TradeTech FX 2016 (past event)

September 13-September 15, 2016

44 (0) 207 036 1366

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Rising Above The Current Market Order – 14th September 2016

08:00 AM - 08:45 AM Registration and Breakfast

08:45 AM - 09:00 AM Chairperson’s Opening Remarks

Marshall Bailey, President, ACI FMA International

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Marshall Bailey

President
ACI FMA International

Breaking the Mould

09:00 AM - 09:30 AM Keynote Buy Side Interview: Adapting To Today’s Multifaceted FX Ecosystem - How Can You Best Prepare Your Trading And Portfolio Management Functions To Survive And Thrive?

Christoph Hock, Head Multi-Asset Trading, Union Investments

Union Investment is one of Europe’s leading asset managers. Christoph manages trading activities for the entire portfolio including: cash equities, fixed income, fund and ETF business, FX, listed and OTC derivatives, and securities lending, with extensive experience in portfolio management and trading. Christoph won the award for Head of Trading – Europe at the 2016 Alpha Trader Forum, and is on the TradeTech FX 2016 Advisory Board.

  • Getting MiFID ready: What factors need to be taken into consideration to create an effective best execution policy that is not just a tick boxing activity? Have the timeline delays made the implementation of requirements more realistic?

  • Achieving a fully compliant trading desk: What are the key regulation requirements and timelines you need to be prepared for now and in the future?

  • Addressing the liquidity crunch: how can the differing channels of electronic platforms and aggregators add true value to your business? Which non-traditional liquidity providers are proving their worth? How did the Brexit decision impact liquidity and how do we expect it to impact trading going forward?’

  • Keeping up with the latest technology trends in e-FX trading: which new technologies can truly add value for the buy side and where does the industry need to further innovate?

  • Identifying the evolving buy side trader skill set: how can your traders gain a more holistic view of the overall business i.e. taking into account collateral and risk exposure to ensure all trading decisions are based on overall business profitability?


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Christoph Hock

Head Multi-Asset Trading
Union Investments

09:30 AM - 09:50 AM Sell Side Keynote: Liquidity Aggregation, Execution Risk And Transaction Cost Analysis For FX Spot

Roel Oomen, Global Co-Head Of Electronic FX Spot Trading, Deutsche Bank
  • How do you select the liquidity providers to include in your aggregator?

  • Understanding the impact of trading style on transaction costs, market impact and execution risk

  • Evaluating the merits of “last look” vs “firm” liquidity

  • Evaluating the merits of agency, principal, and hybrid algos


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Roel Oomen

Global Co-Head Of Electronic FX Spot Trading
Deutsche Bank
  • If there are fewer banks with sufficient capital to respond to sudden currency moves, how can the market respond to patchy liquidity and air pockets at times of market stress?How did the market react to the recent Brexit decision?

  • Is now the ideal opportunity for non-bank market makers to step up to the plate? How are they changing the dynamics of the FX industry and what are the resulting opportunities and dangers for the buy side?

  • Will there be increasing consolidation among venues and providers ahead, and if so how will this impact buy side firms as they becoming increasingly focused on finding ways to lower trading fees?

  • As the FX ecosystem becomes more complex, how can firms create a better means for assessing FX trading opportunities via access to dealer, non-traditional dealer, and platform liquidity?

  • Do real money buy side firms need to develop a prime broker relationship?


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Robbie Boukhoufane

Global Head of Fixed Income & FX
Schroder Investment Management
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Nigel Rogers

Founding Partner, Head of Trading
Adrian Lee & Partners
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Philippe Bonnefoy

Founder
Eleuthera Capital
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Marshall Bailey

President
ACI FMA International
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Paul Aston

CEO
Tixall Global Advisors
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Takis Spiropoulos

Managing Director and Head, Global e-Commerce Solutions, Global Markets
CIBC Capital Markets
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Darren Jer

COO & Co-Founder
MarketFactory

10:50 AM - 11:20 AM Regulatory Keynote: Taking The First Steps Towards A Standard Industry Code of Conduct – Defining What Constitutes Acceptable And Unacceptable Behaviour

Guy Debelle, Chair, BIS Markets Committee and Assistant Governor (Financial Markets), Reserve Bank of Australia

Guy is the Chair of the BIS Markets Committee and is the Bank's representative on the BIS Committee on Global Financial Stability. He is Chair of the BIS working group developing a single global code of conduct for the foreign exchange market and is also the Chair of the Australian Foreign Exchange Committee.

  • Recap of Phase 1 of the Global Code
  • What topics are being covered in Phase 2?
  • The timeline ahead
  • Adherence to the Code

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Guy Debelle

Chair, BIS Markets Committee and Assistant Governor (Financial Markets)
Reserve Bank of Australia

11:20 AM - 12:05 PM Morning Networking Break

Stream A- Trading Desks: Bridging Vital Regulatory Gaps

12:05 PM - 12:25 PM Panel Revolution: Lifting The Lid On EU/UK Regulations Post Brexit - Which Reforms Are Causing More Harm Than Good And How Can You Minimise Their Negative Impact On Your Trading Desk?

