Day 1- Tuesday February 14th 2017

07:45 AM - 08:35 AM Conference Registration & Networking Breakfast

08:35 AM - 08:40 AM Welcome Address

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08:40 AM - 08:45 AM Speed Networking

08:45 AM - 08:50 AM Chairperson's Opening Remarks

Michael Melvin, Professor, Rady School of Management

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Michael Melvin

Professor
Rady School of Management

Re-defining Traditional Boundaries

08:50 AM - 09:30 AM 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?

Michael Melvin, Professor, Rady School of Management Mike Harris, President, Campbell and Company Asif Rasaq, Global Head of FX Algo Executions, BNP Paribas Alfred Eskander, CEO, Portware Ian Domowitz, Managing Director, ITG
  • 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?

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Mike Harris

President
Campbell and Company
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Michael Melvin

Professor
Rady School of Management
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Asif Rasaq

Global Head of FX Algo Executions
BNP Paribas
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Alfred Eskander

CEO
Portware
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Ian Domowitz

Managing Director
ITG

09:30 AM - 10:00 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
  • 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?

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Alex Sedgwick

Vice President
T. Rowe Price
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Kevin McPartland

Head of Market Structure Research
Greenwich Associates
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Michael Cahill

FX Market Trading
KCG
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John Shay

EVP
Virtu Financial
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David Mercer

Chef Executive
LMAX Exchange

10:40 AM - 11:20 AM Morning Refreshment Break

New Frontiers in FX

11:20 AM - 11:40 PM 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?

David Puth, Chief Executive Officer, CLS Bank International
  • 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?

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David Puth

Chief Executive Officer
CLS Bank International
  • 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?


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Isaac Lieberman

President and CEO
Aston Capital Management
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Manuel Garcia

Managing Director
OceanQuant Group
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Kevin McPartland

Head of Market Structure Research
Greenwich Associates
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Darren Jer

CEO
Market Factory
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Andrew Silverman

Managing Director, Global Head of Morgan Stanley Electronic Trading
Morgan Stanley

Networking Lunch

12:20 PM - 2:00 PM Networking Lunch

Exclusive Invite Only Buy Side Think-Tank

12:20 PM - 2:00 PM Exclusive Invite Only Buy Side Think-Tank: How can the buy side better collaborate to drive mutually beneficial initiatives forward

Mike Harris, President, Campbell and Company Pamela Gachara, Manager, Markets Team, The Investment Association

Open to 15 Global Heads of Trading from North America’s top 20 asset managers

Lunch will be served during this session



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Mike Harris

President
Campbell and Company
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Pamela Gachara

Manager, Markets Team
The Investment Association

Track A: Maximising Your Chances of Best Execution

2:00 PM - 2:50 PM 360 Perspective: FX Best Ex strategy selection- How can you establish when to use different execution strategies to meet your best execution needs?

Pete Eggleston, CEO, BestX Paul Shahied, Senior Foreign Exchange Trader, Fidelity Investments Paul Aston, CEO, Tixall Global Advisors Zoran Mavrinac, Senior MD, Curex Group James Cochrane, Head of Institutional Investor Sales, Americas, 360T
  • 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?


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Paul Shahied

Senior Foreign Exchange Trader
Fidelity Investments
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Paul Aston

CEO
Tixall Global Advisors
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Zoran Mavrinac

Senior MD
Curex Group
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Pete Eggleston

CEO
BestX
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James Cochrane

Head of Institutional Investor Sales, Americas
360T

Track B: Preparing For Additional Clearing And Margin Requirements

2:00 PM - 2:50 PM 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?

Victoria Cumings, Managing Director, SIFMA Collin Crownover, Senior Managing Director, Head of Currency Management, State Street Global Advisors Mayra Rodriguez Valladares, Managing Principal, MRV Associates Stephen Humanick, Of Counsel, Covington and Burling
  • 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?

