the FIA survey, gave a presentation on the survey findings and highlighted the areas where further improvements are needed.|
View the PDF Presentation Here
View Article on Risk Controls Survey Here
View Table of Responses to Risk Controls Survey Here
FIA and Engage China Coalition Urge President Obama to Support Financial Market Reforms in China (11/12/2009)Washington, D.C.—Nov. 12, 2009—Engage China, a coalition of eleven financial services trade associations based in the U.S., have urged President Barack Obama to use his upcoming trip to China as an opportunity to press for greater market-opening reforms in China’s financial services sector. The coalition, which includes the Futures Industry Association, put a particular emphasis on the importance of opening the financial sector to greater participation by foreign financial services firms. Obama will visit China from Nov. 15 to 18 as part of a tour of Asia. It will be his first visit to China since taking office.
“Our members are strongly of the view that continued reform and modernization of China’s financial sector is essential if China is to achieve its own economic goals of maintaining high rates of growth and job creation and building a more services-based, consumer-driven economy,” the coalition said in its letter. “Such reform and modernization should be based on the following core principles: (1) eliminating equity limits on ownership, permitting corporate form of choice, and removing limits on geographic expansion and restrictions on product offerings in the financial services sector, and; (2) ensuring that foreign financial sector participants and investors are treated on the same basis as domestic investors; and (3) improving regulatory and procedural transparency.”
Click Here for the Text of the Letter
|FIA and Engage China Coalition Congratulate New U.S. Ambassador to China, stress importance of financial modernization (9/16/2009) Click here for the PDF|
FIA Japan, FIA Asia's Japanese affiliate, issues "Urgent Action" report to Japanese authorities (2/2/2009)Over the past several years, FIA-Japan has aggressively pushed the commodities industry to develop an adequate clearinghouse function in Japan. In this regard, last year we issued three reports describing the improvements and functional requirements for the clearinghouse. Those reports were sent to the Regulators and other interested parties, and we held discussions with METI about this issue.
Last month, METI asked FIA-Japan to issue a report with our recommendation of an "Action Plan" for dealing with this important issue. On February 9, 2009, we issued our report titled "Report on Commodity Clearinghouse: Urgent Action". This report was delivered to METI and MAFF and JCCH. Some of the key points of particular interest that we included in our report are as follows:
In the commodity industry, TOCOM is the only institution with an adequate capital base and structure to support the development of a clearing function meeting global requirements. Therefore, the clearinghouse should be established within and by Tocom.
A Working Party should be created to take action and to direct the development of the Clearinghouse.
Outside experts and/or a global clearinghouse should be invited to provide consultation to the Working Party.
The Japan financial / securities exchanges should be invited to work with and support this effort. The existing "silos" between commodities and financial markets should be crossed over and eventually "dissolved." Common clearing among all exchanges should be explored.
It is our plan to continue the activities of the FIA-J Clearinghouse Task Force and to hold further discussions with TOCOM and other leaders and interested parties to encourage the actions we have recommended. We believe this initiative is essential for the success of the commodities industry in Japan.
Please contact our Executive Secretary, Ms. Motoko Ogawa, if you would like an additional copy.
Please click here to download the full report
FIA Meets with Chinese Officials to Discuss Financial Sector ReformNick Ronalds, the executive director of FIA Asia, travelled to China on Nov. 17-21 as part of a delegation of financial industry representatives to encourage Chinese officials in Beijing and Shanghai to continue their reform of the financial sector. The trip was organized by the Engage China coalition, which includes representatives from U.S. banking, securities, insurance and fund management associations.
The group met with officials including Zhang Xin, director-general, financial stability bureau, People’s Bank of China; Tong Daochi, director-general, international affairs, China Securities Regulatory Commission; Jesse Wang, vice president and chief research officer, China Investment Corporation; James Liu, executive vice president, Shanghai Stock Exchange, and Tu Guangshao, deputy mayor, Shanghai. The group also met with economic staff at the U.S. embassy as well as the economic attaches from the U.K., European Union, and Canada.
The group observed that China is closely monitoring the ongoing crisis in global capital markets and is deeply concerned about the impact of the crisis on the rate of China’s economic growth and job creation. Chinese officials were greatly surprised by the scale and seriousness of the financial crisis in the United States and expressed concern about the deficiencies in risk management and internal controls. The officials insisted that China remains committed to financial sector reform and modernization, including greater foreign participation, although they asserted the need to be “very careful” given the global financial turmoil. Officials stressed the importance of financial and economic stability, and the importance of sound regulation for ensuring that stability.
Futures came up several times in the context that they are increasingly being seen as “part of the solution.” That is, in the U.S. and Europe, the opacity of over-the-counter derivatives has been identified as a contributing factor to the credit crisis. In contrast, futures markets have been functioning well and indeed have played a crucial role at a time that other markets have been at near-standstill. Nevertheless, it appears that the fledgling China Financial Futures Exchange is facing stiffer headwinds because of the financial crisis. Chinese authorities are concerned about any factors that could increase volatility and uncertainty in markets and have not yet been convinced that stock index futures are likely to be a positive influence.
FIA Joins Coalition Urging President-Elect Obama to Continue China Dialogue (11/6/2008)The FIA has joined with a coalition of U.S. financial services trade associations in urging President-Elect Barack Obama to continue the framework of regular communication with senior Chinese officials that has been established by the Bush administration. In a letter sent to Obama on Nov. 6, 2008, the coalition asked him to show his support for the continuation of this policy by sending a senior advisor to participate with Treasury Secretary Paulson at the fifth round of the Strategic Economic Dialogue on Dec. 4-5 in Beijing. The letter was sent by the Engage China coalition, which includes in addition to the FIA the American Bankers Association, American Council of Life Insurers, American Insurance Association, Bankers Association for Foreign Trade, Council of Insurance Agents and Brokers, Financial Services Forum, Financial Services Roundtable, Investment Company Institute and Securities Industry and Financial Markets Association.
