THETRADETECHFX DAILY
Times may not be 100 % accurate – please check the event app for the most accurate schedule.
Day One- Main Conference: Wednesday 16th of September
MAIN STAGE Options 2.0 Panel:
14.15 Digitising FX options: Improving FX options execution: How can you navigate complex liquidity and evolving trading workflows to achieve better outcomes? FX options remain one of the least electronified areas of FX, with pricing and workflow integration still heavily manual across most desks. Yet progress is accelerating: more consistent dealer pricing formats, wider use of electronic RFQ for vanillas, and early attempts to streamline ticketing and post-trade workflows are slowly shifting buy-side expectations. This panel examines where tangible improvements are happening today, why certain steps- such as volatility handling, custom structures and risk warehousing- remain harder to electronify, and what“ practical automation” actually looks like for a buy-side desk. Speakers will assess data limitations, fragmented liquidity, current platform constraints and what a realistic electronic / voice hybrid model could look like over the next few years.
X1 Sponsors Sothiro Pin, Quantitative Trader, Man Group Christian Beinert, FX Trader, MEAG Chris Smith, Head of Strategy, OptAxe Senior representative, Bloomberg Moderator: Jasper Livingsmith, Former Director, Head of G7PM, EBRD
14.50 OTC vs Listed Execution Panel: OTC vs on-exchange execution: How can futures and listed FX options complement bilateral liquidity and improve price discovery? As market structure evolves, the balance between OTC FX and exchange-traded products is shifting. Rising capital costs, expanding futures and options offerings, and renewed interest in on-exchange liquidity are prompting buyside desks to reassess when bilateral trading remains optimal- and when listed products offer a genuine edge. This session examines how futures, listed FX options and EFRP mechanisms compare with OTC markets in terms of liquidity depth, flexibility, transparency and capital efficiency. Speakers will discuss where exchange-traded instruments can complement OTC flows, how they fit into execution approaches, and what traders should consider when combining bilateral and on-exchange liquidity.
X2 Sponsors Phil Hermon, Executive Director of FX Products, CME Group
MAIN STAGE Volatility Panel:
Trading FX volatility: How can you position and manage risk in a market driven by geopolitical shocks and uncertainty? FX markets have been characterised by persistently low implied volatility punctuated by sharp, short-lived spikes, raising questions about how volatility is traded across FX markets. This panel explores how PMs trading FX and options adapt strategies across shifting volatility regimes, particularly when realised and implied volatility appear disconnected from macro and geopolitical risks. Speakers will discuss how they trade through extended low-vol environments, manage option exposures and systematic volatility strategies, and adjust positioning when volatility spikes quickly mean-revert. A practitioner-led discussion on calibrating exposure as regimes evolve, and integrating volatility signals into FX and multi-asset decision-making.
Harel Jacobson, Associate Portfolio Manager, Capstone Investment Advisors Harish Neelakandan, Co-Chief Investment Officer, AlphaEngine Global Investment Solutions Tomas Garcia- Purrinos, Senior Asset Allocation Strategist, Santander Asset Management Moderator: Matthias Bouquet, Independent Expert
FX Hedging Panel: Strengthening hedging discipline: How can you maintain consistent FX hedging frameworks to best position your portfolio as markets and macro conditions shift? FX hedging is one of the least standardised aspects of multi-asset portfolio management, with PMs taking very different approaches to setting hedge levels, maintaining discipline and reacting to shifting macro conditions. This session examines how PMs balance long-term hedging policies with shorter-term market signals, how they think about the appropriate level of unhedged currency exposure, and how they minimise hedge drag without undermining portfolio intent. Speakers will discuss the role of discretion versus systematic rules, how they interpret volatility and correlation shifts, and how they ensure hedging decisions remain aligned with broader investment objectives. A practical, PM-led discussion on building clear, consistent FX hedging frameworks across different market regimes.
Michaël Soued, Head of Aggregate & Multi Asset Total Return, Ostrum Asset Management James Pearmund, Portfolio Solutions Manager, Schroders Denisa Cumova, Head of Portfolio Management & Quantitative Strategies, La Francaise Systematic Asset Management Erhard Radatz, Global Head of Portfolio Management, Invesco Quantitative Strategies, Invesco
15.25 Afternoon Refreshment Break 15.25- 16.25 Afternoon Workshop: Opetek
agenda
HEAD TRADER THINK TANK 15 MAX PARTICIPANTS
Head Trader Think Tank ** Closed- door & by invitation only ** A closed-door, buy-side- only boardroom discussion for heads of desk and senior FX traders. This interactive session is designed to facilitate peer-level exchange on the most pressing trading challenges facing FX desks today. The top three discussion themes will be collected from participants ahead of the event and used to shape a focused, off-the-record conversation.
Host: Gordon Noonan, Head of FX Trading, Schroders
TRACK A 15.55- 16.25 Execution Methodology Oxford Style Debate: Algos vs RFQ: Motion- RFQ delivers better execution outcomes than algorithmic trading in today’ s FX market Algorithmic execution offers consistency, automation and a structured way to work flow across fragmented liquidity. Yet many desks are reassessing its effectiveness as execution outcomes become less predictable across venues and liquidity providers. RFQ remains central for immediacy, size and direct dealer interaction, but raises ongoing questions around information leakage, panel construction and timing- particularly as market conditions shift. In this Oxford-style debate, speakers will argue for and against the motion that RFQ delivers better outcomes than algorithmic execution. Participants will compare how each method performs across market conditions, how price formation differs between RFQ and streaming liquidity, and where TCA and analytics are influencing trader behaviour. A practical debate on when each approach adds value- and how desks combine methods in practice.
