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FIA Forum: Commodities 2023

Commodity Derivatives Markets in the Age of Uncertainty

13 September 2023 - 14 September 2023 • 12:00 PM - 4:00 PM CT • The Houstonian • Houston, TX

Historic market developments fueled by climate change, the energy transition and geopolitical events are impacting all facets of commodity firm operations. FIA Forum: Commodities 2023 returns to Houston 13-14 September for in-depth discussions of these trends and their implications for physical commodity and derivatives markets.

Sessions will examine the impact of higher volatility and margin constraints on hedging strategies, lessons learned from recent market disruptions in the US and Europe, and new opportunities in carbon and renewables.

Sessions will also focus on legal and compliance risks, including enforcement trends and regulatory initiatives at the CFTC and FERC, trade surveillance and compliance programs, and regulatory considerations for firms operating in Europe, the Americas and Asia-Pacific region.

The program will showcase expertise from across the industry, including energy producers and refiners, trading firms, financial institutions, regulators, exchanges, law firms and consultants. For lawyers in attendance: six CLE credit hours are pending in Texas, Virginia and Illinois. The full program can be viewed below.

The Forum will offer many opportunities to network, from an opening night cocktail reception, to breakfast and lunch on day two, and refreshment breaks throughout the two days of programming.

Registration

FIA Member	$500
Non Member	$600
Government/Regulator	$225

This event is closed to the press.
If you have issues registering, please contact FIA memberservices@fia.org.

Curious about who participated last year? Check out the 2022 Event Profile.

Event Details

12:00 p.m. - 5:00 p.m.
Registration Open & Exhibitor Showcase
Lanyards sponsored by Allen & Overy LLP

1:00 p.m. – 1:15 p.m.
Welcome Remarks

Speaker:

Michael Sorrell, Deputy General Counsel, US, FIA

1:15 p.m. – 1:45 p.m.
Keynote Address – Linkages between Commodity Markets and the Financial System

Sam Schulhofer-Wohl of the Federal Reserve Bank of Dallas will talk about the linkages between commodity derivatives markets and the financial system as well as the lessons learned from recent episodes of volatility in commodity markets.

Speaker:

Sam Schulhofer-Wohl, Senior Vice President and Senior Advisor to the President, Federal Reserve Bank of Dallas

1:45 p.m. – 2:45 p.m.
Energy Trends

This panel will discuss the trends shaping the energy markets and the impact of those trends on the trading of futures, swaps, options and other derivatives.

Moderator:

Rob Vujtech, Managing Director, Global Head of Commodity Futures Clearing, Morgan Stanley

Speakers:

Peter Keavey, Global Head of Energy and Environmental Products, CME Group
JC Kneale, Head of Power and Gas Markets North America, ICE Inc.
Cody Moore, Head of Gas and Power Trading, Mercuria Energy America

2:45 p.m. – 3:15 p.m.
Networking Break

3:15 p.m. – 4:15 p.m.
CONCURRENT

Enforcement Cases
Enforcement experts will discuss the latest cases brought by the CFTC, DOJ and exchanges and practical implications for traders and firms.

Moderator:

Ellen Wheeler, Partner, Foley & Lardner

Speakers:

Michael Loesch, Partner, Baker Botts
Katy McArthur, Partner, Sullivan & Cromwell
Ian McGinley, Director, Division of Enforcement, CFTC
Greg Mocek, Partner, Allen & Overy
Andrew Vrabel, Managing Director & Chief Regulatory Officer, CME Group

Art of Hedging
This panel will discuss the challenges facing commodity traders and end-users that use derivatives to hedge their exposures to volatility in commodity prices. What risks are being hedged, what instruments are being used to make those hedges, and how the hedges are executed and maintained?

Moderator:

Jeffrey Ollada, Managing Director, Futures and Options, Mizuho Americas

Speakers:

Brennan Higgins, Managing Director, Structured Derivatives and Trading, Macquarie
Karen Kearby, Director, Energy Trading, AEGIS Hedging Solutions
Kevin Kindall, Director of Quantitative Analytics, Hartree Partners
David Sotelo, Head of Energy Futures/Options, ADM Investor Services

4:15 p.m. – 4:30 p.m.
Break

4:30 p.m. – 5:30 p.m.
CONCURRENT

Trade Surveillance
Panelists will share their tips and experience in the design and implementation of effective trade surveillance and compliance programs for trading firms that operate in physical and financial markets.

