TradeTech FX 2017

September 11-September 13, 2017

Fairmont Rey Juan Carlos, Barcelona

44 (0) 20 7368 9836

Day 1 - Tuesday 12th September 2017

Navigating The New Market Order

07:45 AM - 08:30 AM Conference Registration & Networking Breakfast

08:30 AM - 08:35 AM Welcome Address: Diane Mekie, TradeTech FX Europe Conference Director, WBR

08:35 AM - 08:40 AM Speed Networking

08:40 AM - 08:45 AM Chairperson’s Opening Remarks

Michael Melvin, Academic Coordinator, Rady School of Management

img

Michael Melvin

Academic Coordinator
Rady School of Management

A 360° View From The Top

08:45 AM - 09:05 AM Buy Side Opening Keynote: Capturing alpha in FX through volatility trading

Girome Bono, CEO & CIO, White Marigold Capital

Girome is one of the world’s foremost experts on the foreign exchange options market. He has 25 years of trading experience - 10 years making markets and managing groups for leading FX banks and 15 trading on the buy side for a major hedge fund, BlueCrest. He specialises in relative value options trading using a combination of mathematical models and advanced technology. He has built his career on high absolute returns that are uncorrelated to other major asset classes. White Marigold Capital is an Alternative Investment Manager that specialises in capturing alpha through hybrid trading strategies. In spring of 2017, it will launch its first fund: The FX Volatility Fund.


img

Girome Bono

CEO & CIO
White Marigold Capital

09:05 AM - 09:45 AM Buy Side Keynote Panel: It’s crunch time - How are buy side FX heads of trading and portfolio management addressing regulatory developments, an evolving market structure and technology innovations?

Christian Schoeppe, Head of FX Trading EMEA, Deutsche Asset Management Robbie Boukhoufane, Global Head of Fixed Income & FX Trading, Schroder Investment Management Andreas Anschperger, European Head of Foreign Exchange Trading, Allianz Global Investors Alex Smyth, Head of Trading, Florin Court Capital
  • As the Jan 2018 deadline looms, is the buy side industry MiFID II ready? Have the timeline delays made the implementation of requirements more realistic, and what happens if firms are not compliant, including relationships with vendors and counterparties? What other key regulations are top of the agenda for buy side desks?

  • How is a turbulent geo-political environment impacting liquidity and how do we expect it to impact trading going forward?

  • Where is investment going in e-FX trading: are we seeing the move towards a multi-asset world, and how can you streamline your trading processes to guarantee your trading activity is an accurate extension of the investment strategy?

  • How can you foster a closer partnership between portfolio management and execution to increase your FX division’s profitability?


img

Christian Schoeppe

Head of FX Trading EMEA
Deutsche Asset Management
img

Robbie Boukhoufane

Global Head of Fixed Income & FX Trading
Schroder Investment Management
img

Andreas Anschperger

European Head of Foreign Exchange Trading
Allianz Global Investors
img

Alex Smyth

Head of Trading
Florin Court Capital

09:45 AM - 10:25 AM Sell Side Keynote Panel: Are sell side firms embracing the spirit of the new regulation and transparency, and how are they adapting their business models in a period of regulatory challenges and liquidity constraints?

Satnam Sohal, Principal , Greenwich Associates Jeremy Smart, Head of Distribution, XTX Markets Chinedum Nzelu, Managing Director, Head of FX Automated Trading Strategies , JP Morgan Svante Hedin, Co-head of Trading Markets, SEB Ben Robson, Vice President AES FX Sales and Trading, Credit Suisse Asif Razaq, Global Head of FX Algorithmic Execution,, BNP Paribas
  • Execution models pros and cons: Principal, hybrid or agency model - is there space for all three models in the market? Is the trend towards agency execution providing the most transparent medium possible for clients to cover risk?

  • How are the sell side reacting to the buy side’s needs in an evolving market structure, with new players entering the market offering liquidity? What kind of technology, tools and service are on offer to differentiate themselves?

