TradeTech FX USA 2020
February 11 - 13, 2020
Eden Roc Miami Beach
44 (0) 207 036 1355
Day 1 - Wednesday February 12th
7:45 am - 8:30 am Conference Registration & Networking Breakfast
8:30 am - 8:35 am Welcome Address
8:35 am - 8:40 am Chairperson’s Opening Remarks
THRIVING IN A NEW MARKET ORDER
8:40 am - 9:00 am BUY SIDE KEYNOTE: 21st century FX - What constitutes a ‘best in class’ FX trading desk that can meet your modern-day liquidity, automation and best execution needs?
- From best to smart execution: How are different buy side firms maximizing efficiencies across the full trade life cycle?
- Automation: What should be automated across FX desks and where are buy side heads leveraging these efficiencies on their desk?
- Traditional VS non-bank liquidity: What is the optimum mix of trading protocols for the 21st century FX desk?
- FX 2025: How will FX desks evolve in SPOT, swaps, forwards, options and NDF’s and what can you do now to stay ahead of the curve?
9:00 am - 9:30 am BUY SIDE KEYNOTE PANEL - Operating in an era of low yield and compressed margins: How can you set your FX desk up for success to become leaner, innovative and do more with less to maximize returns for your investors?
Moderator:
Kevin McPartland Head of Market Structure Research Greenwich Associates
Speakers:
Lee Sanders Head of FX and FI Dealing AXA Investment Managers
Naveen Nirgudkar Head of International Trading AQR Capital Management
Daniel Lavigne Head of Trading Ontario Municipal Employees Retirement System (OMERS)
Andrew Bloomfield Associate Director Record Currency Management
Kevin McPartland Head of Market Structure Research Greenwich Associates
Speakers:
Lee Sanders Head of FX and FI Dealing AXA Investment Managers
Naveen Nirgudkar Head of International Trading AQR Capital Management
Daniel Lavigne Head of Trading Ontario Municipal Employees Retirement System (OMERS)
Andrew Bloomfield Associate Director Record Currency Management
- How are different buy side firms maximizing efficiencies across the full trade life cycle to succeed in the current trading environment?
- How are the buy side using new innovative ways including automation and technology to boost maximize returns?
- From best to smart execution: Where can you best leverage technology in your trade lifecycle for new alpha generation opportunities?
- The future of FX: What will the buy side desk look like in 5 years and how should you adapt now to keep up with the changing landscape?
Andrew Bloomfield
Associate DirectorRecord Currency Management
9:30 am - 9:50 am KEYNOTE INTERVIEW - Is ‘Last Look’ beneficial or detrimental for the buy-side?
9:50 am - 10:30 am ALL STAR PANEL - Trading in a multi-asset world: What are the people, process and technology requirements to enable you to reap the rewards and efficiencies of a multi-asset workflow and maximize alpha generation?
Moderator:
Alex Sedgwick Vice President, Fixed Income Market Structure T. Rowe Price
Speakers:
Tomo Tokuyama Head of Trading First Quadrant
Chris Churchman Managing Director, Head of FX Trading, Americas & Global Co-Head of FX Options Trading UBS
Christopher Matsko Head of FX Trading Services Portware, a FactSet Company
John Ashworth CEO Caplin
Jill Sigelbaum Head of FXall Refinitiv
Alex Sedgwick Vice President, Fixed Income Market Structure T. Rowe Price
Speakers:
Tomo Tokuyama Head of Trading First Quadrant
Chris Churchman Managing Director, Head of FX Trading, Americas & Global Co-Head of FX Options Trading UBS
Christopher Matsko Head of FX Trading Services Portware, a FactSet Company
John Ashworth CEO Caplin
Jill Sigelbaum Head of FXall Refinitiv
- How can you address the skill-set, infrastructure and operational challenges to reap the rewards of becoming truly multi-asset?
- How are developments across other assets classes being applied to FX and what are the benefits of building a multi-asset technology workflow?
- How can you ensure your full workflow is future proof and does not inhibit your business from evolving off the back of increased technological fragmentation, multi-asset needs and regulatory reform?
- What trading systems are essential and how can a multi asset execution methodology increase efficiencies across your desk?
- For multi-asset systems is it best to buy off the shelf, develop in-house, share with competitors or leverage sell-side innovations?
