TradeTech FX USA 2015 (past event)
January 26 - 27, 2015
Contact Us: 1.888.482.6012
Day 1
08:00 - 08:50 Registration and Breakfast- Sponsored by Bloomberg
08:50 - 09:00 Chair person's opening remarks
09:00 - 09:25 Industry Keynote: Reviewing the macro-economic landscape of the last 12 months – What key trends should you capitalise on?
Marc Chandler has 30 years of experience in the FX market and he started his role at BBH in 2005 as Global Head Of Currency Strategy. His current research projects include global imbalance and the relationship between savings, investment and growth. Marc is often called upon to provide macro-economic expertise on CNBC and Bloomberg amongst other media. In this presentation Marc will reveal:
- Detailing how conflicting policy responses to the Great Financial Crisis generates divergent economic outcomes and a dollar bull market
- Highlighting how the end of WWII (1945) and the reunification of Germany (1990) shaped the European crisis
- Recognising how the precipitous decline in oil prices marks the 55th anniversary of OPEC- lifting world growth and depressing prices
- Why you should not look to central banks to cap the dollar as they did 30 years ago at the Plaza Hotel (1985)
09:25 - 09:50 Sell Side Keynote: Outlook for the US Economy- Federal Reserve Policies and implications for the FX Industry
Alongside his role of Managing Director, Chief Economist, Peter is also co-head of Deutsche Bank’s Global Economics team. Peter and his team produce weekly and quarterly publications for Deutsche Bank with a focus on US and global economic developments and Fed policy; he also comments on US and global economic and financial developments in the news media. Peter will be discussing:
- Recent and prospective developments in key driving sectors of the US economy, including financial conditions, consumer spending, housing, business investment, and net exports
- Labour market tightening: The return to full employment and more normal rates of wage inflation, and progress in normalizing core US consumer price inflation
- How the Fed is reading these developments and implications for foreign exchange markets going forward
- Where will the biggest risks lie surrounding this view?
09:50 - 10:30 360° Perspective: European and US perspectives on recent market changes and impacts on FX
One of the biggest challenges facing any large organisation today is how to adapt to the new market structure, regulatory landscape and influx of new technologies. This market leading panel will give you a 360 degree perspective on how the industry is adapting their desks to respond to these trends. Attend this session to find out:
Tactical Asset Management
- How has the impact of regulation affected the various parties in the industry and how have they had to develop their trading operations?
- How are people deploying and obtaining resources in their firm to put the necessary systems and processes in place?
- Defining how the market structure has evolved over the last 12 months and how the buy and sell side have adapted their trading desks
- What technologies are key growth areas and essential to survive the new FX market?
- Have counterparts had enough education to be able to successfully operate in the new environment?
Josh Levy
Founder, Managing DirectorTactical Asset Management
10:30 - 11:10 Morning Networking Break- Luxury Pancakes Served by Bloomberg
Regulation and Recommendations for 2015
11:10 - 11:40 Case Study: Strategies to implement the FSB recommendations on market structure
In late September 2014 the Financial Stability Board (FSB) released the final version of its report dealing with FX benchmarks, along with supplemented recommendations for notable measures for reform of the FX markets. Chip has most recently been working on new benchmarking execution strategies to create efficiencies in electronic FX benchmark trading in line with FSB recommendations, and will be sharing his expert insight on:
State Street Global Markers
- How can you address institutional investor and regulatory concerns about collusion and price manipulation around the WM/TReuters benchmark?
- What can you do to create a trusted and secure service that reduces information leakage and can lessen market volatility around WM/Reuters fixing windows?
- How can you reduce costs and improve transparent end-to-end processes which deliver WM/Reuters mid-rate net of fully disclosed embedded fee?
- What strategies can you undertake to replace the present bilateral buy-side to sell-side benchmark order submissions
Chip Lowry
Senior Managing Director and Head of Agency FX ServicesState Street Global Markers
Market Infrastructure
11:10 - 11:40 Case Study: FX Prime Brokerage- What will the market look like in 2015 and beyond
Prime brokers are at the top of the food chain in the FX industry and Citi is the biggest player in this high-end segment according to market share. Sanjay is responsible for Citi’s FXPB service, and he will be detailing the effects and changes FXPBs are having on the market. Attend this presentation to learn:
Citi
- As impacts of costs of capital are felt by banks, how will this impact business conducted by asset managers and hedge funds? As Prime Brokers are subject to increased variable and fixed costs, what impact will this have on the costs of providing FX PB services?