  • How have the new margin rules for NDFs impacted liquidity from a sell side perspective?

  • How can the sell side use algorithms to offer a more cost effective service to the buy side?

  • How are sell side firms addressing buy side concerns about the increasing “juniorisation” of sell-side sales traders?


img

Jeremy Smart

Head of Distribution
XTX Markets
img

Chinedum Nzelu

Managing Director, Head of FX Automated Trading Strategies
JP Morgan
img

Svante Hedin

Co-head of Trading Markets
SEB
img

Ben Robson

Vice President AES FX Sales and Trading
Credit Suisse
img

Satnam Sohal

Principal
Greenwich Associates
img

Asif Razaq

Global Head of FX Algorithmic Execution,
BNP Paribas

10:25 AM - 10:45 AM In Conversation: The role of new liquidity providers and what this means for your FX business

Kevin Kimmel, Global Head eFX, Citadel Securities
  • How has the emergence of new liquidity providers affected the FX market and what are the implications for your FX business?

  • What should you look for when evaluating new and traditional liquidity providers?

  • What are the best ways for liquidity takers and providers to work together in today’s market?

  • What is the future of FX liquidity and where is there room for improvement?


img

Kevin Kimmel

Global Head eFX
Citadel Securities

10:45 AM - 11:20 AM Morning Refreshment Break

New Frontiers In FX

11:20 AM - 11:40 AM Regulatory Keynote: The Global Code of Conduct Phase 2 – What is the adoption and adherence level currently, and how can you implement the guidelines in practice?

Chris Salmon, Executive Director, Markets, Bank of England
  • What are the key findings and best practice guidelines from Phase 2 released in May 2017?

  • Addressing the thorny question of adherence and commitment to the code – what has been the initial reaction across the market?

  • How has Phase 2 of the Global Code impacted market behavior and key industry issues like last look

  • Embracing the spirit and ethos of the BIS framework – how a more transparent market benefits the industry


img

Chris Salmon

Executive Director, Markets
Bank of England

11:40 AM - 12:20 PM 360° Perspective: Liquidity in the spotlight - As the FX ecosystem becomes more complex, how can firms better assess FX trading opportunities via access to dealer, non-traditional dealer, and platform liquidity?

Girome Bono, CEO & CIO, White Marigold Capital David Mercer, CEO, LMAX Exchange Ruben Costa-Santos, Head of FX, ITG Darren Jer, COO and Co-Founder, MarketFactory Simon Wilson-Taylor, Head of EBS Institutional, EBS BrokerTec
  • Will there be further consolidation among venues and providers ahead, and if so how will this impact buy side firms as they becoming increasingly focused on finding ways to lower trading fees?

  • How can the buy side use TCA and algos to maximise their access to liquidity and demonstrate best execution?

  • Aggregating a fragmented market - how can technology help you understand liquidity conditions to make more informed trading decisions?

  • Deep liquidity vs. recycled liquidity - how can firms ensure they are getting access to the right pools of liquidity and not just ‘recycled liquidity’?

  • The unbundling of credit and execution - the rise of clearing and its impact on liquidity


img

Girome Bono

CEO & CIO
White Marigold Capital
img

David Mercer

CEO
LMAX Exchange
img

Ruben Costa-Santos

Head of FX
ITG
img

Darren Jer

COO and Co-Founder
MarketFactory
img

Simon Wilson-Taylor

Head of EBS Institutional
EBS BrokerTec

12:20 PM - 12:50 PM Oxford Style Debate: True or false - Creating a consolidated tape in FX will become a reality in the next 5 years

Lee Sanders, Head of FX and FI Dealing, AXA Investment Managers , , David Mercer, CEO, LMAX Exchange
  • Audience vote at the start of the debate to see if the audience votes for or against a consolidated tape becoming a reality in the next 5 years

  • 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?

  • Has the release of the code of conduct and ongoing regulation helped to push FX markets towards a consolidated tape?

