TradeTech FX 2018

10 - 12 September, 2018

NH Collection Tower, Barcelona

44 (0) 20 7368 9836

Main Day One – 11tH September 2018

7:45 am - 8:30 am Conference Registration & Networking Breakfast

7:30 am - 8:30 am Exclusive Invite Only Buy Side Think-Tank Breakfast: How can the buy side better collaborate to drive mutually beneficial initiatives forward

Participants Include:  Ruben Van Lierop, FX/MM Trading, Shell Asset Management; Peter Karlsson, Senior Portfolio Manager – FX, Andra AP-fonden; Thomas Bengtsson, Senior Portfolio Manager, ATP; Mike Harris, President, Campbell & Co;  David Doggett, AVP, Global Trader, Eaton Vance; Emmanuel Hurault, FX, International Bonds, Credit and Derivatives Dealer, Groupama Asset Management;  Colin Carr, Trader, Baillie Gifford; Jamie Smith, Senior FX Dealer, European Trading, SSGA

Open to 15 Heads of FX Trading or Portfolio Management – Pre-registration is required 
Breakfast will be served during this session

8:30 am - 8:35 am Welcome Address: Diane Mekie, TradeTech FX Europe Conference Director, WBR

8:35 am - 8:40 am Chairperson’s Opening Remarks:

Michael Melvin, Academic Coordinator,Rady School of Management
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Michael Melvin

Academic Coordinator
Rady School of Management

FX Today And Tomorrow

8:40 am - 9:00 am Buy Side Interview: Currency Management – The role of judgement in systematic currency strategies Grappling with the balance between quantitative and subjective elements in any investment process designed to be ‘systematic’ in nature:

Edward Baker, Executive Chairman,The Cambridge Strategy
Grappling with the balance between quantitative and subjective elements in any investment process designed to be ‘systematic’ in nature: 
•Judgement Area 1: Systematic strategies require a diversified set of models to be consistently successful
•Judgement Area 2:   Implementing the models – not all models signal the same way
•Judgement Area 3:  Trading – the craft of getting the signals into the portfolio
•Judgement Area 4: Risk management – the craft of preserving alpha
•Judgement Area 5: Remaining competitive: The art of adaptation

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Edward Baker

Executive Chairman
The Cambridge Strategy

9:00 am - 9:20 am In Conversation With Leading Hedge Funds: What themes will dominate the FX agenda over the next 12 months and what investment opportunities will these bring?

Patrick Hoffmann, Portfolio Manager,Stone Milliner Asset Management Ghazi Atallah, Portfolio Manager,City Financial Investment Company *Invited*
  • How is a turbulent geo-political environment impacting liquidity and how do we expect it to impact currency markets going forward?  Where do we see the major investment opportunities? 
  • After a period of divergence of monetary policy in the G10 space, are we heading towards a reconvergence and what might be the implications? 
  • Are cryptocurrencies just a market fad? What is their potential and impact on the currencies market and how seriously should you take them? 
  • What are the major technology developments that are transforming currency trading? 
  • Mitigating the impacts of flash crashes with ever increasing trading automation - How can you best deal with unpredictability in FX markets and protect your portfolio during stressed market conditions?
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Patrick Hoffmann

Portfolio Manager
Stone Milliner Asset Management

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Ghazi Atallah

Portfolio Manager
City Financial Investment Company *Invited*

Navigating The Post-MiFID II World

9:20 am - 9:40 am Buy Side Fireside Chat: MiFID II now the dust has settled – 9 months on, what have been your biggest wins and lessons learned?

Ian Packer, Executive Director, FX Trading, UBS Global Asset Management Ronald Lagarde, Senior Forex & Derivatives Trader,APG Asset Management
  • What aspects of MiFID II have most directly impacted FX trading – how did you need to alter the way you currently execute to adhere to these? 
  • How have regulators evaluated compliance, and what supervision and enforcement have we seen so far? Has the letter or the spirit of regulation won out? 
  • Have there been any unintended consequences on liquidity or business growth, and what market changes have brought welcome opportunities for the buy side? 
  • What is your overall scorecard for liquidity providers on how they have transformed and adapted to effectively meet the new market requirements? 
  • Working towards a more transparent and fair market – how far are we as an industry on the journey to achieving this?  How has the Global Code Of Conduct helped with this? 
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Ian Packer

Executive Director, FX Trading
UBS Global Asset Management

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Ronald Lagarde

Senior Forex & Derivatives Trader
APG Asset Management

•What are the major ongoing grey areas on the specifics of the Global Code, where further market clarification is needed? 
•Will market players partner with firms who aren’t signed up to the Global Code of Conduct? 
•How are regulators, associations and market players collaborating to ensure joint communication and agreement on the way forward? 
•What’s next on the agenda re the Global Code? 