Moderator:

Diane Zeiler, Head of Compliance – US, Hartree Partners

Speakers:

Frank Hayden, Vice President Trading Compliance, Calpine
Sulmaan Lateef, Associate Director – Trading Compliance, Macquarie Energy
Greg Lawrence, Shareholder, Greenberg Traurig
Shaun Ledgerwood, Principal, The Brattle Group
Ryan McArthur, Market Regulation, Manager, ICE Futures U.S.

What’s Next for Energy Supply and Demand
This panel will discuss some of the main influences on current prices in the oil and gas futures markets, including the outlook for both supply and demand as well as current trading dynamics.

Moderator:

Will Acworth, Senior Vice President, Data & Research, FIA

Panelists:

Matthew French, Analyst, Office of Energy Analysis, U.S. Energy Information Administration
Bob Yawger, Energy Futures Strategist, Mizuho Securities USA

5:30 p.m. – 7:00 p.m.
Networking Reception
Co-Sponsored by Clifford Chance US LLP and Willkie Farr & Gallagher

Event schedule subject to change.

6:30 a.m. - 7:30 a.m.
Boot Camp Fitness Class
Sponsored by Katten

Start your day off right and join your fellow attendees bright and early for a morning workout featuring bursts of intense activity alternating with intervals of lighter activity This first-ever morning workout at the Commodities Forum, will challenge you no matter what your fitness level. Receive a complimentary t-shirt and enjoy light refreshments post workout!

7:30 a.m. - 8:30 a.m.
Continental Breakfast

8:00 a.m. - 4:00 p.m.
Exhibitor Showcase

8:30 a.m. – 9:15 a.m.
Washington Update

Government insiders will discuss federal legislative and regulatory initiatives that stand to impact energy and commodity markets and market participants, now and in the months and years to come.

Moderator:

Kyle Glenn, Vice President of US Government Relations, FIA

Speakers:

Dan Davis, Partner, Katten
Sarah Tomalty, Senior Advisor, US Regulatory Affairs, BP Energy Company
Mitchell Wilkinson, Legislative Director, Congressman Frank D. Lucas

9:15 a.m. – 9:45 a.m.
Keynote Fireside Chat

The Commissioners will discuss a range of policy and regulatory topics impacting energy and commodity firms, including their priorities for FERC and the CFTC, US energy infrastructure and how FERC and the CFTC coordinate on energy initiatives. The Q&A will offer a unique opportunity to hear from two federal agencies that oversee the US's vast and evolving energy and commodity complex.

Moderator:

Walt Lukken, President & CEO, FIA

Speakers:

James Danly, Commissioner, FERC
Summer Mersinger, Commissioner, CFTC

9:45 a.m. – 10:05 a.m.
Networking Break

10:05 a.m. – 11:05 a.m.
CONCURRENT

What’s New at FERC?
This session will review key FERC enforcement cases, regulations and policy initiatives and their real-world impacts on traders and firms in gas and power markets.

Moderator:

David Applebaum, Partner, Jones Day

Speakers:

Michael Brooks, Partner, Bracewell
Casey Khan, Counsel, Sidley Austin
Jeremy Medovoy, Deputy Director, Office of Enforcement, FERC
Dan Mullen, Partner, Steptoe & Johnson
Shannon O'Neil, Associate, Davis Wright Tremaine

Carbon Markets
This panel will provide an overview of current market trends in both the voluntary and the compliance carbon markets in North America and discuss their relationships with other commodity markets.

Moderator:

Jennifer Stewart, Director of Climate and ESG Policy, American Petroleum Institute

Speaker:

Edward Fraim, Senior Vice President, Carbon Platforms, Incubex
Deborah North, partner, Cleary Gottlieb
Jack Velasquez, Director of Environmental Products North America, Marex

11:05 a.m. – 11:15 a.m.
Break

11:15 a.m. – 12:15 p.m.
CONCURRENT

Energy Transition: Legal Issues
The global energy sector’s shift from fossil-based fuel production and consumption to renewable energy sources is in full swing. Opportunities abound in the form of new business ventures, revenue sources, tax incentives and financing. How can legal and compliance departments prepare to support forward-looking businesses?

Moderator:

Robert Fleishman, Partner, Kirkland & Ellis

Speakers:

Averill Conn, Associate General Counsel, Vitol
Kelly Funderburk, Attorney, Bank of America
Suedeen Kelly, Partner, Jenner & Block
Serena Rwejuna, Partner, White & Case
John Williams, Partner, Milbank

Current Trends in Power Markets
Power derivatives markets are more volatile than ever, thanks to climate change and the energy transition. This panel will discuss how market participants are adjusting their hedging strategies amid higher volatility and increasing complexity.

