THETRADETECHFX DAILY agenda
Day 1: Tuesday 11th September 2018
07:45 Conference Registration & Networking Breakfast
07:30 – 08:30 Exclusive Invite Only Buy Side Think-Tank Breakfast: How can the buy side better collaborate to drive mutually beneficial initiatives forward Participants Include: Thomas Bengtsson, Senior Portfolio Manager, ATP; David Doggett, AVP, Global Trader, Eaton Vance; Emmanuel Hurault, FX, International Bonds, Credit and Derivatives Dealer, Groupama Asset Management; Colin Carr, Trader, Baillie Gifford; Jamie Smith, Senior FX Dealer, European Trading, SSGA
08:30 Welcome Address: Diane Mekie, TradeTech FX Europe Conference Director, WBR
Open to 15 Heads of FX Trading or Portfolio Management – Pre-registration is required Breakfast will be served during this session
08:35 Chairperson’ s Opening Remarks: Michael Melvin, Executive Director, Rady School of Management, UCSD, Former Managing Director, BlackRock
08:40 BUY SIDE INTERVIEW: Currency Management – The role of judgement in systematic currency strategies Edward Baker, Executive Chairman, The Cambridge Strategy
09:00 IN CONVERSATION: What themes will dominate the FX agenda over the next 12 months and what investment opportunities will these bring? Patrick Hoffmann, Portfolio Manager, Stone Milliner Asset Management
09:20 IN CONVERSATION: How has the European FX market responded to an updated Global Code of Conduct?
09:50 IN CONVERSATION: How has the European FX market responded and performed in the wake of MiFID II, and is MiFID III on the horizon?
10:20 Morning Refreshment Break
11:00 360 ° Perspective: FX eTrading in 2018 and beyond – how can you measure the performance of liquidity providers to establish the best partners in different trading scenarios?
11:50 Sell Side Keynote Panel: How is the sell side implementing strategies and approaches from other non-finance industries to thrive in the new FX landscape?
12:20 Oxford Style Debate: True or false- Financial market regulation has had an overall positive effect on the FX market over the last decade Chatham House Rule
12:50 Guest Keynote: An update on Brexit negotiations 18 months on from triggering Article 50: What has been the impact on the economy, EU-UK trade relations and the investment landscape?
13:10 Inspirational Guest Speaker: Lessons learnt from a hostage negotiator – How to improve decision making and communication in high stress situations
FX Today And Tomorrow
The Cambridge Strategy is an institutional asset manager whose investment capabilities include Currency Alpha, Emerging Markets Equities, Macro, and Currency Overlay. Ed joined the Cambridge Strategy in 2007 and is responsible for the leadership of the firm’ s research effort. Until April of 2007 Ed was the Chief Investment Officer of Emerging Markets Growth Equities at AllianceBernstein, where he assumed responsibility for the Emerging Markets Growth Equities business in early 1998 and built it into a $ 10 billion AUM business.
How is a turbulent geo-political environment impacting liquidity and how do we expect it to impact currency markets going forward? Where do we see the major investment opportunities? After a period of divergence of monetary policy in the G10 space, are we heading towards a reconvergence and what might be the implications?
Navigating The Post-MiFID II World
Moderator: Patrick Fleur, Former Head of Trading and Execution, PGGM Rohan Churm, Head of Foreign Exchange Division, Bank of England Roswitha Hutter, Secretary of Foreign Exchange Contact Group( FXCG), European Central Bank Stephane Malrait, Chair, FX Committee, ACI Adrian Boehler, Co-Head of FXLM and Commodity Derivatives, BNP Paribas
Moderator: Patrick Fleur, Former Head of Trading and Execution, PGGM Philippe Guillot, Executive Director of the Markets Directorate, Autorité des Marchés Financiers( AMF) Rohan Churm, Head of Foreign Exchange Division, Bank of England Vincent Dessard, Senior Regulatory Policy Advisor, EFAMA
Gaining A Competitive Edge
Moderator: Ken Dickson, Investment Director, Currency, Aberdeen Standard Investments Jeremy Smart, Head of Distribution, XTX Markets Kevin Kimmel, Global Head eFX, Citadel Securities Daniel Neeteson, Principal Strategy, Optiver Ralf Donner, Global Head of Client FX Algo Execution, Goldman Sachs Paris Pennesi, Director FX e-Risk, HSBC Robbert Sijbrandij, Head of FX, Flow Traders
Svante Hedin, Co-head of Trading, Markets, SEB James Taylor, Global Head of eFX Sales, BNY Mellon Asif Razaq, Global Head of FX Algorithmic Execution, BNP Paribas
Regulatory Debate
David Woolcock, Chair of the Committee for Professionalism, ACI – TRUE(“ The move to more principle led regulatory initiatives in the unregulated markets are levelling the playing field alongside more transparent practices that will help rebuild confidence in FX markets paving the way to increasing volumes for the benefit of all.”) Isaac Lieberman, CEO, Aston Capital Management – TRUE Robert Savage, CEO, CC Track Solutions- FALSE
Decoding The Impact of Brexit
Anthony Hilton, Financial Editor, Evening Standard Anthony is the chief economics and business commentator for the Evening Standard, and one of the longest serving British business journalists having joined Fleet Street in 1968 as a Trainee on the Guardian. A multiple award winner for his journalism he last year collected the Journalist of the year award from the British Insurance Brokers Association and in March was given a life time achievement award by the ABI.
