TradeTech FX USA 2025
February 10 - 12, 2025
JW Marriott Marquis, Miami
TradeTech FX USA Day 1- 02/14/19
7:45 am - 8:30 am
Conference Registration & Networking Breakfast
8:30 am - 8:35 am
Welcome Address: Oliver Kirkbright, TradeTech FX USA Editorial Director, WBR
8:35 am - 8:40 am
Chairperson's Opening Remarks: Michael Melvin, Executive Director, Rady School of Management UCSD
8:40 am - 9:00 am
Head Trader Keynote Interview: Determining the critical success factors for building a 'best in class' FX trading business that not only survives but thrives in the new market order
Andrew Maack -
Head of FX Trading,
Vanguard
Tomo Tokuyama -
Head of Trading,
First Quadrant
Michael Melvin -
Executive Director,
Rady School of Management UCSD
Ø What are the three biggest drivers influencing the buy side desk and how can you embrace these now to improve performance?
Ø Where is the investment in new technology going and what capabilities are needed on the buy side to actually achieve best execution for clients?
Ø Navigating the new norm- How can you incorporate innovative ways of working to address the fragmented product, liquidity, and platform conundrum?
Ø The increasing buy side influence over market convention- How can we as buy side heads continue to influence and drive fixed income markets forward in an age of digitalization?
9:00 am - 9:20 am
Buy Side Keynote: Trade wars, geo-politics and central bank intervention- What are the economic fundamentals that will impact currency movements in 2019?
Kristina Hooper -
Chief Global Market Strategist,
Invesco
Ø What are the key macroeconomic indicators that will determine the long-term direction of currencies and how should you factor these movements into your investment decision making?
Ø Is the reign of the USD as the world’s major reserve currency set to come to an end, and if so what would be the investment implications?
Ø Managing currency risk in an era of trade wars- How can you prepare your investment strategy to combat increased risk and volatility
Ø What is the outlook for interest rate and balance sheet policy and what are the key economic considerations that will impact the FED’s policy stance?
9:20 am - 10:00 am
All Star Panel: The march towards computerized trading- What constitutes next generation FX algos and how should you best leverage them in your FX execution process
Paul Aston -
CEO and Director,
Tixall Global Advisors
David Biser -
Senior Trader,
Campbell and Company
Ralf Donner -
Global Head of Client FX Algo Execution,
Goldman Sachs
Giuseppe Nuti -
Managing Director, Head US Rates,
UBS Investment Bank
Ron Klipstein -
Global Head of Electronic FX trading,
Northern Trust Capital Markets
Jordan Barnett -
Global Head of FX Program Trading,
BNY Mellon Markets
Ø The smart trader- How should algos compliment your trader’s toolkit to give them the best chances of meeting their best execution goals?
Ø Assessing the adoption rates for FX algos- How are the buy side adapting to increasingly advanced and intelligent algos and what percentage of their workflow is executed via this method?
Ø Modern-day algos- How can you ensure you are using your current algos to the best of your ability and what are the FX industry standards you should expect from these?
Ø Debunking the myth of commoditized algos- How do providers differentiate their algos to offer bespoke, tangible value to your execution process?
Ø The next step in the algo evolution- How are more sophisticated algos being developed with the use of AI and machine learning which are more flexible and adaptable to rules-based trading?
10:00 am - 10:40 am
All Star Panel: Evaluating the state of liquidity in FX markets today- How can you ensure you have the right capital and access to liquidity to facilitate your mandates?
Kevin Kimmel -
Market Making,
Citadel Securities
Brad Bechtel -
Global Head of FX,
Jeffries
Kenneth Monahan -
Senior Analyst,
Greenwich Associates
Ben Klixbull -
Head of Distribution and Liquidity Management, Americas,
XTX Markets
Amish Naik -
Head of Global Algo Sales Strategy,
BNP Paribas
Ø What are the different forms of liquidity available to the buy side and how can you measure the execution quality around these?
Ø Establishing the good from the bad- What constitutes good FX liquidity in today’s market?
