ENERGY TRADING AND RISK MANAGEMENT IN THE EVOLVING REGULATORY LANDSCAPE

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1 21 24 June 2016, London ENERGY TRADING AND RISK MANAGEMENT IN THE EVOLVING REGULATORY LANDSCAPE Modelling and analysis Risk management Trading technology Regulatory challenges Hedging and trading Market integration 2 SEPARATELY BOOKABLE WORKSHOPS : Pre-conference workshop 21 June 2016 ADVANCED ANALYTICAL METHODS FOR MANAGING ENERGY TRADING AND MARKETING PORTFOLIOS IN EUROPEAN MARKETS Robert Hendrickson, Commodity Trading EMEA/AP, Energy Industry Global Practice, SAS Institute Post-conference workshop 24 June 2016 PORTFOLIO COMPRESSIONS: HOW TO PREPARE, ANALYSE AND RUN A COMPRESSION Diana Higgins, Head of Credit, Centrica Energy Arren Davey, Team Leader, trireduce Service Management London, TriOptima UK POSITION LIMITS AND THE ANCILLARY ACTIVITY TEST UNDER MIFID II Aviv Handler, Managing Director, ETR Advisory ENERGY RISK PRESENTS THE 19TH ANNUAL 2016 SPEAKER LINE-UP INCLUDES: SPONSORSHIP OPPORTUNITIES: Siddharth Jain, Head of Risk Management, Petronas Energy Trading Jean-Marc Bonnefous, Managing Partner, Tellurian Capital Vincent Derbali, Financial Policy Adivisor Commodities market, French Financial Markets Authority Cornelia Kawann, Head of Market Surveillance, Swiss Federal Electricity Commission Jorge Montepeque, Senior Advisor, Global Markets Petter Kapstad, Senior Specialist Risk Management, Statoil Contact Peter Petkov E: [email protected] T: +44 (0) Benoit Gourisse, Director of European Policy, ISDA Geoff Boon, Manager, Energy Markets Governance & REMIT, E-control Jens Göbel, Head of Power and Emissions Trading, Eni Trading & Shipping EARN UP TO 24 CPD POINTS BY ATTENDING! Sponsors: Associate sponsors: Media Partner: Accredited by: Hosted by: Powered by: Follow us: #EREUR

2 DEAR COLLEAGUE, These are challenging times for European energy traders and risk managers. New regulations continue to reshape the markets. Perhaps most acutely, Mifid II threatens to capture huge swathes of EU energy firms within its net of bank-like financial regulations. Mar, the Market Abuse Regulation, will soon impose new rules on insider trading on market participants while stiffening the penalties for manipulation. And both Remit and Emir remain a struggle for compliance managers at many EU energy firms. energyriskevents.com/ europe June 2016, London The markets themselves have been tricky as well. The influx of renewables has injected new sources of volatility in power markets and raised the importance of intraday trading. The retreat of banks has dried up liquidity, especially at the back end of the curve, making it more challenging to put on hedges at an acceptable price. And credit risk has become a more pressing concern as low commodity prices have punished numerous producers and trading firms. Against this backdrop, Energy Risk Summit Europe continues to be the pre-eminent event of its kind, providing a forum for energy risk managers to discuss the burning issues of the day. The conference on June features respected industry leaders from firms such as Dong Energy, EDF Trading, Petronas Energy Trading, Eni Trading & Shipping, Gazprom Marketing & Trading, Centrica, Statoil and Vattenfall, as well as regulators from across the EU. Now entering its 19th year, the conference also offers unparalleled opportunities for networking and professional development. Please join us and find out what s on the mind of the top players in the European energy risk management community. It s an opportunity you can t afford to miss. Alexander Osipovich Commodities Editor, Risk.net SPONSORSHIP OPPORTUNITIES: Contact Peter Petkov E: [email protected] T: +44 (0)

