Bond markets are evolving amidst change. Despite abundant central bank liquidity, the International Organization of Securities Commissions (IOSCO) has listed concerns over secondary bond market liquidity, considering it one of its top four market risks for 2016. This panel will offer a broad perspective on this market's underlying risks, resiliency and outlook.

Exchange-traded funds (ETFs) have rapidly grown in popularity amongst retail and institutional investors over the past decade. ETFs have transformed the investment industry by providing lower costs, high liquidity and diversification. As investors continue to use options for various reasons in their portfolios, ETF options have become an increasingly popular choice according to volume metrics. Our seasoned speakers will demonstrate various opportunities and trends in the ETF and derivatives market.

The use of derivatives as both an income alternative and risk management tool is gaining wider acceptance amongst pension managers. Large Canadian pensions have a long history employing these instruments, while US counterparts are only now embracing these products. Why is there a gap between Canadian and US implementation? What are the structural differences between US and Canadian pensions? What operational hurdles need to be overcome prior to implementation, and what benefits and risks exist for both OTC and exchange listed products? Our esteemed panellists from both sides of the boarder will explore these and other topics related to the future of derivatives in pension portfolios.

At Issue Canada's Economic and Political Future

In his keynote, Andrew Coyne outlines the new energy and cross-country insight of the new Maclean's to the stage, commenting and bringing clarity to the social, political, media, and economic issues shaping the country today.

The economic climate, global macro hedge fund strategies, due diligence, portfolio building, and looking ahead to 2017.

A panel of industry experts will discuss how the regulatory environment has evolved. The focus will be on the impact of Basel III on the prime broker model and how it will affect both the managers of alternative investment strategies and the institutions that invest in those strategies. The panel will also discuss the impact of upcoming regulatory changes.

In the asset management world, a large AUM can be a key strength. It can also be an Achilles' heel. Smaller managers, however, can be nimble, offering unique opportunities adapted to client needs. Offering distinctive options, means they, in turn, may have distinct needs. This panel will delve into emerging managers, the benefits they bring to market, understanding their needs, and what is being done to encourage their growth. In order to invest with an emerging manager, one must first invest in them.

The session is for buy-side participants only.

CE Credits
CFA Montréal has determined that this program qualifies for two CE credit hours under the guidelines of the CFA Institute Continuing Education Program. If you are a CFA Institute member, CE credits for your participation in this program will be automatically recorded in your CE tracking tool.

In times of severe economic challenges, it is particularly important that our commitment to achieving a strong and resilient Canadian capital market be reaffirmed. TMX's announcement of a business integration initiative to align, simplify and integrate relevant functions of operations and systems will make Canada's marketplace stronger and more attractive.

The nomination of Glenn Goucher to spearhead this initiative is an important and relevant one.

This alignment will make the post-trade safer and more efficient, reducing costs and bringing about significant collateral savings for market participants. Financial integration leads to better risk-sharing and makes markets deeper and more liquid while making more efficient allocation of collateral.

Glenn Goucher will address the decision to move forward with the business integration initiative, the current state, where we are going and what it means for our stakeholders.

With volatility in the doldrums for most of the year (election run-up excepted), clients may be wondering whether yield enhancement is an activity of the past. Alternative perspectives may lead to different conclusions.

How would you know what a fair price is for an illiquid option? You may want to understand some alternative approaches for judging whether that strategy is best expressed with options or not at all.

With M&A activity in Canada at $45bn up 40% YoY, wouldn't you like to spot what will be at stake? Or for each and every earnings period, would you like to identify which company is attracting bets for profit warning or blowout figures?

Positive effects on futures of OTC reform

• futurization: discussion
• incentive to move to more regulated structure
• compression and other practices
• capital and margin