Discover the latest FX trading strategies and technological
developments in a newly transparent market
16-17 September, ETC ST Pauls, London
Advisory Board:
Christian Schoeppe, Head of FX Trading, Deutsche AWM
Patrick Fleur, Managing Director, PGGM
Lee Sanders, Head of FX, AXA Investment Management
David Denison, Head of FX, Man Group
Keynote and Guest Speakers:
Marshall Bailey, President, ACI
Gordon Ibrahim, Senior Portfolio Manager, Blackrock
Paul Chappell, CIO, C-View
Michael Metcalfe, Senior Managing Director, Head of Multi Asset Strategy, State Street Global Markets
Andy Harvey, Managing Director Europe, GFMA
Scott Greene, Managing Partner, Louis Capital FX
Sandra Ro, Executive Director, Head of FX, CME Group
Mark Lamb, CEO, Coinfloor
Asset Managers and Hedge Funds:
Christian Schoeppe, Head of FX Trading, Deutsche AWM
Lee Sanders, Head of FX, AXA Investment Management
Patrick Fleur, Managing Director, PGGM
Brigitte Le Bris, Global Head of Fixed Income and Currency, Natixis Asset Management
Peter Lundgreen, CEO, Lundgreen Capital
Jacob Bartram, Head of FX, Orwell Capital
Jonathan Davies, Head of Currency, UBS Asset Management
David Berry, Market Data Sourcing, UBS AG
Victor Lebreton, Managing Director, Quant Hedge Fund
Saeed Amen, Managing Director and Co-Founder, The Thalesians
James Sharpe, Managing Partner, Sharpe & Sigsworth Associates
Francesco Scotto, CEO and portfolio manager, RTFX Fund Management
Scott Buford, CIO of C-View Stelrox Systematic Program, C-View
Ronald Lagarde, Forex and Derivatives Senior Trader, APG Asset Management
Benjamin Lesch, Quantitative Analyst, Man Group
Hendrik Klein, CEO, Da Vinci Invest
Sponsors:
2
Michael Petley, CIO, The ECU group
François Bonnin, CEO, John Locke Investments
Paul Lambert, Head of Currency, Insight Investment
Christopher Cruden, CEO, Insch Capital Management SA
Mark Cudmore, Trader, MCFXCapital
Jon Vollemaere, Founder & CEO, R5FX
Philippe Bonnefoy, Founder, Eleuthera Capital AG
Currency Managers:
Yoav Barnes, Managing Director, Victory FX
Felix Adams, Founder, ACT Currency
Joe Cassidy, Managing Partner, The Conebury Partnership
Sell Side:
Takis Spiropoulos, Managing Director of Global E-Commerce, CIBC
Sergei Sinkevich, Head of Direct Market Access, Otkritie Capital
Pete Eggleston, Managing Director, Morgan Stanley
Ciara Quinlan, UBS
Jeremy Smart, Global Head of e-distribution & Head of Currencies & Local Markets Sales EMEA, The Royal Bank of Scotland
Technology Providers:
Paul Tivnann, Global Head of FX & Commodity Electronic Trading, Bloomberg LP
Ian Domowitz, CEO ITG Solutions Network and Managing Director, ITG
Andy Young, Specialist Sales Director Capital Markets, Colt
Fergal Toomey, Chief Scientist and Founder, Corvil
Andrew Rossiter, CTO, ADS Securities (TBC)
Industry Experts and Associations:
Alex McDonald, CEO, WMBA
PJ Di Giammarino, CEO, JWG-IT Group Limited
Richard Folcker, Director, Claesson Capital Introduction AB
Marcus Hooper, Managing Director, Agora Global Consultants Ltd
Mike O’Hara, Director, The Realization Group
Rebecca Healey, Senior Analyst, Tabb Group
Pierre Lequeux, Former Head of Currency Management, Aviva
Achim Walde, Former Head of Currency Management, Oppenheim Asset Management
Peter Schwendner, Lecturer, Zurich University of Applied Sciences
3
08.00
08.45
Registration & Breakfast
Chairperson Opening Remarks: PJ Di Giammarino, CEO, JWG-IT Group Limited
Transitioning To A New Transparent Market
09.00
09.20
09.40
10.00
Opening Keynote: A review of the foreign exchange market- what are the major challenges and opportunities you will face in 2015?
 With the current lack of market volatility, where can you source new opportunities in 2015?
