Round Table: «How a crisis from capital markets can create a negative domino effect to the worldwide economy!»
Visvikis D. Ilias, Ph.D.
Assistant Professor of Finance
Academic Director of the MBA in Shipping Program
Alba Graduate Business School
Topic of Presentation:
Hedging Shipping Business Risks with the Use of Derivative Contracts.
holds a B.Sc. in Business Administration from University of Aegean, Greece, M.Sc. in International Financial Markets from University of Southampton, M.Sc. in International Shipping from University of Plymouth, and Ph.D. in Finance from City University Cass Business School, London. His Ph.D. thesis was supported financially by the North Atlantic Treaty Organization (NATO) and the Ministry of Economy and Finance of Greece under the Euro-Atlantic Partnership Council Research Fellowship. He is elected as an Assistant Professor of Finance and is the Academic Director of the MBA in Shipping Program at ALBA Graduate Business School Greece.
He has lectured at Hellenic Open University, Erasmus University, Rotterdam, Cyprus International Institute of Management (CIIM) and University of Piraeus and tutored at City University's Cass Business School in London. His research work has been published in international refereed journals and practitioner magazines, in the areas of finance and shipping, and presented in international refereed academic conferences. He held posts in the Central Securities Depository of Greece, in shipping companies in various departments, and in the Derivatives Market of the Athens Exchange.
He has provided consultancy services to private companies in the areas of finance and risk management. He is also the co-author of the book of the book "Derivatives and Risk Management in Shipping". He was the Chairman of the 2007 Annual Conference of the International Association of Maritime Economists (IAME), which was organized for the first time in Athens, Greece during 04 July - 06 July 2007
Georgiadis Her. Nicholas
Director of Research
Valuation & Research Specialists (VRS)
VALUEINVEST.gr & IRAJ.gr
Topic of Presentation: Valuing the Greek Equity Market
Nicholas Her. Georgiadis
studied Economics at the Athens University of Economics and Business (previously ASEB). He completed post-graduate studies first in the USA, where he received the CSS diploma from Harvard University, and subsequently in the UK where he was granted a Master's of Science in Finance from the ISMA Center of Reading University. He has served as financial analyst in Greece and abroad, whereas in the last 10 years he has held the position of Research Director in prominent Greek brokerage firms, as well as in independent research firms. In the last few years, he has produced special research papers on the capital markets and the international equity markets with topics such as fundamental analysis and modern corporate valuation, the international currency exchange markets, as well as the effects of currency devaluation on international equity markets. His articles and opinions have been published in several Greek and International publications.
He has written the books "Super Stocks - How to Recognize the Best Investment Selections", "Fundamental & Technical Analysis, "Financial Reporting & How the Publicly Traded Companies Improve their Stock Image", and "Aspects of Corporate Valuation & Analysis". He has also collaborated in writing and publication of the "Guide to Derivatives in the Greek Stock Market" under the aegis of the University of Macedonia Press. He has lectured a series of specialized seminars in co-operation with - or for the account of - various Greek and international organizations. His current research interest focuses mainly on the development and interpretation of specialized corporate valuation ratios and models. He is Research Director of "Valuation & Research Specialists" and member of HACSA.
He is PhD candidate at the University of Macedonia.
Ulysses Capital Management
Investment Management Own Assets.
Topic of Presentation: Alternative Investments vs Traditional Investments
has been actively involved in Investment Banking and Asset Management for over 15 years.
He started his career at London's derivative exchange, LIFFE, where he built and managed complex derivative portfolios, Director of Investments, mainly on European short term interest rates and government bonds, i.e. lira-sterling, gilts euromark, euribor, bund, euroswiss, eurolira, btp.
He was involved in the set up and development, Floor Manager, of a trading team on LIFFE exchange for Spear Leeds & Kellogg.
On his return to Greece, he joined National Bank of Greece, Head of Listed Derivatives & Proprietary Trading. He managed the desks of market making, arbitrage and sales for the Greek derivatives market. He set up a prop desk trading all over the world through listed derivative products and he was also responsible hedging the bank's bond book.
