TradeTech FX USA 2018

February 12-February 14, 2018

Eden Roc Hotel, Miami FL.

Contact Us: 44 (0) 207 367 9576

Day 1 - Tuesday 13th February 2018

7:45 AM - 8:25 AM Conference Registration & Networking Breakfast

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

Open to 15 Global Heads of Trading from North America’s top 20 asset managers, hedge funds and CTAs

8:25 AM - 8:30 AM Welcome Address: Oliver Kirkbright

8:30 AM - 8:35 AM Chairperson’s Opening Remarks

Michael Melvin, Executive Director, Rady School of Management UCSD

Michael Melvin

Executive Director
Rady School of Management UCSD

8:35 AM - 8:55 AM Buy Side Keynote: The best execution conundrum- What are the standards you should be setting when building out your best execution strategy? Isaac Chang

Kevin McPartland, Head of Market Structure Research, Greenwich Associates Isaac Chang, Managing Director, Head of Trading , AQR Capital Management
ü What steps can you take to ensure you are meeting your fiduciary duties for your clients in a market of increased fragmentation, thinner liquidity and additional regulatory pressures?
ü How are trading desks being re-structured to facilitate the development of traders and PMs in a new market order?
ü Where is the investment in new technology going in order to focus trading resources where they are truly needed?
With more regulatory pressure coming towards the buy side, how can a reliable means be put in place to measure and prove best execution?

Kevin McPartland

Head of Market Structure Research
Greenwich Associates
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Isaac Chang

Managing Director, Head of Trading
AQR Capital Management
ü Beyond spot FX- How can a predominantly OTC FX market move towards a more electronic model across multiple product ranges to improve your access to liquidity, pricing and ability to clear efficiently?
ü What are the technological challenges around other FX products such as swaps, forwards and NDFs and what is being done to improve eTrading capabilities?
ü What impact will increased central clearing across multiple FX products have on eTrading and the market structure?
Debate- Is the market ready for increased eTrading across other product lines and if so how could it eventually happen?

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Joseph Pach

Head of FX Trading
Mellon Capital Management
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Eric Busay

Senior Investment Officer
Mountain Pacific Group
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Jim Iorio

Global Head of Sales & Head
FX Americas

Michael Melvin

Executive Director
Rady School of Management UCSD
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Michael O’Brien

Director of Global Trading
Eaton Vance
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David Mercer

CEO
LMAX Exchange

9:35 AM - 9:55 AM Sell Side Keynote: Expect the unexpected: Establishing the macro opportunities in FX in 2018 and how you can capitalize on them

George Saravelos, Global Co-Head of FX Research, Deutsche Bank
  • Central banks, politics, inflation and growth- What will be the year’s biggest surprise?
  • Which is the world’s cheapest currency and what is the outlook for this in 2018?
  • Analyzing the best FX trade for 2018- How can you build this into your portfolio and take advantage of this trade?


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George Saravelos

Global Co-Head of FX Research
Deutsche Bank
  • Building out your execution strategy across multiple flows- How can humans work WITH machines to unlock new frontiers of performance?
  • Relinquishing control to improve efficiencies- How are buy side heads striking the balance between low and high touch trading to streamline workflow and lower processing costs?
  • The smart trader- How are algos and artificial intelligence being incorporated to cut a traders daily workload?
  • Humans with machines- How is technology and automation changing traditional trader skillsets and impacting buy side and sell side relationships?


Kevin McPartland

Head of Market Structure Research
Greenwich Associates
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John Radle

Head of Trading
Campbell and Company
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Tomo Tokuyama

Head of Trading
First Quadrant
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John Crouch

Founder and CEO
Ideal Prediction
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Asif Rasaq

Global Head of FX Algo Executions
BNP Paribas

Darren Jer

CEO
Market Factory

10:35 AM - 11:15 AM Morning Refreshment Break

11:15 AM - 11:35 AM Keynote Interview: Repeal, reform and the rebalancing of US regulation- The alignment between politics and Wall Street

