TradeTech FX USA 2025
February 10 - 12, 2025
JW Marriott Marquis, Miami
Day 1 | 23rd February
8:00 am - 8:55 am
Rise and Shine Registration & Breakfast
8:55 am - 9:00 am
Welcome Address: Anna Andrews, Event Director, TradeTech FX
9:00 am - 9:05 am
Chairperson’s Opening Remarks
Audrey Blater -
Head of Risk and Financial Markets Regulation,
Coalition Greenwich
Navigating The Latest FX Market Trends
9:05 am - 9:30 am
Systematic Trading Keynote: Navigating the new inflationary environment: How can you build a flexible systematic FX trading and investment strategy that can adapt under different market regimes and maximise value for your investors?
Michael Harris -
President,
Quest Partners
Ø What impact has the macro environment had on quantitative trading strategies, and what opportunities has it created for fund managers?
Ø How have systematic FX trading strategies faired in different market conditions?
Ø What does the FX liquidity landscape look like now and how has it evolved?
Ø How can you optimize the performance, execution, and liquidity provision of your electronic trading flow?
Ø How can you leverage data to analyse and reduce trading costs to maximise alpha generation?
9:30 am - 9:50 am
Global FX Desk Interview: Building a global dynamic FX hub: How can you leverage the latest data, tech and liquidity strategies to best respond to changing market conditions?
Yudhveer Chaudhry -
Global Head of FX Trading,
Blackrock
Audrey Blater -
Head of Risk and Financial Markets Regulation,
Coalition Greenwich
Ø What are the key factors shaping the FX buy side desk and how are they impacting execution and trade performance?
Ø How can you build an effective execution model, structure and strategy that can dynamically adjust to changing market conditions?
Ø How can you expand your use of data to better support decision making and to help source available liquidity for better pricing?
Ø How can you build a solid understanding of new crypto and digital asset markets amongst your trading teams to ensure the desk is ready to trade these new products?
9:50 am - 10:20 am
Market Structure Panel: Thriving in volatile markets: How has recent market volatility impacted FX liquidity provision and execution and how can you adapt your desk and counterparty management in response?
Paul Shahied -
Head of FX Trading,
Fidelity
Phil Weisberg -
EVP Strategic Planning and Partnerships,
oneZero
Allan Guild -
Director,
Hilltop Walk Consulting
Michael Babic -
Head of eFICC Sales,
Bank of America
Ø What impact has increased electronification had on buy and sell side relationships and how can you maintain regular touchpoints with your sales traders?
Ø Bank LP’s vs ECN: What are the merits and drawbacks of disclosed and non-disclosed trading?
Ø How can you best leverage regional providers to access new liquidity pools in different markets?
Ø How can you adopt peer-2-peer matching as part of your execution strategy in the fast-moving spot market?
Ø Will SA-CCR accelerate adoption of peer-2-peer matching and help to reduce trading costs and spreads?
10:20 am - 10:40 am
Keynote Interview: Exploring solutions for risk management: How can you leverage the latest technology to accurately monitor market volatility, improve execution and reduce counterparty risk?
Manu Choudhary -
CEO,
DMALINK
Stefano Pasquali -
MD, Head of Investment AI Modelling and Research,
BlackRock
Allan Guild -
Director,
Hilltop Walk Consulting
- Using Anomaly Detection to predict future volatility events
- How can you leverage the latest technology to make more informed trading decisions
- Separating trade execution and custody
10:40 am - 11:20 am
Tech & Workflow Automation Panel: Streamlining FX workflows: How can you integrate your desktop applications to enhance workflow efficiencies and deliver valuable insights to drive smart decision making?
Jim Norcott Jr. -
Managing Director, Client Acquisition,
FX Connect/Currenex
John Ashworth -
CEO,
Caplin Systems
Gabino Roche -
CEO and Founder,
Saphyre
Subodh Karnik -
Head of Client Intelligence Marketing,
Coalition Greenwich
Brendan McMurtray -
Vice President, FX Electronic Trading & Market Structure Analyst,
T.Rowe Price
Matt O’Hara -
CEO,
360T Americas
Ø How can you utilize APIs and software developments to link proprietary and third-party applications to simplify end-to-end workflows?
Ø How are liquidity providers, platforms and vendors working together to increase the adoption of open APIs and bring applications together for the benefit of buy side clients?
Ø How can you implement alerting systems and bots to automate tasks and reduce manual processes?
Brendan McMurtray
Vice President, FX Electronic Trading & Market Structure AnalystT.Rowe Price
Capitalising on the Digital Asset Opportunity
11:50 am - 12:10 pm
Crypto & FX Interview: Bridging traditional and digital assets: How can you adapt your FX desk and trading style to integrate new crypto products into your existing workflows to capitalize on new market opportunities?