In succession, he moved to Diethniki Mutual Funds, NBG's asset management, as Chief Investment Manager using derivatives in order to reduce risk and optimize returns.
Then he participated as a Vice Chairman and partner, in the buyout of an investment company, Ellinis, and its extensive restructuring to ECF.
He developed and started up a Global Macro Hedge Fund, Ulysses, which invested mainly in developed countries through extensive use of derivative products on currencies, bonds, stock indices, stocks, and commodities.
He holds a Diploma in Chemical Engineering of Patras University in Greece, a DBA from Cardiff Business School University of Wales, and an MBA from CASS Business School of City University.
He also holds certificates from TEE, Technical Chamber of Greece, SFA, London and the Hellenic Capital Market Committee in Market Making and Asset Management.
General Manager of Greek Branch of Fortis Investment Management Luxembourg S.A
Fortis Mutual Funds
Topic of Presentation: Navigating Sustainable and Responsible Investments
has fourteen years of international experience in investment management and is responsible for the business expansion of Fortis Investment Management Luxembourg S.A. in Greece, Cyprus, Bulgaria and Romania.
Mrs. Dimopoulou holds an honours degree in Monetary Economics from the London School of Economics and has completed the Investment Management Programme at the London Business School.
Mrs. Dimopoulou started her career with the Portfolio Management department of Credit Suisse Private Bank, where she developed the structure of the Funds-of-Funds offerings for the London clients.
Mrs. Dimopoulou held various management positions at Citigroup. She structured and managed fixed income portfolios for clients across U.S., Europe, Middle East, Asia and Latin America and was a member of the Investment Committee of Citigroup Asset Management London. She was also responsible for the origination and launch of Hedge Funds, Private Equity and Real Estate offerings for the Alternative Investments arm of Citigroup Private Bank. She developed complex investment proposals for Citigroup's High Net Worth investors covering all asset classes.
In Greece, Mrs. Dimopoulou held the position of Head of Sales & Marketing at EFG Mutual Fund Management Company.
Head of Equity Derivatives
Treasury ASPIS Bank
graduated from Baruch College, City University of New York, with a degree in Finance.
He started his career at Smith Barney in the institutional equities division. In 1997 he worked at the American Stock Exchange as an equities and options market maker for Timber Hill. Later on, he continued at the hedge fund PTJP Partners where he traded equities and derivatives.
In 2000, he was one of the 5 market makers who introduced options trading to the Greek derivatives market. During the last 6 years he has been working as Head of Equity Derivatives at the Treasury department of ASPIS Bank.
Kavussanos G. Manolis, Ph.D.
Athens University of Economics & Business
Director of the MSc in Accounting and Finance
Topic of Presentation: The information flow between derivatives market and the underlying market of FTSE-ASE20 and FTSE-ASE 40 indices
Professor Manolis G. Kavussanos
is a faculty member of the Athens University of Economics and Business (AUEB), Greece. He is the Director of the MSc in Accounting and Finance and of the Research Centre for Finance at AUEB. He holds a BSc and MSc (Economics) from the University of London and a PhD (Applied Economics) from City University Cass Business School (Cass), London. He launched and Directed the MSc in Trade, Transport and Finance at Cass until he joined AUEB, and has held other posts including: Visiting Professor at Erasmus University (Rotterdam), University of Antwerp, the Hellenic Open University, the University of Piraeus, Cyprus International Institute of Management and LUISS university (Rome); expert evaluator and consultant in financial economics and transportation issues for organizations, like the Commission of the European Communities and other public and private sector companies.
He has written extensively in the areas of finance, shipping and applied economics and has been the author of numerous pieces of academic work published in top international refereed journals and conference proceedings (e.g. Journal of Banking & Finance, European Financial Management, J. of Futures Markets, Review of Derivatives Research, etc), including monographs, books and journal guest volumes. This work has been presented in international conferences and professional meetings around the world, gaining awards for its quality, being sponsored by both public and private sector companies and being cited extensively by other researchers in the area.
