Agenda

10:00-10:05	Welcome Speech
10:00-10:05	Mai Tanaka Co-chair, Japan Regional Committee, FIX Trading Community Managing Director, Head of Trading, Nomura Asset Management co., Ltd
10:05-10:35	Keynote Speech 1
10:05-10:35	Issues and Challenges in Financial and Capital Markets Masahiko Saito Director of the Financial Markets Division Financial Services Agency In order to realize a "virtuous cycle of growth and distribution" toward an "Asset Management Nation" and link it to the growth of Japan's economy and the increase in people's asset incomes, further efforts are required from each entity that makes up the investment chain. This presentation will provide an overview of the FSA's efforts to address various issues surrounding Japan's financial and capital markets, including its efforts to make Japan an asset management powerhouse.
10:40-11:10	Keynote Speech 2
10:40-11:10	GPIF's Policy Asset Mix and Sophistication of Investment Kazuto Uchida President Government Pension Investment Fund Government Pension Investment Fund (GPIF) makes efforts to manage stable investment based on the policy asset mix in order to achieve the long-term investment target (the nominal wage growth rate + 1.9%), as well as to gain the excess return over the compound benchmark. In this session, I would like to introduce GPIF's initiatives to sophisticate the investment, such as the detailed rebalancing and selecting active funds.
11:15-11:35	Speech 1
11:15-11:35	The Future of TCA: AI, Data, and Smarter Trading Robert Capistron Head of Analytics Coverage - APAC Virtu Financial Join Rob Capistron from Virtu as he explores the future of Transaction Cost Analysis (TCA) in an AI-enabled trading world. This session will cover the basics of how machine learning, automation, and Generative AI are reshaping TCA workflows, allowing users to get more out of their data.
11:35-11:45	Speech 2
11:35-11:45	Why We're Investing in FIX Technology Brandon “Rym” DeCoster Product Management Team Leader Bloomberg FIX adoption is growing globally, and this trend is only going to accelerate. This makes FIX a powerful asset, and Bloomberg is making strategic investments in FIX technology. Brandon "Rym" DeCoster, Bloomberg's FIX product manager, will share some insights on why FIX is more crucial than ever in 2025 and beyond.
11:45-12:30	Lunch Break and Networking (Please join the buffet lunch available in the Exhibition area.)
12:30-13:00	Speech 3
12:30-13:00	Is Liquidity a Zero Sum Game? Speaker： Roman Ginis CEO, Imperative Execution Inc. Founder, IntelligentCross ATS Moderator： David deGraw Managing Director / Head of Algorithmic Trading Daiwa Securities Inc. IntelligentCross is the #1 ATS in the US market, trading $50 billion/day or 3% of US Total Market Notional Volume. Its parent company, Imperative Execution Inc. is the technology behind the Japan Alternative Market (JAX) PTS, which executed a meteoric launch in 2025 and now accounts for over 5% of total trading volume in Japan. JAX is operated by a consortium of leading Japanese retail brokers, including Rakuten and Monex. In this talk, Roman will discuss the market structure innovations that drove IntelligentCross’s success in the U.S. and the new liquidity created through market design, challenging the notion that liquidity is a zero sum game.
13:05-13:50	Panel Discussion 1
13:05-13:50	The Impact of AI on Asset Management: Risks and Opportunities Moderator： Yasunori Kasai Director, Product Management, Data & Analytics LSEG Panelists : Kiyoshi Izumi Professor The University of Tokyo Hitoshi Suko Deputy General Manager, IT Strategy Office, Investment Planning Division Mitsubishi UFJ Asset Management Co.,Ltd. Vlad Shurupov CEO Algoteq The evolution of AI—particularly generative AI—is transforming asset management operations by permeating various workflows and driving innovation. In this session, experts from diverse backgrounds will share their perspectives on the current challenges and key discussion points surrounding AI adoption in the industry, as well as explore future possibilities through real-world use cases.
13:55-14:15	Speech 4
13:55-14:15	The Possibility of New Financial Transactions Using Quantum Communications Tomoya Hamano Tech Strategy & Commercialization Manager Mitsui & Co. Atsushi Haruta Senior Sales Manager Quantinuum K.K. Quantum communication, leveraging the unique properties of quantum mechanics, enables protocols with distinctive advantages that were previously difficult to achieve. Features such as eavesdropping resistance, confidentiality, and instant authentication have the potential to dramatically enhance the security and speed of financial transactions. This presentation will provide an overview of the technology, explore the latest trends, examine challenges to practical implementation, and highlight use cases, offering insights into the potential of new financial transaction models.