David Mercer -
CEO,
LMAX Group
Audrey Blater -
Head of Risk and Financial Markets Regulation,
Coalition Greenwich
Ø What are the key considerations of the desk in terms of market data and strategy if you are looking to launch crypto products?
Ø What are the latest developments in the crypto derivatives market?
Ø How do perpetual futures contracts work?
Ø Will we see more market participants moving to 24/7 FX trading services to mirror digital assets and what impact will this have on market dynamics?
Ø How will 24/7 trading help to support the operation of more efficient capital markets?
12:10 pm - 12:40 pm
Digital Assets Market Structure Panel:Next generation market infrastructure: How are market participants collaborating to create an institutional- grade digital assets ecosystem that enhances market access and drives transparency?
Dmitri Galinov -
Founder and CEO,
24 Exchange
Luke Brereton -
Senior Vice President,
State Street Digital
Vadim Khramov -
Founder and CIO,
Edge Capital Investment Management
Chad Berner -
Co-Head of Global Electronic FX Trading,
Wells Fargo
Audrey Blater -
Head of Risk and Financial Markets Regulation,
Coalition Greenwich
Ø Custody: What are the latest digital asset custody offerings to help enable buy side to store, issue and settle digital securities alongside their traditional assets?
Ø LPs: How can you efficiently build new credit paths with crypto liquidity providers?
Ø Tools: What pre and post trade data and reporting tools are providers looking to develop to better mirror the traditional capital markets infrastructure? Elsasser
Ø Banks: How do established sell side view crypto products and what solutions are they building to support the trading of these new products?
Ø Regulation: What progress has been made to create a robust regulatory framework for Crypto and Digital Assets that will help drive growth of this burgeoning asset class?
Join this interactive session with senior leaders from Mackenzie, UBS and T.Rowe Price discussing how increased diversity and inclusion can lead to substantial business results. Covering everything from communication, self-branding and career progression, and how diversity should be used as a competitive advantage on your FX desk.
Brittany Callaghan
Director Electronic FX Sales, Global Markets AmericasUBS
Brendan McMurtray
Vice President, FX Electronic Trading & Market Structure AnalystT.Rowe Price
Adapting to Changing Liquidity Conditions
1:40 pm - 2:10 pm
Liquidity Provider Panel: Optimizing FX liquidity: How can you best evaluate the latest offerings from banks and non-bank liquidity providers to ensure you achieve best execution?
Eugene Markman -
COO,
ION Markets (FX)
Jay Patel -
Head of Liquidity Management, Americas,
Euronext
Ralf Donner -
Head of Marquee Execution Solutions,
Goldman Sachs
Allan Guild -
Director,
Hilltop Walk Consulting
Emin Tatosian -
Co-Founder & CTO,
FX Hedgepool
Ø How are banks and non-bank liquidity providers maintaining relationship-based trading whilst driving advancements in automated solutions?
Ø Voice vs Algos: Which execution channels have performed better during periods of high volatility?
Ø What data and information can banks provide to give a clearer picture on algo and execution performance?
Ø RFQ, streaming and algos: How are banks evolving their trading suite services to ensure clients are getting the best method of execution across different FX products?
Ø How can you leverage your counterparty relationships to find the best price in illiquid markets?
2:10 pm - 2:50 pm
UMR & SA-CCR Panel: Navigating the new FX forwards landscape: What impact has the implementation of SA-CCR had on forward pricing and liquidity and what solutions are available to help tighten spreads?
Michael Winnike -
Director of Market Structure,
BlackRock
Dr. Petra Wikstrom -
Business Development Executive,
Capitolis
Dan Mazza -
N. America Co-Head of Forwards & Head of EM Trading,
State Street Global Markets
Paul Houston -
Global Head of FX Products,
CME Group
Andrew Batchelor -
COO & Head of Product, LCH ForexClear,
LCH Group
Allan Guild -
Director,
Hilltop Walk Consulting
Ø What impact has regulation had on the swap market, pricing, and uncollateralized FX forwards?
Ø How can your desk navigate the impact of SA-CCR on liquidity and counterparty relationships?
Ø What solutions are banks exploring to help tighten bid offer spreads and reduce execution costs for clients?
Ø How can you evaluate FX clearing solutions as a longer-term solution?
Ø How are banks dealing with increased capital costs and costs of balance sheet?
Ø How can you build a geographically diverse FX bank panel to help mitigate risks?
Ø How can you develop a more robust curve to handle the impacts on pricing of month end and end of quarter returns?