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Patrick Fleur

Former Head of Trading and Execution, PGGM and CEO
Solid FX

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Rohan Churm

Head of Foreign Exchange Division
Bank of England

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Stephane Malrait

Chair, FX Committee
ACI

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Adrian Boehler

Co-Head of FXLM and Commodity Derivatives
BNP Paribas

•How prepared was the industry for MiFID II  - what is the view of regulators, central banks, and industry bodies? 
•How does Brexit potentially impact equivalence in EU markets – could there be a two-tiered market?  And how are market locations other than London positioning themselves to attract FX players? 
•What are the major ongoing grey areas on the specifics of MiFID II, where further market clarification is needed? 
•How can the market/practitioners best influence and communicate with regulators?
•What’s next on the regulatory agenda? Is MiFID III in the foreseeable future?
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Patrick Fleur

Former Head of Trading and Execution, PGGM and CEO
Solid FX

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Philippe Guillot

Executive Director of the Markets Directorate
Autorité des Marchés Financiers

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Roswitha Hutter

Head of Foreign Exchange Contact Group (FXCG)
European Central Bank

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Rohan Churm

Head of Foreign Exchange Division
Bank of England

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Vincent Dessard

Senior Regulatory Policy Advisor
EFAMA

10:20 am - 11:00 am Morning Refreshment Break

Gaining A Competitive Edge

11:00 am - 11:50 am 360° Perspective: FX eTrading in 2018 and beyond – how can you measure the performance of liquidity providers to establish the best partners in different trading scenarios?

Ken Dickson, Investment Director, Currency,Aberdeen Standard Investments Darren Jer, CEO,MarketFactory Kevin Kimmel, Global Head eFX,Citadel Securities Ralf Donner, Global Head of Client FX Algo Execution,Goldman Sachs
•How can the buy side best deal with the unprecedented complexity in e-FX trading? What key strategies, processes and technology are leading firms putting in place? 
•Which currencies weren’t traditionally executed electronically but are now more able to be automated?
•How is a new regulatory environment, increased provider choice, less last look and fast data impacting execution quality and pricing? 
•The impact of MiFID II – has the new transparency regime helped or hindered liquidity across FX markets?
•How is the drive towards more multi-asset trading impacting liquidity providers and how are businesses developing their infrastructure and technology capabilities? 
•Risk warehousing, market impact and quality of liquidity provision – where do the key similarities and differences lie between non bank liquidity providers  and traditional banks? 
•True or false: the internalisation of FX risk by nonbank entities is largely outside the visibility of financial regulators and their systemic risk modeling – and what are the market implications?

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Ken Dickson

Investment Director, Currency
Aberdeen Standard Investments

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Darren Jer

CEO
MarketFactory

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Kevin Kimmel

Global Head eFX
Citadel Securities

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Ralf Donner

Global Head of Client FX Algo Execution
Goldman Sachs

11:50 am - 12:20 pm Sell Side Keynote Panel: How is the sell side implementing strategies and approaches from other non-finance industries to thrive in the new FX landscape?

Svante Hedin, Co-head of Trading Markets,SEB James Taylor, Global Head of eFX Sales,BNY Mellon Asif Razaq, Global Head of FX Algorithmic Execution,BNP Paribas
  • How are the sell side optimizing their capital in a less liquid, more regulated and lower return world to better support the buy side?
  • How are sell side business models evolving and how can the bulge bracket differentiate themselves to offer the buy side a tailored service?
  • What types of e-trading technology can the sell side use to maximize the efficiency of their dealing activity and pass on cost savings to the buy side?
  • In light of the move from a principal model of trading to an agency broking-centric trading model, which players are leading the way in offering the buy side innovative solutions?
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Svante Hedin

