TradeTech FX USA 2025
February 10 - 12, 2025
JW Marriott Marquis, Miami
Day 1 - Wednesday February 12th
7:30 am - 8:15 am
Conference Registration & Networking Breakfast
8:30 am - 8:35 am
Welcome Address
8:35 am - 8:40 am
Chairperson’s Opening Remarks
Kevin McPartland -
Head of Market Structure Research,
Greenwich Associates
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?
Mike S. Harris -
Former President,
Campbell and Company
- 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 - 9:20 am
KEYNOTE INTERVIEW - Is ‘Last Look’ beneficial or detrimental for the buy-side?
Eva Szalay -
Currencies Correspondent,
Financial Times
Andrew Maack -
Head of FX Trading,
Vanguard
David Mercer -
CEO,
LMAX Group
9:20 am - 9:50 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?
Kevin McPartland -
Head of Market Structure Research,
Greenwich Associates
Naveen Nirgudkar -
Head of International Trading,
AQR Capital Management
Daniel Lavigne -
Head of Trading,
Ontario Municipal Employees Retirement System (OMERS)
Liakos Papapoulos -
Senior Investment Manager, Treasury,
MN Investment 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?
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?
Alex Sedgwick -
Vice President, Fixed Income Market Structure,
T. Rowe Price
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 -
Vice President, Head of FX Trading Services,
FactSet
John Ashworth -
CEO,
Caplin
Mark Bruce -
Head of FICC,
Jump Trading Group
- 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
Mark Bruce
Head of FICCJump Trading Group
10:30 am - 11:10 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
Mauricio Sada-Paz -
MD, Global Head of eFICC Product and Distribution,
Barclays Investment Bank
Ajay Kataria -
Director, Electronic FX Distribution,
Barclays Investment Bank
- Your path to best execution for spot FX
- Assessing the market Impact/performance differences for multiple execution methods
- Risk Transfer Decision Tree Guide
- Assessing swaps liquidity and market structure
- New frontiers in NDF liquidity and market structure - Assessing voice risk transfer vs NDF algo/agency executions
Mauricio Sada-Paz
MD, Global Head of eFICC Product and DistributionBarclays Investment Bank
FINE-TUNING YOUR FX WORKFLOW
11:10 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?
Siobhan Roche -
Strategy & Strategic Investments,
BNP Paribas
- 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?
Siobhan Roche
Strategy & Strategic InvestmentsBNP Paribas
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?
Michael Melvin -
Academic Coordinator,
Rady School of Management
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 Investment 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?
Kenneth Monahan -
Senior Analyst, FX Research,
Greenwich Associates
David Newns -
Global Head of GlobalLink Execution Services,
State Street
Matthew Whitaker -
Director of Product Management,
MarketFactory
Matt O’Hara -
CEO,
360T
Jill Sigelbaum -
Head of FXall,
Refinitiv
Jeremy Smart -
Head of Distribution,
XTX Markets
- 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?
Kevin McPartland -
Head of Market Structure Research,
Greenwich Associates
Brendan McMurtray -
TCA and Market Structure Analyst,
T.Rowe Price
Phil Weisberg -
EVP of Strategic Planning and Partnerships,
oneZero Financial
Ruben Costa-Santos -
Head of Multi-Asset Analytics,
Virtu Financial
- 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: FX Volatility Hits Lows – How to Optimize Your Execution Strategy
Matt Thomas -
Managing Director, Global Head,
MSET FX Sales
Keith Hargreaves -
Executive Director, Global Head,
MSET FX Spot Strats
- Why is FX volatility so low and how has this impacted liquidity conditions and market structure?
- How has the market’s trading behavior changed and what considerations need to be made with regards to the execution decision-making process?
- How does low volatility influence market impact and the decision to trade via algorithm vs. risk transfer?
CONFERENCE TRACKS
Track A: FX SPOT/ Swaps, Chair: Brad Bailey, Capital Markets Research Director, Celent
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? Brad Bailey - Research Director, Capital Markets, Celent Steven List - Head Trader, Alpha Simplex Mike S. Harris - Former President, Campbell and Company Alan Schwarz - Co-founder, CEO, FXSpotStream Ruben Costa-Santos - Head of Multi-Asset Analytics, Virtu Financial- 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, Chair: Brad Bailey, Capital Markets Research Director, Celent
3:00 pm - 3:40 pm FIRESIDE CHAT - The rise of the FX Algo Wheel: How are they being developed to enable you to make smarter performance driven trading decisions? Brad Bailey - Research Director, Capital Markets, Celent Carlos Gomez Gascon - Executive Director, Head of FX Algorithmic Execution, JP Morgan Tomo Tokuyama - Head of Trading, First Quadrant- 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, Chair: Michael Koegler, Managing Principal, Market Alpha Advisors
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? Michael Koelger - CEO, Market Alpha Advisors Michael O’Brien - Director of Global Trading, Eaton Vance Cameron Crosby - Managing Director, Guggenheim Partners Yue Malan - Senior Analyst, Aite Group- 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, Chair: Michael Koegler, Managing Principal, Market Alpha Advisors
3:00 pm - 3:40 pm 360 PERSPECTIVE - What to Expect When You’re Expecting UMR - What steps can you take to minimize phase 5 and 6 challenges? Audrey Blater - Senior Analyst, Aite Group Victoria Cumings - MD, Americas, Global FX Division, Global Financial Markets Association Ankeet Dedhia - Head of Product & Business Development, Americas, LCH Nathaniel Litwak - Managing Director, Global Head of FX Prime Brokerage, BNP Paribas Deepa Josyula - Senior Director, OTC Products, CME Group- 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
Deepa Josyula
Senior Director, OTC ProductsCME Group
Track C: FX Strategy, Chair: Michael Melvin, Executive Director, Rady School of Management UCSD and Pacific Center for Asset Management