 What are the key trends and currencies you should look out for over the next 12 months?
 Trading from a multi-asset point of view- where should FX fit in as part of a multi-asset portfolio?
Gordon Ibrahim, Senior Portfolio Manager, Blackrock
Guest Presentation: Achieving best execution in FX Options and Emerging Markets- Are FX Intermediaries the future?
 What are the structural inefficiencies with the traditional way of trading OTC FX Options and Emerging Markets and how does the FX Intermediary
resolve them?
 Do OTC options and Emerging Markets require the ‘human touch’ rather than e-trading in order to achieve best execution?
 How will regulatory developments influence the emergence of the FX Intermediary industry?
 What are the obstacles to engagement of FX Intermediary services?
Scott Greene, Managing Partner, Louis Capital FX
Industry Keynote: The big issue - How is the FX industry reacting to ‘a new derivative order’ post EMIR and Dodd-Frank implementation?
 Exploring the impact regulation will have on the operating activities of the various parties in the industry
 Comparing EMIR with the Dodd-Frank Act – clarifying the opportunities these regulations aim to bring
 Have the timelines been realistic to achieve the goals set to the industry?
 Have counterparts had enough education to be able to successfully operate in the new environment?
Sandra Ro, Head of FX, CME Group
Regulatory Keynote: MiFID II Proposal: Drilling down the details and implications on your trading desk
 The details of the legislative proposal and its impact on markets
 Market structure and transparency objectives
 Regulatory actions required to avoid killing market liquidity
 How MiFID II promotes competition to open up market infrastructure and lower the cost of widespread investment services
 How will the shift from a functional to a more rules-based impact market activities
Andy Harvey, Managing Director Europe, GFMA
4
10:20
Morning Networking Break
Stream A
Adapting Your Trading Operations
Stream B
PJ Di Giammarino, CEO, JWG-IT Group Limited
Mike O’Hara, Director, The Realization Group
11.00: 360° Perspective
How can you manage the conflicts in EMIR and
Dodd-Frank to ensure clients globally receive a
uniform service?
 What are the similarities and differences of the
two regulations?
 Issues encountered in cross-border transactions
and how to overcome them
 Should the SEC, CFTC, ESMA and ISDA work to
implement a one glove fits all system or should
the two regulations remain independent?
11.00: Drill Down Roundtables
Utilising new technologies and trading strategies to remain
compliant, reduce costs and achieve best execution- Choose your
roundtable:
1) Will the low volatility and reduced volume in FX continue into
2015 and how can you adjust your business to combat the
consequences?
Hosted by: Yoav Barnes, Managing Director, Victory FX
2) Systematically harvesting risk premium and news analytics
based trading in FX
Hosted by: Saeed Amen, Managing Director and Co-Founder,
The Thalesians
3) TCA- making informed trading decisions and add value to the
execution process.
Hosted by: Pete Eggleston, Managing Director, Morgan Stanley
Moderator: PJ Di Giammarino, CEO, JWG-IT Group
Limited
- Andy Harvey, Managing Director Europe, GFMA
- Alex McDonald, CEO, WMBA
- Paul Tivnann, Global Head of FX & Commodity
Electronic Trading, Bloomberg LP
Stream C
Jon Vollemaere, Founder & CEO,
R5FX
11.00: Synergy Workshop
How to best position your business
to be fully prepared for a clearing
mandate
 What are the immediate
implications of moving to a
clearing model?
 Sharing best practices on the
benefits of clearing
 Should you use one clearing
house or multiple?
 Future-proofing your business –
how to prevent against the high
costs of clearing?
Host: Jon Vollemaere, Founder &
CEO, R5FX
5
11.45: Case Study Revolution
The transition of FX to an exchange traded model:
Is it good or bad for the FX community?
 What cost implications does moving to an etrading model have?
 Who are key providers of electronic platforms?
 How do non-deliverable forwards’ fi t in to the
outlook for e-trading?
 Will there be greater access to emerging
markets?
 Will they boost volumes in the FX market?
 Is the industry ready to embrace a transparent
trading system?
-
Hendrik Klein, CEO, Da Vinci Invest
12.45
11.45: Drill Down Roundtables
Utilising new technologies and trading strategies to remain
compliant, reduce costs and achieve best execution- Choose your
roundtable:
4) Algorithmic Trading- Defining algorithmic trading and how it
differs from automated trading: How can it benefit your FX
trading strategies?