Co-head of Trading Markets
SEB

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James Taylor

Global Head of eFX Sales
BNY Mellon

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Asif Razaq

Global Head of FX Algorithmic Execution
BNP Paribas

Regulatory Debate

12:20 pm - 12:50 pm Oxford Style Debate: True or false - Financial market regulation has had an overall positive effect on the FX market over the last decade

David Woolcock, Chair of the Committee for Professionalism,ACI Anthony Belchambers, Advisory Board Member,Financial Services Negotiating Forum Isaac Lieberman, CEO,Aston Capital Management
David Woolcock, Chair of the Committee for Professionalism, ACI – TRUE ("The move to more principle led regulatory initiatives in the unregulated markets are levelling the playing field alongside more transparent practices that will help rebuild confidence in FX markets paving the way to increasing volumes for the benefit of all.")
Anthony Belchambers, Advisory Board Member, Financial Services Negotiating Forum - FALSE
Isaac Lieberman, CEO, Aston Capital Management - TRUE
  • Do the positives outweigh any negatives since the regulatory regime started post 2008?
  • How have various regulatory frameworks impacted how the buy and sell side trade and has this overall impact been positive or negative?
  • Is the new FX market structure more efficient and reliable under this regulatory regime or is it now insufficient to meet the demands of end investors?  
  • Is further regulatory reform needed to alter markets further or does MiFID II signal the end of major market regulation?

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David Woolcock

Chair of the Committee for Professionalism
ACI

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Anthony Belchambers

Advisory Board Member
Financial Services Negotiating Forum

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Isaac Lieberman

CEO
Aston Capital Management

Decoding The Impact of Brexit

12:50 pm - 1:10 pm Guest Keynote: An update on Brexit negotiations 18 months on from triggering Article 50: What has been the impact on the economy, EU-UK trade relations and the investment landscape?

Anthony Hilton, Financial Editor,Evening Standard
Anthony is the chief economics and business commentator for the Evening Standard, and one of the longest serving British business journalists having joined Fleet Street in 1968 as a Trainee on the Guardian. A multiple award winner for his journalism he last year collected the Journalist of the year award from the British Insurance Brokers Association and in March was given a life time achievement award by the ABI.
  • Lifting the lid on Article 50 taskforce timeline: What stage have they reached in negotiations?
  • Early outcome of negotiations: Will the EU market remain ‘single’ or become more of a tiered market?
  • How will the trading lifecycle of buy and sell side institutions be impacted by the outcome, and how can they remain resilient in the face of change?
  • Next steps: What can the financial industry expect from negotiations? 

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Anthony Hilton

Financial Editor
Evening Standard

Special Guest Speaker

1:10 pm - 1:40 pm Inspirational Guest Speaker: Lessons learnt from a hostage negotiator – How to improve decision making and communication in high stress situations

Chris White, Former Police Hostage Negotiator,.
Chris White is a professional risk manager and crisis negotiator with over 25 years of experience in the industry. A proven senior leader in the global corporate security sector, Chris has led the Group Operational Security and Intelligence function at two of the largest global blue chip companies, Prudential and Old Mutual. Chris’s private sector experience follows a successful UK Government career as an international hostage and crisis negotiator, and crisis manager. 
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Chris White

Former Police Hostage Negotiator
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1:40 pm - 3:00 pm Networking Lunch

1:40 pm - 3:00 pm Exclusive Invite Only Buy Side Think-Tank Lunch: How can the buy side better collaborate to drive mutually beneficial initiatives forward?

Andrew MacLeod, Senior Dealer, FX and Alternatives,Invesco
Hosted By: Andrew MacLeod, Senior Dealer, FX & Alternatives, Invesco
Participants include:  Neil Squires, Executive Director, FX Trading, Goldman Sachs Asset Management;  Paul Collins, Global Fixed Income, FX and Derivatives Dealer, Newton Investment Management;  Richard Turner, Senior Trader, Currency Solutions, Insight Investment; Bhavesh Trivedi, Fixed Income Dealer, Old Mutual Asset Management; Patrick Andenmatten, Head IPS ES&P Platform Change Management,  UBS Wealth Management; Stefan Brandau, Senior FX Trader, Deka; Graham Black, Senior Investment Dealer, Baillie Gifford;  Garrod Treverton, Currency Director, M&G Investments: Andreas Moritz, Senior Portfolio Manager, MEAG 
Open to 15 Heads of FX Trading or Portfolio Management – Pre-registration is required 
Lunch will be served during this session

