13th Annual European Trading & Market Liquidity Conference | afme

13th Annual European Trading & Market Liquidity Conference

A new frontier for Fixed Income

22 Mar 2018 etc venues St Paul's, London

Speakers

Keynote speakers

  • Dr Kay Swinburne, MEP

    Dr Kay Swinburne, MEP

    Vice Chairman of the Economic and Monetary Affairs Committee, The European Parliament

    Dr Kay Swinburne, MEP

    Dr Kay Swinburne, MEP

    Vice Chairman of the Economic and Monetary Affairs Committee, The European Parliament

     

    Kay was first elected as the Conservative MEP for Wales in June 2009.

    A successful career in investment banking & fund management has equipped her with in-depth knowledge of the global financial markets and led to her appointment as a Coordinator on the Economics and Monetary Affairs committee (ECON) in the European Parliament.

    Most recently Kay was also appointed Vice Chairman on the Economic and Monetary Affairs committee. She has worked on financial reform legislation including EMIR, MiFID II and CSDR and is currently the Co-Rapporteur for the EU legislation on recovery and resolution of CCPs.

  • John Porter

    John Porter

    Global Head of Fixed Income and Structured Finance, AXA Investment Managers

    John Porter

    John Porter

    Global Head of Fixed Income and Structured Finance, AXA Investment Managers

    John became Global Head of Fixed Income and Structured Finance at AXA Investment Managers in November 2013, he is also a member of AXA IM's Management Board and Committee Executive.

    Previously, he was Managing Director and Global Head of Portfolio and Liquidity Management at Barclays and before that Chief Economist and Principal at Summit Capital Advisers, performing macro-economic analysis and developing investment strategies in North America, Europe and Japan.

    Prior to this, he spent 10 years at the World Bank. He worked as a Senior Economist designing structural adjustment loans, before moving to join the Investment Department and in 1990 was named Chief Investment Officer responsible for managing a portion of their USD20billion global fixed income portfolio.

    He holds a MA in International Economics and has Certificate in European Studies from Columbia University, a Doctorate in Psychology from the Sorbonne and a BA in Psychology and Social Relations from Harvard.

     

Speakers

  • Sam Agini

    Sam Agini

    Trading Correspondent, Financial News

    Sam Agini

    Sam Agini

    Trading Correspondent, Financial News

    Sam is the Trading & Technology Correspondent at Financial News, where he writes about exchanges, clearing houses, high-frequency trading, cryptocurrencies, and market structure.

    Aside from Financial News, his work has appeared in The Wall Street Journal and Marketwatch. Prior to joining Dow Jones, he wrote about markets as a senior reporter at a London-based newswire.

    Sam graduated from the University of Stirling with an honours degree in Philosophy and Journalism.

  • Julian Allen-Ellis

    Julian Allen-Ellis

    Director, MiFID, AFME

    Julian Allen-Ellis

    Julian Allen-Ellis

    Director, MiFID, AFME

    Julian leads the cross-product MiFID/MiFIR Steering Committee at AFME. Julian has a broad product background in both fixed income and equities. Before joining AFME, Julian worked for Market Axess/TRAX in a senior sales and relationship management role responsible for market participants utilizing MiFID/MiFIR regulatory reporting and trade matching services.

    Prior to that, he was in senior relationship management in the prime services teams at JP Morgan and Bank of America Merrill Lynch, and prior to that as Head of Membership at the London Stock Exchange. Julian read Economics at The University of Reading and has an MBA from Henley Business School.

  • Åse Bergstedt

    Åse Bergstedt

    Chief Sustainability Strategist, Nordea

    Åse Bergstedt

    Åse Bergstedt

    Chief Sustainability Strategist, Nordea

    Åse has extensive experience in the area of Sustainability and ESG. She is a currently the Chief Sustainability Strategist at Nordea and as a member of Nordea’s Business Ethics and Values Committee, she works closely with the Group Executive Management to integrate Sustainability into the core business strategy and the banks existing risk framework.

    As a former Director in several multinational companies like Tele2 and Millicom, she worked on the ground with impact investing in over 35 countries in Africa, Latin America, EuroAsia and Europe. She has also been a consultant at Nordea Asset Management, Responsible Investments and Nordea Life and Pension.

