If you are unable to attend but would like to receive
documentation from this conference,
please call 312.540.3010
If you have any questions please fill out an online inquiry.
If you would like to register for an ICM Conference please fill out an online registration form.
Or contact Alyson Smith in New York at (212) 983-3500 to register.
8:30 REGISTRATION & COFFEE
9:00 CHAIRPERSON'S OPENING REMARKS.
Seth J. Masters Chief Investment Officer, Emerging Markets Sanford C. Bernstein
9:15 EXAMINING GROWTH TRENDS IN LATIN AMERICAN EQUITY MARKETS.
Statistical measures of equity market performance. Comparison of international benchmarks vs. IFC indices. Trends driving the growth of Latin American equity markets. Increased liquidity as measured by average daily value traded. Decreased volatility as measured by standard deviation. Market capitalization. Increase in initial public offerings. Growth in corporate earnings as reflected in P/E ratios over time. Other important indicators investors should consider.
Carmen Campollo Head Market Analyst for Latin America and The Caribbean INTERNATIONAL FINANCE CORPORATION
10:00 EXPLORING THE FUNDAMENTAL INADEQUACIES OF EMERGING MARKETS INDICES AS BENCHMARKS AND IMPLICATIONS FOR RISK.
Comparison of available indices. Investment characteristics of available indices. Shortcomings of available indices. Structuring a portfolio to enhance returns and reduce risk relative to indices.
Seth J. Masters Chief Investment Officer, Emerging Markets SANFORD C. BERNSTEIN
10:45 MORNING BREAK
11:15 OPTIMIZING INDEXED/QUANTITATIVE APPROACHES TO INVESTING IN LATIN AMERICAN EQUITY MARKETS.
Critical importance of benchmark decision. Implementing asset allocation decisions. Active/passive strategies. Style/tilt strategies. Single country/region approaches.
Ronald D. Frashure Executive Vice President ACADIAN ASSET MANAGEMENT
12:00 LUNCHEON FOR DELEGATES AND SPEAKERS.
1:15 UTILIZING DERIVATIVES TO EFFICIENTLY ACCESS EQUITY MARKETS.
Accessing equity markets in Latin America through equity derivatives. Key advantages of equity derivative products. Evaluating "theoretical" vs. "actual" equity derivative product availability.
David Duebendorfer Managing Director, Head of Global Equity Derivatives DEUTSCHE MORGAN GRENFELL
2:00 EXAMINING THE EVOLUTION OF THE LATIN AMERICAN EQUITY DERIVATIVES MARKET.
Summarizing developments and opportunities. Assessing specific risks in structuring, pricing and executing Latin American derivatives. Liquidity. Credit-convertibility. Data reliability. Regulatory constraints. Worked examples.
Ricardo Litvak Director, Latin American Equity Derivatives SALOMON BROTHERS
2:45 AFTERNOON BREAK
3:00 OVERCOMING LEGAL RISK IN LATIN AMERICAN EQUITY MARKETS.
Magnification of legal risk in equity markets. Examination of risks. Fraud risk. Freeze risk. Company risk. Limited liquidity. Exploration of the legal status of bilateral netting in Latin America. "Contracts for differences": Applications of gambling laws to the use of derivatives. Compensating for legal risk. Pricing models. Monitoring. Importance of local custodian. Examination of legal remedies.
Partner MAYER, BROWN & PLATT
3:45 ADDRESSING CUSTODY RISK IN LATIN AMERICA.
Advantages and disadvantages of using non-17f5 local custodians in local markets. Examining the implications of local custodian default. Comparison of local market regulations and oversights. Overcoming barriers within local market securities infrastructure. Physical settlement and registration. Existence of multiple classes of securities. Difficulties in income collection. Foreign ownership restrictions. Market entrance requirements.
Alejandro Berney VP & Regional Product Manager, Latin American Securities Services CITIBANK N.A. - BUENOS AIRES
4:30 A RATING AGENCY'S OUTLOOK ON LATIN AMERICAN SOVEREIGN RATINGS.
Overview of sovereign ratings in Latin America. Criteria for investment grade ratings. Determining the value of sovereign ratings as investment guidelines.
Vincent J. Truglia Managing Director and Co-Head, Sovereign Risk Unit MOODY'S INVESTORS SERVICE
5:15 CHAIRPERSON'S SUMMATION.
5:30 END OF DAY ONE.
If you are unable to attend but would like to receive
documentation from this conference,
please call 312.540.3010
If you have any questions please fill out an online inquiry.
If you would like to register for an ICM Conference please fill out an online registration form.
Or contact Alyson Smith in New York at (212) 983-3500 to register.