4 th Annual Derivatives World Central and Eastern Europe 2011 Tuesday, November 8, 2011 Radisson Blu Centrum Hotel, Warsaw, Poland

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1 4 th Annual Derivatives World Central and Eastern Europe 2011 Tuesday, November 8, 2011 Radisson Blu Centrum Hotel, Warsaw, Poland Sponsored by: Silver Sponsor: Bronze Sponsor: FOW returns to Poland for the fourth year to examine how the derivatives market in Central Eastern Europe is developing. In partnership with the Warsaw Stock Exchange, the 4 th Annual Derivatives World CEE 2011 will assess and explore new and existing products, strategies and technologies available for the region across listed and OTC markets, and the investors who are using them. Confirmed Speakers to Date: Ludwik Sobolewski, CEO, Warsaw Stock Exchange Yaman Basaran, Deputy CEO, TurkDex Ekaterina Troshinkina, Global Business Director, RTS Stock Exchange Cristian Sima, President, SIBEX Iwona Sroka, President and CEO, KDPW & KDPW CCP Richard Végh, Director, Business Development, Budapest Stock Exchange Rafael Plata, Head of Derivatives and Post-Trading, Federation of European Securities Exchanges Jack D. Schwager, Author of the Market Wizards book series Gary Delany, Director, Options Industry Council Douglass Welch, Director, Emerging & Western European Equity Derivatives, UniCredit Bank AG Mattias Hammarqvist, Associate Vice President, NASDAQ OMX Senior Representative, List Group Sebastian Siewiera, Head of ETP & Non-Equity Derivatives, Warsaw Stock Exchange Jaroslaw Przybyl, Equity Derivatives, Warsaw Stock Exchange Thilo Derenbach, Deputy Managing Director, REGIS-TR Chris Marczak, President, UNISystems Research Inc. Jan Scibor-Kaminski, Managing Director, Structured Retail Products Jacek Lukowski, CEO, Rubicon Capital Partners S.A. Philippe Carré, Global Head of Connectivity, Sungard

2 Waheed Qaiser, President and Vice Chairman, Maxim Corporate Finance LLP Aljosa Sestanovic, Chief Investment Officer, POBA ICO INVEST Ltd, Croatia Robert Raszczyk, Director, Dom Maklerski BZ WBK S.A. Christian Oddershede Jensen, Director, Head of Equities, EQ Derivatives and CFDs, X Trade Brokers DM S.A. Marek Trepka, Partner, T-financials Stefan Neubauer, Senior Sales CEE, Structured Products, Raiffeisen Centrobank AG Ian Firla, COO, OSTC Group & Managing Director, OSTC Poland William Mitting, Editor, FOW Konrad Makowiecki, Vice President Securities Services, KBC Securities Tomasz Mironczuk, Former CEO, Bank Gospodarstwa Krajowego Grzegorz Taraszkiewicz-Sirocki, Director of Sales and Structured Derivatives, Bank Zachodni WBK S.A. Alexandru Gaitan, Portfolio Manager, Multi Strategy Global Hedge Fund of HFs, FIM London Draft programme 9.00 Welcome Address from Event Partner WSE Ludwik Sobolewski, CEO, Warsaw Stock Exchange 9.10 Listed Derivatives Market Update: Exchange Heads Panel Discussion Exploring efforts and progress made to expand international participation in and out of Central Eastern Europe Key sectors and products for investment: how are individual markets in CEE boosting liquidity to attract more investment? Key innovations by exchanges, responding to investor demands Attracting new clearing members investor confidence and appetite for derivatives products: challenges and innovations Placing CEE in a global context: overcoming trading barriers The wave of exchange mergers and changes in regulation: implications for CEE market The introduction of CCP in Warsaw: implications and benefits across regional markets Remote clearing and CCP: removing obstacle for prop shops to access the Polish market what this means for the exchange landscape Will CCP boost the OTC market or encourage traders onto the exchange? What next? Future prospects and opportunities Moderator: William Mitting, Editor, FOW Speakers: Ludwik Sobolewski, CEO, Warsaw Stock Exchange Yaman Basaran, Deputy CEO, TurkDex Richard Végh, Director, Business Development, Budapest Stock Exchange Ekaterina Troshinkina, Global Business Director, RTS Stock Exchange Iwona Sroka, President and CEO, KDPW & KDPW CCP Morning Coffee Break

