TradeTech FX USA 2017 (past event)
February 13 - 15, 2017
Contact Us: 44 (0) 207 367 9576
Day 1- Tuesday February 14th 2017
07:45 - 08:35 Conference Registration & Networking Breakfast
08:35 - 08:40 Welcome Address
08:40 - 08:45 Speed Networking
08:45 - 08:50 Chairperson's Opening Remarks
08:50 - 09:30 All Star Panel: The blueprint for success- What elements are crucial to create a highly streamlined FX trading business in a rapidly evolving FX market structure?
- Adapting to a world of reduced risk appetite and increasingly volatile markets- What strategies can you exploit to ensure you are keeping abreast of challenging market conditions?
- Technology is a ‘must have’ to improve your FX trading capabilities-How should you integrate it with your current FX trading workflow?
- Building the ideal desk- How should you set up your internal structures to maximize workflow efficiency and streamline your FX operations?
- How can the full FX value chain become more harmonized to achieve a better, more coherent market structure which can promote progression across the full FX spectrum?
09:30 - 10:00 Sell Side Keynote: Liquidity Aggregation, Execution Risk And Transaction Cost Analysis For FX Spot
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How do you select the liquidity providers to include in your aggregator?
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Understanding the impact of trading style on transaction costs, market impact and execution risk
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Evaluating the merits of “last look” vs “firm” liquidity
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Evaluating the merits of agency, principal and hybrid algos
10:00 - 10:40 All Star Panel: How are non-bank liquidity providers approaching FX markets and what are the implications on your FX business?
- The evolution of non-bank liquidity- What is the value proposition of non-bank liquidity providers and how can you benefit from this?
- How do non-bank liquidity providers structure their models to offer a tailored service to the buy side?
- Does the credit risk outweigh the benefits of using non-traditional market makers?
- Are the non-bank liquidity providers working with or providing direct competition to the sell side?
- How can non-bank liquidity providers survive major 'black swan' events if they are now taking up the role of risk takers and market makers?
10:40 - 11:20 Morning Refreshment Break
11:20 - 23:40 BIS Keynote: Phase 2 recommendations for code of conduct- What are the best practice guidelines you need to follow and how can you practically implement them in practice?
- A regulatory update on the plans by the CFTC Division of Clearing and Risk- Where are the current clearing proposals up to and how will you be impacted?
- Margins for uncleared trades- What are the next ‘phased in’ periods and when will these come into force?
- What impact will margin variation rules have on the buy side- Do the benefits outweigh the additional costs?
- How will the later implementation date in Europe impact cross border compliance and could this lead to an uncompetitive global landscape?
- What impact will the new clearing mandate have on the FX market structure once these changes are fully implemented?
23:40 - 12:20 Oxford Style Debate: True or False- Creating a consolidated tape in FX will become a reality in the next 5 years
Speakers:
Isaac Lieberman President and CEO Aston Capital Management
Manuel Garcia Managing Director OceanQuant Group
Darren Jer CEO Market Factory
Andrew Silverman Managing Director, Global Head of Morgan Stanley Electronic Trading Morgan Stanley
Moderator:
Mr Kevin McPartland Head of Market Structure Research Greenwich Associates
Isaac Lieberman President and CEO Aston Capital Management
Manuel Garcia Managing Director OceanQuant Group
Darren Jer CEO Market Factory
Andrew Silverman Managing Director, Global Head of Morgan Stanley Electronic Trading Morgan Stanley
Moderator:
Mr Kevin McPartland Head of Market Structure Research Greenwich Associates
- Outlining the pros and cons- What are the benefits and drawbacks of setting up a consolidated tape in FX?
- Do FX markets have the need for a consolidated tape to improve transparency and create fairer market conditions?
- Is there sufficient technology in FX to now push a consolidated tape or do FX markets still have to innovate further before this becomes a reality?
- Is it realistic to engage all market participants to report to one tape and have one central repository and if so who would initiate this change?
- Will the release of the code of conduct and ongoing regulation help push FX markets towards a consolidated tape?
