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Profit & Loss Events

Profit & Loss Scandinavia 2017

September 14th 2017

Profit & Loss Scandinavia 2017

Hotel At Six

Sweden

Scandinavia
Delegate (excluding Scandinavia): GBP£250 + VAT
Non-Exhibiting Vendor: GBP£995 + VAT
Free to attend for the buy-side and bank attendees based in Scandinavia

Register Here

EVENT PROGRAMME

8:30-9:00 Registration & Coffee

9:00-9:05 Introductory Remarks, Svante Hedin, President, ACI Sweden; and Co-Head of Trading, SEB

9:05-9:30 Opening Address: Per Jansson, Deputy Governor, Sveriges Riksbank

9:30-10:30 Panel 1: Nordic Growth Outlook

Which countries will drive global growth in the year ahead? Are the developed or developing worlds more likely to see improved financial conditions, and what are the factors behind this growth? 

This panel will also discuss:

  • What will be the key driver for Scandinavia’s economic performance over the next 18 months?
  • Are there opportunities for Scandinavia from the divorce between the UK and EU?
  • Which countries are best-placed to take advantage of new trade relationships?
  • How are recent elections across Europe expected to impact the Scandinavian markets?

Speakers:

  • Robert Bergqvist, Chief Economist, SEB
  • Torbjon Isaksson, Chief Analyst, Nordea Markets
  • Tina Winther Frandsen, Chief Analyst, Macroeconomic Research, Jyske Markets
  • Öystein Börsum, Chief Economist, Norway, Swedbank

10:30-11:00 Coffee Break

11:00-12:00 Panel 2: The Catalyst? MiFID II and Algo Execution

A key element of MiFID II is that firms executing trades have to take “all sufficient steps” to prove best execution rather than “all reasonable steps” under the previous regime. Is this subtle but important change in the language likely to be the catalyst that sees a surge in the use of algorithms to execute FX trades?

This panel will also discuss:

  • The potential impact of more algo execution on FX market functioning
  • What type of algo strategies will work best in the MiFID II era?
  • Will FX execution become a more uniform process?
  • Does internalisation have a place in the MiFID II world?
  • Will customers have to change how they access FX liquidity?

Speakers:

  • Anders Thorsson, Head of FX, Swedbank
  • Christian Gressel, Head of FX Algo Trading, UBS

12:00-1:00 Lunch

1:00-1:30 P&L’s Peer2Peer Interview: The Global Code

Four months after the release of the full FX Global Code of Conduct, we discuss what impact it has had on the FX market’s functioning, what remains to be implemented, and what, if anything, needs to be further reviewed?

Speakers:

  • Meredith Beechey Österholm, Deputy Head of Markets Department, Sveriges Riksbank
  • Stina Norrhede, Head of Global Corporate Sales, SEB

1:30-2:30 Panel 3: FinTech Fixes

With advances around data analytics, shared infrastructure, artificial intelligence and, of course, distributed ledger technology (DLT), FinTechs are more in vogue right now than ever before. But how specifically are FinTech firms likely to shape the future of the financial services industry, and what are the potential roadblocks and challenges that they, and the industry as a whole, will face as they attempt to implement these new technological solutions?

This panel will also discuss:

  • Which tools are needed to effectively assess market liquidity?
  • How will best execution tools change the ways that firms trade?
  • Can FinTech firms fundamentally change the economics of financial services?
  • Risks and opportunities presented by FinTech solutions

Speakers:

  • John Ashworth, CEO, Caplin Systems Ltd
  • Antony Brocksom, SVP, Sales and New Business, EMEA, FXSpotStream Europe Ltd
  • Kristian Gårder, Head of Digital Customer Channels for Large Corporates and Financial Institutions, SEB
  • Morten Lindeman, Founder & CIO, InFront Finance
  • Johan Lundberg, Founding Partner and CEO, NFT Ventures

2:30-3:00 Coffee Break

3:00-4:00 Panel 4:  Structural Shifts

The efficiency of the FX market has been adversely impacted by a lack of risk taking, thinner liquidity and lower volumes. But the industry is known for its ability to continually adapt and evolve. What moves are currently underway that will lead to structural shifts in the way that banks, non-banks and end users trade FX – and which sectors are leading these efforts?