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Collin Crownover

Senior Managing Director, Head of Currency Management
State Street Global Advisors
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Mayra Rodriguez Valladares

Managing Principal
MRV Associates
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Stephen Humanick

Of Counsel
Covington and Burling
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Victoria Cumings

Managing Director
SIFMA

Track C: Grasping The 2017 Political Landscape

2:00 PM - 2:50 PM 360 Perspective: Geo-political investment trends- How can you exploit political drivers in the US, Europe and Asia for your FX portfolio?

Michael Melvin, Professor, Rady School of Management Paresh Upadhyaya, Director of Currency Strategy, Pioneer Investments Steven Englander, Managing Director, Citibank Marc Chandler, Head of FX Strategy, Brown Brothers Harriman
  • 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?

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Paresh Upadhyaya

Director of Currency Strategy
Pioneer Investments
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Michael Melvin

Professor
Rady School of Management
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Steven Englander

Managing Director
Citibank
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Marc Chandler

Head of FX Strategy
Brown Brothers Harriman

Track D: Small Interactive Boardrooms and Workshops

2:00 PM - 2:50 PM 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?

Alex Shterenberg, Head of eFX Trading North America, Global Head of FX Algos, Bank of America Merrill Lynch Vadim Iaralov, Global Research, G10 FX, Bank of America Merrill Lynch
  • 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?

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Alex Shterenberg

Head of eFX Trading North America, Global Head of FX Algos
Bank of America Merrill Lynch
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Vadim Iaralov

Global Research, G10 FX
Bank of America Merrill Lynch

Track A: Maximising Your Chances of Best Execution

2:50 PM - 3:00 PM Fireside Chat: The Buy Side Trader’s Daily Juggling Act – How are traders optimizing for best execution and regulatory challenges in 2017?

Michael DuCharme, Head of Currency Strategy, Russell Investments Harpal S. Sandhu, Chief Executive Officer, Integral Development Corp Joseph Hoffman, CFA, Director, Global Head of Currency, Russell Investments Venkat Krishnan, CFA, Director, KPMG
  • 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?

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Michael DuCharme

Head of Currency Strategy
Russell Investments
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Harpal S. Sandhu

Chief Executive Officer
Integral Development Corp
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Joseph Hoffman

CFA, Director, Global Head of Currency
Russell Investments
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Venkat Krishnan

CFA, Director
KPMG

Track B: Preparing For Additional Clearing And Margin Requirements

2:50 PM - 3:00 PM 360 Perspective: The impact of changing global regulation on traditional FX market structure- How is this likely to evolve going forward?

Mayra Rodriguez Valladares, Managing Principal, MRV Associates Howard Tai, Senior Analyst, Aite Group Michael Koegler, Principal, ViableMKTS Dan Viola, Partner, Sadis and Goldberg
  • 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?


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Mayra Rodriguez Valladares

Managing Principal
MRV Associates
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Howard Tai

Senior Analyst
Aite Group
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Michael Koegler

Principal
ViableMKTS
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Dan Viola

Partner
Sadis and Goldberg

Track C: Grasping The 2017 Political Landscape

2:50 PM - 3:00 PM Industry Perspective: Brexit ramifications- What are the tail risks of Brexit that will affect your FX investments in the medium to long term?

Paul Mortimer- Lee, Global Head of FX Execution and Alpha Solutions, BNP Paribas
  • 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

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Paul Mortimer- Lee

Global Head of FX Execution and Alpha Solutions
BNP Paribas

Track D: Small Interactive Boardrooms and Workshops

2:50 PM - 3:00 PM Session continues

Session Continues
  • 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?

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Kevin McPartland

Head of Market Structure Research
Greenwich Associates
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Petra Wilkstrom

Global Head of FX Execution and Alpha Solutions
BNP Paribas
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Susan Gammage

Head of FX Transaction Sales, Americas
Thomson Reuters
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Brent Michaels

Vice President, Currency Management
State Street Global Markets Currency Management
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Francisco J. Heredia

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Independent Expert
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Peter Durkan

