Risk Management in Energy Trading Brochure

2nd AnnualApril 21-22, 2009Houston, TXThe relationship between trading and risk management is crucial. Strengthening theseties will improve risk management procedures and better equip you when mitigating risk.Krishnan KasiviswanathanSenior Vice President & Chief Risk OfficerNRG Energy, Inc.C. E. Payne, Jr. Managing Director, Global Energy Risk Fortis Merchant Banking, EnergyMarketing & TradingFrancis X. SheaEVP and Chief Risk and Administrative Officer World Fuel Services CorporationAnoop Kapoor, Ph.D., P.E.Director, Commodity Risk ManagementFirstEnergy CorporationSean YangSenior Quantitative Financial AnalystBPPeter BerzinsCorporate Risk Manager Energy Transfer PartnersRichard Shilts Director, Division of Market Oversight U.S. Commodity FuturesTrading CommissionMark Friedman Vice President, Risk Analysis Calpine Energy Services, LP Tracy PanLead Risk Specialist, Market Risk GroupBPDaniel SartiCredit Risk Manager Arizona Public Service CompanyNoah ShapiroDirector, Risk Management, Energy Co LLCPNM ResourcesCurrent Speakers Include:Evaluating Credit, Liquidity, and Market Risk as Affectedby Energy TradingAttending this Premier marcus evans Conferencewill Enable You to:• Analyze the state of credit, counterparty, and market risk to help your trading and risk management teams deal with the volatility in the marketplace• Investigate the impact of ongoing developments in regulatory oversight on how people go about trading energy• Explore the latest in risk metrics to appraise how market and credit exposure is being measured• Evaluate internal risk control and management methods to improve how risk is mitigated • Address and maintain liquidity challenges to prepare for the futuremarcus evans invites C-Level Executives, EVPs, SVPs, VPs,Directors, Heads, and other Senior Executives from the energy,banking, and trading industries across North America.The delegation will include those involved in the following roles:Who Should Attend:Risk Management in Energy Trading Media Partners:Book Online At:www.marcusevansbb.com/EnergyTrading2009 • Risk Management• Risk Analysis• Trading• Middle Office• Quantitative Risk• Credit Risk• Market Risk• Risk Methodology• Pricing• Risk Modelling• Energy Derivatives• Energy Trading• Portfolio ManagementMARKETING INFOA limited amount of exhibition space is available at the conference.Sponsorship opportunities covering luncheon, evening functions,and documentation also exist. For further details, please contact:Natakii David at capitalmarkets@marcusevansbb.com.1:45 Evaluating the Rating Agencies and Recognizing How They Will Evolve• Assessing when counterparty credit ratings are unreliable• Using market data to make a best guess at the true rating of a counterparty• Determining how ratings will be affected by enterprise risk management assessments• Evaluating how agencies will improve their appraisals to provide ratings that can be trusted Daniel Sarti Credit Risk Manager Arizona Public Service Company2:30 Updating the State of Regulation from the Agency's Perspective• Exploring what changes the industry can expect • Learning about how new regulations will be implemented to help companies best comply with reporting requirements and auditors• Assessing updated regulations to understand what has been added• Understanding the motivation behind new oversight• Looking at how the regulatory bodies have expanded their responsibilitiesRichard ShiltsDirector, Division of Market OversightU.S. Commodity Futures Trading Commission3:15 Networking Break3:45 Debating the Effect of Regulated Over the Counter Trades, CreditDefault Swaps, and Collateralized Debt Obligations on Energy Trading• Understanding the proper balance between too little and too much regulation• Predicting if stricter regulation of OTC trades and CDS would affect the market positively or negatively• Determining if companies would be encouraged or discouraged from employing these trades• Predicting the future of CDO's in a more regulated worldC. E. Payne, Jr. Managing Director, Global Energy RiskFortis Merchant Banking, Energy Marketing & Trading4:30 Closing Remarks4:45 Close of Day OneINVESTIGATING THE IMPACT OF ONGOINGDEVELOPMENTS IN REGULATORY OVERSIGHT 8:00 Registration8:45 Opening Remarks by Chairperson 9:00 Assessing the Heightened Role of Risk Managementin the Unstable Marketplace• Determining how companies are handling higher risk to ensure they are as protected as possible• Calculating if and when to make more aggressive moves and take on higher risk to try to take advantage of the volatile market• Examining ways to increase risk capital and control risk appetite• Predicting where more industry reorganization may take place to prepare for shifts in the market• Analyzing methodologies and systems for market risk valuation to strengthen understanding of the where the industry may further change Krishnan Kasiviswanathan Senior Vice President & Chief Risk Officer NRG Energy, Inc.10:00 Effective Credit Risk Management Using Appropriate Documentsand Processes• Transition of Risks• Risk Documents• Credit Policies• Master Agreements/Contracts• History and Current Practices• Monitoring• Credit Annex• Consequences of Default• Margining to Manage Risk• Quantification of Default Risk• Benefits and Costs of Good Credit Anoop Kapoor, Ph.D., P.E. Director, Commodity Risk Management FirstEnergy Corporation10:45 Networking Break11:15 Enhancing Stress Testing to Account for Extreme Tail