Kerry Massaro, Editor-in-Chief, Advanced Trading

In his keynote speech, Ray Tierney, Head of Global Equities Trading, Morgan Stanley Investment Management, will address the importance of leadership in times of turmoil and how leaders of buy side trading desks, such as his, must rise to the occasion and help their traders navigate through dynamically changing markets, volatility, use of new technology, etc. Tierney will share how he has led his team through the tumultuous past few months.

The credit crisis has greatly impacted many asset managers and effected how traders perform their jobs. This session has several buy side traders discuss what has changed for them over the past year--including having to educate staff who have never traded in a down market, to using more risk management tools, to being even more cautious regarding trading costs, counterparty risk, and more.

Speakers:
Tyler Platte, Senior Trader, Rainier Investment Management
Kevin Chapman, Managing Director and Head of Trading, Nicholas-Applegate Capital Management
Jason McLean, Head Trader, Iridian Asset Management

Moderator:
Brian Fagen, Co-Head of America's Liquid Markets Distribution, Barclays Capital

The last few months have not been easy for the industry. Institutions that were once the building blocks of capital markets are now gone--Lehman Brothers, Merrill Lynch, Bear Stearns, and more falls are expected. How will this change the world for the buy side trader? Will liquidity find its way to the remaining firms? How will CSAs credits be handled? Will the buy side still trader have the necessary tools at his/her fingertips? Will new boutique firms emerge offering new tools and solutions? Will the buy side traders job morph yet again?

Speakers:
Timothy M. Olsen, Sr. Vice President/Head Trader, ICM Asset Management, Inc.
Bryan Kievit, Head Trader, Accipiter Capital Management
Gary Maier, CTO, York Capital

Moderator:
Larry Tabb, Founder & CEO, TABB Group

The TABB Group reveals the 2008 Institutional Equity Trading Study–including the top algo providers, main technology challenges, and more.

Speaker:
Larry Tabb, Founder & CEO, TABB Group

8:30 - 9:15am	Credit Suisse & Portware
9:20 - 10:05am	ITG & UBS
10:10 - 10:55am	Fidelity & Instinet

Transaction cost analysis is used in many ways---to evaluate best execution, to evaluate trading strategies and even to evaluate traders' performance. Often the TCA reports--although including valuable information--are not used to their fullest potential. Traders are looking for better ways to integrate TCA into the every day trading process. Traders on this panel will discuss their challenges and suggest new ways to look at TCA.

Speakers:
Bill Stephenson, Senior Vice President and Director of Global Trading Strategy, Franklin Templeton
Robert Shapiro, Executive Director, Morgan Stanley Investment Management

Moderator:
Cristina McEachern, Executive Editor, Advanced Trading

The demise of both Lehman Brothers and Merrill Lynch has buy siders more concerned than ever about counterparty risk. One of their biggest concerns has become the research credits in their Client Commission Agreements. What if one of the largest holders of their credits goes bankrupt or is acquired? This major issue, along with other counterparty risk issues, such as technology risk, algorithms, etc., will be discussed by a panel of buy side traders.

Speakers:
Lisa Utasi, Director and Senior Equity Trader, ClearBridge Advisors
Mary McDermott-Holland, Senior Vice President, Franklin Portfolio Associates
Michael J. Levas, Founder & CIO, Olympian Capital Management LLC

A. Managing the Desk
This interactive roundtable discussion will give attendees an opportunity to share ideas related to the general session-Managing the Desk. Discussion points will include: desk structure, hiring, choosing algos, and management issues.

Moderators:
Kevin Chapman, Managing Director and Head of Trading, Nicholas-Applegate Capital Management
Ivy Schmerken, Editor-at-Large, Advanced Trading

B. The evolution of CSAs
Client commission agreements have been widely adopted on the buy side, so much so that they are being emulated for other products. How have CSAs affected broker relationships, research used, and decisions made by the buy side trader? What are the hurdles that still exist with these arrangements?

Moderators:
Greg MacSweeney, Editor-in-Chief, Wall Street & Technology
Bill Stephenson, Senior Vice President and Director of Global Trading Strategy, Franklin Templeton

C. OMS-EMS: More Work Ahead
Although much has been done to integrate the OMS and the EMS and solve the buy side's challenges, there is still work ahead. This interactive discussion is designed to allow buy-side traders and tech execs the opportunity to share ideas, challenges and solutions to the ever evolving, and pressing, OMS-EMS dilemma.

Moderators:
Joan Stack, Trading Manager, Ohio Public Employees Retirement System (OPERS)
Cristina McEachern, Executive Editor, Advanced Trading

D. Market Structure: How will Wall Street Reshape Itself
Buy side traders will share ideas on how they believe the market may transform itself after the mergers, bankruptcies and bailouts of the third quarter. Wall Street has indeed been changed forever, but how will it emerge and transform itself going forward?

Moderators:
Lisa Utasi, Director and Senior Equity Trader, ClearBridge Advisors
Kerry Massaro, Editor in Chief, Advanced Trading

More and more order flow is being directed into dark pools, but are your trades safe? Buy side traders discuss how they work with the sell side to ensure they have anti gaming technologies and models in place. Traders discuss their challenges with gaming and solutions.

Speakers:
Drina Loncar, Senior Trader, Pentwater Capital Management
Timothy M. Olsen, Sr. Vice President/Head Trader, ICM Asset Management, Inc.

Moderator:
Ivy Schmerken, Editor-at-Large, Advanced Trading