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)
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)
- 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?
Daniel Lavigne
Head of TradingOntario Municipal Employees Retirement System (OMERS)
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?
- 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 DirectorUBS
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 - 11:40 am 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
Paul Shaheid Senior FX Trader Fidelity Investments
Kristen Macleod Managing Director, Co-Head Global FX Distribution Barclays
Robert Savage Head of FX Sales Americas BNY Mellon
Michael Melvin Academic Coordinator Rady School of Management
Speakers:
Thomas Gentile Head of FX Crabel Capital Management
Paul Shaheid Senior FX Trader Fidelity Investments
Kristen Macleod Managing Director, Co-Head Global FX Distribution Barclays
Robert Savage Head of FX Sales Americas BNY Mellon
- 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?
Paul Shaheid
Senior FX TraderFidelity Investments
Kristen Macleod
Managing Director, Co-Head Global FX DistributionBarclays
Robert Savage
Head of FX Sales AmericasBNY Mellon
11:40 am - 12:00 pm 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?
12:00 pm - 12:40 pm ALL STAR PANEL - 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?
12:40 pm - 1:00 pm FIRESIDE CHAT 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?
Matt O’Hara
CEO360T
1:00 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?
Thomas Klocker
Head of eMacro StratsMorgan Stanley
Brian Rosenfeld
MSET Quantitative AnalysisMorgan Stanley
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?
Steven List
Head TraderAlpha Simplex
Alan Schwarz
Co-founder, CEO and Board MemberLiquidityMatch
Track A: FX SPOT/Swaps
3:00 pm - 3:20 pm CASE STUDY - How to leverage machine learning methodologies to increase alpha generation in your investment process- Debunking the myths: What are the real case examples of where machine learning is helping FX desks on a daily basis?
- How can you apply machine learning now to optimize your execution in an already automated and liquid asset class?
- What are the practical uses of AI and machine learning in FX trading?
- 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?
Track A: FX SPOT/Swaps
3:20 pm - 4:00 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 - Beyond SPOT: How can you implement TCA in more complex instruments including forwards and NDFs?- Pre-trade: How can modern-day TCA be used to empower traders in the FX derivatives market?
- Real time: What are the components needed to enable ongoing analysis this traditionally voice driven market to enable traders to make informed decisions in real time?
- Post trade: Can post trade analytics be used as they are in the SPOT market to better inform future order execution of forwards and NDF’s?
- How is electronic trading maturing across FX Options and NDFs to enable more electronic and transparent trading across these products?
Michael Koelger
CEOMarket Alpha Advisors
Track B: FX Derivatives
3:00 pm - 3:20 pm CASE STUDY - The disintermediation of the traditional derivatives market: How regulatory complexity, cost pressures and the need to differentiate has driven firms to fundamentally re-evaluate the way they operate- What are some of the key drivers in the evolution of market structure? (Regulatory complexity, new best execution obligations)?
- How has the need to meet new obligations impacted the cost of operations?
- How can firms remain competitive in this new electronic environment?
- How has regulatory and cost pressures led the buy side to evaluate how the clear trades on exchanges moving forward?
Track B: FX Derivatives
3:20 pm - 4:00 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?
Michael Koelger
CEOMarket Alpha Advisors
Track C: FX Strategy
2:20 pm - 3:00 pm 360 Perspective - Navigating global FX volatility: What are the best hedging strategies for addressing your currency exposure in 2020 and how can you best implement them?- What are the consequences of various currency hedging strategies on typical institutional portfolios?
- Long term investing requiring short-term protection: In an era of Trump tweets and an unpredictable environment, how you can use hedging strategies to protect your primary currencies?
- What automated approaches are available to reduce decision friction and timing concerns in your hedging strategy?
- Global hedging strategies: How can you leverage on hedging returns that differ across North America, Europe and Asia?
Track C: FX Strategy
3:00 pm - 3:20 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?
- 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?
Track C: FX Strategy
3:20 pm - 4:00 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?- 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?
Mayra Rodriguez Valladares
Managing PrincipalMRV Associates
Lee Ferridge
Senior Managing Director, Head of Multi-Asset StrategyState Street Global Markets
Track D: Workshops
2:20 pm - 4:00 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 DirectorUBS
Track A: FX SPOT/Swaps
4:00 pm - 4:30 pm Afternoon Refreshment Break - ParFX4:00 pm - 5:00 pm AFTERNOON MASTERCLASS- Session TBC
Conference Tracks
Track A: FX SPOT/Swaps
4:30 pm - 5:10 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
Track A: FX SPOT/Swaps
5:10 pm - 5:30 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
4:30 pm - 5:10 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?
Michael Koelger
CEOMarket Alpha Advisors
Track B: FX Derivatives
5:10 pm - 5:30 pm FIRESIDE CHAT - A new era of FX clearing: How can you best prepare for UMR phase 5 and turn this update into your competitive advantage?- The roadmap for UMR: What are the key milestones you should be aware of up to the final September 2020 deadline?
- Meeting the accepted standards of UMR: What are the new legal documents needed and what is the infrastructure required to support UMR going forward?
- With the need to post margin, will real money asset managers finally be more open to using FX prime brokerage?
- A new area for clearing: Will there be an increase in buy side using central clearing via clearing brokers?
Track C: FX Strategy
4:30 pm - 5:10 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?
Peter Azzinaro
MD, Global Macro Strategist, Portfolio ManagementManulife Asset Management
Track D: Buy Side Boardrooms And Workshops
4:00 pm - 5:00 pm Exclusive Invite Only Buy Side Head Trader Think Tank - How can the buy side better collaborate to drive mutually beneficial initiatives forward?Join your buy side peers in this exclusive closed door chatham house rule session to deep dive into key topics effecting your desk. Learn from other heads of desk and use this rare opportunity to benchmark with the rest of your buy side peers who are facing the same challenges as you.