Events• Understanding how and what to measure • Deciding how often to stress test each metric • Defining and refining stress testing parameters• Analyzing results and implementing trading changes when necessary Tracy Pan Lead Risk Specialist, Market Risk Group BP12:00 RoundtableNavigating Counterparty Risk in OTC Energy Markets• Discovering best methods for assessing a counterparty's credit to ensure that there are no hidden credit risks• Determining methods by which to learn which counterparties are at risk of defaulting• Spreading out counterparty exposures for diversification benefits• Examining how the withdrawal of many banks from energy trading will affect longer-term liquidity markets and players• Figuring out how to stay on top of the OTC market even with fewer available counterparties12:45 LuncheonANALYZING THE STATE OF CREDIT, MARKET,AND COUNTERPARTY RISKDAY ONE | Tuesday, April 21, 2009Because of the current instability of the global economy, energy trading companiesare putting more focus on risk management. As trading evolves, old modelsfor calculating risk must be assessed and new methods must be created to assurerisk is being analyzed properly. This second annual conference will bring togetherrisk management executives involved in energy trading who are lookingto strengthen the ways in which risk is mitigated in their companies. They will discusshow to best identify and measure risk as well as how to prepare for new developmentsin the market so that their teams can more adequately gauge risk and so thatthe trading business can grow and thrive even in the midst of economic turmoil."One of the best conferences I have attended in the last 5 years."Manager, First Energy"Good opportunity to learn, network, and communicate in one place." Director, Southern California EdisonWHY YOU SHOULD ATTEND:TESTIMONIALS:MEDIA PARTNERS:In the rapidly changing climate of today's power industry,Electricity Today magazine continues to be the publicationof choice for North America's utility transmissionand distribution sectors. Electricity Today, a CCAB auditedpublication, is published 9 times a year by The Electricity Forum (a divisionof the Hurst Communications Group, Inc.), the conference managementand publishing company for North America's electric power and engineeringindustry. It is distributed free of charge to electric utility personnel and electricalconsulting engineers across Canada and the United States, providing up-to dateinformation and timely articles on topics relevant to today's electrical powerindustry. Please use the following link: www.electricity-today.com. Productioncontactis Alla Krutous: alla@electricityforum.com 905 686 1040 ex 226.EnergyBiz is a bimonthly business magazine for leadersin the new power industry. EnergyBiz reaches morethan 20,000 of the most influential buyers, includingmanagers, executives, legislators, regulators, lawyersand consultants who make buying decisions in utilities, government, advisory firmsand supplier companies. EnergyBiz target CEOs, CFOs, CIOs, CTOs, VPs and theirdirect reports – quality prospects available only through Energy Central.Energy Central, established in1996, is the leading resourceconnecting professionals in the global power industry to news,events, databases, insight and analysis. With six distinct web sites,seven e-newsletters and both electronic and print publications,top energy executives, managers, leaders and industry influencershave relied on Energy Central to deliver the information they use every day.We also have the most used jobs web site, EnergyCentralJobs.com, connecting jobseekers and employers in the energy industry.Since 1973, has kept its readers at the forefrontof major developments in the energy industry.The top daily publication among energyexecutives covers all aspects of the energy industry including electric utilities,nuclear power, natural gas, oil, coal and alternative fuels. For more informationvisit our website www.theenergydialy.com.DAY TWO | Wednesday, April 22, 20098:00 Registration9:00 Opening Remarks by Chairperson 9:15 Comparing Metrics to Determine the Best Way for GaugingPortfolio Exposure • Discovering when to use Value at Risk assessments versus Earnings at Risk calculations • Learning how to set VaR limits and where to assign the metric• Determining which metrics to use with different asset groups in the portfolio• Exploring best methods for enterprise risk management • Evaluating emerging metrics and new approaches to modeling• Assessing mark-to-market risks with thinly traded, illiquid contracts Francis X. Shea EVP and Chief Risk and Administrative Officer World Fuel Services Corporation10:00 Calculating Liquidity at Risk to Test Portfolio Vigor• Exploring models for determining liquidity at risk• Understanding how liquidity is drying up and the risk that creates for companies trading energy• Discussing how to best handle a more illiquid market• Building models for reliable liquidity-at-risk projections Noah Shapiro Director, Risk Management, Energy Co LLC PNM Resources, Inc.10:45 Networking Break11:15 Improving Futures Modeling to Strengthen Forecasts• Modeling the value of longer term deals in illiquid markets• Discovering analytical models for forecasting• Understanding the market being modeled to make projections more robust• Developing forward curves with little or no information• Inspecting methods for calculating the risk of Financial Transmission Rights Sean Yang Senior Quantitative Financial Analyst BP12:00 