Moderator:

Demetri Karousos, President and Chief Operating Officer, Nodal Clear

Speakers:

Shikher Bisaria, Desk Head, East Power Trading, Citigroup Energy
Regis Devonish, Head of PJM Trading, AES
Teoman Guler, Head of US Power Trading, DRW

12:15 p.m. – 1:30 p.m.
Keynote Lunch Fireside Chat: Driving the Decarbonization of the US Economy

Walt Lukken will interview Kathleen Barrón of Constellation Energy. Kathleen will discuss the path to clean energy, the decarbonization measures in the Inflation Reduction Act, Constellation's investment in nuclear, wind and hydrogen, and its approach to hedging commodity risk.

Co-Sponsored by IncubEx and Nodal Exchange

Moderator:

Walt Lukken, President & CEO, FIA

Speaker:

Kathleen Barrón, Executive Vice President and Chief Strategy Officer, Constellation Energy

1:30 p.m. – 1:40 p.m.
Break

1:40 p.m. – 2:40 p.m.
CONCURRENT

Regulatory/Legal Issues for Swap Traders
Reporting, registration, position limits. Old issues are new again with updated CFTC regulations and guidance.

Moderator:

Yvette Valdez, Partner, Latham & Watkins

Speakers:

Neal Kumar, Partner, Willkie Farr & Gallagher
David Louw, Executive Director, JPMorgan Chase & Co.
Peter Malyshev, Partner, Cadwalader, Wickersham & Taft
Jennifer Minnis, Managing Counsel, Gas and Power Trading Americas, BP Corporation NA
Jamila Piracci, Principal, Roos Innovations

Biofuels
The biofuel industry is poised for rapid growth over the next several years as energy producers look for alternatives to conventional gasoline, diesel and jet fuel. How are processors and refiners hedging their risks, and how is the rise of this industry affecting the correlations between agricultural and energy prices?

Moderator:

Nelson Neale, President, CHS Hedging

Speaker:

Zander Capozzola, Vice President, Renewable Fuels, AEGIS Hedging
Dave Duggal, Head of North American Oil Origination, Macquarie
Joe Kleinman, Head of Grain and Oilseed Research, DRW
Matt Lueck, Technical Manager, Renewable Road Transport, Neste

2:40 p.m. – 3:00 p.m.
Networking Break

3:00 p.m. – 4:00 p.m.
Around the World in 60 Minutes
From sanctions to price caps to tariffs and trade tensions, global trading operations face legal and regulatory challenges in every corner of the world. Experts will survey the risks across the Americas, Europe and Asia-Pacific and offer insight for how to mitigate and avoid them.

Moderator:

Christiane Leuthier, Vice President, Commodities, FIA

Speakers:

Franck Borgel, Global Head of Commodities Agency, Société Générale
Fraz Malik, Regulation Advisor, Shell International Shipping and Trading Company Limited
Deanna Reitman, Of Counsel, DLA Piper
Jeff Steiner, Partner, Gibson, Dunn & Crutcher
Thane Twiggs, Risk Management, Chief Compliance Officer, Cargill

4:00 p.m.
Forum Concludes

Schedule subject to change.

