Capital Link held its 5th Annual Global Derivatives Forum in New
York City on Tuesday, September 17, 2013.
It was a very successful event drawing a diverse group of more
than 450 senior decision makers in the industry.
Nicolas Bornozis, President of Capital Link, remarked, "Capital
Link's 5th Annual Global Derivatives Forum remains the only forum
of its kind dedicated to commodities, energy, and freight. By
focusing on these three strategic areas, which are followed by the
same investor and trader universe, Capital Link is able to raise
the overall visibility of this critical space to a significantly
larger, targeted audience of industry professionals.
"The Dodd-Frank Financial Regulatory Reform Bill has enacted far
reaching changes in the derivatives industry. In this year's Forum,
we sought to devote a good portion of the program towards examining
these updates and changes, as well as what they meant for the
industry within its current landscape. At the same time, against
the backdrop of economic uncertainty around the world, there have
been significant changes and new trends in the commodity, energy
and freight physical markets.
"Our Forum provides an invaluable source of information to
investors at it explores trends and developments in the physical
markets for Commodity, Energy and Freight and how these impact the
activity in the global derivatives markets.
"We would like to thank our sponsors, supporting organizations
and media partners for their support and contribution in making
this another successful event."
Conference Material: All conference
materials including presentation slides and audio files are
available on Capital Link's website, at:
http://forums.capitallink.com/shipping/2013derivatives/index.html
SCHEDULE OF UPCOMING CAPITAL LINK
FORUMS:
2013
- 26 September - 6th Annual International
Shipping & Marine Services Forum - LONDON
- 24 October -
3rd Annual Sustainability (CSR) in Shipping &
Offshore Sectors - LONDON
- 17 December - 15th Annual Invest in Greece
Forum - NEW YORK
2014
- 25 February - 5th Annual
Greek Shipping Forum - ATHENS, GREECE
- 6 March - 1st Annual Master Limited
Partnerships Forum - NEW YORK
- 20 March - 8th Annual
Invest in International Shipping Forum, - NEW YORK
- 2 June - 4th
Posidonia Analyst & Investor Day, -
ATHENS, GREECE
FORUM OVERVIEW - THE ONLY
FORUM ON THIS TOPIC
This year, based on feedback from past attendees and presenters,
Capital Link placed an increased emphasis on the link between
developments and business trends in the underlying physical
markets, and how these affect prevailing derivatives activity. In
addition, this year's Forum debated the major developments in the
legal and regulatory fronts, as well as the challenges in trading,
clearing, and financing, over the past 12 months.
FORUM STRUCTURE & PRESENTERS
The structure of this year's Forum featured provocative panel
discussions, roundtables and presentations by top industry experts,
followed by a networking cocktail reception. What follows is a
brief summary of the day's events:
ROUNDTABLE: "DODD-FRANK DEBATE" Moderator: Mark
Allan Smith, Partner- PricewaterhouseCoopers Panelists: Thomas Sexton III,
Senior Vice-President, General Counsel & Secretary - National Futures Association Tom LaSala, Managing
Director & Chief Regulatory Officer - CME
Group Daniel N. Budofsky, Partner, Derivatives &
Structured Products - Davis Polk & Wardwell
LLP Michael Loesch, Partner- Norton Rose
Fulbright Gary Simpson, Director- Deutsche Bank (NYSE: DB)
The Dodd-Frank Act and related rulemaking by the CFTC and SEC
are having a large impact on companies who use derivatives in the
energy and commodity markets, even those who are merely hedgers or
end-users. Dodd-Frank introduces new requirements for clearing and
reporting of transactions, and mandates changes in the interactions
between market participants. Although many rules have been
finalized, additional developments are still in process in areas
such as trade execution, clearing, position limits and regulatory
enforcement. In addition, financial regulatory reform in Europe
(such as the EMIR regulations that are now coming into effect) and
other geographies are adding to the complexity of cross-border
activity in the commodity markets. Market participants must
continue to actively engage with their counterparties and advisors
to manage through the changes resulting from these continuing
regulatory developments.