To view the PDF version of the letter to President-Elect Obama click here.
FIA Urges Indian Government to Drop Proposed Tax on Commodity Futures Transactions (4/23/2008)WASHINGTON, D.C.-April 23, 2008-The Futures Industry Association today released the text of a letter sent to the Indian government that expressed strong opposition to the recently proposed transaction tax on commodity futures. The letter was sent to Prime Minister Manmohan Singh, Minister of Finance P. Chidambaram, Minister of Agriculture Sharad Pawar and other senior government officials as well as key members of Parliament. In the letter, FIA President John Damgard described the "negative consequences" that typically flow from such proposed taxes, and warned that the proposed tax could result in driving trading volume to foreign exchanges and hampering the future growth of India's commodity futures exchanges.
"India's young but vibrant commodity futures exchanges have earned the respect of the futures industry worldwide," Damgard said. "I encourage the Indian government to avoid an unnecessary tax burden and permit these markets to continue to flourish."
"In recent years, India's commodity futures markets have grown spectacularly, but they are still far too nascent to be burdened by a tax that would increase transaction costs by 800%," Damgard added. "We have seen from past experience in Japan, Taiwan and the U.S. that such proposals drive business offshore and ultimately result in lower tax revenues and a loss of international competitiveness."
The FIA is the leading trade organization for the international futures industry. It is based in Washington, D.C., and its membership includes the world's largest futures brokers as well as leading derivatives exchanges from more than 20 countries. For more information, please contact Will Acworth (firstname.lastname@example.org) at (202) 466-5460.Click here for full text of FIA India Transaction Tax Letter
The FIA is the leading trade organization for the international futures industry. It is based in Washington, D.C., and its membership includes the world’s largest futures brokers as well as leading derivatives exchanges from more than 20 countries. For more information, please contact Will Acworth (email@example.com) at (202) 466-5460.
FIA Publishes Survey of DMA Risk Management Practices (12/3/2007)On Dec. 3, 2007, the Futures Industry Association published a six-page “profile” on the practices used by exchanges and futures commission merchants to monitor and manage the risks of clients that access exchanges directly. The paper summarized the practices in place at six exchanges: the Chicago Board of Trade, the Chicago Mercantile Exchange, Eurex, IntercontinentalExchange, Liffe and the New York Mercantile Exchange.
The paper also reviewed risk management practices in use among futures commission merchants, such as establishing access to the client’s own pre-trade risk controls and automating post-trade risk calculations. The FIA initiated the project in response to the growth of a type of direct market access that is significantly different, from a risk perspective, than traditional types of order routing access. In order to reduce latency and to have more control over their trading environment, a number of market-making firms, financial institutions, and funds wish to electronically access futures exchanges directly without passing through an FCM’s infrastructure. This makes traditional forms of pre-trade risk management less effective, and in response the industry has developed various methods for monitoring this type of trading activity and managing the associated risks.
For additional information about this type of direct market access and the associated risk management issues, see the following articles in Futures Industry:
Pure Direct Market Access on the Rise
By Stephane DiTullio
Fast and Furious: Risk Management in a DMA Environment
By Nina Mehta
Clearing the Deck: CME Introduces “Drop Copy” Functionality
By Sarah Rudolph
China (Shenzhen) International Derivatives Forum (CIDF)December 3-4, 2007
Shenzhen Wuzhou Guest House
FIA will host the 2007 China (Shenzhen) International Derivatives Forum(CIDF), along with the China Futures Association, Shenzhen Stock Exchange, and the People's Government of Shenzhen Municipality. The event will provide an important platform for communication and exchanging information within global derivatives industry, and meanwhile building relationships and creating valuable networking opportunities. The CIDF is also a good place to learn about the latest Chinese policies and regulations in the financial industry.
FIA Asia Announcement
The FIA is pleased to announce that Nick Ronalds, who has had a broad range of experience in the futures industry including many years in Asia, has agreed to serve as the senior advisor to FIA Asia. In this capacity he will work with the members of the FIA Asia Formation Committee to achieve its objectives of creating an effective presence in the Asia-Pacific region. He will oversee FIA Asia's services to its members, including publications, educational services and other projects, and work toward timely opening of an Asian office.
Nick was until recently Director of Marketing at UBS Securities and prior to that spent 10 years as global marketing manager for ABN Amro's futures division. In addition to overseeing the development and delivery of marketing initiatives to a wide range of clients, he specialized in advising institutional users of exchange-traded derivatives on effective strategies for trading and risk management. Before ABN Amro, he was a managing director of the joint CME/CBOT Asia office, where he marketed futures and options throughout Asia for seven years.
Nick has also written numerous articles for the Wall Street Journal, Futures Industry, Futures Magazine, International Financing Review, and the Journal of International Financial Markets. He has also co-authored a chapter on Chinese commodity markets in the book Intelligent Commodity Investing, published this past spring by RiskBooks.
Nick also has taken an active role in promoting better public understanding of futures and options in other venues. He was president of the CFA Society of Chicago from 2004 to 2005, and has been an adjunct professor of finance at the Illinois Institute of Technology. He is a CFA charter holder and also holds a Financial Risk Manager (FRM) designation.
Foo-Shiung Ho, who headed the organization since its formation in 2005, recently joined a brokerage firm in Taiwan as a senior executive. We wish him the best in his new endeavor.