Ø How has increased use of algos and eTrading impacted FX liquidity?
Ø What resources and technology are available to give you access to new liquidity pools?
Ø How can you ensure you are taking the best possible path to trade which minimizes the bid-offer spread?
Kenneth Monahan
Senior AnalystGreenwich Associates
10:20 am - 11:20 am
Morning Masterclass:Transparency on Internalisation- How to ensure you are receiving fair and efficient execution from your counterparts Open to a maximum of 20 buy side delegates- Refreshments to be served during this session Hosted by Deutsche Bank
Roel Oomen -
Head of FIC Quantitative Trading,
Deutsche Bank
Vittorio Nuti -
Head of Client Algo and Segregated Execution of FX,
Deutsche Bank
Open to a maximum of 20 buy side delegates
Refreshments to be served during this session
Ø Internalisation- the practice and why it matters
Ø A data driven approach to distinguish and evaluate different sources of liquidity
Ø An algorithmic view on the cost of execution
Ø Assessing the optimal duration of execution for internalisation
10:40 am - 11:10 am
Morning Refreshment Break brought to you by PAR FX
11:10 am - 11:50 am
All Star Panel: From Fragmentation to consolidation- Assessing the spectrum of trading venues and what makes the optimum mix to build a strong network of diversified liquidity pools?
Matt O'Hara -
CEO,
360T
Kenneth Monahan -
Senior Analyst,
Greenwich Associates
Jill Sigelbaum -
Head of FXall,
Refinitiv
James Sinclair -
Executive Chairman,
Market Factory
Andrew Ralich -
CEO,
oneZero Financial
Jim Iorio -
Global Head of Sales & Head ,
FX Americas
Ø New methods of finding liquidity- How do platforms and new entrants need to evolve to continue to offer new avenues of liquidity for the buy side?
Ø The evolution of FX trading venues- How are M&A impacting the FX landscape and how does this impact your access to liquidity?
Ø Beyond price- How can you ensure that the measures of best execution you are receiving from your venue are sufficient?
Ø How are leading buy side firms deciding which aspects of the trade life cycle and workflows to invest their technology resources and how to allocate scarce capital between these?
Matt O'Hara
CEO360T
11:50 am - 12:10 pm
C Level Perspective: Unlocking quality execution for the buy-side
David Mercer -
Chief Executive,
LMAX Exchange
Brad Bailey -
Research Director,
Celent
Melissa Marquis -
Managing Director, Currency Trading Technology,
Wellington Management Co
12:10 pm - 12:40 pm
In Conversation: The global vision for 2019- Where do the top alpha opportunities reside and how can you best capitalize on these for enhanced returns?
Alessio De Longis -
Vice President,
OppenheimerFunds
Michael Cheah -
Academic Director,
MS Global Finance, Fordham University
Win Thin -
Global Head of Strategy,
Brown Brothers Harriman
Steven Englander -
Head of Research and Strategy,
Rafiki Capital Management
Live polling and interactive audience Q&A during this session
Moderator: Marc Chandler, Chief Market Strategist, Managing Partner, Bannockburn Global Forex
US Macro: Paresh Upadhyaya, Currency Strategy Director, Pioneer Investments
European Macro:Alessio de Longis, Vice President, Portfolio Manager and Macro Strategist, Oppenheimer Funds
Asia Macro: Michael Cheah, Academic Director, MS Global Finance, Fordham University
EM Macro: Win Thin, Global Head of Strategy, Brown Brothers Harriman
Ø US Macro view- FED Policy in the age of Trump. What is the first cut for FED funds and where will they peak?
Þ Foreign Exchange in times of US interest rate differentials- What impact will a US rate hike have on the dollar and how should you factor this into your investment strategy?
Ø EU macro view- Risk segregation and market fragility in the Eurozone- Where do the biggest risks and opportunities lie?
Þ When will the ECB begin quantitative tightening and what impact will this have on both the currency and volatility?
Ø Asia Macro View- A new chapter in Chinese currency policy- How is Chinese monetary policy impacting FX flows?