3 WHO SHOULD ATTEND? The following job titles: Chief Risk Officers Chief Information Officers Chief Innovation Officers Heads of Risk Management Heads of Risk Control Heads of Compliance Heads of Energy Trading Heads of Derivatives Heads of Quantitative Research Heads of Commodity Research Heads of Origination By company: Utilities Investment Banks Brokers Exchanges Rating Agencies Technology Vendors and Integrators Heads of Market Development Heads of Analytics Credit Risk Managers Market Risk Managers Quantitative Analysts Risk Analysts Market Analysts Credit Analysts Pricing Analysts Traders Financial Engineers Portfolio Managers Regulators Consultants Legal Firms Trading Houses Clearing Houses Hedge Funds CONFERENCE HIGHLIGHTS: Senior representatives from Europe s key energy trading companies and regulators will be speaking at the conference including French Financial Markets Authority, FCA, ISDA, Swiss Federal Electricity Commission, E-control Regulatory initiatives are still having a huge impact on the energy industry. We will discuss the latest news on implementation and challenges brought to energy trading market by Remit, Emir, Mifid II and MAR Receive a thorough update on market coupling, energy trading, risk management and regulatory implications for commodity markets New for 2016 trading technology content including such topics as trade and communication surveillance technology, blockchain and distributed ledger, understanding the current ETRM landscape and handling Big Data in energy trading and cybersecurity and data protection Engage in two interchangeable streams to tailor your learning experience Sharpen your skills in tutor-led workshops allowing you to study your chosen topic in greater detail CPD certified conference allowing you to enhance your professional profile by earning up to 24 CPD credits Networking with over 150 energy professionals from up to 15 countries Be a part of the global Energy Risk community and one of the most established events of its kind WHAT DELEGATES SAID ABOUT THE 2014/5 CONFERENCE: Good range of informed speakers and topics delivered in a friendly atmosphere. Plenty of opportunities to talk and network Investment & Risk Manager, E.ON Climate & Renewables It s a good event as it does bring a good representation of senior and experienced people in the industry Head of Global Energy Risk, Cargill Very well run and professional. I ll recommend to colleagues Non-Executive Director, Vaikoon AG An interesting range of topics and speakers that made for a valuable conference, both in terms of content, and conversation with fellow attendees. Business Change Manager Risk Finance and Oil, Glencore A good opportunity to meet top people from the energy risk community Forecasting Analyst, Ecotricity Extremely informative, bang up to date thoughts, views and opinions of the energy risk sector, great balance of breadth of speakers Director of Business Performance FP & A, Intergen (UK)

4 PRE-CONFERENCE WORKSHOP TUESDAY 21 JUNE 2016 ADVANCED ANALYTICAL METHODS FOR MANAGING ENERGY TRADING AND MARKETING PORTFOLIOS IN EUROPEAN MARKETS POST-CONFERENCE WORKSHOP FRIDAY 24 JUNE 2016 PORTFOLIO COMPRESSIONS: HOW TO PREPARE, ANALYSE AND RUN A COMPRESSION POSITION LIMITS AND THE ANCILLARY ACTIVITY TEST UNDER MIFID II energyriskevents.com/ europe June 2016, London SPONSORSHIP OPPORTUNITIES: Led by: 8.30 Registration and coffee Robert Hendrickson, Commodity Trading EMEA/AP, Energy Industry Global Practice, SAS Institute 9.00 Credit Scoring for energy markets customers and counterparties Understanding your customer Analytic methods to transform Financial Statement Analysis to consistent credit scoring Morning break Forecasting of energy supply and demand Analytic Demand forecasting for retail / customer portfolio Renewables forecasting methods, specifically photovoltaic Gas pipeline and well supply (100s of thousands of wells incl future planned capacity) Lunch Portfolio optimisation with high performance analytics Midstream supply blending Gas storage portfolio optimisation Afternoon break Price simulation engine Profit@Risk : Value@Risk : Portfolio Management : Trading Analytic econometric methods for simulating power and gas pricing End of workshop 8.30 Registration and breakfast 9.00 Session 1 Basel, Emir, Dodd Frank and Mifid requirements Bilateral and multilateral compressions The six steps to compress: A guide for doers and approvers Morning break Session 2 People and technical resources required across different teams Definition of business requirements to choose the deals to compress, analyse if it is worth compressing, execute compressions Skills and simple tools to value, reconcile and execute timely compressions Key performance indicators and tests Lunch The ancillary activity test under MiFID II Background and purpose Looking at the latest legislation - RTS 20 Drilling down into the tests in detail What next? Afternoon break Diana Higgins, Head of Credit, Centrica Energy Position limits under MiFID - What are they and how will they work? How all of the pieces fit together Drilling into the detail Position reporting - can it work? End of workshop Aviv Handler, Managing Director, ETR Advisory Arren Davey, Team Leader, trireduce Service Management London, TriOptima UK Contact Peter Petkov E: [email protected] T: +44 (0) For detailed information about workshops and tutors, please visit Led by:

5 DAY ONE, 22 JUNE 8.00 Registration and breakfast 8.50 Chairman s opening remarks 9.00 OPENING KEYNOTE: Energy markets outlook Speaker to be confirmed, please check for further updates 9.40 GUEST ADDRESS: The impact of low prices and cost of regulation How current market conditions are forcing companies to review more intensely the costs caused by regulation? Update on the global regulatory landscape for commodities trading: as EU regulations bite, will trading activity flee to the US, Singapore or other jurisdictions? Brexit and its possible impact on energy trading Jorge Montepeque, Senior Advisor, Global Markets; Former Global Director, Platts Morning break STREAM ONE - REGULATION STREAM TWO - TRADING AND TECHNOLOGY PANEL: The impact of MiFID II on the commodities markets Setting priorities for the race towards compliance - Does the delay now make compliance possible? Do we have long enough to adapt? How to manoeuvre through regulatory uncertainty The ancillary exemption: putting together best assumptions What structural changes will firms need to carry out? How will position limits affect commodities derivatives market CRD IV What would be the consequences for commodity traders? Benoit Gourisse, Director of European Policy, ISDA Vincent Derbali, Financial Policy Adivisor - Commodities market, French Financial Markets Authority Riccardo Rossi, Regulatory Affairs Manager, Gazprom Marketing & Trading Understanding the current ETRM landscape Impact of regulatory, technology and market drivers on ETRM systems evolution How is technology helping to address market changes? How does it support traders? Estimating the cost of regulation and market opportunities The need for increased IT security Requirements and demands of ETRM systems on compliance and surveillance side in the new market structures Future tools and technologies the users need to meet in rapidly evolving commodity trading market How are service companies addressing the new demands? Xavier Meyer, Responsible ETRM, Trading Department, Gaznat SA Other speakers to be announced shortly, for further updates please go to SPEAKER OPPORTUNITIES: Contact Nadia Rozario E: [email protected] T: +44 (0)