David Applebaum, Partner, Jones Day
Kathleen Barrón, Executive Vice President and Chief Strategy Officer, Constellation Energy
Shikher Bisaria, Desk Head, East Power Trading, Citigroup Energy
Franck Borgel, Global Head of Commodities Agency, Société Générale
Michael Brooks, Partner, Bracewell
Zander Capozzola, Vice President, Renewable Fuels, AEGIS Hedging
Averill Conn, Associate General Counsel, Vitol
Dan Davis, Partner, Katten
Regis Devonish, Head of PJM Trading, AES
Dave Duggal, Senior Managing Director, Head of North American Oil Origination, Macquarie
Robert Fleishman, Partner, Kirkland & Ellis
Edward Fraim, Senior Vice President, Carbon Platforms, Incubex
Matthew French, Analyst, Office of Energy Analysis, U.S. Energy Information Administration
Kelly Funderburk, Attorney, Bank of America
Kyle Glenn, Vice President of US Government Relations, FIA
Teoman Guler, Head of US Power Trading, DRW
Frank Hayden, Vice President Trading Compliance, Calpine
Brennan Higgins, Managing Director, Structured Derivatives and Trading, Macquarie
Demetri Karousos, President and Chief Operating Officer, Nodal Exchange
Karen Kearby, Director, Energy Trading, AEGIS Hedging Solutions
Peter Keavey, Global Head of Energy and Environmental Products, CME Group
Suedeen Kelly, Partner, Jenner & Block
Casey Khan, Counsel, Sidley Austin
Kevin Kindall, Director of Quantitative Analytics, Hartree Partners
Joe Kleinman, Head of Grain and Oilseed Research, DRW
JC Kneale, Head of Power and Gas Markets North America, ICE Inc.
Neal Kumar, Partner, Willkie Farr & Gallagher
Sulmaan Lateef, Associate Director – Trading Compliance, Macquarie Energy
Greg Lawrence, Shareholder, Greenberg Traurig
Shaun Ledgerwood, Principal, The Brattle Group
Christiane Leuthier, Vice President, Commodities, FIA
Michael Loesch, Partner, Baker Botts
David Louw, Executive Director, JPMorgan Chase & Co.
Matt Lueck, Technical Manager, Renewable Road Transport, Neste
Fraz Malik, Regulation Advisor, Shell International Shipping and Trading Company Limited
Peter Malyshev, Partner, Cadwalader, Wickersham & Taft
Katy McArthur, Partner, Sullivan & Cromwell
Ryan McArthur, Market Regulation, Manager, ICE Futures U.S.
Ian McGinley, Director, Division of Enforcement, Commodity Futures Trading Commission
Jeremy Medovoy, Deputy Director, Office of Enforcement, Federal Energy Regulatory Commission
Summer Mersinger, Commissioner, CFTC
Jennifer Minnis, Managing Counsel, Gas and Power Trading Americas, BP Corporation NA
Greg Mocek, Partner, Allen & Overy
Cody Moore, Head of Gas and Power Trading, Mercuria Energy America
Dan Mullen, Partner, Steptoe & Johnson
Nelson Neale, President, CHS Hedging
Deborah North, Partner, Cleary Gottlieb
Jeffrey Ollada, Managing Director, Futures and Options, Mizuho Americas
Shannon O'Neil, Associate, Davis Wright Tremaine
Jamila Piracci, Principal, Roos Innovations
Deanna Reitman, Of Counsel, DLA Piper
Serena Rwejuna, Partner, White & Case
Sam Schulhofer-Wohl, Senior Vice President and Senior Advisor to the President, Federal Reserve Bank of Dallas
David Sotelo, Head of Energy Futures/Options, ADM Investor Services
Jeff Steiner, Partner, Gibson, Dunn & Crutcher
Jennifer Stewart, Director of Climate and ESG Policy, American Petroleum Institute
Sarah Tomalty, Senior Advisor, US Regulatory Affairs, BP Energy Company
Thane Twiggs, Risk Management, Chief Compliance Officer, Cargill
Yvette Valdez, Partner, Latham & Watkins
Jack Velasquez, Director of Environmental Products North America, Marex
Andrew Vrabel, Managing Director & Chief Regulatory Officer, CME Group
Rob Vujtech, Managing Director, Global Head of Commodity Futures Clearing, Morgan Stanley
Ellen Wheeler, Partner, Foley & Lardner
Mitchell Wilkinson, Legislative Director, Congressman Frank D. Lucas
John Williams, Partner, Milbank
Bob Yawger, Energy Futures Strategist, Mizuho Securities USA
Diane Zeiler, Head of Compliance – US, Hartree Partners

The Houstonian
111 North Post Oak Lane
Houston, TX 77024

FIA has reserved a block of rooms at The Houstonian. You must register for the forum before you may book your room. Information regarding the room reservation process will be described in your registration confirmation. 

Rates start at $299.00 per night and are quoted exclusive of applicable state and local taxes, occupancy, service, and/or other hotel specific fees (currently 17%). The cut-off date for the group rate is August 31, 2023. Rooms are available on a first-come, first-served basis. Please note that once the block is sold out, the hotel's market price applies regardless of the date of booking. 

Make sure to confirm all cancellation policies and forfeiture of deposits directly with the hotel when booking your reservation.

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Filming, Videotaping and Recording Policy:
No portion of this event may be filmed, videotaped or otherwise recorded for posting or distribution without prior authorization from FIA. Further, by registering for this program, you consent to FIA’s use, reproduction, editing, publishing and distribution of any photographs, videos and other recordings that FIA or its designated photographer may take of registrants and attendees during the program.

CLE Credits

CLE will be applied for in Texas, Virginia and Illinois. New York has a reciprocal agreement with Virginia. If you need a different state, please check their CLE requirements. If credit hours are approved, certificates will be issued after the conference. For more information about CLE credits, please contact Beth Thompson.