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


img

Lee Sanders

Head of FX and FI Dealing
AXA Investment Managers
img

David Mercer

CEO
LMAX Exchange

A Post-Brexit World

12:50 PM - 1:10 PM Political Keynote: Brexit - where are we now and what will be the real financial impact?

Nicky Morgan, Member of Parliament, UK Parliament

img

Nicky Morgan

Member of Parliament
UK Parliament

1:10 PM - 1:50 PM Oxford Style Debate: True or False – Brexit will lead to London losing its position as the global FX hub

Christoph Hock, Head of Multi-Asset Trading, Union Investment Helen Thomas, Senior Currency Portfolio Manager, SSGA Phil Rush, Founder and Chief Economist, Heteronomics
  • Audience vote at the start of the debate to see if the majority believe London will lose its position as the global FX hub

  • Panel arguments for: why London will lose its position as the global FX hub

  • Panel arguments against: why London will remain the global FX hub

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


img

Christoph Hock

Head of Multi-Asset Trading
Union Investment
img

Helen Thomas

Senior Currency Portfolio Manager
SSGA
img

Phil Rush

Founder and Chief Economist
Heteronomics

Lunch Break

1:50 PM - 3:10 PM Networking Lunch

Invite Only Think Tank

1:50 PM - 3:10 PM Exclusive Invite Only Buy Side Think-Tank: How can the buy side better collaborate to drive mutually beneficial initiatives forward?

Andrew Maack, Head of FX Trading, Vanguard Paul Goater, Director, Wholesale Markets and Collateral Management, Prudential Capital Patrick Fleur, Head of Trading and Execution, PGGM Christian Schoeppe, Head of FX Trading EMEA, Deutsche Asset Management

Open to 15 Heads of FX Trading
Lunch will be served during this session


img

Andrew Maack

Head of FX Trading
Vanguard
img

Paul Goater

Director, Wholesale Markets and Collateral Management
Prudential Capital
img

Patrick Fleur

Head of Trading and Execution
PGGM
img

Christian Schoeppe

Head of FX Trading EMEA
Deutsche Asset Management

Track A: Mastering Best Execution

3:10 PM - 3:50 PM Panel Discussion: Between a Global Code Of Conduct ‘rock’ and a MiFID II ‘hard place’ - How are traders approaching regulatory challenges to achieve best execution and a fully compliant trading desk?

Robbie Boukhoufane, Global Head of Fixed Income & FX Trading, Schroder Investment Management Pamela Gachara, Manager, Capital Markets, The Investment Association (IA) Brigid Taylor, Managing Director, ACI FMA Zoran Mavrinac, Senior MD, Curex Group Quinn Perrott, General Manager, TRAction Fintech Christian Schoeppe, Head of FX Trading EMEA, Deutsche Asset Management
  • How prepared is the industry for the new regulatory landscape? Are most firms aware of enhancements to best execution monitoring and how can you assess whether they are suitable and proportionate for your business model?

  • How are the Code Of Conduct Phase 2 recommendations being implemented, who monitors them and what are the ramifications if you do not follow them?

  • What do firms feel is missing from Phase 2, or unclear – and does it need to be made more stringent?

  • How is the global code going to look in 10 years time? Are we really changing the culture, and is it fit for purpose?

  • What must firms prioritise throughout 2017 to meet the January 2018 MiFID II deadline?

  • How can firms overcome operational and infrastructural challenges to remain profitable? Do you have a plan B to make a profitable business in the future?


img

Robbie Boukhoufane

Global Head of Fixed Income & FX Trading
Schroder Investment Management
img

Pamela Gachara

Manager, Capital Markets
The Investment Association (IA)
img

Brigid Taylor

Managing Director
ACI FMA
img

Zoran Mavrinac

Senior MD
Curex Group
img

Quinn Perrott

General Manager
TRAction Fintech
img

Christian Schoeppe

Head of FX Trading EMEA
Deutsche Asset Management

Track A: Mastering Best Execution

3:50 PM - 4:10 PM In Conversation: How can you better source algos, measure their performance, and establish the best times to use them?