Marshall Bailey, President, ACI FMA International Vincent Dessard, Senior Regulatory Policy Advisor, EFEMA Andrew Harvey, Senior Regulatory Policy Advisor GFXD, GFMA
  • EMIR: how is the buy side addressing the increased collateral provisions to minimise the impact on their trading capabilities?
  • MAR: what are the behavioural changes needed to comply?
  • SMCR: how are firms measuring this, and who internally is owning the responsibility?
  • Do firms believe the FCA is looking to make an example and create a fall guy? And how will Brexit impact regulations for UK financial firms?
  • Which regulations are making which parts of what you execute no longer viable?
  • Which regulation is causing more harm than good?
  • What are the burning questions you have for the regulators that you are too afraid to ask?

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Vincent Dessard

Senior Regulatory Policy Advisor
EFEMA
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Andrew Harvey

Senior Regulatory Policy Advisor GFXD
GFMA
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Marshall Bailey

President
ACI FMA International

Stream B - Portfolio Management: Evaluating The Impact Of Major FX Drivers

12:05 PM - 12:25 PM Fireside Chat: Diverging Monetary Policies Post Brexit - What Opportunities And Risks Do The Current Broad Economic Movements Create For FX Portfolio Managers?

Benjamin Lesch, Senior Quantitative Analyst, MAN Investments

Ben is responsible for research and investment management in FX for AHL, a major systematic hedge fund. Differences in monetary policy between countries are a key input for many currency moves. Ben is on the TradeTech FX 2016 Advisory Board.

  • With increased instability in global financial markets, how have the underlying fundamentals changed?

  • Examining the current trends impacting commodities, China, Brexit, Central Bank policy, and liquidity conditions in the market

  • What is the tail risk associated with the UK voting itself out of the EU – is there a clear vulnerability for the sterling? Will London remain the global FX trading hub?

  • Will there be a significant amount of currency volatility over the next 12 months, another black swan event? If the franc shock 2.0 comes, will the market be ready?

  • What are the dangers and opportunities resulting from the macro landscape for investment managers?


Benjamin Lesch

Senior Quantitative Analyst
MAN Investments

Stream C - Boardroom: Invite Only Buy Side Think Tank

12:05 PM - 12:25 PM Leadership Boardroom: Buy Side To Buy Side Collaboration Opportunities – How To Jointly Drive Key Market Initiatives Forward To Confront Shared Pain Points

Andrew MacLeod, Head of FX Trading, BNP Paribas Asset Management Paul Goater, Director, Wholesale Markets and Collateral Management, Prudential Capital Nicolas Tissot, Head of FX Trading, BCV

As both external and internal environments keep evolving, leaders need to provide a consistent yet flexible, innovative and responsive approach to how they steer their business and people through new times. In this inspiring session, restricted to 10 people on a first come first served basis – refresh your leadership skills through quality time with your peers.

  • How are heads of trading staying ahead of the curve in terms of regulatory developments, the evolving market structure and technology innovations – what are your pain points and where do you see the opportunities?

  • What is the cost of trading? How do we properly evaluate this? Is it worth doing a trade when so much margin goes towards collateral?

  • How do you see the impact of Brexit on the FX trading market? Will London remain the global FX trading hub and will certain aspects of trading and/or clearing need to move to other European hubs?

  • The importance of internal stakeholder engagement in the new regulatory environment: who do you need to interact with and how often to avoid an isolated trading desk?

  • When if ever does it make sense to outsource all or part of FX trading?

  • What are the practical implementation challenges involved with outsourcing and how can they be overcome?


Andrew MacLeod

Head of FX Trading
BNP Paribas Asset Management

Paul Goater

Director, Wholesale Markets and Collateral Management
Prudential Capital
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Nicolas Tissot

Head of FX Trading
BCV

Stream A- Trading Desks: Bridging Vital Regulatory Gaps

12:25 PM - 1:00 PM Session Continued

Stream B - Portfolio Management: Evaluating The Impact Of Major FX Drivers

12:25 PM - 1:00 PM Panel Discussion: Moving Beyond China’s Renminbi - Which Other Emerging Market Themes Should You Factor Into Your Portfolio Mix?

Brigitte Le Bris, Managing Director, Head of FX and Global EM, Natixis Asset Management David Denison, Deputy CIO and Partner, Florin Court Capital LLP Peter Panholzer, Managing Director, DynexCorp Achim Walde, Senior Currency Overlay Manager, B. Metzler Derek Arnold, FX Portfolio Manager, Pioneer Investments
  • Where are we with improvements on the drive for automation in emerging markets?