Hosted by: Victor Lebreton, Managing Director, Quant Hedge
Fund
5) Benefits of adopting a systematic trading approach for investing
in global markets
Hosted by: Francios Bonnin, CEO, John Locke Investments
6) Judging the quality and value of liquidity provision in a last look
environment.
Hosted by: Jeremy Smart, Global Head of e-distribution & Head
of Currencies & Local Markets Sales EMEA, The Royal Bank of
Scotland
Networking Lunch
Stream A
Evolving Technology And Trading Strategies
Stream B
PJ Di Giammarino, CEO, JWG-IT Group Limited
14.15: Case Study
Using pre trade analytics to navigate through the fragmented FX marketdetermining the ideal time to trade to get the best price
 Update on new TCA studies reflecting trading patterns and cost trends
 How can you 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
and get the best price
Mike O’Hara, Director, The Realization Group
14.15: Case Study
Addressing the visibility and performance challenges in modern FX Trading
Plants
 Discussing the visibility challenges currently being encountered as FX moves
to an e-trading format
 How to mitigate the visibility challenges by tuning into real-time data
streaming across the FX network to provide real-time operational
intelligence
 Strategic solutions for driving an ultra-low latency solution with better fill,
tighter spreads and low rejection rates to win in today's competitive
market.
6
Ian Domowitz, CEO ITG Solutions Network and Managing Director, ITG
Fergal Toomey, Chief Scientist and Founder, Corvil
Andrew Rossiter, CTO, ADS Securities (TBC)
14.40: Case Study
Systematic trading and CTAs: an analysis
 What is systematic trading and how does it compare to a discretionary,
fundamental-driven approach?
 Worked example of a trend following trade
 CTAs- Who are they and what returns have they delivered?
 What are the benefits of investing in CTAs when combined with other
traditional investment classes
Jacob Bartram, Head of FX, Orwell Capital
14.35: 360° Perspective
How do you benchmark FX trades using TCA?
 What have the major developments been in FX TCA?
 How to help buy-side achieve pricing competitiveness?
 How do you measure TCA from a clients perspective – total cost including
compliance
 Continuing the debate: Is TCA relevant or is it more suited to equities?
 How does TCA positively impact investment strategies?
Moderator: Rebecca Healey, Senior Analyst, Tabb Group
- Christian Schoeppe, Head FX Trading Asset Management, Deutsche AWM
- Patrick Fleur, Managing Director, PGGM
- Takis Spiropoulos, Managing Director of Global E-Commerce, CIBC
- Ronald Lagarde, Forex and Derivatives Senior Trader, APG Asset
Management
- Ciara Quinlan, UBS
15.15: 360° Perspective
The evolution of FX E-trading- Challenges and opportunities created by the
electronification of the FX market
15:05: Case Study
How can you use ‘super speed’ high frequency trading (HFT) to remain
competitive amongst your peers?
 What algos are being used today?
 Discussing the benefit of implementing HFT, do the costs warrant it?
 Identifying low-latency connectivity between venues
 How has the move towards a more transparent market impacted HFT?
Sergei Sinkevich, Head of Direct Market Access, Otkritie Capital
15.30: Case Study
Solutions to stop the latency race
 How is the race for increased speed in trading affecting the market?
7
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How can you improve the speed and efficiency of your trading activities to
keep ahead in the market and improve execution?
What can FX learn from other asset classes when it comes to electronic
trading strategies and technologies?
Will the electronification of the FX market attract a heavier regulatory
touch?
What do you need to prosper in an increasingly electronic FX market and
how can you future proof your eFX platform?
What are the best practice strategies you can undertake to predict
movements and find trends in masses of market data?


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What do you need to create an internal infrastructure for high speed
transportation of information?
How can you stop the latency race using frequent batch options?
What can regulators do to create a fairer, more open market place?
François Bonnin, CEO, John Locke Investments
Moderator: Rebecca Healey, Senior Analyst, Tabb Group
- Victor Lebreton, Managing Director, Quant Hedge Fund
- Lee Sanders, Head of FX, AXA Investment
- Andy Young, Specialist Sales Director Capital Markets, Colt
- David Berry, Market Data Sourcing, UBS AG
15.55 Afternoon Networking Break
16.30 360° Perspective
FX as an asset class of its own- How to generate alpha
 Historical and future outcome of FX alpha – are there any market conditions that favour alpha strategies better than others?
