TRADING FX IN A NEW REGULATED MARKET
08:00 - 08:45 Registration & Breakfast
08:45 - 09:00 Chairperson Opening Remarks
09:00 - 09:20 Opening Keynote: A review of the foreign exchange market- what are the major challenges and opportunities you will face in 2015?
• With the current lack of market volatility, where can you source new opportunities in 2015?
• What are the key trends and currencies you should look out for over the next 12 months?
• Trading from a multi-asset point of view- where should FX fit in as part of a multi-asset portfolio?
• What are the key trends and currencies you should look out for over the next 12 months?
• Trading from a multi-asset point of view- where should FX fit in as part of a multi-asset portfolio?
09:20 - 09:40 GUEST PRESENTATION: Achieving best execution in FX Options and Emerging Markets- Are FX Intermediaries the future?
• What are the structural inefficiencies with the traditional way of trading OTC FX Options and Emerging Markets and how does the FX Intermediary resolve them?
• Do OTC options and Emerging Markets require the ‘human touch’ rather than e-trading in order to achieve best execution?
• How will regulatory developments influence the emergence of the FX Intermediary industry?
• What are the obstacles to engagement of FX Intermediary services?
• Do OTC options and Emerging Markets require the ‘human touch’ rather than e-trading in order to achieve best execution?
• How will regulatory developments influence the emergence of the FX Intermediary industry?
• What are the obstacles to engagement of FX Intermediary services?
09:40 - 10:00 INDUSTRY KEYNOTE: The big issue - How is the FX industry reacting to “a new derivative order” post EMIR and Dodd-Frank implementation?
• Exploring the impact regulation will have on the operating activities of the various parties in the industry
• Comparing EMIR with the Dodd-Frank Act – clarifying the opportunities these regulations aim to bring
• Have the timelines been realistic to achieve the goals set to the industry?
• Have counterparts had enough education to be able to successfully operate in the new environment?
CME Group
• Comparing EMIR with the Dodd-Frank Act – clarifying the opportunities these regulations aim to bring
• Have the timelines been realistic to achieve the goals set to the industry?
• Have counterparts had enough education to be able to successfully operate in the new environment?
Sandra Ro
Executive Director, Head of Product Development & Research, FX, IR & EquitiCME Group
10:00 - 10:20 REGULATORY KEYNOTE: MiFID II Proposal: Drilling down the details and implications on your trading desk
• The details of the legislative proposal and its impact on markets
• Market structure and transparency objectives
• Regulatory actions required to avoid killing market liquidity
• How MiFID II promotes competition to open up market infrastructure and lower the cost of widespread investment services
• How will the shift from a functional to a more rules-based impact market activities
• Market structure and transparency objectives
• Regulatory actions required to avoid killing market liquidity
• How MiFID II promotes competition to open up market infrastructure and lower the cost of widespread investment services
• How will the shift from a functional to a more rules-based impact market activities
10:20 - 11:00 Morning Networking Break
ADAPTING YOUR TRADING OPERATIONS
11:00 - 11:45 360⁰ PERSPECTIVE: How can you manage the conflicts in EMIR and Dodd-Frank to ensure clients globally receive a uniform service?
• What are the similarities and differences of the two regulations?
• Issues encountered in cross-border transactions and how to overcome them
• Should the SEC, CFTC, ESMA and ISDA work to implement a one glove fits all system or should the two regulations remain independent?
• Issues encountered in cross-border transactions and how to overcome them
• Should the SEC, CFTC, ESMA and ISDA work to implement a one glove fits all system or should the two regulations remain independent?
ADAPTING YOUR TRADING OPERATIONS
11:00 - 11:45 DRILL DOWN ROUNDTABLES: Utilising new technologies and trading strategies to remain compliant, reduce costs and achieve best execution
Chair: Mike O’Hara, Director, The Realization Group
Roundtable One
Will the low volatility and reduced volume in FX continue into 2015 and how can you adjust your business to combat the consequences?