He has lectured at both postgraduate (PhD, MBA, MSc) and undergraduate levels (BSc, BA) in subject areas such as Financial Derivatives, Investments and Portfolio Management, Financial Management, Corporate Finance, Shipping Investment & Finance, Maritime Business, Economic Modelling (Applied Econometrics) and Quantitative Methods (Mathematics, Statistics and Operational Research for Business). He has gained membership of the UK Institute for Learning and Teaching, and has received the best lecturer annual award at Cass Business School, London.
Constantinidis D. Apostolos
Founder and Fund Manager
Act One Fund
Topic of Presentation:
Understanding Financial Market Complexity by Assessing Global Economic Trends
is an investment manager of institutional portfolios since 1987. He is the Founding partner and manager of Act One fund since 2004.
He managed the portfolio of Ergoinvest SA and Hambros Hellenic mutual funds. Also, worked as investment manager and director of International and Marfin mutual fund management companies. During 1979-86 he cooperated with multinational industrial companies (Bayer, BASF, Xerox και Pelikan).
He holds a BA in economics (University of Piraeus) and an M.B.A. by South New Hampshire University.
Markellos Rafail, Ph.D.
Athens University of Economics and Business
Τμήμα Διοικητικής Επιστήμης και Τεχνολογίας
Topic of Presentation: Pricing of Pollution Derivatives
is Assistant Professor of Quantitative Finance at the Athens University of Economics and Business and Visiting Research Fellow at the Centre for International Financial and Economic Research (CIFER), Loughborough University, UK. He read for his thesis at the Department of Economics, Loughborough University under a Junior Fellowship from the Royal Economic Society). He teaches in the Department of Management Science and Technology and the MBA International Program courses in statistics, introduction to finance, corporate finance and project finance.
Raphael Markellos has worked for several years as a consultant in various organizations in the US, Germany, UK and Greece on issues related to finance, money and capital markets, capital budgeting and risk management. His research interests and publications are mostly concerned with finance and applied econometrics and his recent papers are on volatility, decision making under estimation risk and uncertainty, betting markets and environmental finance.
He has over 30 publications in international journals and books and is a regular speaker at academic conferences. He recently completed with Terence C. Mills the 3rd edition of the classic monograph entitled "The Econometric Modelling of Financial Time Series" which is forthcoming by Cambridge University Press.
Equity Derivative Sales
ABN AMRO Bank NV
Topic of Presentation: Strategies to substitute the underlying values, on a basis of specific product examples.
Panagiotis Michalopoulos studied economics at the University of Mannheim in Germany. He continued his studies at the City University / Washington state whereas he received an MBA Degree. Furthermore he holds a Diploma in English Law.
He is involved in the derivatives Market since 1992. He started his career as a market maker at SMH Bank (now integrated into the UBS Group). He has worked in senior positions at companies such as BNP or Lehman Brothers.
He also worked as a portfolio manager for derivative funds. He has deep knowledge of the Greek market, since he worked for five years in Greece, belonging to the founding executives of this market.
Since 2006 he works for ABN Amro Bank in London in the position of a Corporate Director in Equity Derivatives, where he structures derivative strategies for the institutional clients of the bank.
Benos Alexandros, Ph.D.
Senior Manager, Risk Architecture and Analytics
National Bank of Greece
Τίτλος Παρουσίασης: Is successful Portfolio Risk Management a matter of tools or a matter of procedures and corporate culture?
Dr. Alexandros Benos
is Senior Manager, Risk Architecture and Analytics at the Group Risk Management Division of the National Bank of Greece SA where he is currently the Project Manager for the implementation of Basle II IRB approaches. He joined the Bank in 2000, when he first helped to set up the Value-at-Risk estimation framework and then worked on the development of an obligor rating system for medium and large corporates.
He previously held academic positions in the US, France, Switzerland and Greece, and he continues to serve as a Visiting Professor positions at the Ecole des Hautes Etudes Commerciales in Paris and the Ecole Superieure des Affaires in Beirut and as an Adjunct Professor at the ALBA Graduate Business School in Athens.