Chris Churchman
Managing Director, Head of FX Trading, Americas & Global Co-Head of FX Options TradingUBS
John Ashworth
CEOCaplin
10:30 am - 11:00 am Morning Refreshment Break
10:30 am - 11:30 am BRUNCH MASTERCLASS - Transform the way you trade FX: How to embrace the power of innovative technology and data to drive your execution capabilities forward
- Breaking down ‘market impact’- how can you establish this by client type, product type and why does this matter?
- Alpha vs. Beta- How can you strip this out in a trade?
- Assessing the speed and efficiency of price formation- How does latency play into an LPs impact?
- NDF and EM electronification- Breaking down the NDF market structure with a focus on hedging, algos, and hybrid liquidity
FINE-TUNING YOUR FX WORKFLOW
11:00 am - 11:30 am INNOVATION KEYNOTE - The sell side’s view point of the evolving FX market structure – what are the major developments transforming FX markets and how are the sell side reacting to the buy side’s needs?
- Market Structure: Evolving product offerings, new technologies and regulatory pressures are all shaping the FX market – how is the sell side trading floor changing in response?
- Man v Machine: finding the balance of automation with local trading and sales expertise. What is the right mix for the buy side?
- AI, Machine Learning, Algos & Bots: what new digital innovations are the sell side investing in to better serve the buy side?
11:30 am - 12:10 pm ALL STAR PANEL - The buy and sell side evolution: How can you retain the human touch where needed in an era of increased electronification?
Moderator:
Michael Melvin Academic Coordinator Rady School of Management
Speakers:
Thomas Gentile Head of FX Crabel Capital Management
Kristen Macleod Managing Director, Co-Head Global FX Distribution Barclays
Robert Savage Head of FX Sales Americas BNY Mellon
Jason Fromer Head of FICC Trading Manulife Asset Management
Geoff Kot Managing Director and the Global Head of FX Cash Trading Standard Chartered Bank
Michael Melvin Academic Coordinator Rady School of Management
Speakers:
Thomas Gentile Head of FX Crabel Capital Management
Kristen Macleod Managing Director, Co-Head Global FX Distribution Barclays
Robert Savage Head of FX Sales Americas BNY Mellon
Jason Fromer Head of FICC Trading Manulife Asset Management
Geoff Kot Managing Director and the Global Head of FX Cash Trading Standard Chartered Bank
- How can buy and sell side firms influence the natural evolution of FX markets during an era of regulatory reform and electronification?
- How are sell side firms differentiating themselves further than electronification to tailor their service to the buy side needs?
- What are the knock on effects of electronification in FX on the buy and sell side relationship?
- Creating the framework for the future: What can the buy and sell side do to keep personal, tailored and reliable relationships in this new era of automation and electronification?
12:10 pm - 12:50 pm ALL STAR PANEL - Evaluating the current state of FX liquidity - How can you find alternative liquidity sources within the backdrop of increased electronification to meet your best execution mandates?
- Evolution of tech vs. liquidity: Why one does not mean the other and how can you distinguish between the two when evaluating liquidity providers?
- Examining new central limit order book models for NDFs, swaps, and forwards: How do they differ from spot FX ECNs and what are the best ways to integrate them into your portfolio of electronic trading venues?
- Assessing recycled liquidity: How prevalent is it and can it be seen as an advantage or hindrance?
- Liquidity transparency: Is there enough information being provided to the buy side on where liquidity is coming from or does more need to be done from market participants?
12:50 pm - 1:10 pm FIRESIDE CHAT - Assessing the use and reliability of pre-trade best execution analysis: How are the buy side, sell side and wider market participants evolving to offer transparency and help you meet best execution obligations earlier in the trade lifecycle?
- Increasing transparency in best execution analysis: How can the market create metrics to evaluate the reliability and quality of algos and pre-trade analysis?
- In-house vs. 3rd party TCA: How can you best establish when it is better to use 3rd party provider and what are the standards you should be expecting from providers?
- Can you achieve a single source of data consolidates trading and peer data all in one place to give accurate pre-trade analysis?
- 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?
1:10 pm - 2:20 pm Networking Lunch
1:20 pm - 2:20 pm LUNCH MASTERCLASS - Measuring Performance with Limited Sample Sizes
Traders are increasingly faced with the challenge to quantify their execution performance while sample sizes remain limited. We apply a proprietary model to help determine:
Ø How can traders effectively measure performance while accounting for non-uniform order sizes, volatility diversification and noise reduction?
Ø Which trading variables most impact execution performance?
