Risk Management conference

Transcription

1 24th annual Risk Management conference Chicago Board Options Exchange CBOE Futures Exchange Hyatt Regency Coconut Point Resort & Spa Bonita Springs, Florida MARCH 9-11,

2 The Risk Management conference The Risk Management Conference is one of the financial industry s leading events. This conference is an educational forum where end users of derivatives discuss the policies, tools and systems they use to manage risk exposures and enhance yields. The conference provides an ideal setting for users and prospective users of exchange-traded derivatives to network with their peers in an informal environment where the most progressive information about risk management can be exchanged. The Risk Management Conference is the only derivatives conference of its kind: Featuring a comprehensive futures and options educational series Offering sessions led by industry practitioners and researchers Hosted by the industry leader, dedicated to excellence in derivatives education Whether you are interested in learning the latest risk management techniques, or simply mastering the fundamentals, the 2008 Risk Management Conference will be a valuable experience. If you are a financial professional looking to stay current with trends and developments in the area of financial derivatives and their use in managing risk, you must not miss this event. who should attend: Pension Plan Sponsors Portfolio Managers Foundation & Endowment Officials Mutual Fund Managers Corporate Treasury Executives Investment Advisors Chief Financial Officers Consultants The enclosed information contains more about the 2008 Risk Management Conference. The information provided includes a program schedule, conference registration information, hotel accommodations and other travel related information. The conference website will be continually updated to reflect speaker confirmations and other added program features. Visit for the latest details.

3 program AGENDA Sunday, March 9 11:00 12:30 Conference Registration 12:30 1:45 Fundamentals of Options Options Terminology and Mechanics Options terminology Profit/loss diagrams Exercises that teach mechanics at expiration Gary Trennepohl, President, Oklahoma State University - Tulsa 1:45 2:00 Coffee Break 2:00 3:15 Options Price Behavior and Strategy Selection Option price behavior and planning trades P/L diagrams of intermediate and advanced strategies Introduction to futures contracts and futures pricing Jim Bittman, Senior Staff Instructor, CBOE Options Institute 3:15 3:30 Coffee Break 3:30 4:45 Options Income Strategies Option strategies that target increased portfolio income Risks, rewards and the unique thinking process CBOE s BXM Index for covered writing John J. Harrington, CFA, Executive Vice President, Director of Investments, Rampart Investment Management Co. 4:30 5:30 Conference Registration 6:00 8:00 Opening Reception Royal Palm Courtyard Monday, March 10 7:45 8:30 Continental Breakfast Conference Registration 8:30 9:00 Welcome Remarks by CBOE Chairman and CEO William J. Brodsky 9:00 10:00 Volatility As An Asset Class Historical analysis of over 50 systematic listed and OTC volatility selling strategies within a risk/return framework Sizing volatility positions to meet specific risk targets Ranked performance of strategies and sources of outperformance Results from adding volatility to traditional equity/bond portfolios Krag Buzz Gregory, Equity Derivative Strategist, Goldman Sachs 10:00 10:15 Coffee Break 10:15 11:30 Track A Latest Developments The Long and Short of Volatility Trading Relationships between implied and realized volatilities Use of VIX products and standard listed options Timing and other issues in entering and exiting positions Bud Haslett, CFA, FRM, Director of Option Analytics, Miller Tabak + Co., LLC Stuart J. Rosenthal, CFA, Portfolio Manager, Credit Suisse Volaris Dominic Salvino, VIX Specialist, Group One Trading, L.P. Track B Fundamentals of Options Options Insurance Strategies Traditional protective puts and collars Innovative protection techniques Adjusting protection levels as the market moves Gary Trennepohl, President, Oklahoma State University - Tulsa Walter Sall, Chairman, Gateway Investment Advisors, L.P.