- Historical outcome of FX alpha the last 3-5 years?
- What are the return prospects and risk factors over the next 3 years?
- What will be the position of FX in asset allocation strategies once interest rates start rising?
 Common strategies vs. tailored strategies - benefits of being part of the herd vs. being on your own
- Determining strategies that yield significant returns
 Cross product margining - a prerequisite for efficient FX alpha strategies?
- How to integrate FX into portfolios?
 Retail FX Alpha - long term strategies vs. outright bets
- As the most liquid asset, why does FX struggle to gain recognition as an asset class?
Moderator: Ashwind Soonarane, Global FX Liquidity and Distribution, 7Hedge
- James Sharpe, Managing Partner, Sharpe & Sigsworth Associates
- Jonathan Davies, Head of Currency, UBS Asset Management
8
17.15
17.35
17.40
- Yoav Barnes, Managing Director, Victory FX
- Gordon Ibrahim, Senior Portfolio Manager, Blackrock
Guest Presentation
All you need to know about investing in Bitcoins
 How have the views on Bitcoins evolved?
 What technological developments have there been to make transactions more user friendly?
 How can Bitcoins be traded?
 What will be the position of Bitcoins in the next 5 years?
Mark Lamb, CEO, Coinfloor
Chairpersons closing remarks: PJ Di Giammarino, CEO, JWG-IT Group Limited
Cocktail Drinks Reception
9
08.20
08.50
Registration and Breakfast
Chairperson Opening Remarks: Mike O’Hara, Director, The Realization Group
FX Macro Outlook
09.00
09.20
09:40
10:30
Industry Keynote: The global drive for improved regulatory codes of conduct, the FX investigations, and what it means for the industry
 A focus on culture change in financial markets - what is taking place in the industry?
 How the politicians see it, and what we can do about it
 What steps do you need to take to protect your institution and yourself? Marshall Bailey, President, ACI
Marshall Bailey, President, ACI
Buyside Keynote: Reviewing the macro-economic landscape of the last 12 months – What key trends should you be capitalising on?
 Discovering the trends that have defined the FX market
 What currency pairs have shown most promising returns?
 Evaluating the low yield environment in Europe impacted investor participation in FX?
 Looking at the major policy changes that have significantly shaken the FX market?
Paul Chappell, CIO, C-View
In Conversation Panel: Discretionary Trading-Which method is best for achieving trade execution?
 What are the benefits of discretionary trading methods?
 What kind of investor is suited to the discretionary trade?
 In a market where pioneering technology is leading the way in transforming trading strategies, why is automated trading not more popular?
 What are good discretionary strategies and what key factors need to be taken into account when making trade decisions?
 Will automated trading eventually replace most discretionary trading?
Moderator: Marcus Hooper, Managing Director, Agora Global Consultants
- Yoav Barnes, Managing Director, Victory FX
- Mark Cudmore, MCFXCapital
- Philippe Bonnefoy, Founder, Eleuthera Capital AG
Morning Networking Break
Stream A
Mike O’Hara, Director, The Realization Group
New Frontiers In Cost And Risk Management
Stream B
Rebecca Healey, Senior Analyst, Tabb Group
10
11.15: Case Study
FX risks through the eyes of The Basel Committee on Banking Supervision
(‘BCBS’)
 Guidance for managing risks to avoid financial disruptions and regulatory
attention
 How to address governance, principal risk, replacement cost risk, liquidity
risk, operational risk, legal risk and capital for FX transactions
 Is this a template for all FX users?
11.15: Synergy Workshop
FX Markets structural changes and implications for currency managers
 A growing history of randomness of currency markets
 Factors behind the Structural changes of FX markets
 Structural changes and Currency manager performance
 Implication for currency managers and investors
Pierre Lequeux, Former Head of Currency Management, Aviva
James Sharpe, Managing Partner, Sharpe & Sigsworth Associates
11.40: Case Study
How to position your trading desk to respond to the new FX market-structure
 Nurturing the relationship between liquidity streaming banks and their
counterparties
 Will fragmentation lead to a more robust system or will a liquidity mirage
evolve and become more present in the market?
 Adopting best practices for a renewed OTC market place
 Incorporating hedging tools to mitigate risk
Scott Buford, CIO of C-View Stelrox Systematic Program, C-View
12.05: Case Study
How to use FX to efficiently mitigate portfolio risk?
 What are the major risk factors traders are keen to combat?
