TradeTech FX 2015 (past event)
16 - 17 September, 2015
Contact Us: 44 (0) 207 368 9465
Day 1 - FX Insights in 2015
8:00 am - 8:50 am Registration and Breakfast
8:50 am - 9:00 am Chairperson's Opening Remarks
9:00 am - 9:20 am Industry Keynote: Following recent FX scandals, how can market participants restore faith in FX markets?
In light of recent rate fixing and manipulation, codes of conduct are being brought forward by the Financial Stability Board (FSB) and Fair and Effective Markets Review (FEMR) to avoid repeats of such FX scandals. Attend this opening keynote presentation where you will find out:
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An update on scandals, fines and conduct- The view from the ACI
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Detailing acceptable market conduct across international FICC markets
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Outlining a framework for resolution
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Getting on with productive business- How to be bullet-proof
9:20 am - 9:40 am Case Study: Fair and Effective Markets Review - What are the main recommendations and how might these affect the FX markets?
In June 2015, the Fair and Effective Markets Review released its report on a wide ranging set of recommended measures for reform of the FX markets. Attend this session where you will find out what they are recommending and discuss some of the potential effects on your business, in areas such as:
- Raising standards, professionalism and accountability- What are the recommended standard trading practices and training of FICC personnel
- What will be the criminal sanctions for market abuse?
- Improve the quality, clarity understanding of FICC trading practices; identifying emerging risks, produce guidelines and international convergence of standards
- How is FEMR set to strengthen regulation of FICC markets in the UK and how will this impact your day-to-day trading activities?
- Raising standards in global FICC markets: How can a single global FX code improve controls in areas such as last look and align remuneration with conduct risk at global level?
9:40 am - 10:25 am All Star Panel: What are the key trends that will dominate the FX industry over the next 12 months?
Speakers:
Lee Sanders Head of FX Execution AXA Investment Managers
Christian Schoeppe Head of FX Trading EMEA Deutsche Asset and Wealth Management
Nigel Rogers Founding Partner, Head of Trading Adrian Lee and Partners
Gordon Ibrahim Managing Director Blackrock
Paul Aston Global Head of Quant Solutions TD Securities
Moderator:
Michael Metcalfe Head of Macro Strategy State Street Global Advisors
Lee Sanders Head of FX Execution AXA Investment Managers
Christian Schoeppe Head of FX Trading EMEA Deutsche Asset and Wealth Management
Nigel Rogers Founding Partner, Head of Trading Adrian Lee and Partners
Gordon Ibrahim Managing Director Blackrock
Paul Aston Global Head of Quant Solutions TD Securities
Moderator:
Michael Metcalfe Head of Macro Strategy State Street Global Advisors
This forward looking panel features leading players from the full value chain who have all been influential in navigating the changing market structure, regulatory reforms, and technological innovation that is impacting the FX market. By attending this session you will gain a 360 degree perspective on which key trends to look out for to prosper over the next 12 months. Attend this session to find out;
- How the market structure has evolved over the last 12 months and how have the buy side adapted their trading operations?
- What technologies are key growth areas and essential to help you reduce costs and achieve best execution?
- What regulation will have the largest impact on the buy side over the next 12 months?
- What major FX trading challenges and opportunities will you face in 2016?
Paul Aston
Global Head of Quant SolutionsTD Securities
10:25 am - 10:35 am Innovation Spotlight: Minimise the impact of ‘Black Swan’ events- How to make the most of ground breaking-connectivity solutions
10:35 am - 11:05 am Morning Networking Break
Stream A
11:05 am - 11:10 am Stream A: Trading Desk Trends
Stream B
11:05 am - 11:10 am Stream B: Portfolio Management TrendsTrading Desk Trends
11:10 am - 11:50 am 360° Perspective: How is the impact of regulation affecting the FX market structure?
Speakers:
Vincent Dessard Senior Regulatory Policy Advisor EFAMA
Richard Metcalfe Director of Regulatory Affairs The Investment Association
Andrew Harvey MD for Europe Global Financial Markets Association
Chip Lowry Senior Managing Director State Street Global Markets
Moderator:
Robin Poynder Director FMR Advisory
Vincent Dessard Senior Regulatory Policy Advisor EFAMA
Richard Metcalfe Director of Regulatory Affairs The Investment Association
Andrew Harvey MD for Europe Global Financial Markets Association
Chip Lowry Senior Managing Director State Street Global Markets
Moderator:
Robin Poynder Director FMR Advisory
- Which set of regulations across EMIR and MIFID II will have the greatest impact on your trading desk over the next 12 months?
- What is the impact of the latest set of regulations and how will it affect market participants from the buy and sell side?
- Are we seeing a more transparent FX model or has the impact of regulation fragmented the market further?
- How can regulators clear up cross border rules with overseas regulators for a more coherent global structure?
Portfolio Management Trends
11:10 am - 11:50 am Fireside Chat: Navigating volatile markets- What strategies can you put in place to prepare for major market movements?