Mayra Rodriguez Valladares, Managing Principal, MRV Associates Victoria Cumings, Managing Director Americas, Global FX Division, SIFMA Andrew Busch, Chief Information Officer, CFTC
ü Regulatory repeal and the Choice Act- What aspects of Dodd Frank/Volcker Rule are under the spotlight and which of these will have implications for FX markets?
ü Linking Dodd Frank and FX markets- What are regulators trying to achieve by rolling back aspects of Dodd Frank?
ü The potential for regulatory roll back- Could this result in an unfair playing field in which firms in the US would have an advantage over those in Europe and other jurisdictions?
ü Debate- Is the repeal of Dodd Frank good or bad for FX markets?

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Victoria Cumings

Managing Director Americas, Global FX Division
SIFMA
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Mayra Rodriguez Valladares

Managing Principal
MRV Associates

Andrew Busch

Chief Information Officer
CFTC

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Adrian Boehler

Global Head of FXLM, Commodity Derivatives Sales, Global Head of G10 FX Trading
BNP Paribas

Subodh Tiwaskar

Assistant Vice President - Data Scientist
BNP Paribas

Subodh Tiwaskar

Assistant Vice President - Data Scientist
BNP Paribas
ü What implications will MiFID II have for US firms and what steps should you put in place now to both conform and minimize impact?
ü What aspects of MiFID II will directly impact FX trading- Is there a need to alter the way you currently execute to adhere to these?
ü What solutions and strategies are available to assist you with global and MiFID compliance and how can you adopt these?
Debate- Will MiFID II lead to more parity or is it set to result in even less equivalence between the US and Europe?

Kevin McPartland

Head of Market Structure Research
Greenwich Associates
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Dan Viola

Partner
Sadis and Goldberg
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Andrew Maack

Head of FX Trading
Vanguard
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Alex Sedgwick

Head of Fixed Income and FX Market Structure
T. Rowe Price
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Jim Ball

Head of FX, Market Development
Thomson Reuters
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Tod Van Name

Global Head of FX and Commodities Electronic Trading
Bloomberg

12:35 PM - 12:55 PM Regulatory Keynote: Strengthening principles and standards in FX markets- Is the Code of Conduct having the desired impact that was initially set out by the FX Working Group?

David Puth, Vice Chair, Global Foreign Exchange Committee
ü Outlining the pros and cons from the code of conduct- How is it being followed by firms across the industry, what impact has it had and what has been changed as a result?
ü 9 months into the final phase- What has worked with the code and what tweaks could be made to build on the initial standards set by the ‘FX Working Group’?
ü How has Phase 2 of the Global Code impacted market behavior and key industry issues like last look?
ü Controversies around last look- What are the pros for last look, what are the restrictions around this and where does the oversight come from?
Mitigating unintended consequences of the code- Where could they arise and what can be done to minimize their impact?

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David Puth

Vice Chair
Global Foreign Exchange Committee

12:55 PM - 2:00 PM Networking Lunch

12:55 PM - 2:00 PM Exclusive Invite Only Buy Side Think-Tank: How can the buy side better collaborate to drive mutually beneficial initiatives forward

Open to 15 Global Heads of Trading from North America’s top 20 asset managers, hedge funds and CTAs

Maximizing Returns For Your Investors

Track A - Achieving Best Execution

2:00 PM - 2:20 PM Industry Perspective: FX TCA and MIFID II: what’s next?

Ruben Costa-Santos, Head of FX, ITG

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Ruben Costa-Santos

Head of FX
ITG

Track A - Achieving Best Execution

2:20 PM - 3:00 PM 360 Perspective: Simplifying benchmark selection- What are the critical success factors should you consider to establish the most appropriate execution benchmark?

Kevin McPartland, Head of Market Structure Research, Greenwich Associates Paul Shahied, FX Trading, Fidelity Investments David Biser, Senior Trader, Campbell and Company David Mercer, CEO, LMAX Exchange
  • Defining the benchmark universe- How are benchmarks defined and what different options are available for performance measurement?
  • Averages vs. point in time- What does each type of benchmark entail and how can you establish which type is best for you?
  • Is a ‘one-size-fits-all’ strategy the best option when selecting your benchmark or should you use multiple benchmarks based on your portfolio mandates?
  • Data sources and methodology- How can you ensure the data is sufficient enough from your providers to ensure you are using the most reliable benchmark?
  • Analysis with confidence- What are the pitfalls of different benchmarks and how can you minimize their risks to accurately analyze execution and trader performance?