Special Guest Speaker
Grappling with the balance between quantitative and subjective elements in any investment process designed to be‘ systematic’ in nature: Judgement Area 1: Systematic strategies require a diversified set of models to be consistently successful Judgement Area 2: Implementing the models – not all models signal the same way Judgement Area 3: Trading – the craft of getting the signals into the portfolio Judgement Area 4: Risk management – the craft of preserving alpha Judgement Area 5: Remaining competitive: The art of adaptation
Are cryptocurrencies just a market fad? What is their potential and impact on the currencies market and how seriously should you take them? What are the major technology developments that are transforming currency trading? Mitigating the impacts of flash crashes with ever increasing trading automation- How can you best deal with unpredictability in FX markets and protect your portfolio during stressed market conditions?
What are the major ongoing grey areas on the specifics of the Global Code, where further market clarification is needed? Will market players partner with firms who aren’ t signed up to the Global Code of Conduct? How are regulators, associations and market players collaborating to ensure joint communication and agreement on the way forward? What’ s next on the agenda re the Global Code?
How prepared was the industry for MiFID II- what is the view of regulators, central banks, and industry bodies? How does Brexit potentially impact equivalence in EU markets – could there be a two-tiered market? And how are market locations other than London positioning themselves to attract FX players? What are the major ongoing grey areas on the specifics of MiFID II, where further market clarification is needed? How can the market / practitioners best influence and communicate with regulators? What’ s next on the regulatory agenda? Is MiFID III in the foreseeable future?
How can the buy side best deal with the unprecedented complexity in e-FX trading? What key strategies, processes and technology are leading firms putting in place? Which currencies weren’ t traditionally executed electronically but are now more able to be automated? How is a new regulatory environment, increased provider choice, less last look and fast data impacting execution quality and pricing? The impact of MiFID II – has the new transparency regime helped or hindered liquidity across FX markets? How is the drive towards more multi-asset trading impacting liquidity providers and how are businesses developing their infrastructure and technology capabilities? Risk warehousing, market impact and quality of liquidity provision – where do the key similarities and differences lie between non bank liquidity providers and traditional banks? True or false: the internalisation of FX risk by nonbank entities is largely outside the visibility of financial regulators and their systemic risk modeling – and what are the market implications?
How are the sell side optimizing their capital in a less liquid, more regulated and lower return world to better support the buy side? How are sell side business models evolving and how can the bulge bracket differentiate themselves to offer the buy side a tailored service? What types of e-trading technology can the sell side use to maximize the efficiency of their dealing activity and pass on cost savings to the buy side? In light of the move from a principal model of trading to an agency broking-centric trading model, which players are leading the way in offering the buy side innovative solutions?
Do the positives outweigh any negatives since the regulatory regime started post 2008? How have various regulatory frameworks impacted how the buy and sell side trade and has this overall impact been positive or negative? Is the new FX market structure more efficient and reliable under this regulatory regime or is it now insufficient to meet the demands of end investors? Is further regulatory reform needed to alter markets further or does MiFID II signal the end of major market regulation?
Lifting the lid on Article 50 taskforce timeline: What stage have they reached in negotiations? Early outcome of negotiations: Will the EU market remain‘ single’ or become more of a tiered market? How will the trading lifecycle of buy and sell side institutions be impacted by the outcome, and how can they remain resilient in the face of change? Next steps: What can the financial industry expect from negotiations?
Chris White, Former Hostage Negotiator, UK Government Chris White is a professional risk manager and crisis negotiator with over 25 years of experience in the industry. A proven senior leader in the global corporate security sector, Chris has led the Group Operational Security and Intelligence function at two of the largest global blue chip companies, Prudential and Old Mutual. Chris’ s private sector experience follows a successful UK Government career as an international hostage and crisis negotiator, and crisis manager.
13:40 Networking Lunch 13:40 – 15:00 Private Buy Side Only Workshop, Hosted By Goldman Sachs: Execution- Art and Science | Ralf Donner | David Wilkins Lunch will be served during this session
30 THETRADETECHFX DAILY Issue 1