Þ Will the liberalization of Chinese FX policy entice other markets in APAC to do the same?
Ø What is the best trading opportunity and why across each region, and how can you best capitalize on this?
Michael Cheah
Academic DirectorMS Global Finance, Fordham University
Win Thin
Global Head of StrategyBrown Brothers Harriman
12:40 pm - 1:40 pm
Lunch Masterclass: Anatomy of a Flash Crash
Matt Thomas -
Managing Director, Global Head of MSET Macro Sales,
Morgan Stanley
Melanie Cristi -
Executive Director, Head of Americas MSET Macro Sales,
Morgan Stanley
Please join EFX industry experts at Morgan Stanley and a select group of your buy-side peers for an interactive lunch discussion:
Ø How do flash crashes start?
Ø What is the aftermath on market structure, as evidenced by SNB and the recent USDJPY move?
Ø Do the “machines” exacerbate the moves or steady the market quicker (or both)?
Ø Will future market dislocations become more prevalent, possibly causing contagion into other markets?
Ø How can buy-side traders effectively navigate post-crash liquidity and fragmentation?
Matt Thomas
Managing Director, Global Head of MSET Macro SalesMorgan Stanley
12:40 pm - 2:00 pm
Networking Lunch hosted by UBS
Conference Tracks: Track A Enhancing your Pre and Post Trade Workflow
2:00 pm - 2:20 pm Case Study: Overcoming legacy technology: How can outsourcing old infrastructure improve your trading practices, improve efficiencies and reduce the pressure on your bottom line? Scott Richard - Head of Sales, Americas, NasdaqØ How can you best manage increased competition and fragmentation in Equity and FX liquidity pools?
Ø What steps can broker-dealers take to address legacy technology issues and meet the demands of their clients?
Ø How can broker dealers reduce costs, improve capital efficiencies and reduce the strain om their balance sheets?
Ø How can outsourcing key trading infrastructure provide cost effective manner to meet the demands of modern FX markets?
Scott Richard
Head of Sales, AmericasNasdaq
Conference Tracks: Track A Enhancing your Pre and Post Trade Workflow
2:20 pm - 3:00 pm 360 Perspective: Taking a modern approach to workflow efficiency- How can you ensure your OMS/EMS system is meeting the highest standards to support your trading and portfolio management needs Michael O’Brien - Director of Global Trading, Eaton Vance Christopher Matsko - Head of FX Trading Services , Portware, a FactSet Company Brad Bailey - Research Director, Celent Griffin Frank - Next Generation Trading Analyst, VanguardØ Modern functionalities- What are the needs of the buy side from their OMS/EMS counterparts and how can they be addressed so the providers are meeting these needs?
Ø FX vs. Multi Asset- How should you establish whether an asset class specific or multi asset solution is best suited to give you the flexibility and control that meets the needs of your trading workflow?
Ø Seamless integration- How should a modern OMS/EMS simplify a buy side workflow through STP and help you connect to more liquidity hubs, integrate more data and help you meet your compliance goals?
Ø How can you ensure your OMS/EMS is future proof and does not inhibit your business from evolving on the back of increased technological fragmentation and regulatory reform?
Conference Tracks: Track A Enhancing your Pre and Post Trade Workflow
3:00 pm - 3:40 pm 360 Perspective: Establishing your path to best execution- How can you get the most out of your pre and post trade TCA capabilities to inform current and future FX execution? John Radle - Head of Trading, Campbell and Company Ruben Costa-Santos - Head of FX, ITG Eva Szalay - Currencies Correspondent, Financial Times Holden Sibley - MD, Head of Americas Electronic FICC Distribution, Barclays Investment Bank Michael Babic - Americas Head, FX eCommerce Sales, Goldman SachsØ Pre-trade- How can modern-day TCA be used to empower traders and help them intelligently establish the most appropriate execution tool and the best venue to do this on?
Ø Real time- What are the essential components required for on-going analysis in real-time to enable traders to make more informed decisions for subsequent orders.