RoundtableExamining Pricing Methods in Light of the Credit Crisis• Establishing how often current pricing models should be reexamined• Estimating the Greeks• Discussing how the emergence of non-traditional energy investors may have impacted price behavior• Discerning how to collect enough market information for correct pricing evaluations• Evaluating price transparency to ensure the right information is being found and chosen• Inspecting the Black-Scholes formula and where it breaks down12:45 Luncheon1:45 Implementing Internal Trading Controls to Ensure a Proper and CorrectFlow of Information• Determining how to best comply with internal control demands• Setting up fool-proof methods for data entry • Making sure that operational controls are in place to prevent fraud• Assuring that traders are reporting data appropriately and promptly• Ensuring that communication between the traders and upper management is strong to guarantee that everyone is on the same page Peter Berzins Corporate Risk Manager Energy Transfer PartnersEXPLORING THE LATEST IN RISK METRICS TO APPRAISEEXPOSURE MEASUREMENTEVALUATING INTERNAL RISK CONTROLAND MANAGEMENT METHODS2:30 Discussing ETRM Systems, Tools, and Support to Consider Roomfor Improvement• Evaluating the latest developments in risk management solutions• Analyzing new trade capture systems • Knowing how to decide when to upgrade• Getting management focused on and providing support to risk management teamsMark FriedmanVice President, Risk AnalysisCalpine Energy Services, LP3:15 Closing Remarks3:30 Close of ConferenceRegistration ContractPlease complete this form immediately and fax back to:________________________________________________________________________FAX: 888 844 4901 (TOLL FREE) OR 246 421 9610For further information call 246 417 5420 Conference: 2nd Annual Risk Management in Energy TradingDate(s): April 21-22, 2009Location: Houston, TxTerms & Conditions: marcus evans: Marcus Evans Inc.1. Fees are inclusive of program materials and refreshments.2. Payment Terms: Following completion and return of the registration form, full paymentis required within 5 days from receipt of invoice. PLEASE NOTE: payment must be receivedprior to the conference date. A receipt will be issued on payment. Due to limited conference space, we advise early registration to avoid disappointment. A 50% cancellation fee will be charged under the terms outlined below. We reserve the right torefuse admission if payment is not received on time. 3. Cancellation/Substitution: Provided the total fee has been paid, substitutions at no extracharge up to 14 days before the event are allowed. Substitutions between 14 days and thedate of the event will be allowed subject to an administration fee of equal to 10% of thetotal fee that is to be transferred. Otherwise all bookings carry a 50% cancellation liability immediately after a signed sales contract has been received by marcus evans(as defined above). Cancellations must be received in writing by mail or fax six (6) weeksbefore the conference is to be held in order to obtain a full credit for any future marcus evans conference. Thereafter, the full conference fee is payable and is non-refundable. The service charge is completely non-refundable and non-creditable. Pay-ment terms are five days and payment must be made prior to the start of the conference. Non-payment or non-attendance does not constitute cancellation. By signingthis contract, the client agrees that in case of dispute or cancellation of this contract thatmarcus evans will not be able to mitigate its losses for any less than 50% of the totalcontract value. If, for any reason, marcus evans decides to cancel or postpone this conference, marcus evans is not responsible for covering airfare, hotel, or other travelcosts incurred by clients. The conference fee will not be refunded, but can be credited toa future conference. 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Client acknowledges that they have read and understood all terms of this contract, including, without limitation, the provisionsrelating to cancellation.Please write in BLOCK CAPITALSCHC121/INTRegistration DetailsName:Position:Email:Name:Position:Email:Name:Position:Email:Company:Address:City: State: Zip:Phone: Fax:Company Size:Nature of Business:Web site:Payment MethodPlease charge my: __ Visa __ Mastercard __ Diners Club __ AmexCard Billing Address:City: State: Zip:Card Holder's Name:Signature:Card Number: __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __Verification Number: __ __ __ Exp Date: __ __ / __ __Confirmation Details – If you do not receive a letter outlining the conference details twoweeks prior to the event, please contact the Conference Coordinator at marcus evans.AuthorizationSignatory must be authorized to sign on behalf of contracting organizationName:Position:Email:Signature: Date:Internal Use Only: Job Code _____________ SIC Code _____________Risk Management in Energy TradingFeesSTANDARD FEES__ CONFERENCE FEE (Early Registration) @ $2,672.82__ CONFERENCE FEE (Per Delegate) @ $2,969.80__ CONFERENCE ONLINE DOCUMENTATION (Per Delegate) @ $737.80Prices are inclusive of service charge.PREMIER PLUS DISCOUNTS__ 3+ ATTENDEES @ $2,524.33 (Per Delegate)__ 5+ ATTENDEES @ $2,375.84 (Per Delegate) All members of a Premier Plus group must register at the same time in order to receiveany discounts. Prices are inclusive of service charge. any discounts. Text11: Text10: FIRST 10 TO REGISTER SAVE 10% ON ATTENDANCE