  • In light of the lack of transparency in China how can investment managers make accurate forecasts?

  • How do you address the illiquidity in emerging market as banks pull back from their market making responsibilities?

  • Where do you see the biggest emerging market currencies opportunities?


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Brigitte Le Bris

Managing Director, Head of FX and Global EM
Natixis Asset Management
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David Denison

Deputy CIO and Partner
Florin Court Capital LLP
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Peter Panholzer

Managing Director
DynexCorp
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Achim Walde

Senior Currency Overlay Manager
B. Metzler
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Derek Arnold

FX Portfolio Manager
Pioneer Investments

Stream C - Boardroom: Invite Only Buy Side Think Tank

12:25 PM - 1:00 PM Session Continued

1:00 PM - 2:15 PM Networking Lunch

Stream A -Trading Desks: Enhancing Your FX E-Trading Capabilities

2:15 PM - 3:00 PM Panel Discussion: Adopting Next Generation Best Execution Practices: What Crucial Pre Trade Insights Can Help You To Make More Informed Trading Decisions, And How Can You Exploit Next Generation Algos To Sharpen Your Trading Edge?

Romael Karam, CEO, Harmonic Capital Daniel Chambers, Head of Trading, Sequoia Capital Fund Management Asif Razaq, Global Head of FX Algorithmic Execution, BNP Paribas Glen Sargeant, Product Manager, Buy Side FX, Flextrade Svante Hedin, Global Head of Electronic Markets, SEB Danielle Caravetta, Director of Institutional Sales, Pragma Mauricio Sada-Paz, Co-Head EMEA FX Sales, BAML
  • How are firms looking to take their post-trade data and feed it back into the pre-trade decision tools with minimal rework?
  • What are the crucial insights pre-trade TCA can give your FX trading desk?
  • What methods of algo trading are important for you to prosper in today’s electronic FX world?
  • How can sell side expert shops use algorithms to offer a more cost effective service to the buy side?
  • Next generation algos - how can algos be moved from currency pairs to multi currency basket trades to offer more effective execution of a large number of instruments?
  • Moving towards the ‘super algo’: Is machine learning – or AI more broadly –a holy grail for investment, merely a new, advanced gizmo to supplement your existing toolkit, or is it simply a case of clever marketing?

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Romael Karam

CEO
Harmonic Capital

Daniel Chambers

Head of Trading
Sequoia Capital Fund Management
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Asif Razaq

Global Head of FX Algorithmic Execution
BNP Paribas
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Glen Sargeant

Product Manager, Buy Side FX
Flextrade
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Svante Hedin

Global Head of Electronic Markets
SEB
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Danielle Caravetta

Director of Institutional Sales
Pragma
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Mauricio Sada-Paz

Co-Head EMEA FX Sales
BAML

Stream B - Portfolio Management: Exploiting The Return Of Volatility

2:15 PM - 3:00 PM Oxford Style Debate: Active Currency Strategies – Which Will Yield The Best Profits In Current Market Conditions?

Paul Chappell, Chief Investment Officer, C View Emidio Sciulli, Partner and Head of FX, MAN AHL Helen Thomas, Senior Currency Portfolio Manager, SSGA Felix Adam, Founder, ACT Currency Per Ivarsson, Investment Partner, Harmonic Capital

Fully engage with the most contentious and divisive issues facing your industry. Sit back and witness industry-leading figures pitting themselves against each other in a battle to deliver the knockout argument. Then, continue the debate in your own small roundtable groups until you reach a majority viewpoint. Will you reconsider your position? And will you walk away with a fresh mindset and better prepared to take on this key conundrum?

  • Audience vote at the start of the debate to see if the audience votes in favour of discretionary trading vs. automated trading strategies: which are yielding the best results?

  • What is the most popular active currency management style currently?

  • What sort of data sources are providing the most value in providing sentiment based indicators?

  • Examining alternative ETF products – how and when should they be incorporated into a strategy?

  • Where are we seeing true innovation in FX investment strategies?

  • Audience vote at the end of the debate to see if the panelists have been able to influence the vote in favor of their argument


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Paul Chappell

Chief Investment Officer
C View
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Emidio Sciulli

Partner and Head of FX
MAN AHL
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Helen Thomas

Senior Currency Portfolio Manager
SSGA
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Felix Adam

Founder
ACT Currency
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Per Ivarsson

Investment Partner
Harmonic Capital

Stream A -Trading Desks: Enhancing Your FX E-Trading Capabilities

3:00 PM - 3:20 PM Session Continued

Stream B - Portfolio Management: Exploiting The Return Of Volatility

3:00 PM - 3:20 PM Fireside Chat: The Asset Allocators Perspective - In Light Of Lower Returns In Other Asset Classes, How Can Investors Be Persuaded To Include FX As A Key Portfolio Asset?