Andrew Silverman
Managing Director, Global Head of Morgan Stanley Electronic TradingMorgan Stanley
Networking Lunch
12:20 - 14:00 Networking LunchExclusive Invite Only Buy Side Think-Tank
12:20 - 14:00 Exclusive Invite Only Buy Side Think-Tank: How can the buy side better collaborate to drive mutually beneficial initiatives forward
Track A: Maximising Your Chances of Best Execution
14:00 - 14:50 360 Perspective: FX Best Ex strategy selection- How can you establish when to use different execution strategies to meet your best execution needs?- Clarifying best execution- What really is the best investment process, what practices can you follow and how can you prove it?
- Strategy selection- How can you fully understand what is the right strategy for the right environment?
- Bilateral vs. automated execution- How can you establish which method of execution is best suited for certain market conditions?
- Risk transfer vs. Algos- What tools are available and essential to help you meet your best execution obligations?
- Delivering liquidity- How are the sell side overcoming their liquidity constraints to continue to offer a reliable service to the buy side in order for them to meet their best execution needs?
Track B: Preparing For Additional Clearing And Margin Requirements
14:00 - 14:50 360 Perspective: Variation margin rules- How can you prepare now to ensure you have the additional capital and infrastructure required to make meet these daily margin calls?- How are the new margin rules being implemented across both the buy and sell side?
- What impact will the new variation requirements have on both buy side and sell side business models and how can you minimize the negative impact of this?
- Do the benefits outweigh the additional costs associated with the new variation requirements?
- Will the new requirements have the desired effects to make un-cleared transactions safe?
Collin Crownover
Senior Managing Director, Head of Currency ManagementState Street Global Advisors
Track C: Grasping The 2017 Political Landscape
14:00 - 14:50 360 Perspective: Geo-political investment trends- How can you exploit political drivers in the US, Europe and Asia for your FX portfolio?- What major events in 2017 will have the biggest impact on FX markets and how can you set up a winning strategy to capitalize on these?
- What do the major elections in Europe mean for the Eurozone on the back of Brexit- Is there a risk of further break-up?
- Geo-political landscape from a risk management perspective- How can you structure a profitable portfolio on top of this?
- Learning from past events- How can you use lessons from recent political events to best handle the unbalanced risks associated with major events in 2017?
Track D: Small Interactive Boardrooms and Workshops
14:00 - 14:50 Synergy Workshop: Synergy Workshop: Addressing the lack of depth in liquidity- How can you utilize TCA and algos to maximize your access to liquidity and demonstrate Best Ex?- Understanding FX liquidity- Is the lack of depth in liquidity the norm or could conditions improve in the future?
- How do you find liquidity and make informed trading decisions on the back of volatile markets to maximize your chances of best execution?
- Deep liquidity vs. recycled liquidity- How can you ensure you are getting access to the right pools of liquidity and not just ‘recycled liquidity’?
- What technology can you utilize to overcome liquidity shortages and thrive in this new environment?
Alex Shterenberg
Head of eFX Trading North America, Global Head of FX AlgosBank of America Merrill Lynch
Track A: Maximising Your Chances of Best Execution
14:50 - 15:00 Fireside Chat: The Buy Side Trader’s Daily Juggling Act – How are traders optimizing for best execution and regulatory challenges in 2017?- Credit Consolidation – Why are some leading buyside firms looking to consolidate counterparties to help them tackle upcoming uncleared margin rules?
- Is there a way to consolidate credit without compromising best execution?
- Execution – How do you access non-bank liquidity without a mountain of paperwork?
- How do your peers derive value from multi-bank algorithms vs a single-bank algorithm?
- C2C Trading – How to make Client-to-Client trading at the mid-rate a realistic part of your workflow?
Track B: Preparing For Additional Clearing And Margin Requirements
14:50 - 15:00 360 Perspective: The impact of changing global regulation on traditional FX market structure- How is this likely to evolve going forward?- Clearing houses- How do they see regulation driving their business and how will they disintermediate?
- What are the alternative models for clearing and who can provide a reliable clearing service under the new requirements?
