After a decade of passive dominance, the tide of scrutiny is turning: regulators and asset owners are examining the side effects of index concentration — greater stock co-movement, shrinking research budgets, fewer incentives to go public. For every buy-side trading desk, this is the strategic backdrop to every budget conversation and headcount justification. This closing-day plenary makes the argument out loud: where active management genuinely wins, what the trading desk contributes to that case, and how to articulate your desk's value to the people who fund it. Leave with the internal business case sharpened.