Hosted by: Yoav Barnes, Managing Director, Victory FX
Rountable Two
Systematically harvesting risk premium and news analytics based trading in FX
Hosted by: Saeed Amen, Managing Director and Co-Founder, The Thalesians
Roundtable Three
TCA- making informed trading decisions and add value to the execution process
Hosted by: Pete Eggleston, Managing Director, Morgan Stanley
Roundtable One
Will the low volatility and reduced volume in FX continue into 2015 and how can you adjust your business to combat the consequences?
Hosted by: Yoav Barnes, Managing Director, Victory FX
Rountable Two
Systematically harvesting risk premium and news analytics based trading in FX
Hosted by: Saeed Amen, Managing Director and Co-Founder, The Thalesians
Roundtable Three
TCA- making informed trading decisions and add value to the execution process
Hosted by: Pete Eggleston, Managing Director, Morgan Stanley
ADAPTING YOUR TRADING OPERATIONS
11:45 - 12:45 REVOLUTION CASE STUDY: The transition of FX to an exchange traded model: Is it good or bad for the FX community?
• What cost implications do moving to an e-trading model have?
• Who are key providers of electronic platforms?
Chair: PJ Di Giammarino, CEO, JWG-IT Group Limited
• How do non-deliverable forwards’ fi t in to the outlook for e-trading?
• Will there be greater access to emerging markets?
• Will they boost volumes in the FX market?
• Is the industry ready to embrace a transparent trading system?
• Who are key providers of electronic platforms?
Chair: PJ Di Giammarino, CEO, JWG-IT Group Limited
• How do non-deliverable forwards’ fi t in to the outlook for e-trading?
• Will there be greater access to emerging markets?
• Will they boost volumes in the FX market?
• Is the industry ready to embrace a transparent trading system?
ADAPTING YOUR TRADING OPERATIONS
11:45 - 12:45 DRILL DOWN ROUNDTABLES: Utilising new technologies and trading strategies to remain compliant, reduce costs and achieve best execution
Roundtable One
Algorithmic Trading- Defining algorithmic trading and how it differs from automated trading: How can it benefit your FX trading strategies?
Hosted by: Victor Lebreton, Managing Director, Quant Hedge Fund
Chair: Mike O’Hara, Director, The Realization Group
Roundtable Two
Benefits of adopting a systematic trading approach for investing in global markets
Hosted by: Francios Bonnin, CEO, John Locke Investments
Roundtable Three
Judging the quality and value of liquidity provision in a last look environment.
Hosted by: Jeremy Smart, Global Head of e-distribution & Head of Currencies & Local Markets Sales EMEA, The Royal Bank of Scotland
The Royal Bank of Scotland
Algorithmic Trading- Defining algorithmic trading and how it differs from automated trading: How can it benefit your FX trading strategies?
Hosted by: Victor Lebreton, Managing Director, Quant Hedge Fund
Chair: Mike O’Hara, Director, The Realization Group
Roundtable Two
Benefits of adopting a systematic trading approach for investing in global markets
Hosted by: Francios Bonnin, CEO, John Locke Investments
Roundtable Three
Judging the quality and value of liquidity provision in a last look environment.
Hosted by: Jeremy Smart, Global Head of e-distribution & Head of Currencies & Local Markets Sales EMEA, The Royal Bank of Scotland
Jeremy Smart
Global Head of e-distribution & Head of Currencies & Local Markets Sales EMThe Royal Bank of Scotland
12:45 - 14:15 Networking Lunch
EVOLVING TECHNOLOGY AND TRADING STRATEGIES
14:15 - 14:35 Case Study: Using pre trade analytics to navigate through the fragmented FX market- determining the ideal time to trade to get the best price
Chair: PJ Di Giammarino, CEO, JWG-IT Group Limited
Chair: PJ Di Giammarino, CEO, JWG-IT Group Limited
• Update on new TCA studies reflecting trading patterns and cost trends
• How to determine the best time to trade
• The signals you should look for to decide when it is safe to trade
• Is the market liquid enough: Are you trading into a hurricane?
• Outlining the pre trade tools required to determine the best time to trade to get the best price
Chair: PJ Di Giammarino, CEO, JWG-IT Group Limited
• Update on new TCA studies reflecting trading patterns and cost trends
• How to determine the best time to trade
• The signals you should look for to decide when it is safe to trade
• Is the market liquid enough: Are you trading into a hurricane?