14:20-15:10	Panel Discussion 2
14:20-15:10	Convergence of TradFi with DeFi & Crypto Moderator： Hiroshi Matsubara Co-chair, Japan Regional Committee FIX Trading Community Representative Pine Grove Research Panelists : Kenji Hoki Head of Web3.0 Promotion Support Division, KPMG Japan Director, Financial Services KPMG AZSA LLC. Yuki Tanaka Head of BlackRock Global Markets Division and Global Product Solution Division BlackRock Japan Co., Ltd. Ken Kawai Partner Anderson Mori & Tomotsune Eiji Kobayashi Country Head Japan Securitize Japan K.K. Major Western financial institutions put major focus on moving into digital finance. In the US, large volume of investments have been injected into Crypto Currency (BTC, ETH) -based ETF by the institutional buy-sides. And the tokenised MMF instruments issued by the major TradFi buy-side firms are attracting high liquidity from the on-chain investors. The latest move towards regulating crypto currency under FIEA (Financial Instrument Exchange Act) may change the landscape of crypto assets market in Japan. This panel intends to discuss the issues and what the future may hold with the evolving trend towards the convergence of TradFi with DeFi & Crypto in Japan.
15:15-15:55	Panel Discussion 3
15:15-15:55	The Changing JGB Market: Can Voice Trading and Electronic Trading Coexist? Moderator： Yasunori Ejiri Group Manager Trading Group Trading Department Sumitomo Mitsui Trust Asset Management Co., Ltd. Panelists : Takashi Kitsukawa Managing Director, Head of Macro Trading Mizuho Securities Co., Ltd. Miyuki Takemori Director Head of Sales Tradeweb Japan KK Toshifumi Niwa NissayAsset Management Corporation This panel discussion will focus on the Japanese Government Bond (JGB) market, and will discuss the current state of electronic trading and expectations from each perspective, the coexistence of electronic trading and voice trading, and the role of electronic trading in future market development. From the perspectives of sell-side, buy-side, and platform operators, the future of the JGB market will be envisioned, including comparisons with European and American markets and changes in market structure and human resources due to technological advances.
15:55-16:15	Coffee Break
16:15-17:05	Panel Discussion 4
16:15-17:05	Broadening the retail participation demographics in the Japan Equity Market Moderator： Masa Murakami Head of Quant Solutions Execution Japan, Executive Director UBS Securities Japan Co., Ltd. Panelists : Yusuke Maeyama NLI Research Institute. Hibiki Muneta Managing Director, Investment Division Simplex Asset Management Co., Ltd. Tomoaki Murano Business Development Department Professional Matsui Securities Co., Ltd. Masakatsu Yamada Chief Executive Officer Japannext Co., Ltd. Takahiro Yoshida Retail Marketing Section Manager & Editor-in-Chief Tokyo Stock Exchange, Inc. While the retail participation rate in the Japanese market is not extremely low at 20–25%, margin trading via online brokers accounts for a significant share of single stock transactions, limited to large-scale day traders. Therefore, from the perspective of expanding the base demographics of individual investors, we will discuss further revitalizing retail trading through topics such as the ripple effects of NISA, increasing awareness of ETF products, enhancing hedging methods in personal trading, and improving capital efficiency.
17:10-18:00	Panel Discussion 5
17:10-18:00	New Liquidity Moderator： Gucci Yamaguchi Head of Liquidnet Japan Panelists : Akiko Imai Global Head of New Sales Virtu Financial Satsuki Oyamada Head of Electronic Sales Trading, Execution Services Nomura Securities Co. Ltd. Gosuke Sakamoto Senior Vice President, Electronic Sales Trading, Equities Department Jefferies Japan Ltd. Junya Umeno Head of Japan OneChronos A candid discussion with the leaders reshaping dark pools—current state, challenges, and the future of liquidity.
18:05-18:55	Panel Discussion 6
18:05-18:55	Definition of #1 Execution Broker Moderator： Mie Kobayashi Goldman Sachs Japan Co., Ltd. Panelists : Kenji Takeda Senior Trader Nomura Asset Management Co.,Ltd. Yuki Tanaka Head of BlackRock Global Markets Division and Global Product Solution Division BlackRock Japan Co., Ltd. Masatsugu Takiyama Chief Trader Mitsubishi UFJ Trust and Banking Corporation Ako Nishi Executive Director, Central Dealing J.P. Morgan Asset Management (Asia Pacific) Limited. As financial market environment continue to evolve, the needs from the buy-side traders and the structure of the sell-side execution brokers have been evolving. We have gathered with representative from active and passive buy-side firms from Japan and overseas to discuss what defines the # one execution broker
18:55-19:00	Closing Remarks
18:55-19:00	Hiroshi Matsubara Co-chair, Japan Regional Committee FIX Trading Community Representative Pine Grove Research
19:00-20:30	Cocktail and Networking (Please join the cocktail reception.The buffet style light meal and alcohol is available in the Exhibition area).