Michael Walsh, COO & CFO, White Marigold Capital Danielle Caravetta, Director of Global Sales, Pragma Rajib Ranjan Borah, Director, iRage Capital Asif Razaq, Global Head of FX Algorithmic Execution,, BNP Paribas
  • Accelerating your algo capabilities in the new regulatory landscape - what are the standards you should expect from FX algos to best meet your best execution needs?

  • Sorting the wheat from the chaff - how can you establish the differences between different sets of algos from different providers?

  • The latest in algo innovation - what are the third generation algos coming to the fore, including VWAP algos, dynamic algos, and the use of AI, and how and why should you use them?

  • How are providers helping the buy side manage the settlement complexities involved with algorithmic trades?


img

Michael Walsh

COO & CFO
White Marigold Capital
img

Danielle Caravetta

Director of Global Sales
Pragma
img

Rajib Ranjan Borah

Director
iRage Capital
img

Asif Razaq

Global Head of FX Algorithmic Execution,
BNP Paribas

Track B: Preparing For Additional Clearing And Margin Requirements

3:10 PM - 3:50 PM 360° Perspective: Variation margin and collateralisation rules - The buy and sell side impacts on execution, liquidity and the appetite for clearing, and has it reduced industry risk?

Virginie Queval, Head of FX Trading, Legal & General Tim Urch, Head of Trading Operations, Macro Currency Group Vincent Dessard, Senior Regulatory Policy Advisor, EFAMA Paddy Boyle, Head of ForexClear, LCH
  • What impact have margin variation and collateralisation rules had on the buy side - do the benefits outweigh the additional costs? Have the new requirements had the desired effects to make un-cleared transactions safe?
  • Was the industry caught off guard by the deadline of 1 March for collateralisation of NDFs and other non-spot FX instruments, and did trading desks feel that there was enough support from banks?
  • How have the sell side been affected? Has it had a deteriorating effect on liquidity?
  • How has clearing affected the impact of new margin rules?
  • What have been and will be the result if firms can’t comply?
  • How can you ensure you have the additional capital and infrastructure required to make meet these daily margin calls?

img

Virginie Queval

Head of FX Trading
Legal & General
img

Tim Urch

Head of Trading Operations
Macro Currency Group
img

Vincent Dessard

Senior Regulatory Policy Advisor
EFAMA
img

Paddy Boyle

Head of ForexClear
LCH

Track B: Preparing For Additional Clearing And Margin Requirements

3:50 PM - 4:10 PM Fireside Chat: A change is going to come - The new MiFID II and EMIR regulations - What are the anticipated market impacts on reporting, compliance and clearing and how can your firm make a smooth transition?

John Lund, Derivatives Clearing and Collateral Management, JXL Consulting Quinn Perrott, General Manager, TRAction Fintech
  • What will the global regulatory landscape look like for financial markets and what are the various regulations which are coming into play?
  • How will the requirements apply - do you even have to report FX transactions? If so, what is the easiest way to get this done and minimise business interruptions?
  • How can compliance be planned efficiently - what is the start date and any grace period, what are the costs and resources involved and what are the penalties for non-compliance?
  • Are we welcoming or dreading the upcoming changes to the regulatory landscape?

img

John Lund

Derivatives Clearing and Collateral Management
JXL Consulting
img

Quinn Perrott

General Manager
TRAction Fintech

Track C: Grasping The 2017 Geo-Political And Regulatory Landscape

3:10 PM - 3:50 PM 360° Perspective: Geo-political investment trends in the new world order - 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?

, , Brigitte Le Bris, Managing Director, Head of FX and Global EM, Natixis Asset Management Achim Walde, Senior Currency Overlay Manager, B. Metzler Olivier Doleires, Head of Foreign Exchange Management, Union Bancaire Privee Derek Arnold, FX Portfolio Manager, Pioneer Investments Marc Chandler, Head of FX Strategy, Brown Brothers Harriman Kit Juckes, Global Head of FX Strategy, Societe Generale CIB
  • What is the tail risk associated with the UK voting itself out of the EU – is there a clear vulnerability for the sterling? Can London remain the global FX trading hub?