Moderator:
Michael Metcalfe Head of Macro Strategy State Street Global Advisors
Speakers:
Peter Lundgreen Chief Executive Officer Lundgreens Capital
Saeed Amen Managing Director and Co-Founder The Thalesians
Pierre Lequeux Independent Consultant The Financial Argonaut
Manuele Marini Portfolio Manager Temple Asset Management
Michael Metcalfe Head of Macro Strategy State Street Global Advisors
Speakers:
Peter Lundgreen Chief Executive Officer Lundgreens Capital
Saeed Amen Managing Director and Co-Founder The Thalesians
Pierre Lequeux Independent Consultant The Financial Argonaut
Manuele Marini Portfolio Manager Temple Asset Management
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With the return of market volatility, how should the buy side adapt to best manage this risk?
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What strategies can you put in place to prepare for when the market jumps?
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How will the latest set of monetary policies affect volatility?
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How can you spot the right kind of trends to predict market movements in FX
Stream A
11:50 am - 12:15 pm Fireside Chat: What sell side business models are best placed to help you prosper the changing FX landscape?
Over the last few years, the buy side have frequently been trading with others from the buy side; mainly across spot FX trades within venues that were previously used by FX broker dealers. Therefore, the sell side have had the need to adapt their FX business models to remain competitive in this space. The growing buy side demand has led to more types of e-trading and agency trading services sold to them by the sell side. This panel will discuss one-on-one the benefits of each sell side model and how they can benefit the buy side. Attend this panel where you will find out:
- FX Prime Brokerage (FXPB)- How can FXPBs provide clients with access to interbank markets?
- Single Dealer Platforms (SDPs)
- How can SDPs assist clients in the current FX market structure?
- Market Makers- Are market makers the best option for FX trading or can ECNs provide a better alternative? - Research Firms
- What is the impact of sell side research firms on FX markets?
Stream B
11:50 am - 12:15 pm Case Study Revolution: US Dollar drill down- Are we looking at a USD bull market for years to come?In the most recent survey from the Bank of International Settlements (BIS), the USD remained the most dominant currency traded in FX, and was on one side of 87% of all trades in the $5.3 trillion market. Therefore, keeping abreast of USD trends is arguably one of the most important aspects of FX. Recently, we have witnessed huge moves in the USD and the market has been trending on an upward curve. Attend this presentation where you will find out:
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What macro movements around USD trends should you expect over the next 12 months?
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What is the consensus view around the USD- is a bull market here to stay?
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What does a strengthening USD mean for emerging markets?
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Will any other currency challenge the USD dominance in FX markets over the coming years?
Stream A
12:15 pm - 12:40 pm Buy Side Interview: Upheaval in the Currency Markets – What can the buy side do?The buy-side community has been buffeted by turmoil in the foreign exchange market over recent years. Investors are under increasing pressure to reduce costs and operational risk but find that traditional ways to trade currencies can’t meet these objectives, and standard practices such as trading at the London fix are being questioned. The buy-side is searching for new ways to trade and turning to technology to avoid the problems of the past. Attend this session where you will find out:
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A historical perspective of trading at the London 4pm fix
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What trading practices are now a thing of the past?
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What clients are demanding and what technology is best suited to help?
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What is the role of a fiduciary in foreign exchange dealing?
Stream B
12:15 pm - 12:40 pm Stream B continues12:40 pm - 1:55 pm Networking Lunch
Rugby: Do you want to stake a late claim to get into England’s Rugby World Cup Squad? Why not increase your chances of a place in the squad by taking part in our ‘Rugby Hooker Throw Competition! With the Rugby World cup just around the corner celebrate in style and give yourself the chance to win either 2 Rugby World Cup Tickets or an Apple Watch.
Winners will be announced at the Drinks Reception held on the end of TradeTech FX day 1.
Golf: Fancy yourself as the next Rory McIlroy? Well now you have the chance to follow in the footsteps of the PGA Tour Champion by taking part in our very own putting challenge! The lucky winners will experience a Four Ball round on the famous West Course at Wentworth Golf Club, the BMW PGA Championship course, courtesy of European Tour Official Hospitality.
Winners will be announced during lunch on day 2 of TradeTech FX.
1:55 pm - 2:00 pm Improving Your FX Trading Strategy
Execution strategy
2:00 pm - 2:45 pm 360° Perspective: Algorithmic trading- How is FX algo trading being used for more reliable and faster trading?Advances in high-speed technology are now having a major impact on FX trading, a decade after automation revolutionised the equities trading world. Algos have been in FX for a number of years now but key questions are being asked about how they can be refined and taken to the next level. Attend this panel to find out:
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How are algorithms being used in the industry and what different types of algos are available?
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How are algos created and who are the suitable clients for these algorithms?
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Should you use your own algorithms, broker algorithms or 3rd party algorithms- what are the pros and cons of each?
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Information capture, news analytics and deep learning systems- what does the future hold for next generation algorithms?
Dmitri Galinov
CEOFastmatch
Portfolio Management strategy
2:00 pm - 2:45 pm 360° Perspective: Systematic vs. Discretionary trading- what method of trading are the current market conditions best suited to?As the FX industry continues the trend of moving further towards an e-trading model, automated trading has seen a boom over recent years as more buy side firms choose this strategic route for FX trading. This panel will provide expertise on the pros and cons of each strategy and discuss what trading methods are best suited for the next 12 months. This is a must attend panel where you will find out:
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How has automated trading impacted the FX market- Will we see a gradual shift to a fully automated market?