- What are the economic benefits to clearing vs not clearing certain DX products?
- Voluntary clearing- Will market participants now voluntarily clear FX products that do not fall under clearing requirements?
- What will the knock on effects with the new guidelines and will the buy side favour certain strategies over others to mitigate this?
Track C: Grasping The 2017 Political Landscape
14:50 - 15:00 Industry Perspective: Brexit ramifications- What are the tail risks of Brexit that will affect your FX investments in the medium to long term?- Will the EU market no longer be ‘single’ and become more of a tiered market on the back of Brexit?
- London’s crown jewel- Can London realistically remain the global FX capital on the back of Brexit?
- What are the implications of Brexit on Europe and the periphery- Are we heading for further economic downturn?
- Risk of contagion- Could other EU members follow suit and leave the EU in light of Brexit?
- What is the outlook for the pound and the Euro in 2017 and how can you best manage the risks associated with the two currencies
Track D: Small Interactive Boardrooms and Workshops
14:50 - 15:00 Session continues
Session Continues
Track A: Maximising Your Chances of Best Execution
15:00 - 15:40 360 Perspective: More than just box ticking- How to use your FX TCA throughout the trade life cycle to maximize your chances of best execution
Moderator:
Mr Kevin McPartland Head of Market Structure Research Greenwich Associates
Speakers:
Petra Wilkstrom Global Head of FX Execution and Alpha Solutions BNP Paribas
Susan Gammage Financial and Risk Head of FX Transaction Sales, Americas Thomson Reuters
Brent Michaels Vice President, Currency Management State Street Global Markets Currency Management
Francisco J Heredia . Independent Expert
Peter Durkan CEO Lucera
Mr Kevin McPartland Head of Market Structure Research Greenwich Associates
Speakers:
Petra Wilkstrom Global Head of FX Execution and Alpha Solutions BNP Paribas
Susan Gammage Financial and Risk Head of FX Transaction Sales, Americas Thomson Reuters
Brent Michaels Vice President, Currency Management State Street Global Markets Currency Management
Francisco J Heredia . Independent Expert
Peter Durkan CEO Lucera
- Realizing the benefits of FX TCA during the full trade life cycle- How can you maximize the value of your current TCA system?
- Fuelling your TCA- Where can you find reliable data and how can you establish the good from the bad to ensure a more dependable TCA offering?
- How can you prove to your end clients that your TCA methodology is best suited and guaranteed to prove best execution?
- FX vs Equities TCA- Why is the equities TCA methodology flawed for FX and how can FX TCA catch up to equities TCA standards?
- How can the current FX TCA methodologies be improved for the future to satisfy your best execution needs?
Brent Michaels
Vice President, Currency ManagementState Street Global Markets Currency Management
Francisco J Heredia
.Independent Expert
Track B: Preparing For Additional Clearing And Margin Requirements
15:00 - 15:40 Session ContinuedTrack C: Grasping The 2017 Political Landscape
15:00 - 15:40 Global Currency Roundtables: Breaking down geo-political boundaries – All you need to know to about currency trends to meet your investment objectives across global jurisdictions
Join these informal, locality specific roundtables hosted by one individual expert in that jurisdiction. This is your chance to quiz a market expert on where the opportunities lie in a continent of your choice, and the implications this will have on currency investing. Each roundtable is limited to 10 buy side to entice an interactive, open discussion.
Drill down on the major macro indicators affecting each jurisdiction:
USA Roundtable
Europe Roundtable-
Drill down on the major macro indicators affecting each jurisdiction:
USA Roundtable
- What impact will the new US Presidential election have on US capital markets?
- Hosted by Marc Chandler, Head of FX Strategy, Brown Brothers Harriman
Europe Roundtable-
- What does Brexit mean for the European investment landscape?
- Hosted by Lee Ferridge, Head of Macro Strategy North America, State Street Global Markets
- How big a risk is exposure to Chinese domestic markets in light of recent instability?