2:50 pm - 3:15 pm
Guest Speaker: Stories from a former CIA Intelligence officer: Adapting your leadership style in extreme high-pressure scenarios where lives are at stake
Frank Emerson -
Consultant, Former CIA and Professor The Citadel,
CIA
Frank Emerson is an accomplished leader with more than 26 years of experience in U.S. national security and foreign policy matters, 17 years with the Central Intelligence Agency and 9 years with the U.S. Department of State. He has front line experience in worldwide operations and crisis management while leading highly diverse and collaborative environments. At the CIA, he served as an Intelligence Officer, Assistant General Counsel, and Senior Analyst. At State, he was a Diplomat and Lawyer, and served more than five years in the Office of the Legal Counsellor in the Netherlands.
At both CIA and State, Emerson excelled at building programs with world-wide partners while bridging differences in international environments. As a Senior Operations Officer in South America, he led an Intelligence Fusion Center where he forged together the U.S. intelligence, homeland security, military, law enforcement, and diplomatic communities to disrupt and dismantle terrorist and drug trafficking organizations.
3:15 pm - 3:45 pm
Afternoon Networking Break: Cocktails n’ Conversations
Conference Tracks
Track A: Liquidity & Data Initiatives
3:45 pm - 4:15 pm EM Liquidity Panel: How can you access efficient and reliable liquidity in emerging and frontier markets to reduce spreads and improve performance? Taylor Haberstock - Global Trader, Morgan Stanley Investment Management (MSIM) Gareth Appelt - Managing Director, Mizuho Americas Alex Scarsini - President & Founder, Edgewater James Regan - Co-Head, Global G11 & PM STIR Trading, UBS Michael Melvin - Executive Director, Rady School of Management UCSD and Pacific Center for Asset ManagementØ What are the latest developments in EM market structure and which banks are providing pricing, liquidity, and onshore and offshore services?
Ø How can you build relationships with local banks to access frontier markets [Middle East & Africa]?
Ø How can you best evaluate liquidity across the day in EM to determine the optimum time to trade?
Ø What are the latest developments and technology solutions from liquidity providers and platforms to help access efficient liquidity in these markets?
Ø What are the liquidity conditions, bid offer spreads and market depth across EM currency pairs?
James Regan
Co-Head, Global G11 & PM STIR TradingUBS
Michael Melvin
Executive DirectorRady School of Management UCSD and Pacific Center for Asset Management
Track A: Liquidity & Data Initiatives
4:15 pm - 4:45 pm Liquidity Mix Panel: How can you quantitatively monitor, evaluate, and construct an optimal liquidity mix to improve performance and execution results? Nick Bonamo - Head of Trading, Kepos Capital Stephen Flanagan - Retired – former Executive Director and Global FX eCommerce Risk Manager, JP Morgan Michael Harris - President, Quest PartnersØ How can you best assess available liquidity and depth of book at any given time across banks, non-banks, and trading directly on ECN?
Ø How can you utilize post-trade analysis to inform your dealer and liquidity strategy?
Ø What is the best approach to measuring the performance of your liquidity providers?
Ø What experiments can you run to evaluate response times, mark outs, and fill rates to determine whether to reduce or add new LP’s to your pool?
Ø What is the optimum number of banks and ECN’s you should be connected to?
Nick Bonamo
Head of TradingKepos Capital
Stephen Flanagan
Retired – former Executive Director and Global FX eCommerce Risk ManagerJP Morgan
Track A: Liquidity & Data Initiatives
4:45 pm - 5:15 pm Interview: How can you feed post trade information into your pre-trade tools to inform future execution strategies and reduce information leakage? Michael Melvin - Executive Director, Rady School of Management UCSD and Pacific Center for Asset Management Eric Brown - Lead Analyst, Trading Analytics, T. Rowe PriceØ How can you utilize pre-trade tools and historical data to inform which counterparties to trade with?
Ø How can you feed data into your EMS to provide traders with information on historical trade characteristics and counterparty analysis?
Ø How can you improve your reporting process to provide meaningful trade feedback that will influence future currency strategies?
Ø How frequently should you be reviewing your guidelines and parameters based on post trade information?
Michael Melvin
Executive DirectorRady School of Management UCSD and Pacific Center for Asset Management
Track B: Electronification of FX Derivatives
3:45 pm - 4:15 pm Futures Panel: How can your desk expand the use of FX futures to enhance price discovery and drive trading efficiencies? Tom Gentile - Director of Trading, Crabel Capital Management Jens Quiram - Global Co-Head of FIC Derivatives & Repo Sales, Eurex Subodh Karnik - Head of Client Intelligence Marketing, Coalition Greenwich Steven List - Managing Director of Trading, AlphaSimplex Group Chuck Rogers - Director - Quantitative Trading, Graham CapitalØ What are the pros and cons to futures vs FX OTC products?
Ø How has the liquidity landscape evolved in the futures market to make it a more cost-efficient product?
Ø How are banks and platforms supporting client adoption of FX futures?
Ø What are the benefits of using FX EFPs and does it bridge the gap between OTC and listed FX?