4 11:30 11:45 Coffee Break 11:45 12:30 Keynote Speaker: Peter L. Bernstein, Economist and Author of Against the Gods, The Remarkable Story of Risk; Capital Ideas and Capital Ideas Evolving 12:30 1:45 Lunch and Networking 1:45 3:00 Track A Using Options and ETFs to Express Views on the Market Considering listed options in the asset allocation decision Writing put and call options for income enhancement Educating institutional and individual investors on prudent uses of options ETFs and other funds to provide exposure to options-based benchmark indexes Ben Fulton, Executive Vice President, PowerShares Mohammed Riad, Managing Director & Chief Derivatives Strategist, Fiduciary Asset Management, LLC Track B Options Price Behavior and the Greeks Develop realistic expectations about how option prices change Introduction to volatility and its impact on option prices The unique thinking process for planning option trades Jim Bittman, Senior Staff Instructor, CBOE Options Institute Mike Leon, Senior Vice President, Northern Trust 3:00 3:15 Coffee Break 3:15 4:30 Track A Cross Asset Volatility Trading Analyzing credit spreads versus equity volatilities Hedging equity, credit and macro portfolios with equity volatility products Advanced VIX strategies Kevin Duggan, Director of Equity Products, Ontario Teachers Pension Plan Joshua Spitz, Volatility Trader, Lehman Brothers, Inc. Track B Tools for Increasing the Efficiency of Stock and Options Trading Enacting the new portfolio margining system, how it works and changes needed Single stock futures strategies for better trade financing Doug Engmann, Managing Director of Equities, Newedge USA, LLC Mark Esposito, Managing Director, OneChicago Tuesday, March 11 7:30 8:00 Continental Breakfast 8:00 9:00 Keynote Speaker: Dr. David M. Blitzer, Managing Director and Director of the Index Committee, Standard & Poor s 9:00 9:15 Coffee Break 9:15 10:30 Track A Hedging Concerns of Plan Sponsors Managing the equity component of liability driven investing Implementing equity derivative overlay strategies Truncating tail risks and locking gains Defined benefit risk management Rick Ballsrud, CFA, Senior Portfolio Manager & Principal, The Clifton Group Susan Slocum, Treasurer, Children s Hospital and Clinics of Minnesota Track B Put Writing - Is It Right for You? Myth vs. Reality - Should Put Writing be Controversial? Identifying and controlling risks Real World experience with implementation Exploring the benchmark index - the CBOE S&P 500 PutWrite Index (PUT) Gary Trennepohl, President, Oklahoma State University - Tulsa Jason Ungar, Director, Ansbacher Investment Management, Inc.

5 10:15 10:30 Coffee Break 11:00 12:15 Track A Credit Derivative Valuation and Trading Credit derivative primer for equity options traders Comparing listed and OTC market structures, determining fair value Case studies of cross-market strategies J. D. Cronin, Chief Risk Officer, Delaware Street Capital Rich Tanenbaum, President, Savvysoft Track B Tactical Option Strategies Advanced strategies that target specific objectives Increasing exposure but not risk over a limited range Adding leverage without increasing risk Targeting purchase prices by combining put strikes Range trading to adjust position size Jim Bittman, Senior Staff Instructor, CBOE Options Institute Gary Trennepohl, President, Oklahoma State University - Tulsa 12:15 End of Conference Sessions 1:00 Golf Tournament at Raptor Bay (private golf course) Shuttle buses leave from Hyatt lobby to Raptor Bay every 15 minutes. Registration fee schedule Registration is available online at or you may mail in the enclosed registration form. The registration fee for the Risk Management Conference includes all conference sessions, breakfasts, lunch on Monday and the Sunday evening welcome reception, as well as a gift for all delegates. Spouses may attend social events at no charge; however, they must register in advance of the conference to gain admittance. The golf tournament registration fee of $150 per person is in addition to the registration fee. Hotel reservations must be made separately from the conference registration. Early registration: $1550 before February 8, 2008 Standard registration: $1750 before February 15, 2008 Late registration: $1850 February 15 to March 8, 2008 On-site registration: $1950 from March 8 End user discount $800 Special registration fee is available for approved Pension Plan, Endowment Fund, Foundation and Family Fund Managers; Portfolio or Money Managers; and Institutional Investment Consultants. (Application will be approved by conference organizers). Cancellation policy If you are unable to attend the Risk Management Conference, another individual from your firm may attend in your place, or we will provide a full refund if your cancellation is received in writing prior to February 8, After that date and through February 27, 2008 a $250 processing fee will be deducted from your refund. There will be no refunds distributed after February 27, Golf tournament registration Raptor Bay Golf Club, ranked among the top 10 favorites by Gary Van Sickle, senior writer for Sports Illustrated, is the first resort course in the world to receive Audubon International s Gold Signature Sanctuary Certification. Raptor Bay has made a commitment to environmental stewardship and sustainable practices. The tournament quality course features wide fairways, one height of cut throughout and five sets of tees to give players of every skill level a memorable outing.