CEO
Lucera

Track B: Preparing For Additional Clearing And Margin Requirements

3:00 PM - 3:40 PM Session Continued

Track C: Grasping The 2017 Political Landscape

3:00 PM - 3:40 PM 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

Michael Melvin, Professor, Rady School of Management Steven Englander, Managing Director, Citibank Marc Chandler, Head of FX Strategy, Brown Brothers Harriman Lee Ferridge, Head of Macro Strategy North America, State Street Global Markets
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
  • 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
China Roundtable-
  • 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
EM Roundtable-
  • Are emerging markets finally set to rally significantly in 2017? Hosted by Michael Melvin, Master of Finance, Academic Coordinator, Rady School of Management, UCSD

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Michael Melvin

Professor
Rady School of Management
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Steven Englander

Managing Director
Citibank
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Marc Chandler

Head of FX Strategy
Brown Brothers Harriman
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Lee Ferridge

Head of Macro Strategy North America
State Street Global Markets

Track D: Small Interactive Boardrooms and Workshops

3:00 PM - 3:40 PM Session continues

Session continues

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

Track A: Maximising Your Chances of Best Execution

4:10 PM - 4:50 PM 360 Perspective: Accelerating your algo capabilities- What are the standards you should expect from FX algos to best meet your best execution needs?

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
  • 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?

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Steven List

Head Trader
Alpha Simplex
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Kevin McPartland

Head of Market Structure Research
Greenwich Associates
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Danielle Caravetta

Director of Institutional Sales
Pragma
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Thomas Gentile

Head of FX
Crabel Capital Management
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Pamela Gachara

Manager, Markets Team
The Investment Association

Track B: Lifting The Lid On Global Regulation

4:10 PM - 4:50 PM 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

Michael Koegler, Principal, ViableMKTS Steve Reich, Head of FX and Commodity Liquidity Solutions, GTS Oscar Salem, Managing Partner, Investor Relations, Cold Spring Asset Management Sanjay Madgavkar, Global Head of FX Prime Brokerage, Citi
  • 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?

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Michael Koegler

Principal
ViableMKTS
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Steve Reich

Head of FX and Commodity Liquidity Solutions
GTS
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Oscar Salem

Managing Partner, Investor Relations
Cold Spring Asset Management
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Sanjay Madgavkar

Global Head of FX Prime Brokerage
Citi

Track C: Overcoming Converging Banking Policies

4:10 PM - 4:50 PM Oxford Style Debate: True or False- Central banking policies have ran their course and will be ineffective in 2017

Michael Melvin, Professor, Rady School of Management Ulf Lindahl, CEO, A.G. Bisset Associates Alessio de Longis, VP, Portfolio Manager and Macro Strategist, Oppenheimer Funds Lee Ferridge, Head of Macro Strategy North America, State Street Global Markets
  • 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?

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Ulf Lindahl

CEO
A.G. Bisset Associates
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Alessio de Longis

VP, Portfolio Manager and Macro Strategist
Oppenheimer Funds
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Michael Melvin

Professor
Rady School of Management
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Lee Ferridge

Head of Macro Strategy North America
State Street Global Markets

Track D: Small Interactive Boardrooms and Workshops

4:10 PM - 4:50 PM 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.

Andrew Silverman, Managing Director, Global Head of Morgan Stanley Electronic Trading, Morgan Stanley David Wright, Managing Director, Global Head of FX Electronic Distribution, Morgan Stanley
  • 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?

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Andrew Silverman

Managing Director, Global Head of Morgan Stanley Electronic Trading
Morgan Stanley
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David Wright

Managing Director, Global Head of FX Electronic Distribution
Morgan Stanley

Transit Time to Main Conference Room

4:50 PM - 4:55 PM Transit time to main conference room

  • 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?

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Jason Leinwand

Former Currency Strategist
MetLife
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Pete Eggleston

CEO
BestX
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David Mercer

Chef Executive
LMAX Exchange
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Susan Gammage

Head of FX Transaction Sales, Americas
Thomson Reuters
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Francisco J. Heredia

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Independent Expert

5:35 PM - 5:40 PM Chairperson's Closing Remarks

Michael Melvin, Professor, Rady School of Management

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Michael Melvin

Professor
Rady School of Management

5:40 PM - 11:59 PM Cocktail Drinks Reception Hosted by BNP Paribas