Track B: Electronification of FX Derivatives
4:15 pm - 4:45 pm NDF Interview: What are the latest advancements in NDF electronic trading and how can you overcome platform limitations to improve transparency and price discovery? Tomo Tokuyama - Head of Trading, First Quadrant Subodh Karnik - Head of Client Intelligence Marketing, Coalition Greenwich Brian Andreyko - Chief Product Officer, Edgewater MarketsØ How can you work with your providers to implement NDF algos into your existing workflow?
Ø What are banks doing to improve pricing for larger size trades and to accommodate broken dates for NDF algos?
Ø Which currencies are banks offering NDF algos in and will there be a focus to develop more LatAm algo suites?
Ø What are the key workflow considerations when onboarding new platforms to improve NDF execution?
Ø What steps are market participants making to improve connectivity with onshore banks to improve access to liquidity?
Track B: Electronification of FX Derivatives
4:45 pm - 5:15 pm Options Interview: How can you leverage the latest platform offerings and tech solutions to benefit from the increased electronification of FX options price discovery and execution? Alain Kamagi - Managing Partner, UNTL Subodh Karnik - Head of Client Intelligence Marketing, Coalition GreenwichØ What are the latest products in the market that can competitively stream vols?
Ø What tools can stage, price, execute, manage delta and look at historical data for FX Option vols?
Ø How can you utilise new data analytics tools to compare different Deltas and the volatility surface?
Ø How competitive is liquidity and streaming services compared to trading FX options in the OTC market?
Track C: FX & Portfolio Strategies
3:45 pm - 4:25 pm PM Boardroom: How can you apply macro-economic signals to your dynamic currency hedging strategy to effectively manage exposures and generate greater returns? Tom Nakamura - Vice President & Portfolio Manager, Currency Strategy and Co-Head of Fixed Income, AGF Investments Lee Ferridge - Senior Managing Director, Head of Macro Strategy, The Americas, State Street Global MarketsØ How can you leverage machine learning techniques to over challenges in momentum investing?
Ø What is the outlook of the dollar and if it depreciates how will this impact dynamic hedging strategies?
Ø How can you apply this strategy to a wide variety of currency pairs including emerging markets?
Ø What are the latest tools to enable you to efficiently adjust hedge ratios and mitigate currency risk in your portfolio?
Tom Nakamura
Vice President & Portfolio Manager, Currency Strategy and Co-Head of Fixed IncomeAGF Investments
Lee Ferridge
Senior Managing Director, Head of Macro Strategy, The AmericasState Street Global Markets
Track C: FX & Portfolio Strategies
4:25 pm - 5:05 pm PM Boardroom: How can you build a dynamic multi- asset portfolio strategy that can adapt quickly in a changing market regime to maximise returns? Clifton Hill - Global Macro Portfolio Manager, Acadian Asset Management Lee Ferridge - Senior Managing Director, Head of Macro Strategy, The Americas, State Street Global MarketsØ Which assets are driving markets in this new high inflation dynamic?
Ø What affect are central banks having across assets and what should the market expect to see in 2023?
Ø What opportunities has central bank divergence created and how is it impacting equities, bonds and currencies?
Ø How can you leverage cross-asset signals, economic and fundamental factors to adjust portfolios quickly?
Lee Ferridge
Senior Managing Director, Head of Macro Strategy, The AmericasState Street Global Markets
Track C: FX & Portfolio Strategies
5:05 pm - 5:45 pm PM Boardroom: What is the inflation and dollar outlook for 2023 and how can you best adapt your hedging strategies and exposures in response? Chris Reed - Macro Strategist, Beach Point Capital Management Lee Ferridge - Senior Managing Director, Head of Macro Strategy, The Americas, State Street Global Markets
Track D: Hedging Strategies
3:45 pm - 4:25 pm Corporate Boardroom: How can you harness new tools to help streamline cash flow information from across your organization to better inform your hedging and execution strategies? David Mazzola - Director of Treasury, SpotifyØ How can you navigate the complexities of a global corporation to gather real-time data to make more informed trading and FX hedging decisions?
Ø How can you better leverage internal data to offset flow in other parts of the business to reduce the need to go to market?
Ø What tools and techniques can you leverage to enable more accurate cashflow forecasting?
Ø How can you integrate your ERPs and TMS to provide full visibility of cash flow and FX exposures and to support hedging decisions?
Track D: Hedging Strategies
4:25 pm - 5:05 pm VIP Head Trader Think Tank: What is front of mind for Heads of FX Trading in 2023 and beyond? Tom Gentile - Director of Trading, Crabel Capital ManagementThis is an invitation-only session hosted under Chatham House, open to 15 buy side Heads of FX Trading
**Hosted under Chatham House**
*By invitation only. If you would like to inquire, please email: anna.andrews@wbr.co.uk*