4th Investment Implementation Summit
27-29 July 2021
Online - all timings Australian Eastern Standard Time (AEST)
Day One - Tues July 27
Exposure management in volatile markets
Exposure management requires access to timely and accurate information, particularly in volatile markets. That valuation data is typically delivered at a two day lag which can present challenges for those tasked with managing cashflows, tilting and rebalancing of portfolios and various hedging strategies.
This panel will discuss how different institutions approach this challenge. How are systems set up to manage the data flow with respect to effective exposure management? How do they know that the decisions they make are based on approximately correct information and what (combination of) technology solutions can help to facilitate accurate insights? For those firms that outsource implementation, how are instructions managed in times of volatility and what timeframes are acceptable?
Chief Investment Officer,
Associate Director Implementation,
Head of Investment Solutions,
Head of Transitions and Exposure Management,
Rethinking risk overlays: lessons from 2020
This panel will discuss the future of equity risk overlays and the governance processes required to facilitate effective dynamic hedging strategies. While traditional systematic equity hedging strategies that use options or futures in standalone structures are well known, there are potentially costly trade-offs between the level of protection, upfront premium costs, opportunity costs and potential additional risks such as hedge execution timing and gap risks.
This session will discuss opportunities that more dynamic equity hedge structures present, along with the implementation considerations and the governance frameworks required to facilitate more active and flexible hedging decisions.
Fundlab Strategic Consulting
Senior Portfolio Manager,
Associate Portfolio Manager - Liquid Alternatives,
Market liquidity risk: evaluating capacity and liquidity across Australian equities
Assessing available liquidity is difficult at the best of times. It's influenced by many factors and often dries up when it's most needed. These challenges are even more pronounced in the Australian small to mid-cap sector, which has long suffered from comparative illiquidity.
This session will discuss the status quo in this market segment. Is illiquidity increasing and what are potential drivers? What are some of the common assumptions underpinning market liquidity risk modelling and are these still relevant, particularly in stressed market environments? How can firms confidently assess the distribution of liquidity; including potential block trades, and factor in opportunity and execution costs across normal and stressed scenarios?
Head of Investment Analytics & Risk,
Head of Investment Trading & Execution,
Founding Partner, Head of Cash Equities Distribution, Head of Blocks Desk,
Senior Equities Dealer
Day Two - Weds July 28
Execution alpha: upgrading FX overlays
Extreme volatility in the early days of the pandemic has caused many institutions to reconsider FX exposure management practices. While previously, rolling monthly was the norm, large unrealized losses half way through March 2020 forced many to adopt more flexible hedging arrangements.
This session will discuss lessons from 2020 with respect to FX, including tenor selection, currency basket composition, the use of proxies and liquidity management. It will also discuss prospects to further automate FX, the implementation of different FX automation solutions and API’s in practice and the workflow implications and execution impact.
Head of Portfolio Implementation,
Chief Investment Officer
Avant Mutual Group
Portfolio Manager, Capital Markets,
Transaction costs of Factor investing – smart beta or careless slippage?
Factor investing is often touted as a more sophisticated way of managing risk and return, but depending on the strategy, transaction costs and market impact can weigh heavily on returns. This session will discuss the implicit costs of implementation of different factor strategies, along with design and execution considerations that can help to maximise alpha and minimise drag.
Senior Managing Analyst,
State of Wisconsin Investment Board
Director of Research Australia,
Head of International Trading,
Dimensional Fund Advisors
The big picture: technology in 2021
This buyside panel will discuss front office solutions and strategies that are gaining traction in 2021. How are PMS, OMS and EMS systems evolving and how is data being streamlined to facilitate the optimum interoperability of these solutions across equities and fixed income. What are the benefits of one solution versus best of breed and, more broadly, the cost/benefit considerations of internalisation vs outsourced trading.
Chief Operating Officer,
Manu Sharma (Hong Kong)
Vice President, Senior Trader,
Dimensional Fund Advisors
Day Three - Thurs July 29
Market resilience: lessons from an outage
This session will discuss lessons from last year’s Australian Securities Exchange market outage with respect to market wide operational resilience, the ability to switch to alternative exchanges; the liquidity and best execution considerations and regulatory expectations with respect to market access. It will also discuss the impact of COVID-19 on operations and the ability for market participants to resolve issues.
Prof. Carole Comerton-Forde
Professor of Finance,
UNSW Business School
General Manager, Trading & Market Access,
Australian Securities Exchange (ASX)
Senior Equity Dealer,
First Sentier Investors
Senior Executive Leader Market Structure, Australian Securities and Investments Commission (ASIC)
Multi-asset trading: trends in optimisation, technology and outsourcing
In a climate of increased focus on efficiency and transparency, this session will examine these business drivers through the lens of the multi-asset trading function:
Cost in focus: what are areas of slippage, where is money left on the table and how to address it
Optimising multi-asset trading capabilities
The fixed income challenge
Prospects for outsourcing and what to consider
Paul Clarke (New York)
SVP - Global Strategy,
Quinlan & Associates
Director Global Trading and Liquidity,