     

  • Jeremy Bray

    Jeremy Bray

    Senior Economist, International Organisation of Securities Commissions (IOSCO) 

    Jeremy Bray

    Jeremy Bray

    Senior Economist, International Organisation of Securities Commissions (IOSCO) 

    Jeremy works as a Senior Economist in the Market Intelligence and Data Analysis Team at the International Organisation of Securities Commissions (IOSCO). In this role, he contributes by assisting IOSCO committees and secretariat staff with research and data analysis, and also with drafting reports on market structure, institutions, products and behaviours.

    Jeremy has eighteen years of experience working in economic analysis and policy, financial regulation, and statistical, risk and intelligence analysis. He has worked as an economist at the Australian Securities and Investments Commission, the Australian Treasury and the Office of National Assessments. Before joining IOSCO, Jeremy was the Principal of Halevi.Tarleton, an economics and statistical consultancy.

    Jeremy holds a Bachelor of Economics (with Honours) from the University of Sydney, and a Master’s degree in Public Administration from Japan’s National Graduate Institute of Policy Studies. He is also an Associate of the Institute of Actuaries of Australia.

  • Matthew Coupe

    Matthew Coupe

    Director, Market Structure, Barclays

    Matthew Coupe

    Matthew Coupe

    Director, Market Structure, Barclays

    Matthew is Director, Market Structure for the European Markets business at Barclays, based in London. He advises the Markets division on future regulatory change, forms the advocacy position of the markets division on areas of regulatory change, and engages with politicians, trade associations, regulatory bodies and clients to make sure this is articulated effectively.

    Prior to that, Matthew was Director of Regulation and Market Structure EMEA at Nice Actimize with overall responsibility for Sales and Marketing and analysing the effects of new regulation on existing and new clients. He chairs the British Bankers Association MiFID Steering Committee, and also co-chairs the Fix Trading Community for the EMEA region. A regulatory specialist, he is an expert in high-frequency trading and market surveillance in the post-MiFID landscape and their implications for trading desks and compliance departments.

    Matthew graduated from De Montfort University with a BA(Hons) in Business Studies, majoring in Financial Statistics.

  • Neil Day

    Neil Day

    Managing Editor, Sustainabonds

    Neil Day

    Neil Day

    Managing Editor, Sustainabonds

    Neil is Managing Editor of Sustainabonds, which was launched in September 2017 to focus on green and social bank bonds and related initiatives. The publication builds on the experience of Neil and his team in covering instruments ranging from covered bonds to hybrid capital, most notably in The Covered Bond Report, which he founded in 2011.

    Neil previously worked for more than 10 years at EuroWeek (now GlobalCapital), including a stint as editor, where he covered a wide range of sectors, including corporates and SSAs. He holds a degree in Philosophy from the London School of Economics.

     

  • Alan Downie

    Alan Downie

    Head of Macro Platform, Credit Suisse

    Alan Downie

    Alan Downie

    Head of Macro Platform, Credit Suisse

    Alan currently runs the Macro Platform team, running pricing, hedging and algo development for macro e-trading.

    Alan started his career as a developer at a digital and satellite imaging company in Cambridge, UK, working on digital terrain modelling, and some of the first web mapping tools. He joined JPMorgan in 2000, and held several development roles in eFX, Commodities, and Rates – finishing as a program manager building out a new Interest Rate Swaps and Options pricing and risk management system.

    Alan then joined Credit Suisse in 2009 and ran eFX IT during a large buildout phase, before moving to the business in 2013 where he initially joined the forwards desk to develop an ecommerce capability, before also taking responsibility for the spot pricing and hedging applications.

     

  • Louis	Gargour

    Louis Gargour

    CIO and Managing Partner, LNG Capital

    Louis	Gargour

    Louis Gargour

    CIO and Managing Partner, LNG Capital

    Louis runs the investment management team at LNG Capital, leading idea generation across credit markets. As CIO, Louis oversees investment and directs the organization’s investment management decisions. He has over 30 years investment experience with expertise in government bonds, investment-grade, high-yield, distressed, and special situations.

    Louis founded LNG Capital in 2007. Previously he was Head of Fixed Income at RAB Capital, a London-based 7 billion AUM hedge fund. He had overall responsibility for fixed income research trading and investments. Prior to his role at RAB, Louis held senior positions at Goldman Sachs London, J.P. Morgan London, and began his career on Wall Street as a graduate of the highly acclaimed Salomon Brothers international management training program.