Brigitte Le Bris, Managing Director, Head of FX and Global EM, Natixis Asset Management Olivier Doleires, Head of Foreign Exchange Management, Union Bancaire Privee

• What are the drivers in other asset classes that are making FX look like an interesting alpha source?
• In an environment with low returns how do asset allocators view the alpha opportunity presented to them by FX?
• What concerns do asset allocators have about including FX as an asset class?
• What do asset allocators need to see to include FX in their asset allocation portfolio?


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Brigitte Le Bris

Managing Director, Head of FX and Global EM
Natixis Asset Management
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Olivier Doleires

Head of Foreign Exchange Management
Union Bancaire Privee

Stream A -Trading Desks: Enhancing Your FX E-Trading Capabilities

3:20 PM - 3:40 PM Session Continued

Stream B - Portfolio Management: Exploiting The Return Of Volatility

3:20 PM - 3:40 PM Case Study: New Trading Insights: Identifying Genuine Breakouts And The Price Cycle That Follows

Yoav Barnes, Managing Director, Victory FX

Yoav is the Managing Director and Portfolio Manager at Victory FX, the Macro accounts manager and consultant, focusing on: G10 currencies, gold, silver and oil. He is responsible for managing funds and consulting to firms and HNIs based on the unique Orbits trading strategy which he developed for seven years. The strategy identifies genuine (from false) breakouts of long term price range with 90% probability. Such breakout represents a strategic decision made by the market which will trigger very large moves("Orbits") with a new market theme. Yoav will be sharing his insights on:

  • Identifying genuine (from false) breakouts of long term price range with 90% probability

  • New price cycle, 5% move, time horizon - days/weeks, macro theme

  • G10, gold, silver, oil

  • 10-14 Orbits in a year, discretionary, risk management


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Yoav Barnes

Managing Director
Victory FX

3:40 PM - 4:10 PM Afternoon Networking Break

Managing Risky Business

4:10 PM - 4:55 PM Oxford Style Debate: Last Look - Does The Benefit Of Revealing Broad Pricing To Customers Outweigh The Unfair Disadvantage It Creates For Price Makers?

Caspar Marney, Director, Velador Associates Ltd David Woolcock, Chair of the Committee for Professionalism, ACI

Fully engage with the most contentious and divisive issues facing your industry. Sit back and witness industry-leading figures pitting themselves against each other in a battle to deliver the knockout argument. Then, continue the debate in your own small roundtable groups until you reach a majority viewpoint. Will you reconsider your position? And will you walk away with a fresh mindset and better prepared to take on this key conundrum?

  • Audience vote at the start of the debate to see if the audience votes for or against the use of last look

  • Examining both sides of the argument and determining whether we are coming towards an industry consensus on last look

  • If we get rid of last look, what are the implications for the FX market on bid offer spreads and liquidity?

  • What are the regulators concerns around last look?

  • Is there a consensus that whatever course market participants take, the politicians will target them once again in the future?

  • Audience vote at the end of the debate to see if the panelists have been able to influence the vote in favor of their argument


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Caspar Marney

Director
Velador Associates Ltd
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David Woolcock

Chair of the Committee for Professionalism
ACI

4:55 PM - 5:05 PM Innovation Spotlight: Alpha Generation and Risk Mitigation in Global FX Markets

Ganesh Iyer, Director, Global Product Marketing, IPC

How connectivity throughout the trade life cycle and access to a diverse financial ecosystem is critical to protecting and growing the trillions with which institutional investors and asset managers have been entrusted.


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Ganesh Iyer

Director, Global Product Marketing
IPC
  • Audience vote at the start of the debate to see if the majority is for or against the extension of the window for WMR to 15

  • Panel arguments for: why the window for WMR pricing should be extended to 15?

  • Panel arguments against: why the window for WMR pricing should not be extended to 15?

  • Audience vote at the end of the debate to see if the panelist have been able to influence the vote in favor of their argument


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Pamela Gachara

Manager, Capital Markets
The Investment Association (IA)
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Pete Eggleston

Co-Founder and Director
Best-X Ltd

Shirley Barrow

WM/Reuters Manager
Thomson Reuters
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Howard Tai

Senior Analyst
Aite Group

5:50 PM - 5:55 PM Chairperson’s Closing Remarks

Marshall Bailey, President, ACI FMA International

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Marshall Bailey

President
ACI FMA International

5:55 PM - 11:59 PM Around the World Cocktail Party!

Don’t miss the official TradeTech FX Around the World party! We would like to invite you to join us for this international festival of delicious food, networking and entertainment that takes you around the world! An unmissable part of the TradeTech FX agenda… make sure you have your portrait drawn by our roaming caricature artist!