TRACK B 15.55- 16.25 Data & Analytics Panel: Using data smarter: How can PMs combine alternative datasets, macro indicators and model signals to improve FX decisions? As access to alternative datasets and analytical tools accelerates, the challenge for PMs is no longer data availability but intelligent integration. This session explores how investment teams blend discretionary judgment with model-driven insights, macro indicators, sentiment datasets and behavioural signals to refine FX decisions. Speakers will examine how PMs filter and prioritise information, identify valuable datasets and incorporate early-warning indicators. The discussion will highlight where alternative data has delivered clear value, where it remains inconclusive, and how PMs can build disciplined workflows that connect data, analytics and human insight into a coherent decision-making framework. A pragmatic conversation on improving FX decisions through smarter, more balanced use of data.
TRACK C 15.55- 16.25 Trading Workflows Panel: Modernising FX execution: How can you optimise RFQ, streaming, algos and multi-dealer platforms to improve access and control? Corporate treasuries are reassessing how they execute FX as workflows move away from manual processes and single-bank interactions toward more automated models. This session explores how corporates are modernising workflows, when streaming prices genuinely add value, and where algorithmic tools can support execution without adding complexity. Speakers will discuss how treasuries are making more effective use of multi-dealer platforms and what“ good” looks like in an execution environment that prioritises transparency, auditability and control.
X2 Sponsors Georgios Velissariou, Head of Financial Risk Management- Group Treasury, Hitachi Energy Tomas Krcka, Head of Group Treasury & Financial Trading, CEZ Group
Gordon Noonan, Head of FX Trading, Schroders Peter Welsby, Head of Europe FICC Trading, Manulife Investment Management Thomas Leggett, Currency Dealer, State Street Global Advisors Alan Martin Lucero, Lead FX Trader, Norges Bank Investment Management Danielle Caravetta, Global Head of Sales, Pragma
16.25- 16.45 Trading Intelligence Interview: Data insights for the modern FX desk: How can you turn fragmented data into better routing, timing and liquidity decisions? As liquidity becomes more fragmented and execution behaviour varies widely across venues, execution intelligence is becoming a core competitive edge for FX trading desks. Traders increasingly rely on real-time signals such as fill ratios, markouts, reject patterns and timing analytics to understand where genuine liquidity resides- and when to avoid unnecessary slippage. This session explores how buy-side desks are building practical execution-intelligence frameworks that unify data across RFQ, streaming and algo workflows, how LPs are adapting pricing and responsiveness, and how enhanced analytics are driving smarter routing decisions. Speakers will examine what“ good” liquidity looks like today, how to benchmark LP performance, and which intelligence tools genuinely improve execution outcomes. X1 Sponsor Marco Basteck, Head of Trading, Europe, UK & US, Deutsche Private Bank- TBC Joseph Forde, FX Trader & Assistant Vice President, Brown Brothers Harriman Alex Weinrich, Senior Solutions Engineer, KX
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X1 Sponsors Per Ivarsson, Lead Quantitative Researcher, Systematica Investments Akshay Padmanabha, Portfolio Manager, Balyasny Asset Management Harish Neelakandan, Co-Chief Investment Officer, AlphaEngine Global Investment Solutions Daria Efanova, Head of Research, Sucden Financial Moderator: Matthias Bouquet, Independent Expert
16.25- 16.45 Multi-Asset Allocation Presentation: FX in multi-asset portfolios: How should you decide when to hedge, hold or adjust currency exposure? In multi-asset portfolios, FX exposure typically arises from underlying asset allocation rather than standalone currency views, yet it can materially influence portfolio behaviour as market conditions change. This presentation explores how FX hedging decisions are made and adjusted over time within a multi-asset framework, including the role of US dollar exposure as a risk offset across different market regimes. The session will also touch on how option markets and implied volatility help signal changing market expectations, informing when to hedge, reduce or retain currency exposure. A portfolio-level perspective on treating FX as an integral part of multi-asset allocation decisions.
Thorsten Rahn, Director- Senior Portfolio Manager, Allianz Global Investors
16.25- 16.45 Tech Integration Case Study: Automating FX exposure capture in practice: How can you automate workflows across ERP, TMS and execution platforms to increase accuracy and reduce manual risk? Many corporates continue to rely on manual processes to identify, classify and consolidate FX exposures, leading to delays, inconsistent data and limited confidence in downstream decision-making. This case study explores how treasurers are incrementally automating exposure capture from ERP systems through to the TMS and into multi-dealer execution platforms- focusing on what works in practice rather than large-scale transformation projects. The speaker will discuss common integration challenges, data quality constraints and the reality of under-utilised TMS functionality, alongside practical steps to reduce spreadsheet dependency, improve exposure consistency and minimise manual reconciliation. A grounded, experience-led look at how corporates are strengthening data foundations to support more reliable hedging, execution and analytics.
Frederic Capraro, Director of Treasury Corporate Finance, RTL Group Maxime Fontaine, Head of Front Office, Decathlon