Kevin McPartland

Head of Market Structure Research
Greenwich Associates
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Paul Shahied

FX Trading
Fidelity Investments

David Biser

Senior Trader
Campbell and Company
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David Mercer

CEO
LMAX Exchange

Track A - Achieving Best Execution

3:00 PM - 3:20 PM Fireside Chat: Accessing market data to achieve FX transparency- How can you build a robust data network in the OTC market to support your pre and post trade analysis?

Michael Koegler, Principal, ViableMKTS Nathaniel Polachek, Portfolio Manager and Partner, Commodity Asset Management Andrew Ralich, CEO, oneZero Financial
  • Pre-trade analytics- What data sets can help you establish trading costs, spreads and depth of liquidity before you go to trade?
  • What sources can you obtain pre trade data from and what should the cost be?
  • Once you have different market data sets, how can you analyze this and build it into actionable data to support your trading decisions?
  • Post trade data- How can you use this as an efficient management tool to ensure traders are maximizing performance?
  • Using data aggregators- How can you find quick, low costs solutions to aggregate, store and retrieve data and are data aggregators reliable enough?

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Michael Koegler

Principal
ViableMKTS
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Nathaniel Polachek

Portfolio Manager and Partner
Commodity Asset Management
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Andrew Ralich

CEO
oneZero Financial

Track A - Achieving Best Execution

3:20 PM - 4:00 PM 360 Perspective: Broadening your access to liquidity- How can you incorporate new flows into your network for improved liquidity?

Kevin McPartland, Head of Market Structure Research, Greenwich Associates Isaac Lieberman, President and CEO, Aston Capital Management Paul Aston, CEO and Director, Tixall Global Advisors Christopher Chattaway, Managing Director, Goldman Sachs
  • The state of FX liquidity in 2018- Have FX market volumes already peaked and are now declining or is the current dip in market volume just representing a cyclical change?
  • What options are available for buy side firms to expand their access to new sources of liquidity and what steps can you take to incorporate this into your workflow?
  • Establishing good liquidity- How can you measure the performance of your liquidity providers to establish the best partners in different trading scenarios?
  • How can you best manage your liquidity relationships to ensure you have access during times of market stress?

Kevin McPartland

Head of Market Structure Research
Greenwich Associates

Isaac Lieberman

President and CEO
Aston Capital Management
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Paul Aston

CEO and Director
Tixall Global Advisors
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Christopher Chattaway

Managing Director
Goldman Sachs

Track B - Exploiting New Investment Trends

2:00 PM - 2:20 PM Industry Perspective: TBC



Track B - Exploiting New Investment Trends

2:20 PM - 3:00 PM 360 Perspective: The end of central bank divergence- What is the outlook for both the FED and the ECB and how can you position your portfolio to capitalize on these new opportunities?

Michael Melvin, Executive Director, Rady School of Management UCSD Lee Ferridge, Head of FX Strategy, State Street Global Markets Paresh Upadhyaya, Director of Currency Strategy, Pioneer Investments Alejo Czerwonko, Director, Emerging Markets Investment Strategy, UBS Wealth Management , ,
  • What is the outlook for Fed policy over the next 12 months and how will this impact the long term dollar outlook?
  • Central bank policy convergence- With the ECB winding down their Quantitative Easing programme what impact will this have on the euro?
  • With the FED tightening rates and the ECB set for a hike what impact will this have on both Euro and US currency markets?
  • Long or short- How should you consider the Euro what are the potentials for growth?