    Louis holds a dual B. Sc. in Finance\International Management from Georgetown University Washington DC, an exchange Master’s degree programme at Boccioni University Milan, and an MBA from London Business School with distinction.

     

  • Mariano Goldfischer

    Mariano Goldfischer

    Global Head of Syndicate and Credit Trading, Crédit Agricole

    Mariano Goldfischer

    Mariano Goldfischer

    Global Head of Syndicate and Credit Trading, Crédit Agricole

    Mariano is Global Head of Syndicate and Credit Trading at Crédit Agricole. His remit includes Syndication across all asset classes and currencies, and secondary trading of Covered, Corporate, Financials, Emerging Markets and structure bonds.

    Prior to that, Mariano was instrumental in the development of the Global Bond Business at Crédit Agricole CIB, first as Global Head of Credit Trading and then as Head of Global Debt Markets.
    Prior to joining Crédit Agricole CIB, Mariano worked at Strategic Value Partners and ING in Argentina, Brazil and New York. Mariano started his career in Capital Market Argentina.

    Mariano holds a Finance degree from the Universidad de Palermo in Argentina.

  • Christoph Hock

    Christoph Hock

    Head of Multi-Asset Trading, Union Investment

    Christoph Hock

    Christoph Hock

    Head of Multi-Asset Trading, Union Investment

    Christoph is Head of Multi-Asset Trading at Union Investment. He joined Union in 2014 and, with his team, is responsible for all trading activities associated with portfolio management of cash equities, fixed income, fund and ETF business, FX, listed and OTC derivatives, and securities lending.

    Christoph graduated with a Diplom-Bankbetriebswirt and has more than 20 years of international investment banking, trading and management experience, having worked for companies on the sell- and buy-side, most recently as Head of Execution Sales at Barclays Bank and at Alpha Trading.

    Prior to this, Christoph was founder, partner and co-CEO/Head of Portfolio Management and Trading at Tungsten Capital Management, a hedge fund company (2005-2010). He was Head of Proprietary Equity Derivatives Desk at J.P. Morgan in London and Frankfurt from 1998-2004. Christoph began his career at Dresdner Kleinwort Benson in Cash Equity Trading.

     

  • Richard Hopkin

    Richard Hopkin

    Managing Director, Head of Fixed Income, Capital Markets, AFME

    Richard Hopkin

    Richard Hopkin

    Managing Director, Head of Fixed Income, Capital Markets, AFME

    Richard is Head of Fixed Income and a Managing Director in the Securitisation Division. He joined AFME in June 2010 after a 25-year career in law and finance during which he held leadership positions at J.P. Morgan, Deutsche Bank and Société Générale. Richard has led and negotiated industry positions on many critical regulatory initiatives in recent years, including calibration of the Basel capital and liquidity rules and establishing “simple transparent and comparable securitisation” under the Basel Task Force on Securitisation Markets, as well as rules on risk retention and transparency.

    A frequent visitor to Brussels, he has helped rehabilitate the securitisation industry in the eyes of key European policymakers and continues to be a strong advocate for the benefits of securitisation for the European economy. Richard read law at Cambridge University and before his investment banking career qualified as a solicitor with leading international law firm Clifford Chance.

  • Ashlin Kohler

    Ashlin Kohler

    Fixed Income Market Structure, Citi

    Ashlin Kohler

    Ashlin Kohler

    Fixed Income Market Structure, Citi

    Ashlin began her career at LIFFE where she was responsible for the management of the bond futures contracts including refining of the specifications and new products. Around the time of the automated trading evolution, Ashlin moved to work for an electronic trading operator, MTS, and again was responsible for product management, becoming increasingly involved in market structure issues.

    She then moved to at Citi in 2007 where she is currently heading up EMEA Fixed Income Market Structure and was until recently responsible for EMEA G10 rates and credit e-commerce, leading electronic innovations on behalf of both sales and trading to ensure Citi’s offering to its client base remained competitive.

    In recent years, Ashlin has become increasingly involved in impacts to the industry arising from regulatory changes; assisting in internal and external advocacy; and providing thought leadership to Citi’s clients.