- Hosted by Steven Englander, Managing Director, Head of G10 FX Strategy, Citibank
- Are emerging markets finally set to rally significantly in 2017? Hosted by Michael Melvin, Master of Finance, Academic Coordinator, Rady School of Management, UCSD
Track D: Small Interactive Boardrooms and Workshops
15:00 - 15:40 Session continues
Session continues
15:40 - 16:10 Afternoon Refreshment Break
Track A: Maximising Your Chances of Best Execution
16:10 - 16:50 360 Perspective: Accelerating your algo capabilities- What are the standards you should expect from FX algos to best meet your best execution needs?
Speakers:
Steven List Head Trader Alpha Simplex
Danielle Caravetta Director of Institutional Sales Pragma
Thomas Gentile Head of FX Crabel Capital Management
Pamela Gachara Manager, Markets Team The Investment Association
Moderator:
Mr Kevin McPartland Head of Market Structure Research Greenwich Associates
Steven List Head Trader Alpha Simplex
Danielle Caravetta Director of Institutional Sales Pragma
Thomas Gentile Head of FX Crabel Capital Management
Pamela Gachara Manager, Markets Team The Investment Association
Moderator:
Mr Kevin McPartland Head of Market Structure Research Greenwich Associates
- Adding algos to your execution process - How can you make more informed decisions when selecting what algos to use and when?
- Principal vs Agency Algos - What are the differences between the two offerings and when can you use them?
- Differentiation-How can you establish the differences between different sets of algos from different providers?
- Implementing algos to your trading processes- How do you source algos, measure their performance, and establish the best times to use them?
- Is the increased usage of algo trading diminishing the relationship element between buy side and sell side?
Track B: Lifting The Lid On Global Regulation
16:10 - 16:50 Industry Perspective: The rise of FXPBs importance- How can you leverage the full suite of services they have to offer to enhance your execution capabilities- How is the use of prime brokerage in FX developing and what services should you expect to see from them?
- How is the prime brokerage world developing on the back of increased capital requirements and additional costs?
- What does the future hold for FXPBs and what additional benefits can they bring to you the buy side?
- How can you gain access to FXPBs credit and liquidity to improve your chances of best execution?
- How does the use of prime brokerage in FX compare to other asset classes?
Sanjay Madgavkar
Global Head of FX Prime BrokerageCiti
Track C: Overcoming Converging Banking Policies
16:10 - 16:50 Oxford Style Debate: True or False- Central banking policies have ran their course and will be ineffective in 2017- The ineffectiveness of central banking policies- Have central banking policies not had the desired impact to improve the economy?
- How low can you go- Are rates set to drop further or is the only way up from here?
- Do the central banks have anywhere else to turn with banking policies or is fiscal stimulus the only way forward now?
- Currency markets in 2017 and beyond- Would fiscal policy and/or helicopter money provide the US economy with the boost it needs?
Track D: Small Interactive Boardrooms and Workshops
16:10 - 16:50 Synergy Workshop: What does the FX market of the future look like? How to navigate the evolving landscape to determine which market participants add value to your execution process.- Banks as brokers: What is their role as full execution service providers?
- The true cost of liquidity: Who should you pay brokerage for order execution?
- TCA providers: What’s the difference between box ticking vs. real value?
- ECNs and Non-bank liquidity providers: Is it possible to access last look liquidity to reduce your transaction costs?
- Optimal execution methods: How do you measure the market impact of Competitive RFQ vs. full amount risk transfer vs. algorithmic execution?
Andrew Silverman
Managing Director, Global Head of Morgan Stanley Electronic TradingMorgan Stanley
16:50 - 16:55 Transit time to main conference room
16:55 - 17:35 Oxford Style Debate: True or False- Last look is a major hindrance and should be removed from FX markets
- True or False- The removal of last look would be a major detriment to FX markets
- What is the logic behind last look and what are the triggers for rejecting the tickets?
- Does last look hinder ‘fair market’ conditions and benefit the sell side too or is it a fair and open methodology?
- Can banks be more transparent with how they handle client flows?
- Last look standardization- Should all liquidity providers adhere to last look standards in order to improve transparency and help regulate the usage of last look?
Francisco J Heredia
.Independent Expert