Lee Ferridge

Head of FX Strategy
State Street Global Markets
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Paresh Upadhyaya

Director of Currency Strategy
Pioneer Investments

Michael Melvin

Executive Director
Rady School of Management UCSD
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Alejo Czerwonko

Director, Emerging Markets Investment Strategy
UBS Wealth Management

Track B - Exploiting New Investment Trends

3:00 PM - 3:20 PM Industry Perspective: FX Markets in the Trump era- Is the dollar rally over?

Alessio De Longis, Vice President, OppenheimerFunds
  • What are the key fundamentals and drivers of the US dollar in 2018?
  • Upcoming dollar bear market- is it pre-mature or well under way?
  • US fiscal policy- Will fiscal stimulus in the US help reflate the economy?
  • Monetary policy convergence and central bank rate hikes- Are we now going to see a cyclical weakening of the dollar over the coming years?


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Alessio De Longis

Vice President
OppenheimerFunds

Track B - Exploiting New Investment Trends

3:20 PM - 4:00 PM 360 Perspective: Predicting the top 3 geopolitical hotspots and their influence on global FX markets- Is uncertainty set to continue in 2018?

Paul Richards, President, Medley Global Advisors Ben Emons, Head of Portfolio Management, Intellectus Partners Ulf Lindahl, Chief Investment Officer, A.G. Bisset Associates Sinead Colton, Head of Investment Strategy, Mellon Capital Management Jae Lee, Managing Director, Emerging Markets Strategy, TCW Group
  • Mapping out the geopolitical scenario for 2018- what are the emerging themes that are coming out and how can you best prepare for these?
  • Global political volatility- What lessons can be learned after recent political events such as Brexit and the US election and their impacts on currency markets?
  • With increased geo-political risk over the past 2 years, why has FX volatility remained so low, and is this set to return in 2018?
  • What does political uncertainty, risk aversion and policy tightening mean for emerging countries?

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Paul Richards

President
Medley Global Advisors
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Ben Emons

Head of Portfolio Management
Intellectus Partners
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Ulf Lindahl

Chief Investment Officer
A.G. Bisset Associates
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Sinead Colton

Head of Investment Strategy
Mellon Capital Management
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Jae Lee

Managing Director, Emerging Markets Strategy
TCW Group

Workshop A - Assessing The Impact Of MiFID II

2:00 PM - 3:00 PM Workshop: Pushing the boundaries of performance through algos and TCA- Your road to best execution in a MiFID II world?

  • Regulatory scrutiny, market structure complexities, fractured liquidity- What standards are now essential from your TCA system to meet your compliance goals?
  • 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
  • Technology, automation and regulation- Developing a robust, future-proof best execution strategy

Workshop B

2:00 PM - 3:00 PM Workshop: Principal vs. hybrid liquidity- How can you utilize both models of trading to expose yourself to increased liquidity pools?

David Wright, Global Head of Macro Electronic Trading, Morgan Stanley Robert DiTrapano, Global Head of Electronic Spot FX Trading, Morgan Stanley
  • Quote-based and order-based trading- How can you utilize both to optimize liquidity access?
  • How is the evolution of FX liquidity provision evolving and what can you apply from the equities market?
  • How may electronic trading similarly evolve other fixed income products? What is the next frontier?


David Wright

Global Head of Macro Electronic Trading
Morgan Stanley
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Robert DiTrapano

Global Head of Electronic Spot FX Trading
Morgan Stanley

4:00 PM - 4:30 PM Afternoon Refreshment Break

Track A: Prime Brokerage vs. Central Clearing

4:30 PM - 5:10 PM 360 Perspective : The co-existence of clearing and FX Prime Brokers- How are capital efficiencies of clearing driving changes in market structure and what impact will this have on your FXPB counterparties?

