INFRASTRUCTURE AND LONG-TERM DRIVERS IN FX
08:20 - 08:50 Registration & Breakfast
08:50 - 09:00 Chairperson Opening Remarks
09:00 - 09:20 Industry Keynote: The global drive for improved regulatory codes of conduct, the FX investigations, and what it means for the industry
• A focus on culture change in financial markets - what is taking place in the industry?
• How the politicians see it, and what we can do about it
• What steps do you need to take to protect your institution and yourself?
• How the politicians see it, and what we can do about it
• What steps do you need to take to protect your institution and yourself?
09:20 - 09:40 Buyside Keynote: Reviewing the macro-economic landscape of the last 12 months – What key trends should you be capitalising on?
• Discovering the trends that have defined the FX market
• What currency pairs have shown most promising returns?
• Evaluating the low yield environment in Europe impacted investor participation in FX?
• Looking at the major policy changes that have significantly shaken the FX market?
• What currency pairs have shown most promising returns?
• Evaluating the low yield environment in Europe impacted investor participation in FX?
• Looking at the major policy changes that have significantly shaken the FX market?
09:40 - 10:30 360° Perspective: Discretionary Trading-Which method is best for achieving trade execution?
• What are the benefits of discretionary trading methods?
• What kind of investor is suited to the discretionary trade?
• In a market where pioneering technology is leading the way in transforming trading strategies, why is automated trading not more popular?
• What are good discretionary strategies and what key factors need to be taken into account when making trade decisions?
• Will automated trading eventually replace most discretionary trading?
• What kind of investor is suited to the discretionary trade?
• In a market where pioneering technology is leading the way in transforming trading strategies, why is automated trading not more popular?
• What are good discretionary strategies and what key factors need to be taken into account when making trade decisions?
• Will automated trading eventually replace most discretionary trading?
10:30 - 11:15 Morning Networking Break
10:30 - 11:15 Morning Networking Break
NEW FRONTIERS IN COST AND RISK MANAGEMENT
11:15 - 11:40 CASE STUDY: FX risks through the eyes of The Basel Committee on Banking Supervision (‘BCBS’)
Chair: Mike O’Hara, Director, The Realization Group
• Guidance for managing risks to avoid financial disruptions and regulatory attention
• How to address governance, principal risk, replacement cost risk, liquidity risk, operational risk, legal risk and capital for FX transactions
• Is this a template for all FX users?
• Guidance for managing risks to avoid financial disruptions and regulatory attention
• How to address governance, principal risk, replacement cost risk, liquidity risk, operational risk, legal risk and capital for FX transactions
• Is this a template for all FX users?
NEW FRONTIERS IN COST AND RISK MANAGEMENT
11:15 - 11:40 Synergy Workshop: FX Markets structural changes and implications for currency managers
Chair: Carl James, Former Global Head of FX, BNP Dealing Services
• A growing history of randomness of currency markets
• Factors behind the Structural changes of FX markets
• Structural changes and Currency manager performance
• Implication for currency managers and investors
• A growing history of randomness of currency markets
• Factors behind the Structural changes of FX markets
• Structural changes and Currency manager performance
• Implication for currency managers and investors
NEW FRONTIERS IN COST AND RISK MANAGEMENT
11:40 - 12:05 CASE STUDY: How to position your trading desk to respond to the new FX market-structure
Chair: Mike O’Hara, Director, The Realization Group
• Nurturing the relationship between liquidity streaming banks and their counterparties
• Will fragmentation lead to a more robust system or will a liquidity mirage evolve and become more present in the market?
• Adopting best practices for a renewed OTC market place
• Incorporating hedging tools to mitigate risk
• Nurturing the relationship between liquidity streaming banks and their counterparties
• Will fragmentation lead to a more robust system or will a liquidity mirage evolve and become more present in the market?
• Adopting best practices for a renewed OTC market place
• Incorporating hedging tools to mitigate risk
Stream B
11:40 - 12:05 Stream B continuedNEW FRONTIERS IN COST AND RISK MANAGEMENT
12:05 - 12:30 CASE STUDY: How to use FX to efficiently mitigate portfolio risk?
Chair: Mike O’Hara, Director, The Realization Group
• What are the major risk factors traders are keen to combat?
• Is FX a hedging class or can be considered as an asset class?
• How traders can use FX as an effective hedging tool to mitigate risk in their investment portfolio?
• How to hedge against loss within your portfolio by using FX as an Asset Class?
• What are the major risk factors traders are keen to combat?
• Is FX a hedging class or can be considered as an asset class?
• How traders can use FX as an effective hedging tool to mitigate risk in their investment portfolio?
• How to hedge against loss within your portfolio by using FX as an Asset Class?
Stream B
12:05 - 12:30 Stream B continued12:30 - 14:00 Networking Lunch
DEFINING OPPORTUNITIES IN GLOBAL CURRENCIES
14:00 - 14:20 360° Perspective: Emerging vs. G10 currencies: What are the best short term and long term opportunities?
Chair: Mike O’Hara, Director, The Realization Group
• Are high returns the main deciding factor when deciding which currencies to trade?
• Where are the liquidity pools and how long term are they?
• Yield or low risk – which is more desirable?
• How appealing will emerging market currencies be once interests rates within Europe and the US rise?
• Are high returns the main deciding factor when deciding which currencies to trade?
• Where are the liquidity pools and how long term are they?