- In an increasingly risk-sensitive environment, what are the new risk control mechanisms and how will they affect the buy side? What are the new client segments that are expected to adopt FX Prime Brokers in 2015 and beyond?
Sanjay Madgavkar
Global Head, FX Prime BrokerageCiti
Stream A
11:40 - 12:30 360° Perspective: How can you manage conflicts in EMIR and Dodd Frank to ensure clients globally receive a uniform service?
With the lack of cohesion amongst regulatory bodies across jurisdictions, the FX industry is presented with a major challenges to achieve global compliance. This high level panel combines US and European experts on regulations to ensure you can prepare your desk for compliance. Attend this session to find out
- What are the similarities and differences of the two regulations?
- Issues encountered in cross-border transactions and how to overcome them
- How can regulators clear up cross border rules and applications with overseas regulators?
- Should the SEC, CFTC, ESMA and ISDA work to implement a one glove fits all system or should the two regulations remain independent?
Stream B
11:40 - 12:30 Fireside Chat: SEFs one year in- How have they impacted the market?
Since the introduction of SEFs in the US market in October 2013, the market has had the opportunity to adjust to a mandated e-trading model; however there have been some unintended consequences. Kevin has recently undertaken research into the effects of SEFs in the FX market and will be joined by George Harrington from Bloomberg who run one of the leading SEFs in the market. Attend this panel to find out:
Greenwich Associates
- Have SEFs improved the FX Landscape?
- What impact has the implementation of SEFs had on the buy side?
- How are buy side firms developing their relationships with SEFs and CCPs to allocate their flow?
- What different FX products are the regulators going to be bringing online?
- How are SEFs establishing a footprint in the market one year in?
Kevin McPartland
Head of the Greenwich Associates Market Structure and Technology practiceGreenwich Associates
12:30 - 14:00 Networking Lunch Sponsored by Bloomberg
E-trading
14:00 - 14:25 Case Study: Using pre trade analytics to navigate through the fragmented FX market- Determining the ideal time to trade to get the best price
Ian is an expert on TCA and he has supported many buy and sell side firms to successfully implement new TCA capabilities. This has helped them establish the best time to trade and measure best execution. Ian will share his expert view on:
- 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
Trading Strategies
14:00 - 14:25 Drill Down Roundtables: E-trading evolutions in FX- What technologies should you invest in over the next 12 months?
Join these informal subject-specific roundtables won e-trading and new FX technologies. Each roundtable host has been selected based on their specialist area of expertise to offer you a unique opportunity to drill down on the detail of an issue. One roundtable is limited to 10 people for maximum interaction.
1) TCA- How to use TCA to make informed trading decisions and add value to the execution process.
RT1 Host: Pete Eggleston, Managing Director, Morgan Stanley
2) Automated execution- How can you keep track of what brokers are trying to do and what data is being aggregated?
RT2 Host: Pierre-Yves Guillo, Managing Partner, QTS Asset Management LLC
3) Algorithmic Trading- Defining algorithmic trading and how it differs from automated trading: How can it benefit your FX trading strategies?
RT3 Host: Victor Lebreton, Managing Director, Quant Hedge Fund
4) Multi-asset FX- How should you manage risk and risk tolerance when trading FX from a multi-asset point of view?
RT4 Host: Steven Geovannis, Managing Director, Lyxor Asset Management
Graham Capital Management
1) TCA- How to use TCA to make informed trading decisions and add value to the execution process.
RT1 Host: Pete Eggleston, Managing Director, Morgan Stanley
2) Automated execution- How can you keep track of what brokers are trying to do and what data is being aggregated?
RT2 Host: Pierre-Yves Guillo, Managing Partner, QTS Asset Management LLC
3) Algorithmic Trading- Defining algorithmic trading and how it differs from automated trading: How can it benefit your FX trading strategies?