CONFERENCE TRACKS
Track A: FX SPOT/Swaps
2:20 pm - 3:00 pm 360 Perspective - The changing face of FX low touch execution: What makes the perfect combination of humans and machines to create the optimal desk set up of the future?- What has the uptake been on the buy side of low touch trading and what does this mean for the future state of the FX market?
- Where is low touch trading most effective across the FX workflow and how can it give you a competitive edge?
- How can you ensure your traders are focusing their skills and resources where they are they truly needed?
- AI vs. Automated workflows: What do the buy side really mean by low touch?
- Equities vs. FX: Should FX be following the equities road map or is a new path needed?
Track A: FX SPOT/Swaps
3:00 pm - 3:40 pm 360 PERSPECTIVE - The rise of the FX Algo Wheel: How are they being developed to enable you to make smarter performance driven trading decisions?- How are organisations refining and more deeply analysing the type of algos they trade in order to monitor this process?
- How can you break down mechanisms of your algos to better understand routing choice and make smarter performance-enhancing decisions?
- How can the market overcome challenges in liquidity and FX market complexity to move to performance driven trading for best ex?
- Reinventing algo wheels: How can they offer a new solution to your best execution and regulatory mandates?
Track B: FX Derivatives
2:20 pm - 3:00 pm 360 Perspective - Electronification of forwards and NDFs: How can the market overcome the technology challenges with these traditionally voice traded products to move to a more efficient workflow in the future?- How is this market evolving into a new era of transparency through increased electronification?
- How are providers offering the buy side latency, reliability and competitive pricing in their NDF’s and forwards offerings?
- SDPs VS MDPs: How are NDF’s and forwards best traded in this new era of electronification?
- How can you overcome regulatory complexities with trading NDF’s and forwards to become more efficient?
Track B: FX Derivatives
3:00 pm - 3:40 pm 360 PERSPECTIVE - A new era of FX clearing: How can you best prepare for UMR phase 5 (2020) and 6 (2021) and how can the buy side set up a UMR strategy to minimize impact?- The roadmap for UMR: What are the key milestones you should be aware of up to the final deadline?
- What are the practical hurdles that need to be overcome in time for the deadline?
- Treatment of separately managed accounts- How can you establish which accounts fall under UMR and which do not?
- What the implications are for buy side firms relating to deliverable FX, what the implications are for non-deliverable FX in terms of FX activity, new costs and operational implementation
- Clearing as an alternative solution- outlining the cost vs. efficiency benefits
Track C: FX Strategy
2:20 pm - 3:00 pm MACRO KEYNOTE - The rise of populism and trade wars: In the President Trump era, how will the US and global political landscape impact financial markets and what can we expect over the next 4 years?- Assessing the main events of 2019-2020: What impacted your views of investment opportunities and risks in today’s markets?
- With global growth slowing and markets feeling the effects of US/China trade tensions, do central banks have the tools they need to respond?
- With trade wars and tariffs negatively impacting growth what are the implications for FX: should we expect a recession?
- Rise of global populism and investing implications: Is it a good time for investors to adopt more defensive positions and seek out diversified sources of income?
- FX outlook: Solid backdrop, but shall we expect more volatility?
Track C: FX Strategy
3:00 pm - 3:40 pm 360 PERSPECTIVE - The rise of populism, trade wars and geopolitics: How will this impact 2020 investing and how will the global geo-political landscape rebalance itself?
Moderator:
Michael Melvin Academic Coordinator Rady School of Management
Speakers:
Mayra Rodriguez Valladares Managing Principal MRV Associates
Lee Ferridge Senior Managing Director, Head of Multi-Asset Strategy State Street Global Markets
Kristina Hooper Chief Global Market Strategist Invesco
Steven Englander Head of Research and Strategy Standard Chartered Bank
Michael Melvin Academic Coordinator Rady School of Management
Speakers:
Mayra Rodriguez Valladares Managing Principal MRV Associates
Lee Ferridge Senior Managing Director, Head of Multi-Asset Strategy State Street Global Markets
Kristina Hooper Chief Global Market Strategist Invesco
Steven Englander Head of Research and Strategy Standard Chartered Bank
- How has the market dealt with the recent mounting pressures spurred by a growing number of political risk factors?
- What are the indexes showing now in FX and what can we predict over the next 12 months in terms of volatility?
- Regulatory updates: How are regulatory factors like the Volker rule and UMR affecting your investment decisions?
- How can we expect the market to evolve over the next 5 years and how can you position your portfolio to capitalize on these changes?