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? Arnab Das - Global Macro Strategist, Invesco- 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, Chair: Michael Melvin, Executive Director, Rady School of Management UCSD and Pacific Center for Asset Management
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? Michael Melvin - Academic Coordinator, Rady School of Management 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- 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 Chris Churchman - Managing Director, Head of FX Trading, Americas & Global Co-Head of FX Options Trading, UBS- 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 - Hosted by ParFX
3:40 pm - 4:40 pm
AFTERNOON MASTERCLASS: Leveraging Technology as a Differentiator – How to take control over the execution experience to drive best (better) execution
Carl Slesser -
Global Head of Product Management, Sell-side Technology,
Nasdaq
Scott Richard -
Global Head of Business Development, Americas & EMEA, Sell-side Technology,
Nasdaq
Open to both buy side and sell side
- Enhancing the performance of your platform by lowering latency
- Delivering value through disintermediation
- Changing the traditional trading model to central limit order book
- How cost reduction & time to market impact platform performance
- How optimizing your execution platform can help you better compete
Scott Richard
Global Head of Business Development, Americas & EMEA, Sell-side TechnologyNasdaq
CONFERENCE TRACKS
Track A: FX SPOT/ Swaps, Chair: Michael Melvin, Executive Director, Rady School of Management UCSD and Pacific Center for Asset Management
4:20 pm - 4:40 pm 360 PERSPECTIVE: Is the FX market now ready and the infrastructure is in place to embrace ‘peer to peer’ trading? Michael Melvin - Academic Coordinator, Rady School of Management Michael DuCharme - Managing Director, Head of Trading & Operations, Currency Management, Mesirow Financial Isaac Lieberman - President and CEO, Aston Capital Management
Track A: FX SPOT/ Swaps, Chair: Michael Melvin, Executive Director, Rady School of Management UCSD and Pacific Center for Asset Management
4:40 pm - 5:20 pm FIRESIDE CHAT: Moving beyond vanilla electronification - What’s next? Yue Malan - Senior Analyst, Aite Group Saeed Amen - Founder, CueMacro
Track B: FX Derivatives, Chair: Michael Koegler, Managing Principal, Market Alpha Advisors
4:20 pm - 4:40 pm INTERVIEW: 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? Michael Koelger - CEO, Market Alpha Advisors Ankeet Dedhia - Head of Product & Business Development, Americas, LCH Chris Churchman - Managing Director, Head of FX Trading, Americas & Global Co-Head of FX Options Trading, UBS- 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?
Chris Churchman
Managing Director, Head of FX Trading, Americas & Global Co-Head of FX Options TradingUBS
Track B: FX Derivatives, Chair: Michael Koegler, Managing Principal, Market Alpha Advisors
4:40 pm - 5:20 pm FIRESIDE CHAT: Beyond SPOT - How can you implement TCA in more complex instruments including forwards and NDF’s? Francisco J Heredia - Principal, Market Alpha Advisors Dave Green - Executive Vice President, Lumint Financial- Pre-trade: How can modern-day TCA be used to empower traders in the derivatives market?
- Real time: What are the components needed to ongoing analysis this traditionally voice 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?
- TCA in 2025: How will this market develop over the next 5 years?
Track C: FX Strategy, Chair: Marc Chandler, Chief Market Strategist, Managing Partner, Bannockburn Global Forex
4:20 pm - 4:40 pm FIRESIDE CHAT: The case for a bullish or bearish dollar - How will US market drivers influence the return to a stronger USD in 2020? Marc Chandler - Chief Market Strategist, Bannockburn Global Forex Arnab Das - Global Macro Strategist, Invesco Ben Emons - Managing Director, Head of Global Macro Strategy, Medley Advisors- 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, Chair: Marc Chandler, Chief Market Strategist, Managing Partner, Bannockburn Global Forex
4:40 pm - 5:20 pm FIRESIDE CHAT - How is the current state of global liquidity affecting emerging markets and where are the best investment opportunities for 2020 and beyond? Alejo Czerwonko - Director, Emerging Markets Investment Strategy, UBS Wealth Management Nate Polachek - Portfolio Manager, Commodity Asset Management Chris Milonopoulos - Director, Emerging Markets Debt, Lazard Asset Management- 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? Daniel Lucas - Vice President of Quantitative Research & Trading, Merk Investments LLC- 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?
5:20 pm - 5:50 pm
SPECIAL GUEST KEYNOTE: Lessons From The Miracle On The Hudson - How to train and lead your teams and yourself to instinctively make the right decisions in a high pressure environment
Jeff Skiles -
Co-Pilot of U.S. Airways Flight 1549,
"The Miracle on the Hudson"
When you’re a pilot and both your engines fail over the largest city in America, you must act quickly and independently, but you must also trust in the system that has trained you and prepared you to handle such crisis moments. Jeff Skiles’ story of the “Miracle on the Hudson” would not have the perfect ending if not for years of training and preparation that allowed the two pilots to understand exactly what the other was doing – thus maximizing their time, communication, and effectiveness. Having only met each other three days earlier, Skiles and Sullenberger were able to work together as a team because they trusted in their system and training and the professionalism of everyone involved, from the air-traffic controllers to their crew. As he takes audiences through the nearly catastrophic events leading up to US Airways Flight 1549’s emergency landing on the Hudson River, Skiles delivers the key lessons and principles that made the flight crew prepared, calm, and confident so they could successfully land the plane. If such lessons can save 155 lives when time is tight and every move must be perfect, imagine what these lessons can do for your organization.
5:50 pm - 7:00 pm
Cocktail Drinks Reception – Open to all attendees
Mardi Gras- New Orleans cocktails, live jazz band
* Taking place in the Ocean Garden