Kerry Massaro, Editor-in-Chief, Advanced Trading

Ray Tierney, head trader of Morgan Stanley Investment Management is in the throes of a several million dollar trading renovation project. In his keynote address, he discusses what it takes to overhaul a buy-side trading desk. Some of the elements to success include passion, patience, teamwork, communication, and being savvy enough to understand how the convergence of buy and sell side trading is affecting the tools needed and the role of the buy-side trader.

The credit crisis has greatly impacted many funds and 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, and more.

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.

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

Portfolio managers and traders work closely day in and day out. This panel of portfolio managers discusses how they work best with their traders, how they value their traders, and what they expect of their traders.

It's not all about the traders, technology and timing. Someone has to manage the desk, decide on the best structure, hire the right quants and traders, choose the algos and technology, and deal with management issues. These head traders discuss their keys to successful management and the obstacles they run into when managing their desk.

A. Managing the Desk - Large Firms
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.

B. Managing the Desk-Small Firms
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.

C. The evolution of CSAs
Commission sharing arrangements 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?

D. 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.

E. Market Structure
The market is consistently changing. During this interactive discussion, we ask buy side traders to think about the future and consider how the trading landscape might evolve.

Hedge fund traders tend to be some of the more advanced traders technologically–building their own algos and being the first to use new technology. This roundtable of hedge fund traders—Advanced Trading's 2008 Gold book Honorees–discuss their trading secrets.