Lee Ferridge
Senior Managing Director, Head of Multi-Asset StrategyState Street Global Markets
Track D: Buy Side Boardrooms And Workshops
2:20 pm - 3:20 pm BUY SIDE WORKSHOP - Introducing an innovative client platform for trading FX Options- How can you quickly go from a view on FX to an expression using FX Options that give you the most bang for your buck?
- How can you get all the information you need to get comfortable trading a particular derivatives strategy?
- How can you get the support you need post-trade in monetizing the FX Options trades that you execute?
Chris Churchman
Managing Director, Head of FX Trading, Americas & Global Co-Head of FX Options TradingUBS
Track A: FX SPOT/Swaps
3:40 pm - 4:20 pm Afternoon Refreshment Break - ParFX3:40 pm - 4:40 pm AFTERNOON MASTERCLASS- Session TBC
Open to both buy side and sell side
CONFERENCE TRACKS
Track A: FX SPOT/Swaps
4:20 pm - 5:00 pm OXFORD STYLE DEBATE - TRUE OR FALSE: The FX market is ready and the infrastructure is in place for ‘peer to peer’ trading to come to the fore in the next 5 yearsSecure your front row seat, as the conference room becomes a battlefield. Witness industry experts fight their corner over the most controversial topics in your industry. Who will deliver the knockout argument to claim victory? Take your place and vote
Michael DuCharme
Managing Director, Head of Trading & Operations, Currency ManagementMesirow Financial
Track A: FX SPOT/Swaps
5:00 pm - 5:20 pm FIRESIDE CHAT - Evaluating non-bank liquidity providers: Do these alternative avenues to liquidity have the ability to change the way you trade FX?- What are the benefits of using NBLP and what are the current adoption rates on the buy side?
- How are NBLP set up to effectively and easily work together with buy side workflows?
- When using a NBLP how does this effect your prime brokers and clearing of trades?
- How are NBLP offering transparent, cost effective access to liquidity?
- Finding the optimum mix: How can you use NBLP alongside traditional players to ensure you have enough access to credit?
Track B: FX Derivatives
4:20 pm - 5:00 pm 360 PERSPECTIVE - The evolving market of FX Options: How is volatility impacting the interest in trading options and how will the planned clearing mandates effect market structure?- With the increased interest in OTC FX options, are primary and inter deal brokers offering completive services for you to access liquidity?
- How are new entrants providing electronic access to competitive pricing and pre-trade analytics?
- What will this market look like if it is fully cleared and how can it remain capital efficient?
- OTC Options 2025: How will the market evolve to become speedier and more cost efficient?
Track B: FX Derivatives
5:00 pm - 5:20 pm FIRESIDE CHAT - Moving beyond vanilla electronification: What’s next?
Track C: FX Strategy
4:20 pm - 5:00 pm INTERACTIVE PANEL - The case for a bullish or bearish dollar: How will US market drivers influence the return to a stronger USD in 2020?- How will the 2020 US election impact the dollar and what will the market look like if Trump is re-elected?
- Is the debt market about to be reborn in 2020?
- Euro-dollar pairs: How will these be affected off the back of political instability including Brexit and Trump?
Track C: FX Strategy
5:00 pm - 5:30 pm INTERACTIVE PANEL - How is the current state of global liquidity affecting emerging markets and where are the best investment opportunities for 2020 and beyond?- What EM themes will dominate the agenda over the next 12 months?
- How is political and economic activity in Latin America, South Africa, Turkey and elsewhere influencing the market?
- How will rising rates, trade wars and political uncertainty effect EM investing in the next 12 months?
- Is there an issue with recycled liquidity in emerging market pairs and how can this be addressed?
Track D: Buy Side Boardrooms And Workshops
4:20 pm - 5:20 pm BUY SIDE WORKSHOP - Quant trading: How can you leverage discretionary and systematic trading in your strategy to reap the rewards they both have to offer?- What is the preferred route for trading currently and why?
- How can you leverage discretionary and systematic trading in your strategy and reap the rewards?
- How to diversify across rewards factors to improve your risk-adjusted returns?
Track D: Buy Side Boardrooms And Workshops
4:20 pm - 5:20 pm Head Trader Think Tank Drinks Reception5:20 pm - 6:50 pm Cocktail Drinks Reception – Open to all attendees
Mardi Gras- New Orleans cocktails, live jazz band
Taking place in the Ocean Garden