Ø Post trade- How should you us post-trade analytics to inform and improve current and future order execution?
Ø Addressing the challenges of less liquid currencies- How can you construct your benchmark and TCA for less developed currency pairs to develop accurate execution analysis?
Holden Sibley
MD, Head of Americas Electronic FICC DistributionBarclays Investment Bank
Michael Babic
Americas Head, FX eCommerce SalesGoldman Sachs
Conference Tracks: Track B Capitalizing on New Alpha Opportunities
2:00 pm - 2:20 pm Industry Perspective: Carry, value and momentum- Examining the styles of trading that define CTAs and how they are adapting to a fluctuating currency market Kathryn Kaminski - Chief Research Strategist and Portfolio manager, Alpha Simplex GroupØ Assessing the macro risks of trade wars- What impact does this have on globalization and as a result currency investing
Ø Trade wars and currencies- What are the channels by which currencies will be affected and what type of currencies are most likely to be affected?
Ø The elements of uncertainty that impact investors strategies- How much more risk conscious should you become?
Ø The impact of trade wars locally- How will this impact the USD?
Ø How would reduce global output and diminished risk appetite affect currencies beyond G10?
Conference Tracks: Track B Capitalizing on New Alpha Opportunities
2:20 pm - 3:00 pm 360 Perspective: From divergence to convergence- What impact will the move towards quantitative tightening have on volatility and how should you position your portfolio to enhance returns? Michael Melvin - Executive Director, Rady School of Management UCSD Marc Chandler - Chief Market Strategist, Managing Partner, Bannockburn Global Forex Lee Ferridge - Head of FX Strategy, State Street Global Markets Andrew Busch - Chief Market Intelligence Officer, CFTCØ Fed rate-hiking cycles- Where are we now and what is the forecast for the year ahead?
Ø How are the ECB responding to the end of their own Quantitative Easing scheme and what is the strategy for tapering?
Ø How will FED rate hikes and the potential for monetary policy convergence globally impact the strength of the USD?
Ø What role can FX play in a potentially lower return environment as a result of rate hikes and how can you acclimatize to this new environment?
Ø New opportunities for FX investors- What is your trade relating to monetary policy with exchange rates and exchange rate forecasting?
Marc Chandler
Chief Market Strategist, Managing PartnerBannockburn Global Forex
Conference Tracks: Track B Capitalizing on New Alpha Opportunities
3:00 pm - 3:40 pm Case Study Revolution: Turning big data into smart data- How can you put new and alternative data sources to work and convert these into alpha generation opportunities? Michael Melvin - Executive Director, Rady School of Management UCSD Larisa Mathur - Founder, VNR Partners Christina Qi - Partner, Domeyard LP Sash Sarangi - Senior Researcher, InvescoØ How can superior data sets and methods of extracting information from data give you an advantage in investing?
Ø What alternative forms of data are the buy side using now to build out their portfolios and come up with new trade ideas?
Ø How can you integrate new data insights into your existing workflow, with alternative data (satellite information, weather data, foot traffic, etc.) and social media data adoption a growing focus?
Ø Turning data into alpha- How can you manage and utilize this data to extract new actionable trade ideas?
Combining AI with big data- How can a data-driven, scientifically based and technologically aware research culture can produce sustainable alpha?
Buy Side Workshop open to a maximum of 20 buy side delegates: Track C Next Generation Algo Trading
2:00 pm - 3:00 pm Workshop: What's driving FX on in the short term- Execution and macro strategy workshop Richard Cochinos - Head of Macro Sales and Trading Content, Knowledge Network Americas,, UBS Investment Bank Giuseppe Nuti - Managing Director, Head US Rates, UBS Investment BankHow to drive the success of your trading desk through: a unique look into the inner workings of FX algos – how and when they can provide you with transparent, cost efficient execution; and a deep dive into the short-run macro risk framework – the tools and parameters to uncover alpha.
Ø What tools should you be using to execute? What are the intricacies of each FX marketplace?