  • What are the key fundamentals and drivers of the US dollar in 2017 and 2018? Will political change in the United States inspire drastic shifts to investment regimes and conditions or will it be mitigated by strong economic policy continuity?

  • What do the major elections in Europe mean for the Eurozone - Is there a risk of further break-up? How will the effect of additional member countries leaving the EU put stress on the Euro and ultimately impact interest rates and global capital markets?

  • 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?

  • What investment opportunities can be found amidst the uncertainty?


img

Brigitte Le Bris

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

Achim Walde

Senior Currency Overlay Manager
B. Metzler
img

Olivier Doleires

Head of Foreign Exchange Management
Union Bancaire Privee
img

Derek Arnold

FX Portfolio Manager
Pioneer Investments
img

Marc Chandler

Head of FX Strategy
Brown Brothers Harriman
img

Kit Juckes

Global Head of FX Strategy
Societe Generale CIB

Track C: Grasping The 2017 Geo-Political And Regulatory Landscape

3:50 PM - 4:10 PM In Conversation: How should and are Central Banks intervening in the FX markets, and how is their influence growing?

Felix Adam, Founder, ACT Currency Chris Salmon, Executive Director, Markets, Bank of England David Nowakowski, Director, Multi-Strategy Fixed Income, Barings Jeremy Lawson, Chief Economist, Standard Life Investors
  • BIS central banks have signaled their commitment by announcing that they will follow the Global Code of Conduct, and that they expect that their counterparties will do so too – what will be the consequences for those who don’t?

  • 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?

  • Have central banks considered using algos to intervene?


img

Felix Adam

Founder
ACT Currency
img

Chris Salmon

Executive Director, Markets
Bank of England
img

David Nowakowski

Director, Multi-Strategy Fixed Income
Barings
img

Jeremy Lawson

Chief Economist
Standard Life Investors

Track D: Small Interactive Boardrooms and Workshops (Maximum 25 Delegates – Buy Side Only)

3:10 PM - 4:20 PM Managing FX liquidity and maximising The Franchise: Navigating a fragmented market place, associated considerations and leveraging the Morgan Stanley client base

David Wright, Global Head of MSET FX, Morgan Stanley Jian Chen, Executive Director, Global Head of QSI, Morgan Stanley
Navigating a fragmented market place, associated considerations and leveraging the Morgan Stanley client base.

img

David Wright

Global Head of MSET FX
Morgan Stanley

Jian Chen

Executive Director, Global Head of QSI
Morgan Stanley

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

  • Fuelling your TCA – How can you ensure you have reliable independent data, and that there aren’t conflicts of interest?

  • TCA Innovation: What’s the difference between box ticking vs. real value? What new advances are being made in pre and post trade analysis and which providers are leading the way with genuinely useful offerings?

  • What are the crucial insights pre-trade TCA can give your FX trading desk? How does real time TCA work?

  • A mix of all three models to satisfy best execution obligations - should buy side firms have a combination of third party TCA, broker’s TCA and in house build to provide the most clarity and an impartial picture of the market?


img

Daniel Chambers

Head of Trading
Sequoia Capital Fund Management
img

Pamela Gachara

Manager, Capital Markets
The Investment Association (IA)
img

Mauricio Sada-Paz

Head of eFICC Sales and Global Head of eFX Sales
BofAML
img

Franz Schmidpeter

Managing Director
Curex Group
img

Alex Smyth

Head of Trading
Florin Court Capital

Track B: Re-Evaluating Your Trading Set Up

4:50 PM - 5:20 PM In Conversation: Where do Heads of Trading Technology see the major opportunities in creating an optimal multi-asset trading and technology infrastructure?