• Yield or low risk – which is more desirable?
• How appealing will emerging market currencies be once interests rates within Europe and the US rise?
DEFINING OPPORTUNITIES IN GLOBAL CURRENCIES
14:00 - 14:20 CASE STUDY: Key currency drivers in 2015
Chair: Carl James, Former Global Head of FX, BNP Dealing Services
• Inflation or deflation: Which way to go and what does it mean for currencies.
• Where does the money goes next year?
• Risk appetite, still a dominant driver?
• Central bank policy, a clear path towards the future?
• Inflation or deflation: Which way to go and what does it mean for currencies.
• Where does the money goes next year?
• Risk appetite, still a dominant driver?
• Central bank policy, a clear path towards the future?
Stream A
14:20 - 14:45 Stream A continuedDEFINING OPPORTUNITIES IN GLOBAL CURRENCIES
14:20 - 14:45 CASE STUDY: EM FX: Where the opportunities lie in the year ahead
Chair: Carl James, Former Global Head of FX, BNP Dealing Services
• Key themes dominating EM FX
• Trading EM -not just fundamentals and technical- how to navigate these discrepancies when trading?
• Accounting for these variables, where might the opportunities lie in the year ahead
• Where are the mispricing’s where stale stories are no longer supported by fundamentals: What might be the triggers for the story to change?
• Key themes dominating EM FX
• Trading EM -not just fundamentals and technical- how to navigate these discrepancies when trading?
• Accounting for these variables, where might the opportunities lie in the year ahead
• Where are the mispricing’s where stale stories are no longer supported by fundamentals: What might be the triggers for the story to change?
DEFINING OPPORTUNITIES IN GLOBAL CURRENCIES
14:45 - 15:10 360⁰ PERSPECTIVE: Benchmarking fixing rates tools: Which is the best to obtain the most competitive trade rates?
• How have we moved past the recent scrutiny of Fixing?
• How transparent and reliable are fix rates following Libor probes?
• What value does fixing technology bring to the clients business?
• Who are the right people to oversee and administer these rates?
• How transparent and reliable are fix rates following Libor probes?
• What value does fixing technology bring to the clients business?
• Who are the right people to oversee and administer these rates?
DEFINING OPPORTUNITIES IN GLOBAL CURRENCIES
14:45 - 15:10 Case Study: Currency correlations in various timeframes and what this means for trading strategies
Chair: Carl James, Former Global Head of FX, BNP Dealing Services
• How do correlations evolve on different timeframes
• How to detect interesting trading situations across several currencies
• How value, momentum and carry strategies perform depending on the current environment
• How do correlations evolve on different timeframes
• How to detect interesting trading situations across several currencies
• How value, momentum and carry strategies perform depending on the current environment
Stream A
15:10 - 15:30 Stream A continuedDEFINING OPPORTUNITIES IN GLOBAL CURRENCIES
15:10 - 15:30 Case Study How to diversify your portfolio by investing in the Renminbi
Chair: Carl James, Former Global Head of FX, BNP Dealing Services
• Important calls on the Chinese economy
• The internalization of the Chinese Renminbi
• Significant changes in the Chinese financial markets - they happen right now
• Important calls on the Chinese economy
• The internalization of the Chinese Renminbi
• Significant changes in the Chinese financial markets - they happen right now
15:30 - 16:00 Afternoon Networking Break
16:00 - 16:40 360⁰ PERSPECTIVE: Evaluating the role of the Euro: What place should it have in your currency portfolio?
Speakers:
Benjamin Lesch Quantitative Analyst Man Group
Paul Lambert Head of Currency Insight Investment
Christopher Cruden CEO Insch Capital Management SA
Achim Walde Head of Currency Management Oppenheim Asset Management
Moderator:
Michael Metcalfe Senior Managing Director, Head of Multi Asset Strategy State Street Global Markets
Benjamin Lesch Quantitative Analyst Man Group
Paul Lambert Head of Currency Insight Investment
Christopher Cruden CEO Insch Capital Management SA
Achim Walde Head of Currency Management Oppenheim Asset Management
Moderator:
Michael Metcalfe Senior Managing Director, Head of Multi Asset Strategy State Street Global Markets
• How have central bank unconventional monetary policies over the last 12 months impacted the stability of the Euro?
• Has a currency war emerged with the Euro and its neighbouring currencies?
• How will the Euro react to a rise in interest rates?
• How has the turbulence within Europe impacted the position of the Euro?
• What impact has QE had on the Euro?
State Street Global Markets
• Has a currency war emerged with the Euro and its neighbouring currencies?
• How will the Euro react to a rise in interest rates?
• How has the turbulence within Europe impacted the position of the Euro?
• What impact has QE had on the Euro?
Michael Metcalfe
Senior Managing Director, Head of Multi Asset StrategyState Street Global Markets
16:40 - 17:00 Closing Keynote: Challenging emerging market assumptions- Insights from investor behaviour
• Emerging markets have not decoupled
• Emerging markets- a bubble waiting to burst?
• Will emerging markets be vulnerable to capital flight when US interest rates rise and/ China slows
State Street Global Markets
• Emerging markets- a bubble waiting to burst?
• Will emerging markets be vulnerable to capital flight when US interest rates rise and/ China slows
Michael Metcalfe
Senior Managing Director, Head of Multi Asset StrategyState Street Global Markets