Conference Plans Shift in Unstable Market
January 5, 2009
The financial services industry's conference calendar is likely to undergo more than a few alterations in 2009 as potential attendees consider staying home. Many conference organizers are planning to change the format of their events, according to a recent survey conducted by financial public relations and marketing firm Cognito. Of the 46 percent of organizers that anticipate making changes, half said they will take moderate steps, including discounts for first-time visitors, while half plan more drastic adjustments-swapping venues or moving to different cities altogether.
The International Securities Association for Institutional Trade Confirmation (ISITC), for example, is holding its 15th annual vendor show in March at a new location--the Renaissance Boston Waterfront Hotel--in the same city. ISITC is considering bigger changes for a conference slated to take place in St. Louis in September. Genevy Dimitrion, chairman of ISITC and VP of product management at State Street Corp., said at last month's quarterly meeting in Palm Beach, Fla. that the organization is exploring the possibility of holding an "alternative conference" rather than a physical gathering.
"No formal decisions have been made," stated ISITC conference coordinator Dana Martz, who added that the board is "currently reviewing and weighing options which, in the end, will be the most beneficial for ISITC and its members. We should know more in late January."
"With travel budgets cut and executives less inclined to leave their desks during turbulent times, 2009 could be a challenging year for conference organizers," said Dan Simon, managing director of Cognito in New York. "Many of our clients are asking themselves and us where to invest next year. We believe it's essential for potential sponsors to consider the conference landscape carefully in 2009 and see who is taking preemptive measures to prevent further attrition and to prepare for challenges."
According to industry sources, Swift replaced more than 20 speakers who had to pull out of its Sibos conference in Vienna due to conditions in the financial markets that week--Sept. 15 to Sept. 19. But Panos Tzivanidis, head of operations and events for the messaging cooperative's annual show, cited record attendance. "Swift's premium industry event, Sibos, was the biggest ever, ... with over 8,100 participants and 245 exhibiting companies, despite the historic events that were taking place in the market at the time," said Tzivanidis.
"Based on feedback from many of our global customers, we are moving forward with plans to host Sibos 2009 in Hong Kong," he added. "Although the event will be taking place in very different market conditions, initial discussions with regular exhibitors indicated that despite the current environment, Sibos remains an essential part of their annual marketing program."
FIX Protocol Ltd.'s (FPL) annual Americas conference started Nov. 19, the same day the Dow Jones Industrial Average fell below 8,000 for the first time in five years. Planning is already under way for a 2009 meeting, according to Tom Jordan, CEO of consultancy Jordan & Jordan, which provides management services to FPL.