Vipul Chandna, Head of Business Solutions, Sarasin and Partners Stuart Shearer, VP, Trading Technology, Wellington Management
  • How close are FX providers to offering a ‘one-stop shop’ solution to making a streamlined trading process a reality?

  • Build or buy - how can firms identify areas and services that can be outsourced to vendors vs where the firm should continue to build internally?

  • Where do heads of trading technology see investment going over the next 5-10 years?

  • When will and should the buy side start paying for execution venues? And will all providers end up being the same cost?


img

Vipul Chandna

Head of Business Solutions
Sarasin and Partners
img

Stuart Shearer

VP, Trading Technology
Wellington Management

Track B: Re-Evaluating Your Trading Set Up

5:20 PM - 5:40 PM Case Study: FX Options Deep Dive – As Volumes Flourish, How Can You Incorporate Them Into Your Portfolio To Generate Alpha?

Oscar Salem, Partner, Cold Spring Asset Management
  • As the last FX instrument to move from OTC markets to electronic platforms, and best execution requirements pushing FX options volumes up – how can you take advantage of this new investment trend?

  • What are the current structural inefficiencies when investing in FX options and how can you overcome them?

  • Where is the FX options space heading from an investment trend point of view?

  • What are the best ways of incorporating FX options in your portfolio


Oscar Salem

Partner
Cold Spring Asset Management

Track C: Grasping The 2017 Geo-Political And Regulatory Landscape

4:50 PM - 5:40 PM Global Currency Roundtables: Breaking down geo-political boundaries – All you need to know about currency trends to meet your investment objectives across global jurisdictions

Helen Thomas, Senior Currency Portfolio Manager, SSGA Paul Chappell, Chief Investment Officer, C View Marc Chandler, Head of FX Strategy, Brown Brothers Harriman Rajib Ranjan Borah, Director, iRage Capital Jeremy Lawson, Chief Economist, Standard Life Investors
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 is the Trump era having on US capital markets?
Hosted By: Marc Chandler, Head of FX Strategy, Brown Brothers Harriman
Europe Roundtable - What does Brexit and recent and upcoming European elections mean for the European investment landscape?
Hosted By: Helen Thomas, Senior Currency Portfolio Manager, SSGA
Asia Roundtable – Algorithmic trading opportunities in Asia – challenges and opportunities
Hosted by: Rajib Ranjan Borah, Director, iRage Capital
EM Roundtable - Are emerging markets finally set to rally significantly in 2017/2018?
Hosted By: Paul Chappell, Chief Investment Officer, C View
Australia/NZ Roundtable – Key challenges and opportunities in this region
Hosted By: Jeremy Lawson, Chief Economist, Standard Life Investments

img

Helen Thomas

Senior Currency Portfolio Manager
SSGA
img

Paul Chappell

Chief Investment Officer
C View
img

Marc Chandler

Head of FX Strategy
Brown Brothers Harriman
img

Rajib Ranjan Borah

Director
iRage Capital
img

Jeremy Lawson

Chief Economist
Standard Life Investors

Track D: Small Interactive Boardrooms and Workshops (Maximum 25 Delegates – Buy Side Only)

4:50 PM - 5:40 PM Synergy Workshop: Credit Suisse look under the covers of Algo Execution - As clients continue to seek sophisticated strategies, the demand to better understand the drivers behind smart order routing and liquidity selection become increasingly important. What does optimal execution mean to you?

Hosted by Credit Suisse

  • Pre-trade: Which factors should drive your execution strategy selection?

  • Intra-trade: Venue selection and balancing market fragmentation vs. market impact. What to look out for when posting vs. sweeping liquidity.

  • Post-trade: Analysing the cost of execution. Which metrics and benchmarks should matter to you?


5:40 PM - 5:45 PM Chairperson’s closing remarks

Michael Melvin, Academic Coordinator, Rady School of Management

img

Michael Melvin

Academic Coordinator
Rady School of Management

5:45 PM - 7:10 PM Cocktail Drinks Reception – Sponsored By Citadel Securities