Kevin McPartland, Head of Market Structure Research, Greenwich Associates Marisa Kurk, Senior Managing Director, Chief Operating Officer, Mesirow Financial Grant Taylor, Global Head of Discretionary FX Trading, UNTL Capital Howard Tai, Senior Analyst, Aite Group
  • With the introduction of uncleared margin rules (UMR) and variation margin rules (VMR) in 2017 is it now more efficiently to push more FX products towards voluntary clearing?
  • With ongoing challenges around balance sheets, leverage ratio, uncleared margin rules and increased costs around infrastructure, is the FXPB model still viable?
  • Can FXPBs still meet buy side needs and cost efficiently provide a service or are they becoming too expensive?
  • With UMR does it make sense to get a prime broker, or is it better for dealer to dealer to minimize costs and achieve best execution

Kevin McPartland

Head of Market Structure Research
Greenwich Associates
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Marisa Kurk

Senior Managing Director, Chief Operating Officer
Mesirow Financial
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Grant Taylor

Global Head of Discretionary FX Trading
UNTL Capital
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Howard Tai

Senior Analyst
Aite Group
ü Carry, value and momentum- Reassessing the signals that are driving currency alpha in 2018
ü What opportunities will the carry trade bring on the back of more US rate hikes- Can they keep pace or will they hit the ceiling?
ü Are the current features of the FX market more favorable to smart beta strategies with traditional alpha strategies struggling due to market crowding and lack of proper risk controls?
ü With smart beta portfolios paying out in other asset classes, what are the indications that they could now generate more returns in FX?
Maximizing returns for your investors in 2018- What trades should you focus on and what should you avoid?

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Ken Chee

Trader and Portfolio Manager
STRS Ohio
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Chung Ma

Portfolio Manager
Virginia Retirement System
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Tammer Kamel

CEO
Quandl

Michael Melvin

Executive Director
Rady School of Management UCSD
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Uto Shinohara

Managing Director, Head of Portfolio Management and Research, Currency Management
Mesirow Financial
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Robert Savage

CEO
CCTrack Solutions

Workshop A: Execution Implications From MiFID II

4:30 PM - 5:30 PM Workshop: Advanced TCA- How to get from measurement to effective decision making to optimize your liquidity access

Roel Oomen, Global co-Head of Electronic FX Spot Trading, Deutsche Bank
Open to a maximum of 20 buy side delegates.


  • Overview of practical cutting edge techniques to optimize your execution and decision making process
  • Evaluating the quality of your liquidity pool and providers using a structured data-driven approach
  • Applying statistical techniques to your execution performance to identify significant patterns and make informed decisions
  • Case study on how advanced TCA leads to more effective execution


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Roel Oomen

Global co-Head of Electronic FX Spot Trading
Deutsche Bank

Workshop B

4:30 PM - 5:30 PM Workshop: The Concept of non-bank liquidity- Evaluating the rise of non-traditional providers and their place in the modern FX workflow

Kevin Kimmel, Market Making, Citadel Securities
  • 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?

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Kevin Kimmel

Market Making
Citadel Securities

5:10 PM - 5:15 PM Transit time to main conference room

New Flash Crash Insights

5:15 PM - 5:55 PM All Star Panel: Increasing automation and reducing human intervention- How is this impacting risk warehousing, market impact and quality of liquidity provision?

Michael Melvin, Executive Director, Rady School of Management UCSD Paresh Upadhyaya, Director of Currency Strategy, Pioneer Investments Nathaniel Polachek, Portfolio Manager and Partner, Commodity Asset Management Jason Leinwand, Currency Strategist, FirstLine FX
  • Widening spreads and your concentration of risk- what are the alternative assets and positions you can utilize to reduce risk?
  • The link between volatility and risk- is electronic trading dampening FX volatility?
  • What approaches can you take to best understand and identify the areas of greatest risk when trading different currency pairs?
  • The trade off between price risk and market impact- How do the buy side envision, gather and trade their currency risk?
  • Mitigating the impacts of flash crashes- How can you best deal with unpredictability in FX markets and protect your portfolio during stressed market conditions?


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Paresh Upadhyaya

Director of Currency Strategy
Pioneer Investments

Michael Melvin

Executive Director
Rady School of Management UCSD
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Nathaniel Polachek

Portfolio Manager and Partner
Commodity Asset Management
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Jason Leinwand

Currency Strategist
FirstLine FX

5:55 PM - 6:00 PM Chairperson’s closing remarks: Michael Melvin

6:00 PM - 6:00 PM Lucera Cocktail Drinks Reception