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Andrew MacLeod

Senior Dealer, FX and Alternatives
Invesco

1:40 pm - 3:00 pm Private Buy Side Only Workshop, Hosted By Goldman Sachs: Execution - Art and Science

Lunch will be served during this session

Track A: Capitalising On The New Era of Transparency

3:00 pm - 3:30 pm Best Execution Panel: What have been the successes and failures of building a MiFID II best execution policy and how can you establish best practice processes and TCA around it?
Alex Smyth, Head of Trading,Florin Court Capital Michael Dawson, Head of Liquidity and FX,Shell Christoph Hock, Head of Multi-Asset Trading,Union Investment Michael Melvin, Academic Coordinator,Rady School of Management Mauricio Sada-Paz, EMEA Head of eFICC Sales & Global Head of eFX Sales ,BAML
  • How do you ensure process efficiency and that your policy is explicit enough?
  • How have you and are you continuing to adapt your resourcing to match up with best execution needs?
  • TCA in house vs TCA outsourced – what are the arguments for and against and what is actually working for the buy side?  And are there concerns over the independence of TCA data – how can you overcome these? 
  • Smart analytics – how you can gain cutting edge pre and post trade data insights for a trading desk to maximize transparency and better understand when and where to trade? 
  • What are the best ways of recording trader rational? 
  • The practicalities of MiFID II reporting requirements - Outlining exactly what your RTS 28 obligations are and how you can best meet them
  • Where is the investment in new technology going in order to focus trading resources where they are truly needed?
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Alex Smyth

Head of Trading
Florin Court Capital

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Michael Dawson

Head of Liquidity and FX
Shell

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Christoph Hock

Head of Multi-Asset Trading
Union Investment

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Michael Melvin

Academic Coordinator
Rady School of Management

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Mauricio Sada-Paz

EMEA Head of eFICC Sales & Global Head of eFX Sales
BAML

Track A: Capitalising On The New Era of Transparency

3:30 pm - 3:50 pm Industry Perspective: FX TCA and MIFID II - what’s next?
  • Assessing the factors driving the evolution of TCA and best execution - How is this improving? 
  • More than just a box-ticking exercise - How is TCA progressing to be a functional FX tool across the full trade life cycle?
  • How will new functionality such as pre-trade TCA, cross-asset analysis, and workflow optimization go beyond fulfilling regulatory requirements to improve your trading outcomes?
  • The future of FX TCA under MiFID II- How is this now becoming an essential tool of the FX trader toolkit?

Track A: Capitalising On The New Era of Transparency

3:50 pm - 4:20 pm Oxford Style Debate: True or False - Capital efficiencies in clearing are driving changes in market structure away from prime brokers and towards exchanges and clearing houses
  • With the introduction of uncleared margin rules (UMR) and variation margin rules (VMR) with EMIR in 2017, is it now more efficient to push more FX products towards voluntary clearing?
  • With ongoing challenges around balance sheets, collateralization, leverage ratio, uncleared margin rules and increased costs around infrastructure, is the FXPB model still viable? 
  • What are the current stances of the CFTC and the EU on NDF clearing and what timetables are in place for clearing?

Track B: Exploiting New Currency Market Trends

3:00 pm - 3:05 pm Chairperson’s Opening Remarks
Thanos Papasavvas, Founder and CEO / Fixed Income and Currenc,ABP Invest and former Strategisy / Investec Asset Management
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Thanos Papasavvas

Founder and CEO / Fixed Income and Currenc
ABP Invest and former Strategisy / Investec Asset Management