PANEL: "IRON ORE & STEEL: Physical Markets
and Derivatives" Moderator: Kurt Fowler, Business Development
Manager - The Steel Index Panelists: Young-Jin Chang,
Director Metals Research and Product Development-
CME Group Colin Richardson, Managing Editor, Steel Markets
Daily- Platts Spencer Johnson, Risk Manager
Ferrous Products- INTL-FCStone
The iron ore - steel panel provided the Global Derivatives Forum
attendees with an opportunity to understand the current physical
market dynamics of the global industry. The transactional
possibilities of the financial side and the ferrous markets were
also explored with panelists from a market exchange, an industry
market reporter and a broker involved in the evolution of the
markets.
PANEL: "COAL: Physical Markets and Derivatives"
Moderator: Michael Sackheim, Partner - Sidley
Austin LLP Panelists: Bernie Muich, Director - CME Group Ola
Strand Andersen, Managing Director- Marex
Spectron Asia Pte Ltd
The Coal Panel discussed recent developments in coal trading.
Topics included: the trading and clearing of coal futures, the
ability of commercial entities that use swaps for risk mitigation
purposes to for a new regulatory exclusion from being mandatory
swaps clearing, the emergence of Pacific coal benchmark indices,
the impact of China on the coal market, the development of export
capacity in the U.S. and its link to unconventional gas and
environmental concerns, and aligning trading instruments with
production trends in the U.S.
The Panel was comprised of a derivatives trading lawyer, the
manager of coal products at the Chicago Mercantile Exchange, a coal
trader and a coal broker.
PRESENTATION: "VOLATILITY IN THE FUEL OIL
MARKET" Charley Davies, Vice President Commercial Services-World
Fuels Services (NYSE: INT)
Fuel oil markets will continue to be challenging for both end
users and suppliers given the uncertain supply and demand picture
along with the fast changing oil prices. Opportunistic flows of oil
by trading companies will keep markets off balance and make
navigating spot markets very difficult. Regulatory changes in the
near future will contribute for more fluctuations in prices and
availability.
PANEL: "THE FUEL OIL MARKET" Moderator: Nick
Tavlarios, President - Aegean Marine
Petroleum Network (NYSE: ANW) Panelists:
Charley Davies, Vice President Commercial
Services - World Fuels Services Dana
Fraktman, VP Marine Fuel Oil Supply & Trading-Global Companies LLC (NYSE: GLP) John
Kingston, Global Director, News- Platts Tammi
Welch, VP Petroleum Services - LQM Adrian
Tolson, Regional Manager, Physical Operation - OW Bunkers
This panel focused on Volatility in the Fuel Oil market and
further evaluated the following subtopics: The Regulations imposed
by the IMO (International Maritime Organization) and its
restrictions on Sulphur and Emissions; Technology the Bunker
Business; Impact of Shale Oil Crude; Impact of Credit and Financial
Liquidity; Impact of the Expansion of the Panama Canal.
PANEL: "TRADING, SETTLING & FINANCING
DERIVATIVES TRADES" Moderator: Richard Baker, Founding Member
- Cleartrade Exchange Panelists: Catherine E.
Napolitano, Deputy General Counsel OTC Derivatives- INTL-FCStone Markets LLC Myles Edwards, Chief
Compliance Officer, Constellation Wealth Advisors
LLC Martin Vera-Branch Manager- FIS
USA
The "Trading, Settling and Financing Derivatives" panel
moderated by Richard Baker, CEO Cleartrade Exchange sought to
explore the practical implication of the Dodd Frank rules at the
"Point of Trade" and in respect of "Trade Reporting". How ready is
the market? The panel debated the levels of Know Your Customer
(KYC) information required by counterparties ahead of orders being
matched and forming trades and sought to find out how well
intermediary brokers are doing in helping clients meet compliance.