Ø How can you evaluate algo performance in a total cost environment?
Ø What investment cycles are holding the most significance in the FX market?
Ø How can you identify the critical issues and daily market drivers that impact your portfolio?
Richard Cochinos
Head of Macro Sales and Trading Content, Knowledge Network Americas,UBS Investment Bank
3:40 pm - 4:40 pm
Head Trader Boardroom: Exploring the inner workings of FX internalization and externalization- How can asset managers, hedge funds and CTA’s ensure they are getting transparent, cost effective access to liquidity?
Mauricio Sada-Paz -
Global Head of eFICC Product and Distribution,
Barclays
Ajay Kataria -
Vice President, Electronic FX Distribution,
Barclays Investment Bank
Open to a maximum of 20 buy side delegates- Beer, wine and Refreshments to be served during this session
Ø Assessing the pros and cons of internalization and externalization in light of different trading objectives
Ø Overcoming common misconceptions on internalization- How can you build a clear picture of internalization models to best understand how to optimize liquidity?
Ø How can you best understand the market impact of internalization?
Ø How can FX Algos can tap into the internalization benefits of bank e-distribution?
3:40 pm - 4:10 pm
Afternoon Refreshment Break brought to you by PAR FX
Conference Tracks: Track A Enhancing your front to back FX Workflow
4:10 pm - 4:50 pm 360 Perspective: Addressing the demand for access to FX markets- How can you establish alternative access to credit to open doors to new liquidity avenues? Paul Aston - CEO and Director, Tixall Global Advisors Nathaniel Litwak - Global Head of FXPB, BNP Paribas Steve Reich - Managing Director, FX and Commodities, GTS Securities Peter Plester - Head of FX Prime Brokerage, Saxo BankØ The disintermediation of the traditional market structure- How are real money managers and prime brokers working together to offer new lines of credit and access to liquidity?
Ø The decoupling of liquidity and credit- How can all market participants overcome the major hurdles to be able to interact non-traditional forms of liquidity?
Ø Gaining new access to credit- How can you establish new avenues and what are the key aspects you should consider when installing new credit lines?
Ø How can you streamline your collateral obligations and post trade while maintaining multiple bilateral trading relationships?
Ø What constitutes a flexible multi-asset prime service and how can you economically gain access to these?
Nathaniel Litwak
Global Head of FXPBBNP Paribas
Conference Tracks: Track A Enhancing your front to back FX Workflow
4:50 pm - 5:30 pm Industry Perspective: Mitigating settlement risk- How can same day settlement be implemented to reduce counterparty risk, minimize trading costs and meet your best execution mandates? Victoria Cumings - Managing Director Americas, Global FX Division, SIFMA Ankeet Dedhia - Head of FX Product, Americas, LCH Nathaniel Litwak - Global Head of FXPB, BNP Paribas Dan Mannion - Partner, SECOR Asset ManagementØ Best practice in institutional FX settlement- What is driving the need for faster settlement steps can you take to reduce the settlement time for FX forward transactions?
Ø How can you best transact, clear and settle trades more competitively to reduce the costs of trading and maximize your chances of best execution?
Ø With the trend towards asset globalization and increased exposure to foreign investments, how can you best mitigate the challenge of dealing with global custodians and local agents?
Ø Establishing the pros and cons- What are the challenges of shortening the settlement cycle and how can these be overcome to make same day settlement a reality?
Ø Debate- Has SWIFT outlived its usefulness or will it continue to be the most widely used form of FX settlement for years to come?
Dan Mannion
PartnerSECOR Asset Management
Conference Tracks: Track A Enhancing your front to back FX Workflow
5:30 pm - 5:35 pm Closing Remarks: Paul Aston, Chief Executive Officer, Tixall Global AdvisorsConference Tracks:Track B Prospering in a Global Investment Landscape
4:10 pm - 4:30 pm Case Study: Some like it hedged- Choices to address currency exposure Momtchil Pojarliev - Head of Currencies, BNP Paribas Asset ManagementØ What are the best hedging options for addressing your currency exposure in 2019 and how will these affect institutional portfolios?