Track B: Exploiting New Currency Market Trends

3:00 pm - 3:30 pm 360° Perspective: Predicting the top 3 geopolitical hotspots and their influence on global FX markets – is uncertainty set to continue in 2018 and 2019?
David Nowakowski, Director, Multi-Strategy Fixed Income,Barings Abbas Ameli-Renani, Portfolio Manager, Global Macro,Algebris Investments Thomas Wind, Executive Director, Head of Foreign Exchange & Trading,Woodman Asset Management Nigel Rogers, Founding Partner, Head of Trading,Adrian Lee and Partners
  • With heightened political risk in both developed and emerging markets, what impact does this have on FX markets? 
  • What are the drivers of the renminbi? What does President Xi wish to achieve, and what are the implications for investors? 
  • What are the major opportunities and investment drivers in Latin America?
  • With many central banks shifting into tightening mode, how “normal” will the new normal look?
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David Nowakowski

Director, Multi-Strategy Fixed Income
Barings

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Abbas Ameli-Renani

Portfolio Manager, Global Macro
Algebris Investments

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Thomas Wind

Executive Director, Head of Foreign Exchange & Trading
Woodman Asset Management

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Nigel Rogers

Founding Partner, Head of Trading
Adrian Lee and Partners

Track B: Exploiting New Currency Market Trends

3:30 pm - 3:50 pm Fireside Chat: Hedging your exposure- How can you best manage your FX hedging strategies in an unpredictable currency environment?
  • To hedge or not to hedge - What investment vehicles are best suited to help with currency hedging in the current market conditions? 
  • FX hedging - What different strategies can you undertake to reap the benefits of your currency exposure?
  • Should you set up your own internal hedging policy or should this be done on an ad-hoc basis?
  • Bonds vs Equities - What asset class will drive FX more in 2018 and how should you manage your FX in relation to this?

Track B: Exploiting New Currency Market Trends

3:50 pm - 4:20 pm Fireside Chat: How should and are Central Banks intervening in the FX markets, and how is their influence growing?
Guy Verberne, Chief Economist,PGGM Investments David Nowakowski, Director, Multi-Strategy Fixed Income,Barings Paul Chappell, Chief Investment Officer,C View
  • Central bank policy convergence - With the ECB winding down their Quantitative Easing programme what impact will this have on the euro?
  • Examining the growing influence of central banks  – are they playing a bigger role in the FX market and in financial markets generally, and is this going to continue to increase and at the same speed? 
  • How effective have central banking policies been - have they had the desired impact to improve the economy?
  • With many Central Banks reversing recent policies, is there a limit to how far monetary policy can go?
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Guy Verberne

Chief Economist
PGGM Investments

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David Nowakowski

Director, Multi-Strategy Fixed Income
Barings

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Paul Chappell

Chief Investment Officer
C View

Workshop A: TCA Deep Dive

3:00 pm - 4:20 pm Synergy Workshop: Beyond TCA
Roel Oomen, Global co-Head of Electronic FX Spot Trading,Deutsche Bank
-How to apply the latest data science techniques to optimize liquidity access and increase execution efficiency  
-How to go from measurement to effective decision making to optimise your liquidity access 
-A review of practical real-life case studies that highlight common pitfalls and demonstrate the power of rigorous data science in execution optimisation   

Roel Oomen

Global co-Head of Electronic FX Spot Trading
Deutsche Bank

Workshop B: Market Data Deep Dive

3:00 pm - 4:20 pm Synergy Workshop: Achieving better quality market data – how to catapult your capabilities ahead of the competition
  • What are the metrics that can be used to assess the quality of the market data?
  • How is machine learning incorporated into making more real-time decisions?
  • How are venues and market data providers better explaining the differences in market prices to drive transparency?
  • What internal processes need to be in place to better analyse in real-time data and link with best execution?

4:20 pm - 4:50 pm Afternoon Refreshment Break

Track A: New Trading Technology Initiatives

4:50 pm - 5:20 pm 360° Perspective: How can the buy side and O/EMS providers work more in collaboration and bridge the gap between where we are and where we should be?
Jasper Steger, Senior Investment Manager,MN Andrew Mahoney, Head of Sales, FlexTrade Isaac Lieberman, CEO,Aston Capital Management
  • How can the industry ensure that front office technology is best meeting the needs of the asset management industry? 
  • Is a multi-asset O/EMS that meets current buy side needs possible in the near short term? Or should you use a product specific OMS due to the fragmentation of markets and nature of liquidity? 
  • What do the buy side truly care about when it comes to O/EMS requirements, where providers should be focusing their efforts – is it millisecond pricing or the ability to efficiently report execution? 
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Jasper Steger

