Thursday,14 November 2019
Evolution of Fixed Income Instruments: CDS, TRS, ETFs, Futures
Moderator: Nicholas Godec, Index Product Manager, Fixed Income Indices, IHS Markit
- Will Haber, Executive Director, J.P. Morgan
- Stephen Laipply, Managing Director, Head of U.S. iShares Fixed Income Strategy, BlackRock
- Michael Mollet, Senior Director, Product Development at Cboe Global Markets and Managing Director, Cboe Futures Exchange
- Jigar Patel, Director in Credit Strategy, Barclays
No longer are portfolios being built and managed exclusively at the individual security level. Increasingly exposure is gained through a growing list of index products. Market participants can select amongst CDS Indices, ETFs, Standardized iBoxx Total Return Swaps and more recently iBoxx Credit Futures, which offer exposure to USD Investment Grade and High Yield Credit. This trend shows no signs of slowing. In fact, fixed income ETF AUM, CDS index volumes and iBoxx TRS volumes have been growing rapidly. This panel will cover how these different credit instruments are evolving, how to choose amongst them for specific investment and trade ideas and what is driving their growing liquidity.
Latest in Fixed income ETF and Portfolio Trading
Moderator: Frans Scheepers, Executive Director, Indices, IHS Markit
- Jay Mann, Managing Director, Citi
- Paris Pender, Head of Data Products & Solutions, Trumid Financial
- Joshua Penzner, Managing Director, U.S. Head of Institutional iShares Bond ETFs, BlackRock
- Stephen Waugh, Executive Director, Corporate Bond Portfolio Trading, J.P. Morgan
The ongoing modernization of the corporate credit market with respect to new index instruments provides fixed income players the ability to access exposure and liquidity in new ways. Following our first panel on how broader index portfolio instruments are driving a diverse and healthy ecosystem, we will drill down into the evolution of ETF trading with a focus on growing adoption by institutional investors and impact on overall liquidity specifically as used by portfolio trading.
Rebirth of Structured Practices Using Index Instruments
Moderator: Christopher Fenske, Head of Fixed Income Research, Americas, IHS Markit
- Zaheen Mir, Structured Credit, J.P. Morgan
- Samuel Page, Head of Credit Volatility Trading, Citi
- Jing Wang, Portfolio Manager, Millennium Partners L.P.
Incessant liquidity and an ever expanding structured credit index investor base are the primary catalysts for the rapidly growing credit index options and tranched index markets. This "rebirth" of the structured index market has enabled credit volatility to morph into its own asset class and open the doors for the adoption of bespoke tranches as a viable long term credit option than can effectively hedge a broad array of corporate and securitized credit strategies. Our panelists will discuss the newest class of equity and credit strategies entering these markets and novel ways structured index products are used to capitalize on views on credit and volatility.
Innovation & Growth – Finding New Exposure: ESG, Factors, Alternatives
Moderator: Smadar Shulman, Executive Director, Indices, IHS Markit
- Rick Harper, Head of Fixed Income and Currency, WisdomTree Asset Management
- Ed Lopez, Head of ETF Product, VanEck Associates Corporation
- David Mazza, Head of Product, Direxion
- Arne Noack, Managing Director, Co-Head of Product, Americas, DWS
With Fixed Income ETFs exceeding $1 trillion mark in assets under management, this panel will explore future growth opportunities across new exposures such as Factors, ESG/Sustainable and Alternative strategies. We will discuss the latest trends, opportunities and considerations for product design.