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Are the performances of systematic and discretionary trades synchronized and what are the macro drivers for this?
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What are the benefits of discretionary trading vs. automated trading methods?
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What discretionary and automated strategies are best for 2016- Factors to consider when making trade decisions?
Stream A
2:45 pm - 3:30 pm 360° Perspective: Transaction Cost Analysis (TCA)- How to best implement TCA to improve FX execution and reduce costs
Speakers:
Toby Baker Senior Foreign Exchange Trader T. Rowe Price
Romael Karam Partner, Head of Dealing Harmonic Capital
Robbie Boukhoufane Global Head of FX Trading Schroder Investment Management
Pete Eggleston Managing Director Morgan Stanley
Petra Wikström Global Head of FX Execution and Alpha Solutions BNP Paribas Corporate and Institutional Banking
Moderator:
Rebecca Healey Director Incisus Capital Partners
Toby Baker Senior Foreign Exchange Trader T. Rowe Price
Romael Karam Partner, Head of Dealing Harmonic Capital
Robbie Boukhoufane Global Head of FX Trading Schroder Investment Management
Pete Eggleston Managing Director Morgan Stanley
Petra Wikström Global Head of FX Execution and Alpha Solutions BNP Paribas Corporate and Institutional Banking
Moderator:
Rebecca Healey Director Incisus Capital Partners
This buy side perspective on the best uses of TCA is led up by 4 industry leading practitioners who utilise TCA, either pre or post trade. Join this expert TCA panel where you will find out:
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Understanding exactly what TCA is and how it works for FX
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How can the buy side use TCA tools to measure the market and reduce trading costs?
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How can you use TCA to establish the best algorithms in different trading scenarios?
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The future of TCA- How will TCA develop to optimise your pre-trade and execution strategies
Petra Wikström
Global Head of FX Execution and Alpha SolutionsBNP Paribas Corporate and Institutional Banking
Stream B
2:45 pm - 3:30 pm Case Study Revolution: FX as an asset class of its own- Traditional and alternative alpha strategies-
After years of poor performance, what is the current and future outlook for carry, value and momentum?
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Are currency managers today less reliant on traditional strategies than in the past?
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What are the main challenges in current market conditions?
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Which market environments favour some strategies over others?
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What features should investors look for in alternative FX strategies?
3:30 pm - 4:00 pm Afternoon Networking Break
4:00 pm - 4:25 pm Guest Presentation: Bitcoin- How you can leverage digital currencies for alpha and portfolio integration
After bursting onto the scene in 2013, Bitcoin had a turbulent 2014 after concerns about market regulation and a bursting bubble. Now, major developments have the potential to drive Bitcoin, among other virtual currencies, even higher in 2015, though a better usage model, blockchain technology, and increased usage. This guest presentation will provide an insight into the virtual currency markets where you will discover:
- An overview of digital currencies and financial markets of the future- Where have the major developments been?
- A deep dive into the blockchain technology- what innovations have directly impacted financial markets as well as other sectors?
- Swaps, options and other derivatives in the Bitcoin space; leveraging digital currency for alpha and portfolio integration
- Bitcoin in the financial markets: alt-coins, asset backed coins and their place in financial and other markets in the future
4:25 pm - 5:10 pm 360° Perspective: FX benchmark manipulation- How to best use benchmarks going forward?
Leading sell side firms have been caught in the centre of the regulatory storm around benchmark manipulation over recent years. After allegation and fines regarding the manipulation of the WM Reuters FX Fix, this panel will provide insights on how they have been affected by the fixing allegations, and shed light on alternative benchmarking strategies to achieve transparent and reliable trading. Attend this panel to find out:
- What steps can be taken to reduce the reliance of buy side firms on benchmarks?
- How can the buy side dilute away from the main benchmarks?
- What are the alternatives to using the WMR FIX for the buy side- is this necessarily the best benchmark?
- How do you find new benchmarks and what is the key criterion when selecting which benchmarks to use?
- Does it really matter if you choose IS or VWOP for a benchmark?
5:10 pm - 5:15 pm Chairperson's Closing Remarks
5:15 pm - 5:55 pm Cocktail Drinks Reception
Rugby: Do you want to stake a late claim to get into England’s Rugby World Cup Squad? Why not increase your chances of a place in the squad by taking part in our ‘Rugby Hooker Throw Competition! With the Rugby World cup just around the corner celebrate in style and give yourself the chance to win either 2 Rugby World Cup Tickets or an Apple Watch.
Winners will be announced at the Drinks Reception held on the end of TradeTech FX day 1.
Golf: Fancy yourself as the next Rory McIlroy? Well now you have the chance to follow in the footsteps of the PGA Tour Champion by taking part in our very own putting challenge! The lucky winners will experience a Four Ball round on the famous West Course at Wentworth Golf Club, the BMW PGA Championship course, courtesy of European Tour Official Hospitality.
Winners will be announced during lunch on day 2 of TradeTech FX.