Senior Investment Manager
MN

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Andrew Mahoney

Head of Sales
FlexTrade

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Isaac Lieberman

CEO
Aston Capital Management

Track A: New Trading Technology Initiatives

5:20 pm - 5:50 pm In Conversation: Next generation algos – how is algorithmic being improved by the use of AI, machine learning and advanced technology?
Andreas Anschperger, European Head of Foreign Exchange Trading,Allianz Global Investors Robert Franolic, Managing Director, Head of CLS Analytics,CLS Group
  • From best to smart execution – how can you enhance your algo capabilities beyond first and second generation algos? 
  • Evaluating the merits of agency, principal, and hybrid algos
  • Self-adapting and advanced learning algos – how can you incorporate them into your FX workflow? 
  • 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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Andreas Anschperger

European Head of Foreign Exchange Trading
Allianz Global Investors

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Robert Franolic

Managing Director, Head of CLS Analytics
CLS Group

Track B: MiFID II For Portfolio Managers

4:50 pm - 5:20 pm Panel Discussion: What are the best strategies for FX Portfolio Managers to tackle a post MiFID II world and support their execution desks?
Henrik Pedersen, Senior Portfolio Manager,Credit Suisse Asset Management Thomas Wind, Executive Director, Head of Foreign Exchange & Trading,Woodman Asset Management
  • With many buy side firms leaving the implications of MiFID II primarily to the trading desk, FX Portfolio Managers can have limited understanding of what it means for them – how does MiFID II specifically impact the portfolio management function?
  • What aspects of best execution do Portfolio Managers need to get involved in, and how can they best support their execution desks to ensure compliance?
  • How does MIFID II affect doing trades using tools such as Bloomberg chat? Does it need to be more electronic now? 
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Henrik Pedersen

Senior Portfolio Manager
Credit Suisse Asset Management

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Thomas Wind

Executive Director, Head of Foreign Exchange & Trading
Woodman Asset Management

Track B: MiFID II For Portfolio Managers

5:20 pm - 5:50 pm Oxford Style Debate: True or False - Independent research providers will eventually take the place of sell side research in an unbundled world
James Binny, Global Head of Currency,State Street Global Advisors
  • What are the broader ramifications of changes to research payments for market participants and what does this mean for buy (and sell side) business models in an unbundled world?
  • Have these changes improved or negatively impacted the quality of research data? 
  • Balancing the costs and risks of investing in in-house analysts as opposed to using independent research providers or traditional sell side providers – 9 months post-MiFID II, which way is the market trending? 
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James Binny

Global Head of Currency
State Street Global Advisors

Workshop A: Best Execution Deep Dive

4:50 pm - 5:50 pm Synergy Workshop: How to develop a robust, future-proof best execution strategy in a post MiFID II world
  • Regulatory scrutiny, market structure complexities, fractured liquidity - What standards are now essential from your TCA and reporting systems to meet your MiFID II compliance goals?
  • Technology, automation and regulation - how have leading buy side players developed a robust, future-proof best execution strategy? 
  • Increased autonomy in execution decision making - How should TCA be used to ensure your buy side traders are contributing positively to alpha generation?
  • Intelligent execution - How to automate flow, access more liquidity, increase spread and minimize information leakage through algos and smart learning

Workshop B: Non-Bank Liquidity Deep Dive

4:50 pm - 5:50 pm Synergy Workshop: How can you connect to non-bank liquidity providers and incorporate them into your workflow as an additional liquidity source?
  • Why have new liquidity providers emerged and what is their place in the modern FX market structure?
  • What value can new liquidity providers offer and how does this differ to what people think of traditional liquidity providers?
  • How can you distinguish between both traditional and new liquidity providers?
  • How can you connect to new liquidity providers and incorporate them into your workflow as an additional liquidity source?
  • Evaluating the rise of non-bank liquidity providers and their place in the modern FX workflow

5:50 pm - 5:55 pm Chairperson’s closing remarks:

Michael Melvin, Academic Coordinator,Rady School of Management
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Michael Melvin

Academic Coordinator
Rady School of Management

5:55 pm - 6:55 pm Cocktail Drinks Reception – Sponsored By Citadel Securities