  • Juan Landazabal

    Juan Landazabal

    Managing Director, Global Head of Fixed Income and Foreign Exchange Trading, Deutsche Asset Management

    Juan Landazabal

    Juan Landazabal

    Managing Director, Global Head of Fixed Income and Foreign Exchange Trading, Deutsche Asset Management

    Juan joined Deutsche Asset Management in 2013 with 19 years of industry experience. Prior to joining, Juan was Head of Fixed Income Trading at Fidelity Investments International, London.

    Previously, he served as Director of Credit Products, Capital Markets Division at Caja Madrid and before that, he was a Vice President in Debt Capital Markets at Santander Investments in New York and Madrid. Juan started his career in a management trainee program and corporate finance at BBVA in Madrid and New York

    He holds a B.A. in Economics from Kingston University London and a M.Sc. in International Banking & Financial Studies from Heriot-Watt University, Scotland.

  • Brian Lynch

    Brian Lynch

    Fixed Income Strategy, BNY Mellon

    Brian Lynch

    Brian Lynch

    Fixed Income Strategy, BNY Mellon

    Brian has 25 years’ experience in financial services, primarily in Fixed Income. He is currently helping BNY Mellon format its business plan for Fixed Income in EMEA. His other recent consultancy work has been as an expert witness/advisor giving guidance to leading investment banks on Fixed Income products.

    Since 2015 Brian has been a non-executive director and original equity investor in the peer to peer lending company Invest and Fund and before that he was Managing Director Head of Flow Rates EMEA for Nomura International PLC. Prior to Nomura Brian spent over thirteen years at Royal Bank of Scotland Global Markets where he was Global Head of Sterling Delta Trading.

    After graduating with a M.Eng in Engineering and Computer Science from Oxford University Brian joined the Credit Suisse Technical Associate program. He started designing and coding trading systems before running the inaugural electronic trading area before moving into trading itself.

  • Daniel Mayston

    Daniel Mayston

    EMEA Head of Electronic Trading and Market Structure, BlackRock

    Daniel Mayston

    Daniel Mayston

    EMEA Head of Electronic Trading and Market Structure, BlackRock

    Daniel, PhD, FRM, Managing Director, is Head of the Market Structure and Electronic Trading team in EMEA within BlackRock's Trading and Liquidity Strategies Group.

    In this capacity he is responsible for evolving BlackRock’s electronic trading capabilities and vision across asset classes. He is also Global Head of Trading Research and responsible for transaction cost modelling, market microstructure and execution research. Daniel lead BlackRock’s MiFID II implementation for Trading, being responsible for the integration of new data, methodologies and technology into the BlackRock trading platform.

    Daniel holds a Ph.D. in Finance from the University of Cologne. He is a Financial Risk Manager (FRM) charter holder.

  • Lucy McNulty

    Lucy McNulty

    Financial Regulation and Brexit Editor, Financial News

    Lucy McNulty

    Lucy McNulty

    Financial Regulation and Brexit Editor, Financial News

    Lucy is the Financial Regulation and Brexit Editor at Financial News, writing about challenges and trends arising from financial market reform, technological innovation in the back office, or regtech, and the UK's exit from the European Union.

    Aside from Financial News, her work has also appeared in The Times, The Sunday Times, and The Wall Street Journal. She previously spent five years covering financial regulation and the legal profession in Europe and Asia.

    Lucy graduated from the University of Bristol with an honours degree in Archaeology and holds a diploma in Newspaper Journalism.

  • Peter Munro

    Peter Munro

    Director, Market Practice & Regulatory Policy, ICMA

    Peter Munro

    Peter Munro

    Director, Market Practice & Regulatory Policy, ICMA

    Peter joined the International Capital Markets Association (ICMA) in September 2016, on secondment from the European Investment Bank (EIB), where he was Head of Investor Relations. At ICMA his main focus has been the Green Bond Principles. This builds on a decade of experience in Green Bond markets at the EIB. He also contributes to Infrastructure and Public Sector workstreams.

    Previously he was an Associate Director at Citigate Dewe Rogerson, the world’s largest investor relations consultancy ex-US at that time. Prior roles spanned investor relations, marketing and economic analysis, at firms including the German Treuhandanstalt privatisation agency.

    Peter has a degree in Philosophy, Politics & Economics from Oxford University, and studied Corporate Finance at London Business School and International Marketing at INSEAD.