This panel will also discuss:

Is there a need for a quasi-centralised global marketplace?

  • Will the availability of credit return, or will smaller buy side players be edged out of the market?
  • Is concentration risk in the prime services industry the next big crisis?
  • Can alternative credit and clearing structures change how the FX market operates?
  • Are dark or mid-book matching pools the answer to thinning volumes on the major platforms?
  • What can help to alleviate liquidity gaps?
  • Is the bank/non-bank relationship a healthy one, in which one provides credit, while the other takes risk? 
  • Will the major banks regain their foothold over market making? Do they have the appetite?

Speakers:

  • Svante Hedin, Co-Head of Trading, SEB
  • Kevin Kimmel, Global Head of FX, Citadel Securities
  • Alex Knight, Director, Citi
  • Thomson Reuters Speaker, Name TBC

4:00-5:00 Panel 5: Best Execution – What does it really mean?

Best execution means different things to different firms. What does Best Ex look like for different market segments?

This panel will also discuss:

  • Are best execution requirements driving customers away from bilateral relationships?
  • Is the world changing for real economy, end-user customers?
  • What are the challenges for hedge funds and professional trading firms that used to be customers?
  • Are customers changing the way they access liquidity?
  • Are limit orders a thing of the past?
  • Will the major banks regain their foothold over market making? Do they have the appetite?
  • What lessons can non-banks learn from banks?
  • What can realistically be expected from Transaction Cost Analysis tools?

Speakers: 

  • Marcus Samuelsson, Portfolio Manager, Ericsson
  • Andreas Wollheim, Head of Trading and Treasury, SEB Investment Management
  • James Koutoulas, Chief Executive Officer, Typhon Capital Management

5:00-7:00 Cocktail Reception



Forex Network Chicago 2017

September 27th 2017 to September 28th 2017

Forex Network Chicago 2017

The Westin Chicago River North

United States

COST:

End Users/Investors - Complimentary
Sell Side: USD $1050
Non-Exhibiting Vendor: USD $2500
Consultants/Other: USD $525

Register Here



The definition of “Buy side” firms means end user clients (ie, investing institutions such as mutual funds, pension funds, insurance companies, hedge funds, CTAs, asset managers, and corporates). Buy side firms may have investors as clients, but have no trading clients. Technology, platform and service providers of any type, including broker-dealers and prime of primes that may be clients of other firms but have trading clients of their own, do not fall into the definition of “buy side” firms.

Profit & Loss Singapore 2017

November 9th 2017

Profit & Loss Singapore 2017

Fairmont Singapore & Swissôtel The Stamford

Singapore


Non-Exhibiting Vendor: USD$1495

Free to attend for the buy-side and bank attendees based in Asia

Event Programme:


8:00-9:00         Registration and Trade Show Opens

 

9:00-9:30         Keynote Address (TBA)

 

9:30-10:30       Panel 1: Asia Growth Outlook: Sustaining the    
                         Momentum

In its latest regional outlook, the International Monetary Fund (IMF) estimates that economic growth in Asia Pacific will increase to 5.5% in 2017 and that the region will continue to be the leader of overall global growth. What are the key factors that are driving this growth, and is it sustainable? As Europe and the US endure a period of geopolitical uncertainty, will investors look to Asia for both opportunity and security?

This panel will also discuss:

  • Which Asian countries will drive growth in the region?
  • How will trading relationships change now that the US is is pulling back from the Trans Pacific Partnership (TPP)?
  • Has China effectively managed its soft landing?
  • What are the geopolitical risks that could impact trading in the region?
  • What impact will central bank policies have on Asian growth?

 

10:30-11:00     Morning Coffee Break

11:00-11:30     Peer2Peer Interview: The Global Code

Six months after the release of the full FX Global Code of Conduct, we discuss what impact it has had on the FX market’s functioning, what remains to be implemented, and what, if anything, needs to be further reviewed?

11:30-12:15     Panel 2-Liquidity: The Ultimate Illusion?

Has there been an air of complacency around liquidity, which is being highlighted by mini and major flash moves? What is the reality of liquidity in FX? Is fragmentation causing problems? What is the next phase of evolution for trading platforms?