3 10.30 International Regulatory Changes and the Impact on Listed and OTC Derivatives in CEE Markets Regulatory changes: what is new for 2011? How will the changes effect listed and OTC derivatives markets EU regulation compliance: implications of EMIR, MIFID, Solvency II on, for example, transaction reporting increased transparency, but at what cost? OTC clearing and the convergence of OTC products in the listed trading environment: will position clearing and reporting requirements under Dodd Frank and EMIR move OTC onto exchange? Impact on short selling How will regulation affect European counterparties? Higher deposits on OTC derivatives? Will reforms alter the accessibility of European markets? Speakers: Thilo Derenbach, Deputy Managing Director, REGIS-TR Rafael Plata, Head of Derivatives and Post-Trading, Federation of European Securities Exchanges Exchange Traded Products vs. OTC in the CEE Region What are the merits of Exchange Traded Products? Hedging risk management ETP classification Individual market strengths: why should investors use listed derivatives to gain exposure to the CEE market? Are they better served by the OTC market? The drive to bring OTC on exchange : pros and cons New product development: what are the most liquid products in the market? Where is the liquidity coming from, and what is to be expected? Education and training: how to promote products, from investors and advisors, to private and personal bankers Importance of risk management as a key driver of the derivatives markets Moderator: Jan Scibor-Kaminski, Managing Director, Structured Retail Products Speakers: Tomasz Mironczuk, Former CEO, Bank Gospodarstwa Krajowego Sebastian Siewiera, Head of ETP & Non-Equity Derivatives, Warsaw Stock Exchange Robert Raszczyk, Director, Dom Maklerski BZ WBK S.A. Janusz Wladyczak, Equities and Derivatives, Raiffeisen Centrobank AG Alexandru Gaitan, Portfolio Manager, Multi Strategy Global Hedge Fund of HFs, FIM London Lunch Product Focus: Growth in the Options Market in the CEE Region New opportunities and growth in the options market Product development: what products have been most successful and why? Liquidity in options markets: what are the factors that can help liquidity of options to be a strong force on the market? o WIG 20 vs. equity options

4 o OTC vs. listed options The future outlook for options on the listed market? What new products are likely to come to the market? Moderator: Waheed Qaiser, President and Vice Chairman, Maxim Corporate Finance LLP Speakers: Chris Marczak, President, UNISystems Research Inc. Gary Delany, Director, Options Industry Council Grzegorz Taraszkiewicz-Sirocki, Director of Sales and Structured Derivatives, Bank Zachodni WBK S.A Regional Product Focus: Comparing Derivatives across CEE Market performance: efficiencies vs. inefficiencies leading to arbitrage Available products for reliable risk management strategies Growth of the exchange traded market, comparing: o Index futures, including WIG20 o Single stock futures o Options - when is there enough liquidity? o Warrants o Currencies o CFDs a growing market? Comparing their transparency and risk vs. other ETPs Moderator: Konrad Makowiecki, Vice President Securities Services, KBC Securities N.V. Speakers: Cristian Sima, President, SIBEX Jacek Lukowski, CEO, Rubicon Capital Partners S.A. Jaroslaw Przybyl, Equity Derivatives, Warsaw Stock Exchange Aljosa Sestanovic, Chief Investment Officer, POBA ICO INVEST Ltd, Croatia CEE Markets Presentation - The Trader s Perspective: Opportunities and Barriers on CEE Derivatives Markets Individual market strengths: why should investors use derivatives to gain exposure to the CEE market? Are they better served by the OTC or listed market, and why? What are the most liquid products in the market? Where is the liquidity coming from? The international investment bank s view: growing international investor base The domestic market: local investor appetite and needs Placing CEE in a global context: challenges and opportunities Successful regional products outside of Poland, and how to access them Speaker: Douglass Welch, Director, Emerging & Western European Equity Derivatives, UniCredit Bank AG Afternoon Coffee Break Technology Focus: International Access and the Progress of DMA Overcoming problems of infrastructure: is the technology supporting the growth of DMA?

5 Securing the basic building blocks for derivatives trading: implementing derivatives specific platforms at CEE exchanges, banks and brokerages Progress of DMA and co-location hosting across CEE: what does it take to create successful connectivity? Insight from the Russian example Low latency solutions: progress of proximity/co-location hosting Can the right technology present new global opportunities for CEE traders? Moderator: Philippe Carré, Global Head of Connectivity, Sungard Speakers: Mattias Hammarqvist, Associate Vice President, NASDAQ OMX Marek Trepka, Partner, T-Financials Ian Firla, COO, OSTC Group & Managing Director, OSTC Poland Keynote Presentation: Lessons of the Market Wizards Speaker: Jack D. Schwager, Author of the Market Wizards book series Close of Conference Media Partners:

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