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“Fixed Income Markets – Striking a Balance”

The 10th FIMMDA PDAI Annual Conference was held at Kochi, Kerala from 6th to 8th March 2009, with an inaugural session inaugurated by Ms. Shayamala Gopinath, Dy. Governor Reserve Bank of India at Y.B. Chavan centre, Mumbai, on 3rd March 2009.

The conference was sponsored by the Clearing Corporation of India Ltd, Thomson Reuters, Bloomberg, Newswire18, Derivium Capital, Ticker Plant, Dow Jones, and City of London, with Cox & Kings as the Travel and Event Managers.

The panel discussions with panelists represented by senior officials from FIMMDA, SEBI, Juris Corp, Birla Sunlife AMC, CCIL, dwelt upon:

  • The global developments in the financial markets, and how much of an impact they would have on India.
  • Addressing the capital needs of India in the context of a changing and more restrictive international environment.
  • Counterparty risk management in the context of continued volatility, slowing economy and the credit crunch.

The conference was well attended, with a total of 250 delegates including speakers and guests.

The inaugural address titled “Lessons for Financial Policymaking – Interpreting the Dilemmas” was delivered by Ms. Shyamala Gopinath, Deputy Governor of the Reserve Bank of India. This was followed by the three day conference at the Le Meridien, Kochi.

Introductory Remarks and Overview of FIMMDA’s activities by Mr. V. Srikanth (below), Chairman, FIMMDA

GLOBAL DEVELOPMENTS IN THE FINANCIAL MARKETS – HOW MUCH OF AN IMPACT ON INDIA?

Mr. Hitendra Dave (below), Head – Global Mkts India, HongKong & Shanghai Banking Corporation addressing the delegates on Key trends in international asset prices, market liquidity and risk.

Mr. Neeraj Gambhir (below), Managing Director, Nomura Securities Ltd on Expected changes in international regulatory and business environment for financial institutions.

Mr. Srinivasan Varadarajan (below), Managing Director, J.P Morgan Chase on Do current regulations in India anticipate some or most of these changes?

HOW DO WE ADDRESS CAPITAL NEEDS OF INDIA IN THE CONTEXT OF A CHANGING AND MORE RESTRICTIVE INTERNATIONAL ENVIRONMENT?

Mr. C.V. Rajendran (below), General Manager, Corporation Bank on Developing a deeper local market.

Mr. B.V Krishnan (below), Director – Fixed Income, Currencies & Commodities, Citibank on Learning’s from hedging practices over the last 12-18 months.

Mr. Manish Misra (below) – General Manager Global Markets Group ICICI Bank on How will counterparty risk management evolve?

CLOSING REMARKS & VOTE OF THANKS by Mr. C. E. S. Azariah (below), CEO, FIMMDA

Delegates at the CCIL Stall

Thomson Reuters Stall

Bloomberg Stall

NewsWire 18 stall

Derivium Capital stall

Delegates at the Dow Jones stall

Ms. Anita Nandi (centre), Representative of City of London (sponsor) with FIMMDA Director, Ms. Swati Desai & PDAI Chairman, Mr. Jayesh Mehta.

Ticker Plant stall

“Indian Fixed Income – Catalysing Change”

The 9th FIMMDA-PDAI Annual Conference was held from 26th Jan to 28th Jan at the Hilton Pyramids Golf Resort, Cairo, Egypt.

The conference, sponsored by Thomson Reuters Ltd and Newswire 18 had the theme “Indian Fixed Income - Catalysing Change”. The conference was inaugurated by Mr. Atef Ibrahim, First Sub Governor, Central Bank of Egypt, while Ms. Shyamala Gopinath, Dy Governor, Reserve Bank of India, delivered the Keynote address.

The panel discussions dwelt upon:

  • “Rupee Capital raising - driving innovation and improving liquidity”, with panelists discussing introduction of Rupee Convertible Bonds, developing the Securitisation Markets, and steps for increasing the rupee bond market liquidity.
  • “Impending regulatory changes in new fixed income products”, with panelists discussing the introduction of Credit Derivatives, reintroduction of Interest Rate Futures, and accounting standards for financial instruments.
  • “How do we prevent counterparty risk from impacting market liquidity”, with panelists discussing counterparty exposure netting, margining, Optional Early Terminations and centralised clearing in bonds through CCIL.

The conference was well attended, with a total of 167 delegates including speakers and guests.

Smt. Shyamala Gopinath (below), Dy Governor, Reserve Bank of India delivering the keynote address at our 9th Annual Conference at Cairo on 26th Jan 2008.

Mr. V.K Gupta – Chairman PDAI, Mr. V. Srikanth – Chairman FIMMDA, Mr. Atef Ibrahim – First Sub Governor & Mr. Mostafa Gad – Assistant Sub Governor, Central Bank of Egypt at the Cairo Annual Conference. (Below)

Mr. B.V. Krishnan (below), Head of Structured Products, Citibank addressing the conference on Introduction of Rupee Convertible Bonds.

Mr. Neeraj Gambhir (below), Managing Director, Lehman Brothers Advisors Pvt. Ltd addressing the delegates on Developing the Securitisation Markets.

IMPENDING REGULATORY CHANGES IN NEW FIXED INCOME PRODUCTS

Mr. Sudershan Sharma (below), Joint General Manager, Proprietary Trading Group, ICICI Bank Ltd enlightening the delegates on Increasing the Rupee Bond Market liquidity.

Ms Swati Desai (below), DGM (Derivatives), State Bank of India addressing the conference on Introduction of Credit derivatives.

Mr. Srinivasan Varadarajan (below), Managing Director & Head of Markets, JP Morgan Chase on Reintroduction of Interest Rate Futures.

HOW DO WE PREVENT COUNTERPARTY RISK FROM IMPACTING MARKET LIQUIDITY?

Counterparty exposure netting, margining, OETs, centralized clearing in bond markets through CCIL.

Mr. T. Rabi Sankar, DGM, IDMD, Reserve Bank of IndiaMr. Ravi Rajan, Executive Vice President, Clearing Corporation of IndiaMr. Ananth Narayan, Director – Global Rates, Deutsche Bank

CLOSING REMARKS by Mr. C. E. S. Azariah (below), CEO, FIMMDA

Delegates checking out the Thomson Reuters stall

Delegates at the NewsWire 18 stall

Cross Section of Audience at the Conference