     

  • David Owen

    David Owen

    Managing Director and Chief European Economist, Jefferies

    David Owen

    David Owen

    Managing Director and Chief European Economist, Jefferies

    David Owen is a Managing Director and Chief European Economist for Jefferies International Limited, with a focus on the ECB, the BoE and the macroeconomic drivers of financial markets.

    He joined Jefferies in 2009 having formerly worked for Dresdner Kleinwort, where he was a Managing Director and Chief Economist, Developed Markets and before that Chief European Economist. The macro team at Kleinwort’s was Number 1 ranked in surveys such as Institutional Investor, Greenwich and Extel for European and UK Economics.

    He has a B.Sc. in Mathematics and Economics from Warwick University and a M.Sc. in Economics and Econometrics from Southampton University. He formerly chaired the Investment Advisory Committee of Save the Children and is a former Council Member of the Society of Business Economists in the UK.

     

  • Pablo Portugal

    Pablo Portugal

    Director, Public Policy and Advocacy, AFME

    Pablo Portugal

    Pablo Portugal

    Director, Public Policy and Advocacy, AFME

     

    Pablo Portugal is a Director in AFME’s Public Policy and Advocacy Division, based in Brussels. His focus is analysis and engagement across Europe on capital markets and securities regulation, market liquidity, bank structural reform and shadow banking.

    Prior to joining AFME, Pablo was engaged for six years with the Institute of Chartered Accountants in England and Wales, where he worked in several financial reporting, auditing and financial sector areas.

    His previous experience includes roles in Brussels-based policy organisations and the United Nations. He has also contributed to various business and finance publications and speaks English, Spanish, French and Italian.

    Born in Peru, Pablo holds a B.Sc. Econ from the University of Wales, Aberystwyth, and a Master’s degree in Political Theory from the London School of Economics.

     

  • Brett Pybus

    Brett Pybus

    Head of iShares EMEA Fixed Income Product Strategy, BlackRock

    Brett Pybus

    Brett Pybus

    Head of iShares EMEA Fixed Income Product Strategy, BlackRock

    Brett, CFA, Managing Director, is a member of the Product Strategy Team within BlackRock's Global Fixed Income Portfolio Management Group. Having joined BlackRock in 2013, he leads the iShares EMEA Fixed Income Product Strategy team.

    Brett holds an M.Sc. in Economics from University College London and a B.Sc. in Economics from the University of Southampton. He is also a CFA charter holder.

     

  • David Riley

    David Riley

    Partner, Head of Credit Strategy, BlueBay Asset Management 

    David Riley

    David Riley

    Partner, Head of Credit Strategy, BlueBay Asset Management 

    David joined BlueBay in September 2013 as Head of Credit Strategy within the Chief Investment Office. He is also a member of BlueBay’s Investment and Asset Allocation Committees.

    Drawing on more than 20 years of applied macroeconomic, policy and sovereign credit experience, he advises and coordinates the Investment Committee macro and credit perspective. As a member of the Asset Allocation Committee, he shares responsibility for tactical asset allocation across BlueBay’s suite of multi-asset credit funds.

    David was previously global head of Fitch’s Sovereign and Supranational Group, responsible for more than 130 ratings of the world’s largest fixed-income issuers. Prior to Fitch, David was a senior economist at UBS Investment Bank and at HM Treasury where he advised on international economic and debt issues, including representing the UK at international debt restructuring negotiations at the Paris Club of Official Creditors. David holds an M.Sc. from Birkbeck College, University of London and a first-class degree in Economics.

     

  • Zoeb Sachee

    Zoeb Sachee

    Head of Euro Government and SSA Trading, Citi

    Zoeb Sachee

    Zoeb Sachee

    Head of Euro Government and SSA Trading, Citi

    Zoeb joined Salomon Brothers in 1990 and started his career trading European Government Bonds. In 2001, after the merger with Citigroup, Zoeb became head of the Rates Sales business in Europe.

    Since 2009, he has been back to head Euro Government and SSA Trading and in 2010-2011, was also responsible for US Government Bond Trading. Zoeb is a Board Member of MTS, part of the Bond Market Contact Group of the European Central Bank and co-chair of the Primary Dealer Board of AFME.

    Zoeb graduated from Cambridge University with an M.A. in Economics.