• Outlining the pre trade tools required to determine the best time to trade to get the best price
EVOLVING TECHNOLOGY AND TRADING STRATEGIES
14:15 - 14:35 Case Study: Addressing the visibility and performance challenges in modern FX Trading Plants
Chair: Mike O’Hara, Director, The Realization Group
Chair: Mike O’Hara, Director, The Realization Group
• Discussing the visibility challenges currently being encountered as FX moves to an e-trading format
• How to mitigate the visibility challenges by tuning into real-time data streaming across the FX network to provide real-time operational intelligence
• Strategic solutions for driving an ultra-low latency solution with better fill, tighter spreads and low rejection rates to win in today's competitive market
Chair: Mike O’Hara, Director, The Realization Group
• Discussing the visibility challenges currently being encountered as FX moves to an e-trading format
• How to mitigate the visibility challenges by tuning into real-time data streaming across the FX network to provide real-time operational intelligence
• Strategic solutions for driving an ultra-low latency solution with better fill, tighter spreads and low rejection rates to win in today's competitive market
EVOLVING TECHNOLOGY AND TRADING STRATEGIES
14:35 - 14:40 360⁰ PERSPECTIVE: How do you benchmark FX trades using TCA?
Speakers:
Patrick Fleur Managing Director PGGM
Ronald Lagarde Forex and Derivatives Senior Trader APG Asset Management
Takis Spiropoulos Managing Director of Global E-Commerce CIBC
Ciara Quinlan Executive Director, Head of eFX Quantitative Trading UBS
Moderator:
Rebecca Healey Senior Analyst TABB Group
Patrick Fleur Managing Director PGGM
Ronald Lagarde Forex and Derivatives Senior Trader APG Asset Management
Takis Spiropoulos Managing Director of Global E-Commerce CIBC
Ciara Quinlan Executive Director, Head of eFX Quantitative Trading UBS
Moderator:
Rebecca Healey Senior Analyst TABB Group
Chair: PJ Di Giammarino, CEO, JWG-IT Group Limited
• What have the major developments been in FX TCA?
• How to help buy-side achieve pricing competitiveness?
• How do you measure TCA from a clients perspective – total cost including compliance
• Continuing the debate: Is TCA relevant or is it more suited to equities?
• How does TCA positively impact investment strategies?
• What have the major developments been in FX TCA?
• How to help buy-side achieve pricing competitiveness?
• How do you measure TCA from a clients perspective – total cost including compliance
• Continuing the debate: Is TCA relevant or is it more suited to equities?
• How does TCA positively impact investment strategies?
EVOLVING TECHNOLOGY AND TRADING STRATEGIES
14:35 - 14:40 Stream B ContinuedEVOLVING TECHNOLOGY AND TRADING STRATEGIES
14:40 - 15:05 Stream A ContinuedEVOLVING TECHNOLOGY AND TRADING STRATEGIES
14:40 - 15:05 Case Study: Systematic trading and CTAs: an analysis
Chair: Mike O’Hara, Director, The Realization Group
Chair: Mike O’Hara, Director, The Realization Group
• What is systematic trading and how does it compare to a discretionary, fundamental-driven approach?
• Worked example of a trend following trade
• CTAs- Who are they and what returns have they delivered?
• What are the benefits of investing in CTAs when combined with other traditional investment classes
Chair: Mike O’Hara, Director, The Realization Group
• What is systematic trading and how does it compare to a discretionary, fundamental-driven approach?
• Worked example of a trend following trade
• CTAs- Who are they and what returns have they delivered?
• What are the benefits of investing in CTAs when combined with other traditional investment classes
EVOLVING TECHNOLOGY AND TRADING STRATEGIES
15:05 - 15:15 Stream A ContinuedEVOLVING TECHNOLOGY AND TRADING STRATEGIES
15:05 - 15:15 Case Study: How can you use ‘super speed’ high frequency trading (HFT) to remain competitive amongst your peers?
