Welcome Remarks

Peter Stein, Chief Executive Officer, ASIFMA

Welcome Remarks from Diamond Sponsor

Keynote Address

Featured Presentation

Setting the Scene – Liquidity Is Not What It Used To Be

Fireside Chat 1

India’s Liquidity Growth Story
A discussion on how India has grown into one of the most liquid markets globally, covering the growth of retail participation through SIPs, futures and options trading, and rise of fintech. 

Speaker:
Ashishkumar Chauhan, MD & CEO, National Stock Exchange of India (NSE)

Panel 1

The structure of market liquidity is being reshaped by the rise of retail participation and ETF-driven flows, shifting influence away from traditional institutional intermediation. While this has expanded access and trading activity, it raises questions about whether liquidity is genuinely deeper or more episodic and momentum-driven. At the same time, liquidity provision is evolving—with HFT and algorithmic market makers playing an increasingly important role in enhancing efficiency, tightening spreads, and supporting continuous trading.How to balance the needs of an increasingly active day trading community whilst safeguarding market integrity and preserving efficient, well-functioning markets?

Key Questions

• Is retail- and ETF-driven liquidity strengthening markets or making them more sentiment-driven?
• Are we seeing structurally deeper liquidity, or simply higher turnover with less stability in stress scenarios?
• How can HFT and algorithmic liquidity providers continue to enhance efficiency while supporting resilience in volatile markets?
• How can regulators best protect market integrity without undermining liquidity and price discovery?

Coffee Break

Panel 2

Collateral, Repo and Sec Lending: the backbone of liquidity
Collateralized markets are now central to how liquidity is created, distributed, and priced across the financial system, which increasingly relies on high‑quality collateral rather than cash balances. But accessing and monetizing collateral can be a challenge due to operating, technology, or regulatory constraints. Repo and securities lending have become critical to primary issuance and secondary trading liquidity enabling dealers to underwrite bonds and warehouse risk, facilitating settlement, and providing opportunity for value enhancement. This panel will discuss:

• Is retail- and ETF-driven liquidity strengthening markets or making them more sentiment-driven?
• Are we seeing structurally deeper liquidity, or simply higher turnover with less stability in stress scenarios?
• How can HFT and algorithmic liquidity providers continue to enhance efficiency while supporting resilience in volatile markets?
• How can regulators best protect market integrity without undermining liquidity and price discovery?

Speaker:
State Street

Fireside Chat 2

Growing Liquidity: An Exchange Perspective

Speakers:

1. Sundararaman Ramamurthy, Managing Director & CEO, BSE
2. Gregory Yu, Managing Director, Head of Markets, Hong Kong Exchanges and Clearing Limited (HKEX) 

Networking Lunch

Afternoon Keynote Address or Feature Presentation

Panel 3

The Intersection of Technology and Liquidity: DLT and Tokenisation as Enablers of the Future – Today
As tokenisation rapidly transforms the markets landscape, new liquidity is being unlocked through faster trading, funding, collateral mobility and settlement. But how can participants best integrate emerging liquidity in these newer ‘wrapped’ products with their more traditional counterparts, are they truly fungible with each other, and where will liquidity gravitate toward in the future? This panel will explore:

• Which products tokenisation is changing the liquidity profile of most  

• The role that programmability plays in unlocking liquidity, in both the primary and secondary markets  

• The relationship between speed and liquidity, and how pre- and post-trade strategies will need to be optimised for a tokenised market 

• Liquidity nuances between tokenised bonds, equities, repo, collateral, CBDCs and stablecoins 

Moderator:
Rishi Kapoor, Executive Director, Head of Technology and Operations, ASIFMA

Fireside Chat 3

Coffee Break

Presentation or Fireside Chat

The Regulator Perspective

Panel 4

Liquidity Within the Regulatory Landscape: Navigating Constraints in a Fragmented Market 

The regulatory landscape is increasingly shaping liquidity conditions across global markets, as firms navigate a complex mix of prudential constraints, market structure reforms, and cross-border frictions. Stronger capital and balance sheet rules have enhanced resilience but reduced dealers’ capacity to warehouse risk, particularly in fixed income. At the same time, shorter settlement cycles and the expansion of central clearing are improving efficiency but introducing new funding and operational demands, while restricted currencies and capital controls fragment liquidity and complicate cross-border access. 

Key questions:

• To what extent have prudential regulations structurally reduced dealers’ ability to provide liquidity and absorb risk?
• How are reforms such as T+1 settlement and central clearing reshaping liquidity, funding and collateral dynamics?
• What are the biggest liquidity challenges in markets with restricted or non-convertible currencies?
• How can policymakers balance financial stability objectives with the need to preserve deep and efficient markets?

Closing Remarks

Cocktail Reception