6 CPE credits available This Conference is registered with the National Association of State Boards of Accountancy (NASBA). By attending this Conference, you can earn a maximum of 10 CPE credits. No prerequisites or advance materials are required to attend this Conference. All CPE credit sessions are identified on the program agenda by a specific code and range from beginner to intermediate to advanced level sessions. Hotel and Travel Accommodations The 24 th Annual Risk Management Conference will be held at the Hyatt Regency Coconut Point Resort and Spa in Bonita Springs, Florida (half-way between Ft. Myers and Naples on the Gulf coast). Featuring spacious guest rooms, you can rest assured that your RMC experience at Hyatt Regency Coconut Point will be relaxing and memorable. Hotel Reservations must be made separately from the conference. Hotel and transportation fees are not included in the conference fee. The discounted conference rate for the Hyatt is $329 per night (single or double occupancy). A limited number of suites are available upon request. In order to secure the discounted conference rate, hotel reservations must be made before February 8 th, The discounted rate may not be available after that date. We recommend that you make your reservations as quickly as possible, as rooms tend to sell out quickly! You can book your hotel online, through the Risk Management Conference website or by contacting the hotel directly at Please identify yourself as being with the Risk Management Conference in order to receive the conference rate. If you wish to extend your stay, we have arranged for the special reduced room rate to apply from Friday, March 7 through Wednesday, March 12, 2008 (subject to availability). Fort Myers airport (RSW) is serviced by many of the major airline carriers, including American, Continental and Delta Airlines, as well as Spirit, Southwest and Jet Blue Airlines. * Attendance is limited to approved registrants.

7 Registration 24th annual Risk Management conference Early Registration (Before 2/8/08) $1,550 Standard Registration (Before 2/15/08) $1,750 Late Registration (2/15/08-3/8/08) $1,850 On-site Registration* (From 3/8/08) $1,950 End User Discount* $800 * Applies to corporate treasurers; pension, foundation or endowment fund officials; portfolio or money managers; and institutional investment consultants. PLEASE PRINT CLEARLY Mr. Ms. Title Badge/Nickname Firm Address City State Zip Phone Spouse (There is no charge for spouses, but they must pre-register.) Please check one Your position within the organization you will represent at the Conference: Corporate Treasurer Consultant Pension, Foundation or Endowment Fund Official Investment Firm or Money Manager Brokerage Firm Representative Other Which exchange-traded derivatives have you used? Fixed Income Futures Equity Index Futures Equity Options Fixed Income Options None Other What are your primary uses of exchange-traded derivatives? Income enhancement Hedging and risk management I have not used them Other What is your primary objective in attending the Conference? Fees $ + $ = $ (Registration Fee) (Golf Fee -$150) (Total Payment) Payment Options Check (Made payable to Chicago Board Options Exchange) Visa MasterCard AmEx PLEASE PRINT CLEARLY Cardholder Account Number Expiration Date *Attendance is limited to approved registrants. MAIL Check payable to: Signature FAX Credit card payment only: Chicago Board Options Exchange (312) c/o Felicia Garcia 400 S. LaSalle St. Chicago, IL PHONE For questions regarding RMC: (312) th annual Risk Management conference Visit for the latest details.

8 24th annual Risk Management conference PREMIUM SPONSOR Standard & Poor s SPONSORS Barron s Bloomberg Bloomberg Magazine Chicago Trading Company (CTC) Dow Jones Indexes FIA Magazine FOW Magazine FO Week Futures and Options Trader Magazine Group One Trading L.P. Institutional Investor Interactive Brokers Group, Inc. InterContinental Exchange (ICE) Investor s Business Daily Investment and Pensions Europe (IPE) John Lothian Newsletter Merrill Lynch Newedge USA, LLC Pensions & Investments (P&I) PTR, Inc. Russell Indexes thinkorswim, inc. Trader Monthly Wall Street Journal Wolverine Execution Services X-Change Financial Access LLC (XFA) Chicago Board Options Exchange is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, TN, Phone