6 DAY ONE, 22 JUNE PANEL: Remit the reporting experience so far Phase II - How does it work and how did it go? Reflecting on what adjustments are done by organisations so far and what s left to do How is Remit implemented in practice - 1st and 2nd stage of Remit reporting updates from the Swiss regulator Is the industry getting any better, more transparent, and reliable? How is ACER coping with the data? Can we see the benefits of greater transparency in wholesale energy trading? Where is the industry now in terms of internal trade surveillance? Inside information and ACER s initiative to coordinate its publication Cornelia Kawann, Head Market Surveillance, Swiss Federal Electricity Commission ElCom Geoff Boon, Manager, Energy Markets Governance & Remit, E-control David Beier, Financial Market Regulation, Wingas Gavin Ferguson, Regulation Change Manager, Centrica Last minute updates on MAR Readiness for the surveillance requirements Will Mar increase exchange surveillance? Is there anything else market players need to put in place? What are the implications of MAR s insider trading ban for energy traders? The biggest impact on Mar by delayed Mifid II Monica Rodriguez-Sanchez, Associate, FCA Lunch and opportunity to visit the exhibition The looming impact of new EMIR rules Review of Emir mandatory clearing progress and clearing thresholds Understanding the margin requirements for OTC clearing Has the market thought through the cost of collateral? The impact of possible removal of EMIR hedging exemptions The cost of hedging New reporting format Cemil Altin, Head of Regulatory Affairs, EDF Trading Markets Compliance governance and organisation Organisational structure how do you structure regulatory compliance within the organisation? Impacts of new regulations on governance, organizational framework, processes and internal Developing a compliance culture: how to ensure that your knowledge of new regulations is truly embedded in your energy trading organisation Speaker to be announced shortly, for further updates please go to Afternoon break Blockchain and distributed ledger: reinventing the post-trade world for energy trading? How can the new technologies pioneered in the global securities markets add value to the energy trading marketplace, in optimizing matching and settlements processes while reducing capital requirements Blockchain and how it can add value to the existing post trade processes applied to energy trading industry How to improve post trade, how to make it more efficient and less costly? Reengineering your transaction chain Security settlement and how to apply it to energy trading Jean-Mark Bonnefous, Managing Partner, Tellurian Capital Volatility in energy risk management: Asymmetric Effect, Mean Reversion and ATM Volatility Premium Price action and Volatility Fluctuation: use and implication of the asymmetric effect of price and volatility in risk management and hedging strategies Volatility Mean Reversion: a hedging map Volatility Premium: interpreting market sentiment Volatility Contraction Process Vito Turrito, Manager Quantitative Analysis, Platts Trade and communication surveillance technology Available technologies to monitor trading behaviour Automated systems and level of integration of products and markets Biggest challenges in the field of trade surveillance technology The importance of minimising both Type I and Type II errors in trade surveillance Speaker to be confirmed, for further updates please visit Structured weather products market Overview of the new products recently launched Different structures written already Different ways the companies are managing weather risk Speaker to be announced shortly, for further updates please go to

7 DAY ONE, 22 JUNE PANEL: Revisiting counterparty risk policies and refining credit risk practices How is low price environment affecting counterparties and will affect in the future Understanding the credit risk to exchanges and CCPs risk Best practice in counterparty analysis Wrong way risk and right way risk in the current pricing environment Integrating market and credit risk functions/management Peter Bjerge, Lead Credit Analyst, Dong Energy Diana Higgins, Head of Credit, Centrica Energy Other speakers to be announced shortly, for further updates please go to Second generation Enterprise Risk Management, from control to value adding proactive risk management Proactive risk management starts where risk assessment ends ERM - a tool for avoiding sub-optimisation and correct enterprise hedging ERM - a tool for strategy development and portfolio optimisation ERM as an assurance for integrity Petter Kapstad, Senior Specialist Risk Management, Statoil RISK THINK TANK: Risk management from enterprise wide risk perspective Looking at risk from an integrated perspective The art of risk assessment and portfolio construction - How does a Risk Management Function add enterprise value? Counterparty, market, liquidity risk how do they interact and interlink? Hedging impact on risk and performance management How does a Risk team add value Should the risk department have objectives of neutral risk control or P&L maximising risk management or both? Is the risk department part of the business or controlling? Petter Kapstad, Senior Specialist Risk Management, Statoil Jonathan Howard, Head of Risk, Novatek Gas & Power Siddharth Jain, Head of Risk Management, Petronas Energy Trading Chairman s closing remarks Cocktail reception followed by awards dinner (invitation only) SPONSORSHIP OPPORTUNITIES: Contact Peter Petkov E: [email protected] T: +44 (0)