 Is FX a hedging class or can be considered as an asset class?
 How traders can use FX as an effective hedging tool to mitigate risk in their
investment portfolio?
 How to hedge against loss within your portfolio by using FX as an Asset
Class?
Francesco Scotto, CEO and Portfolio Manager, RTFX Fund Management
12.30 Networking Lunch
Defining Opportunities In Global Currnecies
11
Stream A
Stream B
Mike O’Hara, Director, The Realization Group
14.00: 360° Perspective
Emerging vs. G10 currencies: What are the best short term and long term
opportunities?
 Are high returns the main deciding factor when deciding which currencies to
trade?
 Where are the liquidity pools and how long term are they?
 Yield or low risk – which is more desirable?
 How appealing will emerging market currencies be once interests rates
within Europe and the US rise?
Rebecca Healey, Senior Analyst, Tabb Group
Moderator: Jon Vollemaere, Founder & CEO, R5FX
- Peter Lundgreen, CEO, Lundgreen Capital
- Brigitte Le Bris, Head of FI and Currency, Natixis Asset management
- Felix Adam, Founder, ACT Currency
- Paul Lambert, Head of Currency, Insight Investment
14.00: Case Study
Key currency drivers in 2015
 Inflation or deflation: Which way to go and what does it mean for currencies
 Where does the money goes next year?
 Risk appetite, still a dominant driver?
 Central bank policy, a clear path towards the future?
Achim Walde, Head of Currency Management, Oppenheim Asset Management
14.20: Case Study
EM FX: Where the opportunities lie in the year ahead
 Key themes dominating EM FX
 Trading EM -not just fundamentals and technical- how to navigate these
discrepancies when trading?
 Accounting for these variables, where might the opportunities lie in the year
ahead
 Where are the miss-pricings where stale stories are no longer supported by
fundamentals: What might be the triggers for the story to change?
14.45: 360° Perspective:
Benchmarking fixing rates tools: Which is the best to obtain the most
competitive trade rates?
 How have we moved past the recent scrutiny of Fixing?
 How transparent and reliable are fix rates following Libor probes?
 Identifying the big players in sec-sec technology
 What value does fixing technology bring to the clients business?
Mark Cudmore, MCFXCapital
14.45: Case Study
Currency correlations in various timeframes and what this means for trading
strategies
 How do correlations evolve on different timeframes
 How to detect interesting trading situations across several currencies
 How value, momentum and carry strategies perform depending on the
current environment
Moderator: Alex McDonald, CEO, WMBA
- Patrick Fleur, Managing Director, PGGM
- Christian Schoeppe, Head FX Trading Asset Management, Deutsche AWM
Peter Schwendner, Lecturer, Zurich University of Applied Sciences
15.10: Case Study
How to diversify your portfolio by investing in the Renminbi
12
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David Berry, Market Data Sourcing, UBS AG
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What the opportunities are in off shore Renminbi investments?
How reliable is the Chinese market?
Correlation of tapering and market position of RMB
What are the realistic returns of Renminbi investment?
Peter Lundgreen, CEO, Lundgreen Capital
15:30
16:00
16:40
17.00
17:05
Afternoon Networking Break
360° Perspective: Evaluating the role of the Euro: What place should it have in your currency portfolio?
 How have central bank unconventional monetary policies over the last 12 months impacted the stability of the Euro?
 Has a currency war emerged with the Euro and its neighbouring currencies?
 How will the Euro react to a rise in interest rates?
 How has the turbulence within Europe impacted the position of the Euro?
 What impact has QE had on the Euro?
Moderator: Michael Metcalfe, Senior Managing Director, Head of Multi Asset Strategy, State Street Global Markets
- Benjamin Lesch, Quantitative Analyst, Man Group
- Paul Lambert, Head of Currency, Insight Investment
- Christopher Cruden, CEO, Insch Capital Management SA
- Achim Walde, Head of Currency Management, Oppenheim Asset Management
Closing Keynote: Challenging emerging market assumptions- Insights from investor behaviour
 Emerging markets have not decoupled
 Emerging markets- a bubble waiting to burst?
 Will emerging markets be vulnerable to capital flight when US interest rates rise and/ China slows
Michael Metcalfe, Senior Managing Director, Head of Multi Asset Strategy, State Street Global Markets
Chairperson Closing Remarks: Mike O’Hara, Director, The Realization Group
Conference Close