This coupled with new timing rules associated to registering trades
within 15 minutes and clearing the trade in 2 minutes, places
greater importance on right first time transaction. The panel
concluded that the existing subject to clearing model for swaps is
at an end as the new Dodd Frank rules drive much more towards
real-time clearing and reporting. The panel also touched on the
topic of "What's not in Title VII". There are numerous exemptions
resting outside the new CFTC swaps rules which leave end users,
intermediaries and trading venues at risk of not knowing which side
of compliance they are on. The industry has embraced much of the
new definitions however; much more is to come, in particular,
beyond the US borders as similar rules get implemented. One thing
is for sure, technology and education play a critical role in
helping all participants meet compliance in this new regulated
swaps world.
PRESENTATION: "LEGAL CHALLENGES" Presenter:
Brian Perrott, Partner - Holman Fenwick
Willan LLP
This topic looked at the interaction between a claim for breach
of contract and profit and loss under a related hedging position.
Both worlds tended to be viewed by traders and lawyers in
isolation, but we have seen an increasing trend, both in England
and the US, to grapple with the impact of one on the other -- a
profit on a physical resale following breach can still result in a
loss on a related hedging position -- a recoverable loss. Brian
discussed ways in which the losses and costs of hedging can be
recoverable and some of the defences used by those seeking to
resist recovery. Brian is a leader in this area having both unique
experience of physical trading and derivatives. Brian's experience
unites both worlds.
PANEL: "THE DRY BULK FREIGHT MARKET" Moderator:
Brian Houst, Director of Freight - Dome
Chartering & Trading Corp. Panelists: Tom Beney, President
- Cargill Ocean Transport USA Fred Gordon,
SVP Corporate Affairs - Navios Maritime
Holdings (NYSE: NM) Peter S. Sandler,
Portfolio Manager- Louis Dreyfus Investment Group
USA
Discussions began with a focus on the 5 year anniversary of the
Lehman Brothers' collapse and an analysis of the current market. We
were able to dissect if it was truly a recovery in the market or
just a perfect storm of micro economic commodity factors affected
the market. Another very important topic was on how slow steaming
or more the idea that slow steaming could cease and approx.
overnight you could add 20% of the fleet back into the market. In
summary the focus was well maintained on the fundamental dry bulk
market.
PANEL: "THE WET FREIGHT MARKET" Moderator: Mike
Reardon, Manager Global Strategy & Freight Trading
- Phillips 66 (NYSE: PSX) Panelists: Matt Heinemann,
Principle Consultant Trading Chartering - Statoil
Marketing & Trading (US) Inc. Richard Arnesen, Global Head
of Tankers- Marex Spectron Robert Bugbee,
President - Scorpio Tanker (NYSE: STNG)
Per Heilmann, Executive Vice President &
Chief Risk Officer- Heidmar Inc.
The tanker panel focused mainly on the clean products sector.
The potential for an increase in ton-miles has provided optimism
for the sector. Though this has caused a fair amount of new build
ordering within this asset class, the current orderbook appears
manageable.
PANEL: "THE CONTAINER MARKET" Moderator:
Richard Heath, Director - World Container
Index Panelists: Tasos
Aslidis, Chief Financial Officer and
Treasurer - Euroseas Ltd. (NASDAQ: ESEA)
Bill Rooney, Vice President Trans-Pacific
Seafreight - Kuehne + Nagel Jean Marie LaMay,
Head of Commodity & Freight Solutions - HSH
Nordbank AG Peter Shaerf, Deputy Chairman-
Seaspan
Discussions covered the changing dynamic of ship size in the
sector with vessels deployed on mainline trades growing quickly and
the pressure that this places on other trades when smaller vessels
are cascaded. The continuing feature of freight rate volatility and
when liner trades may transition from an over supplied to
equilibrium situation. The growing derivatives market was discussed
covering which types of organizations are using these tools and
also how participation can be increased.
ROUNDTABLE: ANALYSTS Moderator: Clay
Maitland, Managing Partner - International
Registries, Inc. Panelists: Urs M.F.E. Dür, Managing Director, Senior Equity
Analyst - Clarkson Capital Markets Michael
Webber, Senior Analyst - Wells Fargo &
Company Ben Nolan, Director Maritime Research- Stifel Financial Corp.
The Analyst panel discussed recent developments in the various
shipping sectors, including dry bulk, crude and product tankers,
liquefied natural gas (LNG) and containers. There was wide
consensus on the outlook for both the product and crude tanker
spaces, based upon changes in traditional geographic refinery
capacity, along with significant changes in ton-mile demand.