Chair : Mike O’Hara, Director, The Realization Group
• What algos are being used today?
• Discussing the benefit of implementing HFT, do the costs warrant it?
• Identifying low-latency connectivity between venues
• How has the move towards a more transparent market impacted HFT?
• What algos are being used today?
• Discussing the benefit of implementing HFT, do the costs warrant it?
• Identifying low-latency connectivity between venues
• How has the move towards a more transparent market impacted HFT?
EVOLVING TECHNOLOGY AND TRADING STRATEGIES
15:15 - 15:30 360° Perspective The evolution of FX E-trading- Challenges and opportunities created by the electronification of the FX market
Chair: PJ Di Giammarino, CEO, JWG-IT Group Limited
• How can you improve the speed and efficiency of your trading activities to keep ahead in the market and improve execution?
• What can FX learn from other asset classes when it comes to electronic trading strategies and technologies?
• Will the electronification of the FX market attract a heavier regulatory touch?
• What do you need to prosper in an increasingly electronic FX market and how can you future proof your eFX platform?
• What are the best practice strategies you can undertake to predict movements and find trends in masses of market data?
• How can you improve the speed and efficiency of your trading activities to keep ahead in the market and improve execution?
• What can FX learn from other asset classes when it comes to electronic trading strategies and technologies?
• Will the electronification of the FX market attract a heavier regulatory touch?
• What do you need to prosper in an increasingly electronic FX market and how can you future proof your eFX platform?
• What are the best practice strategies you can undertake to predict movements and find trends in masses of market data?
EVOLVING TECHNOLOGY AND TRADING STRATEGIES
15:15 - 15:30 Stream B ContinuedEVOLVING TECHNOLOGY AND TRADING STRATEGIES
15:30 - 15:55 Stream A ContinuedEVOLVING TECHNOLOGY AND TRADING STRATEGIES
15:30 - 15:55 Case Study: Solutions to stop the latency race
Chair: Mike O’Hara, Director, The Realization Group
• How is the race for increased speed in trading affecting the market?
• What do you need to create an internal infrastructure for high speed transportation of information?
• How can you stop the latency race using frequent batch options?
• What can regulators do to create a fairer, more open market place?
• How is the race for increased speed in trading affecting the market?
• What do you need to create an internal infrastructure for high speed transportation of information?
• How can you stop the latency race using frequent batch options?
• What can regulators do to create a fairer, more open market place?
15:55 - 16:30 Afternoon Networking Break
16:30 - 17:15 360° Perspective FX as an asset class of its own- How to generate alpha
• Historical and future outcome of FX alpha - any market conditions that favour alpha strategies better than others
o Historical outcome of FX alpha the last 3-5 years?
o What are the return prospects and risk factors over the next 3 years?
o What will be the position of FX in asset allocation strategies once interest rates start rising?
• Common strategies vs tailored strategies - benefits of being part of the herd vs being on your own
o Determining strategies that yield significant returns
• Cross product margining - a prerequisite for efficient FX alpha strategies?
o How to integrate FX into portfolios?
• Retail FX Alpha - long term strategies vs outright bets
o As the most liquid asset, why does FX struggle to gain recognition as an asset class?
o Historical outcome of FX alpha the last 3-5 years?
o What are the return prospects and risk factors over the next 3 years?
o What will be the position of FX in asset allocation strategies once interest rates start rising?
• Common strategies vs tailored strategies - benefits of being part of the herd vs being on your own
o Determining strategies that yield significant returns
• Cross product margining - a prerequisite for efficient FX alpha strategies?
o How to integrate FX into portfolios?
• Retail FX Alpha - long term strategies vs outright bets
o As the most liquid asset, why does FX struggle to gain recognition as an asset class?
17:15 - 17:35 GUEST PRESENTATION: All you need to know about investing in Bitcoins
• How have the views on Bitcoins evolved?
• What technological developments have there been to make transactions more user friendly?
• How can Bitcoins be traded?
• What will be the position of Bitcoins in the next 5 years?
• What technological developments have there been to make transactions more user friendly?
• How can Bitcoins be traded?
• What will be the position of Bitcoins in the next 5 years?