RT3 Host: Victor Lebreton, Managing Director, Quant Hedge Fund
4) Multi-asset FX- How should you manage risk and risk tolerance when trading FX from a multi-asset point of view?
RT4 Host: Steven Geovannis, Managing Director, Lyxor Asset Management
Pierre-Yves Guillo
Algo Trading Portfolio ManagerGraham Capital Management
Workshop- Transaction Cost Analysis
14:00 - 14:25 Synergy Workshop How to make the most of your Transaction Cost Analysis to save costs and improve execution
Jim Cochrane is an expert in Transaction Cost Analysis (TCA) and has devoted his professional career to advising decision-makers on risks and strategy as well as the collection, analysis and dissemination of data and intelligence. In this role at ITG, he has had opportunity to help design a comprehensive analytical tool to study the 4-trillion dollar FX market, alongside consulting asset managers regarding foreign exchange trading costs and trading efficiency. Attend this workshop to learn:
- How did TCA begin in FX and what should you be expecting from your current TCA model?
- How can the buy side use TCA tools to measure the market and reduce trading costs?
- Powerful real-time TCA- How to use TCA to optimise your trading strategies and stay ahead in the market
- How can you use TCA to establish the best algorithms in different trading scenarios?
- The future of TCA- How will TCA develop to optimise your pre-trade and execution strategies
Stream A
14:25 - 14:50 Buy Side Perspective from Russell Investments: 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. Standard practices like trading at the London 4pm fix are being questioned. Investors are under increasing pressure to reduce costs and operational risk but find that traditional ways to trade currencies can’t meet these objectives. The buy-side is searching for new ways to trade and turning to technology to avoid the problems of the past. Attend this buy side insight from Russell Investments where they will discuss:
Russell Investments
Russell Investments
Russell Investments
- A historical perspective of trading at the London 4pm fix
- What trading practices are now a thing of the past?
- What clients are demanding and what technology is best suited to help?
- What is the role of a fiduciary in foreign exchange dealing?
Joseph Hoffman
Director of Equity DerivativesRussell Investments
Michael DuCharme
Head of Currency StrategyRussell Investments
Brian Golob
Global General Counsel and Chief Compliance OfficerRussell Investments
Stream B
14:25 - 14:50 Stream B ContinuedStream C
14:25 - 14:50 Stream C ContinuedStream A
14:50 - 15:30 360° Perspective: How can buy side FX traders use algorithmic trading to improve speed and consistency?
With the evolution of e-trading, algorithmic trading is a major growth area for the industry. Algos have been in FX for a number of years now but key questions are being asked about how they can be refined and improved to be taken to the next level. Find out by attending this panel where they will discuss:
Graham Capital Management
- Should you use your own algorithms, broker algorithms or 3rd party algorithms- What are the pros and cons of each?
- How can exchanges translate streaming prices from a virtual limit order book into a central limit order book?
- How can a largely ungoverned algorithmic market be taken towards a more regulated and protected environment?
- Next generation algorithms- How can current algorithms be refined and improved to be taken to the next level?
Pierre-Yves Guillo
Algo Trading Portfolio ManagerGraham Capital Management
Stream B
14:50 - 15:30 Case Study Revolution: Traditional vs. Alternative Strategies- How to generate Alpha
In his role, Alessio leads the OppenheimerFunds macro research focusing on business cycle dynamics, global macro regimes, and their impact on asset class risks and returns.
In addition, Alessio oversees and manages active currency strategies in GMAG’s funds. Between 2004 and 2013, Alessio was a member of the Global Debt team where he served as Portfolio Manager and Quantitative FX Strategist. He developed a large set of valuation and forecasting models for global interest rates and currency markets. Attend this interactive case study to find out:
In addition, Alessio oversees and manages active currency strategies in GMAG’s funds. Between 2004 and 2013, Alessio was a member of the Global Debt team where he served as Portfolio Manager and Quantitative FX Strategist. He developed a large set of valuation and forecasting models for global interest rates and currency markets. Attend this interactive case study to find out:
- Historical and future outcome of FX alpha- Are there any market conditions that favour alpha strategies over others?