Capital raising activity has been quite robust, particularly in the
dry bulk and product tanker markets thus far in 2013; the panel
examined the availability of capital for shipping from both
traditional banking sources, as well as the private equity
market.
Conference Materials All conference
materials including presentation slides and audio files are
available on Capital Link's website, at: http://forums.capitallink.com/shipping/2013derivatives/index.html
ORGANIZER - CAPITAL LINK, INC.
Capital Link is a New York-based advisory, investor relations,
and financial communications firm. Capitalizing on our in-depth
knowledge of the shipping industry and capital markets, Capital
Link has made a strategic commitment to the industry, becoming the
largest provider of investor relations and financial communications
services to international shipping companies listed on the U.S. and
European Exchanges. Capital Link's headquarters are in New York
with a presence in London and Athens. Capital Link is a member of
the Baltic Exchange. In addition to the two recognitions from the
Intercontinental Finance Magazine, Capital Link won in 2011 a
Lloyds List Greek Shipping Award for its contribution to the
shipping industry.
In our effort to enhance the information flow to the investment
community and improve awareness about shipping and the maritime
sector to a wider audience, Capital Link has undertaken a series of
initiatives beyond the traditional scope of our investor relations
activity, such as:
www.CapitalLinkShipping.com: A free,
web-based resource that provides information on the major shipping
and stock market indices, as well as on all shipping stocks, it
also features an earnings and conference call calendar every
quarter, industry reports from major industry participants, and
interviews with CEOs, analysts, and other market participants.
Weekly Capital Link Shipping Markets
Report: A free weekly report with information on the news and
activity of all U.S., UK, and Milan listed shipping companies, it
offers a review of the dry bulk, tanker, container, sales, and
purchase shipping markets, a review of the equity and bond markets
for shipping, interviews, company profiles, and more. This report
is distributed to an extensive audience in the U.S. and European
shipping investor community.
Sector Forums & Webinars: Capital Link
organizes panel discussions among CEOs and analysts on various
shipping sectors (container, dry bulk, and tanker) and on other
major topics of interest.
Capital Link Invest in Shipping Forums:
Spanning across New York, Athens, and London, these forums bring
together investors, financial advisors, listed companies' CEOs,
analysts, and shipping industry participants.
www.MaritimeIndices.com: Through the
Capital Link Maritime Indices, Capital Link has developed and
maintains a series of stock market maritime indices, which track
the performance of U.S. listed shipping stocks (CL maritime Index,
CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG
Index, CL Mixed Fleet Index, CL Shipping MLP Index - Bloomberg
page: CPLI). These Indices are also accessible through Bloomberg,
Reuters, and FactSet.
www.MaritimeCSR.com:
Capital Link has developed a new initiative focusing on
Sustainability - it aims to identify and showcase best corporate
practices in innovation, environment, health, safety and corporate
governance in the maritime and offshore sectors. This initiative
includes a web based information resource, am Annual Conference
taking place in London every October, webinars and informational
newsletters and reports.
MLP.Capitallink.com: Our newest
initiative, visitors can track the ever growing Master Limited
Partnership (MLP) space, and access the press releases, daily news,
blogs, daily & historical prices for all 120+ MLPs. Features to
the portal include comparative charts, factsheets, presentations,
webinars and much more.
FOR FURTHER INFORMATION: To become part of our database
and to be invited to future events or for any other request please
contact: New York - U.S.A. Nicolas Bornozis & Eleni Bej
+1 212 661 7566 derivatives@capitallink.com Athens - Greece
Olga Bornozi & Maria Chercheletzi +30 210 6109 800
marketing@capitallink.com London - U.K. Ioanna Messini + 44
(0) 20 3206 1322 imessini@capitallink.com www.capitallink.com
www.capitallinkshipping.com www.capitallinkforum.com 230 Park
Avenue Suite 1536 New York, NY 10169 Tel.: (212) 661-7566 Fax:
(212) 661-7526 www.capitallink.com
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