Dr. Benos has a BA and a MA degree in Economics from Cambridge University and a PhD in Finance from the Graduate Business School of Stanford University. His academic research focuses on hybrid credit risk models, market microstructure and international financial markets. His articles have been published at the Financial Analysts Journal, the Journal of Financial Markets, the Multinational Finance Journal, the European Financial Management, the Review of Quantitative Finance and Accounting and other international refereed journals. He is also a frequent speaker in Risk Management conferences all over the world.
Marfin Global Asset Management Mutual Fund Management Company
Prior to joining Marfin in July 2007, Aritstotelis Panagiotakis
worked for eight years (1999-2007) at EFG Eurobank Ergasias where he held several managerial positions. He was director at EFG Eurobank Asset Management where he was responsible for the trading portfolio of the Bank. Prior to this he was general manager and chairman of the BoD at DIAS Closed End Fund. He also served as the chief investment officer at the GREEK PROGRESS Closed End Fund and chief investment officer at the INVESTMENT DEVELOPMENT Closed End Fund.
Before that, he worked for several years (1993-1998) as a business advisor at metallurgies and construction companies.
He is a graduate of National Technical University of Athens with an Engineering degree. He holds a postgraduate degree in Business Administration (MBA in Finance) from Stirling University. He is also a certified portfolio manager and a certified derivatives market maker-trader.
| Ritsios Yiannis
National Bank of Greece
CFA is a Fund Manager in the Asset Management of National Bank of Greece. Over the last years he has worked in Portfolio Management of Mutual Funds and Pension Funds, Investment Analysis and Quantitative Portfolio Strategy. Previously he worked for P&K Securities in Equity Research and for Heineken (Athenian Brewery) in Financial Planning and Control.
He has awarded the CFA Charter and he is the president of the Hellenic CFA Society. He is also a certified Derivatives Trader/Market Maker (ADEX) and a certified Analyst and Fund Manager (Hellenic Capital Market Committee). He holds an MBA in Finance from Imperial College London, an MSc in Communications and Signal Processing from Imperial College London and a Diploma in Electrical and Computer Engineering from Aristotle University of Thessaloniki.
Topic of Presentation:Absolute Return Mutual Funds and Risk Budgeting
is the head of the Risk Management Division at EFG MFMC. Prior to joining EFG MFMC in 2005, Mr. Siokis served as head of the counterparty risk management team at Barclays Capital for 3 years where he was responsible for the measurement of counterparty risk of structured OTC derivatives.
Mr. Siokis worked previously as a Market Risk Consultant at Price Waterhouse Coopers in London, leading consultancy projects related to risk/valuation models validation and Market/Credit Risk internal procedures reviews for various global investment banks. Mr. Siokis began his career as a treasury dealer with Piraeus Bank in London.
Mr. Siokis was educated at the University of Athens and CASS Business School.
Siokos Stavros, Ph.D.
London, United Kingdom
Topic of Presentation: Mutual Funds. Hedging and Speculation with Derivative Products
is a Managing Director & Global Head of Electronic Execution Sales at Citi in London since January 2004, as well as Head of Insurance and Pension Structured Solutions for European Equities since March 2007.
Prior to this he was responsible for the Global Portfolio Strategies team for 5 years after serving almost 3 years in the Global Quantitative Research Team.
Stavros joined Citi in 1996 and holds a Ph.D in operations research from the University of Massachusetts at Amherst, a MSC in Electrical Engineering and a BSC in Computer Engineering.
He is the author of several books and has also written various articles for publication in a number of journals and presented at numerous conferences. Stavros has been ranked top in most of the major European surveys in the quantitative services sector over the last eight years.
Skiadopoulos George, Ph.D.
Department of Banking and Financial Management, University of Piraeus
Topic of Presentation: Volatility Derivatives
Topic of Presentation: Weather Derivatives
is Assistant Professor at the University of Piraeus in the Department of Banking and Financial Management. He is also an Associate Research Fellow at the Financial Options Research Centre (FORC) of Warwick Business School, University of Warwick. He graduated from the Department of Economics of the Athens University of Economics and Business (AUEB) having a first class degree and the best grade in his class. He holds a Ph.D. in Financial Derivatives from the University of Warwick, and an M.Sc. in Mathematical Economics and Econometrics from the London School of Economics.