8 DAY TWO, 23 JUNE 8.30 Registration and breakfast 9.00 Chairman s opening remarks 9.10 KEYNOTE ADDRESS: European power market dynamics (capacity markets, retirement of coal, new-build nuclear) Speaker to be confirmed, please check for further updates 9.40 PANEL DISCUSSION: The future of electricity trading in Europe How will liquidity develop in the near future? Medium term outlook How to develop liquidity on the market and risks related to illiquidity Will we see the return of volatility and changing price risk? We discuss how the energy market evolved over the last decade and what is on the horizon Jens Göbel, Head of Power and Emissions Trading, Eni Trading & Shipping Andreas Gelfort, Head of Benelux/UK Power/Cross Commodity and Emission Trading, Managing Director, Vattenfall Energy Trading Netherlands Marcel Steinbach, Head of Energy Trading, BDEW - German Association of Energy and Water Industries Other speakers to be announced shortly, for further updates please go to FOCUS ON RENEWABLES: RES disruption and integration How is the RES technology disrupting the conventional energy? Ways to integrate renewable power chances and challenges Michele Governatori, Institutional & Regulatory Affairs Director, Axpo Italia Morning break FOCUS ON TURKEY: Energy trading and risk management in Turkey Risks and opportunities for European market players Short overview of Turkish energy market structure and main fundamental price drivers Short overview of forward / futures trading products, volumes and liquidity development at OTC and Turkish Derivatives Exchange (Borsa Istanbul) Trading and hedging possibilities and strategies Importance of and implications to quantitative analysis, risk management, tools, models and systems Risk and opportunities for European market players Dr. Erkan Kalayci, Quantitative & Market Analytics Manager, Enerjisa Trading FOCUS ON GAS: Natural gas price dynamics and impact of low crude oil environment A quick look back similar trends, different drivers? Current market overview Main risk factors Next steps Natural gas at the crossroads? Jean-Baptiste Dubreuil, Chief Analyst, Oil & Gas Markets, Strategy, Engie - to be confirmed Lunch and opportunity to visit the exhibition

9 DAY TWO, 23 JUNE Spot trading What to do to minimise the risk on spot market? Market trends and challenges in intraday trading Forecasting prices in spot markets Speakers to be confirmed, please check for further updates Hedging illiquid underlyings on the market risk side Hedging methodology and how to create a hedging policy The ways to hedge, what you can hedge, criteria delta hedging, proxy hedging, cross commodity hedging Hedge accounting combining exposure and hedge Speakers to be confirmed, please check for further updates Handling Big Data in energy trading Connectivity and data Risk data and computational capabilities How is big data being used? Does it help to reduce costs or increase revenue? How can fundamental data enhance risk management systems? Speaker to be confirmed, please check for further updates CLOSING GUEST ADDRESS: Energy challenges in Europe. Transition to low carbon without higher bills Daniel Lacalle, CIO, Tressis Gestion and Author of Life In The Financial Markets and The Energy World Is Flat Chairman s closing remarks and afternoon refreshments End of Energy Risk Summit Europe 2016 SPEAKER OPPORTUNITIES: Contact Nadia Rozario E: [email protected] T: +44 (0)

10 SPONSORS Sponsor: Associate sponsor: About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets. Platts news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets. A division of McGraw Hill Financial (NYSE: MHFI), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. platts.com Every day, Platts Commodity Risk Solutions provides producers, processors, marketers and traders, consumers, and investors across the globe with forward curves, custom curves, and analytical data across a range of commodities, including crude oil and refined products, electric power, natural gas, petrochemicals, and coal. platts.com/risk OpenLink is the global leader of Transaction Lifecycle Management (TLM) solutions for the commodity, energy and financial services industries. The company s solutions support the sophisticated needs of organizations that deal with cross-asset trading, complex derivatives, and portfolio management of assets or structured positions. All solutions support the basics of trading, financial risk management, physical logistics, operations including optimizations, and accounting. OpenLink has received numerous industry awards and recognition, including Best Overall ETRM Platform for ten consecutive years by Energy Risk Magazine and citations as the industry leader by Gartner. olf.com Pioneer Solutions is a global provider of next generation C/ETRM, environmental management, and financial and regulatory compliance solutions. Since 2002 Pioneer has been serving some of largest energy companies, utilities, and midstream producers in the US and Europe. Pioneer s flexible solutions have been organically built for rapid implementation and superior service at an overall lower cost of ownership. Our suite of solutions is based on our organically built, webbased platform, FARRMS (Financial and Regulatory Risk Management System) and offers comprehensive front, middle, and back office process management for both physical and financial deals of all asset classes and commodity types. Ready outof-the-box or tailored to our clients needs, our solutions allow for rapid implementation and fully integrate with existing systems. The latest in business processing capability, Pioneer s products are web-based and template and formula-driven providing the user a highly configurable environment for front to back office workflow automation of business processes. pioneersolutionsglobal.com SPONSORSHIP OPPORTUNITIES: Contact Peter Petkov E: [email protected] T: +44 (0)