Ø What are the consequences of various currency hedging strategies on typical institutional portfolios?
ØThe history of hedging- What has been the historical returns of unhedged vs. fully hedged portfolios?
Ø Global hedging perspectives- How can hedging strategies and returns differ across North America, Europe and Asia?
Ø Active vs Passive- What hedging strategies should you undertake in 2019 and beyond to reduce your currency risk?
Conference Tracks:Track B Prospering in a Global Investment Landscape
4:30 pm - 5:10 pm Oxford Style Debate: True or false- With rising rates, trade wars and political uncertainty the sell-off in emerging markets is set to continue Michael Melvin - Executive Director, Rady School of Management UCSD Ritirupa Samanta - Managing Director, Global Head of Systematic Fixed Income & Senior Portfolio Manager, FICC State Street Global Advisors Chris Milonopolous - Director, Emerging Markets Debt, Lazard Asset Management Nate Polachek - Portfolio Manager, Commodity Asset Management Ben Emons - Head of Portfolio Management, Intellectus Partners Meraj Khan - Managing Director, FX Trading, Standard Chartered BankChatham House Rule
Ø Assessing the cases for a bullish or bearish market in 2019- What drivers will impact your EM investing?
Ø What are the cases for a reversal in sentiment and technicalities which would make EM investing more attractive in 2019?
Ø Will the forecasted interest rate rises in 2019 positively or negatively affect EM markets in 2019?
Ø Is political uncertainty set to continue to derail EM investing in the year ahead or are we set for a more stable year?
Ritirupa Samanta
Managing Director, Global Head of Systematic Fixed Income & Senior Portfolio ManagerFICC State Street Global Advisors
Meraj Khan
Managing Director, FX TradingStandard Chartered Bank
Conference Tracks:Track B Prospering in a Global Investment Landscape
5:10 pm - 5:30 pm Fireside Chat: Preparing US investors for Chinese Investments- How to increase your exposure to offshore Yuan investments whilst managing key risks to enhance your returns Alex Lenhart - Chief Representative- US & UK, Singapore Exchange Limited Jens Nordvig - Founder & CEO, Exante Data Michael Melvin - Executive Director, Rady School of Management UCSDØ Gaining access to Chinese markets- How will China’s MSCI entry present new opportunities to US investors?
Ø The macro view of China- What are the key themes in 2019 that will impact Chinese currency investing?
Ø Chinese currency investment strategies- Best practice case studies for managing and hedging the RMB
Ø What are the biggest investment risks and opportunities for Chinese currency investing in once cross-border RMB flows increase?
Alex Lenhart
Chief Representative- US & UKSingapore Exchange Limited
Conference Tracks:Track B Prospering in a Global Investment Landscape
5:30 pm - 5:35 pm Closing Remarks: Michael Melvin, Executive Director, Rady School of Management UCSDImproving The Position Of Women On Wall St
4:10 pm - 5:30 pm Women On Wall Street Boardroom: Improving the position of women in the capital markets business- Covering everything from communications, self-branding and career progressionOpen to a maximum of 15 delegates- Refreshments to be served during this session
Hosted by Jennifer Litwin, Senior Vice President, Head of Relationship Management, Greenwich Associates
Ø A boardroom discussion on professional skill development, building a personal brand, and getting ahead on the street
Ø Enhance your career by learning from, and being inspired by, some of the most successful and influential women leaders in the US
Improving The Position Of Women On Wall St
5:30 pm - 6:30 pm The TradeTech FX Luau Cocktail Drinks Reception Taking place on the grand patio4:30 pm - 6:00 pm BMO Drinks reception, Invite-only
5:35 pm - 7:00 pm
TradeTech FX Luau Cocktail Reception hosted by Citadel Securities
Join us on the Grand Patio for a taste of Hawaii at our Luau Cocktail Reception! Enjoy a tropical cocktail and enjoy some light nibbles as we switch over from conference time to island time and unwind from day one of TradeTech FX.