  • Lee Sanders

    Lee Sanders

    Head of Execution FX and UK and Asia FI, AXA Investment Managers

    Lee Sanders

    Lee Sanders

    Head of Execution FX and UK and Asia FI, AXA Investment Managers

    Lee is responsible for foreign exchange execution globally and also oversees fixed income trading in the UK and Asia. In 1991 Lee joined Sun Life Investment Management (which became part of AXA IM) as a member of the US equities team, moving into the fixed income team in as an analyst and then as an investment manager.

    He then moved to Trading & Securities Financing (TSF) to help establish fixed income, foreign exchange and money market dealing. Lee also worked with the business to develop electronic systems and oversee transaction cost analysis activities.

    Lee is Chair of the Investment Association’s FX Working Group and a member of their Fixed Income Trading Stream. He is also a member of the Bank of England’s FX Joint Standing Committee on FX and a member of the Quorum15 Board.

  • Julien Touati

    Julien Touati

    Partner, Leadership Council Chair, Meridiam

    Julien Touati

    Julien Touati

    Partner, Leadership Council Chair, Meridiam

    Julien joined Meridiam in 2011. He serves as a Partner, Leadership Council Chair and Corporate Development Director, with current responsibility over the development and deployment of Meridiam Transition.

    Prior to joining Meridiam, Julien worked at the French Ministry of Finance’s Agence des Participations de l’État, where he was responsible for managing the French Government’s shareholding in EDF. Prior to this, Julien was the Deputy Head of the European Affairs Division of the French Treasury. He also worked for Veolia Transport and the infrastructure division of Proparco, the French Development Finance Institution.

    He teaches Energy Regulations at Sciences-Po Paris and is a Millenium Fellow of the Atlantic Council. He is also a contributor to several international think tanks or public organizations in the energy transition and infrastructure sectors.

    Julien holds a Master’s degree in Engineering, a Master’s degree in Environmental and Energy Economics and a Master of Public Affairs from the École des Ponts in Paris.

     

  • James Wallin

    James Wallin

    Senior Vice President, Fixed Income, AllianceBernstein

    James Wallin

    James Wallin

    Senior Vice President, Fixed Income, AllianceBernstein

    James is a Senior Vice President in AllianceBernstein’s Fixed Income group. Prior to joining AllianceBernstein, James was head of the Governance Group at Morgan Stanley Investment Management, Senior Counsel at Evergreen Asset Management Corp. and General Counsel and Chief Administrative Officer of Yamaichi Capital Management Inc.

    James also worked in the legal department of The Dreyfus Corporation and with the law firm of Cole and Dietz, and he was with Alliance Capital (the predecessor of AllianceBernstein), from 1982 to 1986. He serves on the Board of the Securities Industry and Financial Markets Association (SIFMA) and is an active participant in securities industry forums. James is a member of the New York Bar and a solicitor of the Senior Courts of England and Wales.


    He graduated from SUNY at Stony Brook and received his J.D. from New York Law School.

  • Victoria Webster

    Victoria Webster

    Director, Fixed Inome, AFME

    Victoria Webster

    Victoria Webster

    Director, Fixed Inome, AFME

    Victoria is AFME’s Director of Fixed Income, having joined the association in November 2015. She is responsible for the AFME Primary Dealers, Credit and Covered Bond Boards, focusing on developments in regulation, policy and market structure.

    Victoria has more than 19 years of fixed income experience in banking, vendor sales, broking and market making. Prior to AFME, Victoria worked at Barclays Investment Bank working on fixed income electronic trading.

     

  • Ed Wells

    Ed Wells

    Head of Policy, Global Markets, Conduct and Sustainable Finance, HSBC Holdings

    Ed Wells

    Ed Wells

    Head of Policy, Global Markets, Conduct and Sustainable Finance, HSBC Holdings

    Ed is currently Head of Policy for Global Markets, Infrastructure and Sustainable Finance for HSBC Holdings and a member of the City of London Green Finance Initiative.

    Ed sits on HSBC’s Climate Business Council which is leading HSBC’s prioritisation of sustainable finance and is also Chair of ICMA’s Regulatory Policy Committee. Prior to joining HSBC, Ed worked at the London Stock Exchange, managing EU public policy and chairing the Management Committee of the Federation of European Exchanges.

    Ed's career began in the Parliament Office of the House of Lords. He has an MBA from the University of Warwick Business School.