11 BOOKING INFORMATION BACK TO: 4310/16 BUY-SIDE* Early bird 1 Book by 22 April 2 day conference + pre AND post conference workshop (4 day) Early bird 2 Book by 27 May Full Price 2,499 2,699 3,099 SELL-SIDE** Early bird 1 Book by 22 April 2 day conference + pre AND post conference workshop (4 day) Early bird 2 Book by 27 May Full Price 3,199 3,399 3,699 2 day conference + pre OR post conference workshop (3 day) 2,099 2,299 2,699 2 day conference + pre OR post conference workshop (3 day) 2,699 2,899 3,199 2 day conference only 1,799 1,999 2,999 Conference workshop only ,099 2 day conference only 2,399 2,599 2,899 Conference workshop only 1,299 1,499 1,599 If only attending one workshop, please tick which you wish to attend: Pre-conference; Post-conference. *BUY-SIDE RATE: Includes energy companies, hedge funds, asset managers, corporate end users, insurance companies and institutional investors **SELL-SIDE RATE: Includes banks, consultancies, technology vendors, software providers and other service providers N.B. Energy Risk subscribers receive a 20% discount. To claim your subscriber rate please quote your subscription reference number here: REGISTRATION DETAILS Please complete your details below in block capitals title first name last name job title/position department company address PAYMENT DETAILS Please complete your details below in block capitals i enclose a check payable to incisive financial publishing ltd. please debit my: amex visa maestro mastercard card no expiry date: / security number: address post/zip code telephone approving manager training manager country fax issue number: valid from date: / account address if different from left signature date for companies in eu member states only, please write your vat/tva/btw/iva/mcms/mwst/fpa number here: Disclaimer: We accept bookings on the understanding that if we cannot meet our obligations because of circumstances beyond our control, we will not be held liable for loss suffered by you or a third party. This includes (without limitation) a change in the programme or an alteration to the venue and/or speakers. Venue Rules: You must comply with all rules, regulations, and other reasonable instructions of the owner of the venue at which the event is taking place. Photography: Photography and/or recording (whether visual or aural) of the proceedings of the event without our prior written consent are strictly prohibited. Personal Effects: We are not responsible otherwise liable to you for loss or damage to your personal property while you are in attendance at the venue at which the event is taking place. Liability: Except in relation to personal injury/death arising from our negligence or fraud, we shall not be liable to you for any sum greater than the amount you are liable to pay to attend the event. Cancellation/Substitution: Cancellations must be received in writing more than three weeks before the event. If a cancellation is received within three weeks of the event the delegate fee will be payable in full. Cancellations more than three weeks before the event are subject to a 10% administration fee. A substitute delegate is always welcome, but the organiser MUST be notified in advance of the event to avoid incurring a charge. Delegate substitutions may NOT be made at the event. If you do not attend the event or notify us of your intention to cancel, the full fee will still be payable. Payment: Payment must be received before the event start date. If we have not received payment in full by the event start date, you will be required to provide a credit card guarantee on the day to gain entry. Data Protection: By registering for Energy Risk summit Europe, Incisive Risk Information Limited will send you further information relating to this event. In addition we will send you information about our other relevant products and services which we believe will be of interest to you. If you do not wish to receive other relevant information from Incisive Risk Information Limited via a particular medium, please tick the following relevant boxes: Mail Tel . Incisive Risk Information Limited will also allow carefully selected third parties to contact you about their products and services. If you do not wish to receive information from third parties via any of the following media please check the relevant boxes: Mail Tel