- Common strategies vs. tailored strategies - benefits of being part of the herd vs. being on your own
- The impact of economic data surprises on FX- distinguishing between local and global effects
- Economic Surprise Indicators (ESI)- Methodology and statistical properties
- The US dollar and its link to foreign growth surprises- Empirical evidence and fundamentals
- An ESI based trading strategy- Performance overview and comparison to traditional FX styles
Stream C
14:50 - 15:30 Stream C Continued15:30 - 16:00 Afternoon Networking Break- Sponsored by Bloomberg
16:00 - 16:40 360° Perspective: How can you best benchmark FX trades using TCA?
E-trading is moving forward faster than ever in the FX market, and one of the biggest growth areas for the buy side is Transaction Cost Analysis (TCA). This senior level panel involves TCA experts who will be providing their expertise to help you with your TCA strategy. Attend this session to find out:
Abel Noser
- What have the major developments been in FX TCA in 2015?
- How can TCA help buy side traders achieve pricing competitiveness?
- How do you measure TCA from a client’s perspective – total cost including compliance
- Is TCA relevant to FX or is it more suited to equities?
- How does TCA positively impact investment strategies?
Peter Weiler
Executive Vice PresidentAbel Noser
16:40 - 17:20 Oxford Style Debate: WM FIX scandal- Should the industry as a whole alter the way they execute FX?
Moderator:
Kevin McPartland Head of the Greenwich Associates Market Structure and Technology practice Greenwich Associates
Speakers:
Collin Crownover Senior Managing Director, Head of Currency Management State Street Global Advisors
Andrew Maack Head of FX Trading Vanguard Group
Paul Aston Director, Head of Quantitative and Algorithmic Solutions TD Securities
Kevin McPartland Head of the Greenwich Associates Market Structure and Technology practice Greenwich Associates
Speakers:
Collin Crownover Senior Managing Director, Head of Currency Management State Street Global Advisors
Andrew Maack Head of FX Trading Vanguard Group
Paul Aston Director, Head of Quantitative and Algorithmic Solutions TD Securities
One of the most highly demanded topics uncovered during the research for TradeTech FX USA was based around the WM FIX controversies. After the recent scandals there is a lot of talk about the WM FIX and the 4pm close, as well as issues around chat rooms and swaps. The key question for the industry is can they start to embrace new ways to execute on the FIX, and should the industry move away from the WM as a whole. This high level panel is a must attend where you will find out:
Greenwich Associates
State Street Global Advisors
TD Securities
- Are there major issues using the WM as a single source on a regular basis or are we now beyond the recent scandals?
- Should the WM FIX be used as a benchmarking tool for currency execution, or should the industry start look at alternative benchmarking strategies?
- Should there be a new way for the benchmark providers to provide prices or is the WM FIX a reliable benchmarking source?
- Should the industry as a whole be changing the way to execute foreign exchange or is the current model the best execution strategy?
Kevin McPartland
Head of the Greenwich Associates Market Structure and Technology practiceGreenwich Associates
Collin Crownover
Senior Managing Director, Head of Currency ManagementState Street Global Advisors
Paul Aston
Director, Head of Quantitative and Algorithmic SolutionsTD Securities
17:20 - 17:40 Guest Presentation: Bitcoin- The future of digital currencies in financial markets
Ron is an accomplished executive and entrepreneur, with 25 years of experience in the financial services and technology sectors. Ron is currently the CEO of Digital Currency Labs, a financial technology and strategic advisory firm which focuses on bridging the gap between the emerging world of digital currencies and Wall Street. He is co-creator of the Bitcoin Volatility Index (xBVIX), and also serves as director at Falcon Global Capital, one of the first bitcoin investment funds. Attend this session where Ron will present insights into:
- A brief history and definition of bitcoin and developments over the past year
- Bitcoin, Blockchain technology and problems of modern financial markets
- Bitcoin as a currency- Leveraging digital currency for alpha and portfolio integration
- The promise of digital currencies and what they will mean for financial markets in the future