During the period 1995-99 he worked as a Research Fellow in FORC. By undertaking projects supported by the Centre's Corporate Members such as Deutsche Morgan Grenfell, Foreign and Colonial, HSBC, Kleinwort Benson Securities, Price Waterhouse& Coopers, Robert Fleming, SBC Warwburg, Tokyo Mitsubishi International, and the Central Bank of Austria. From 1999 until 2000 he worked in the Research and Development Department of the Athens Derivatives Exchange (ADEX). He has also acted as a consultant to leading Greek financial institutions such as Alpha Bank, Commercial Bank, ADEX (ADEX Research Fellow in Financial Engineering, 2002-2003) and the Hellenic Petroleum Company.
His work has been published in academic journals such as the Energy Economics, European Financial Management Journal, International Journal of Theoretical and Applied Finance, Journal of Alternative Investments, Journal of Banking and Finance, Journal of Futures Markets, Journal of Risk Finance, Review of Derivatives Research, RISK, in Edited Book Volumes, he is a speaker in international conferences and he has taught in a number of executive courses in Greece and abroad. His research and teaching interests lie in the areas of derivatives, risk management, and asset allocation.
Tsekrekos Andrianos, Ph.D.
Lecturer of Finance
Athens University of Economics and Business
Title of Presentation:
Derivative Contracts on Real Estate
Andrianos E. Tsekrekos
is a lecturer at the Department of Accounting & Finance, Athens University of Economics & Business. Before joining AUEB, Andrianos has worked at Lancaster University and Durham Business School. He holds a degree in Operational Research & Marketing from AUEB, a M.Sc. in Finance from Lancaster University and a Ph.D. in Accounting & Finance from the same university. His research interests are in derivative pricing, real options valuation, numerical methods, stochastic and implied volatility models, and incomplete markets. He is the author of educational handbooks in Real Estate Finance and Financial Decision Theory and his research has been presented in many academic conferences and has appeared in international journals and practitioner-oriented books.
Flamouris Dimitris, Ph.D.
ABN Amro, UK
Topic of Presentation: Are Structured Products for Retail Investors or Only for Some Investors with specific criteria?
graduated from the Mathematics Department of the Aristotelian University of Thessaloniki and continued his studies doing a MSc and a Ph.D. degree in City University of London.
He has worked in Deloitte and Touche for a year as a quantitative specialist in derivatives. His role was to build independent pricing models and verify the prices of the exotic derivative structures that banks were being audited from Deloitte holding in their portfolios.
Leaving Deloitte, he worked at Bear Stearns in the Risk Management Department for vanilla equity derivatives. His role entailed monitoring of the positions of the traders and reporting to senior management scenarios that could cost to the bank as well as certain positions considered to be very risky.
In August 2002, he moved internally at Equity Exotics Derivatives Trading where he stayed until January 2005. His role was to trade and hedge the risks coming from new and existing positions in the equity exotics book. Most products had a maturity of more than 1 or 2 years and their underlyings were stocks and indices from all markets, from Asia to America.
Since February 2005 he has been with ABN, and now Royal Bank of Scotland, in a similar role, but with the extra duties of pricing the exotic products as well as contributing in the idea formation in the structuring phase. He is covering all markets, both mature and emerging, as well as certain commodity markets, such as precious metals or oil.
Chalamandaris George, Ph.D.
Lecturer of Finance
Athens University of Economics and Business
Department of Accounting and Finance
Topic of Presentation:
is a lecturer of Finance at the Athens University of Economics and Business at the Department of Accounting and Finance. He graduated from the National Technical University of Athens and continued his studies at Imperial College in London where he also completed his PhD at Quantitative Finance.
He has worked in Natwest Markets in London as well as in Emporiki Investment Bank and EFG Eurobank in Athens, holding senior positions in the areas of risk management, financial engineering, structuring and alternative investments.
His main research interests are focused in the field of implied volatility surfaces, credit derivatives and asset pricing involving dynamic trading strategies. He has spoken in various academic and practitioner's conferences and he has published in academic journals and books in the area of derivatives pricing.