This panel will also discuss:

  • Should buy side behaviour change? For example, evolving from RFQs to alternate trading protocols, order books?
  • Are liquidity gaps now the “new normal”?
  • How does an FX market with no last look work for end users?

12:15-1:15      Lunch

1:15-2:00        Panel 3 - Execution: Cause & Effect

Algos are widely seen as the answer to ensuring execution, but are there links between execution strategies and market impact? Is more thought needed around the strategies being used to execute risk?

This panel will also discuss:

  • What is driving algo take up?
  • Are there inherent conflicts in using bank provided algos?
  • Are expectations of TCA realistic?
  • What is the impact of more algos operating in FX markets?
  • Does internalisation have a place in the post-MiFID II era?
  • Which strategies work in current conditions and which run a higher risk of impaired execution quality?

2:00-2:45       Panel 4 - Surviving the Credit Crunch

A combination of losses following the Swiss National bank (SNB) debacle and new Basel III requirements has led to many bankks becoming more selective about whom they are willing to extend credit. How should trading firms adapt to the new credit-constrained trading environment, and is there an opportunity for new layers in the FX prime brokerage space?

This panel will also discuss:

  • Will the availability of credit return, or will smaller buy side players be edged out of the market?
  • Is concentration risk in the prime services industry the next big crisis?
  • Is Prime-of-Prime a viable alternative?
  • Can alternative credit and clearing structures change how the FX market operates?

2:45-3:15        Afternoon Coffee Break

3:15-3:45        Peer2Peer: "Is Mainstream Appeal of Cryptocurrencies Inevitable?" 

Cryptocurrencies have performed strongly in 2017, with the price of bitcoin and ethereum – two of the largest cryptocurrencies by market capitalisation – both hitting record highs in 2017. Will these digital currencies continue to perform strongly and will they ultimately find a place in mainstream financial markets?

3:45-4:45         Panel 5: FinTech: Promise or Peril?
There are two broad narratives around the recent growth of, and investment in, FinTech. The first is that FinTech firms are looking for places where they can use technology to disintermediate incumbent financial institutions. The second is that these firms are bridging the gap between technology and financial services, creating new efficiencies and offering new revenue sources for established financial services firms. Will FinTech firms change financial services or become part of the establishment?

This panel will also discuss:

  • In what ways is FinTech already changing how capital markets operate?
  • Is Artificial Intelligence (AI) and machine learning destined to change trading?
  • Will blockchain and Distributed Ledger Technology (DLT) solutions change the way that post-trade processes operate?
  • Which financial services firms are most at risk from being supplanted by FinTech?
  • What are the challenges facing regulators in the fast-changing FinTech world?

5:00-7:00         Poolside Reception

Profit & Loss Hong Kong 2017

November 14th 2017

Profit & Loss Hong Kong 2017

JW Marriott Hotel Hong Kong

China

Non-Exhibiting Vendor: USD$1495

Free to attend for the buy-side and bank attendees based in Asia

Event Programme

8:00-9:00             Registration and Trade Show Opens

9:00-9:30             Keynote Address (TBA)

9:30-10:30           Panel 1: Asia Growth Outlook: Sustaining the        
                            Momentum

In its latest regional outlook, the International Monetary Fund (IMF) estimates that economic growth in Asia Pacific will increase to 5.5% in 2017 and that the region will continue to be the leader of overall global growth. What are the key factors that are driving this growth, and is it sustainable? As Europe and the US endure a period of geopolitical uncertainty, will investors look to Asia for both opportunity and security?

This panel will also discuss:

  • Which Asian countries will drive growth in the region?
  • How will trading relationships change now that the US is is pulling back from the Trans Pacific Partnership (TPP)?
  • Are Asian economies especially vulnerable to protectionism due to their openness to trade and integration to global value chains?
  • Does slow productivity growth and population aging represent a long-term challenge for Asian economies?
  • What impact will central bank policies have on Asian growth?
  • Where are the pockets of opportunity for Hong Kong?

10:30-11:00        Morning Coffee Break

11:00-11:30        Peer2Peer Interview:
                            “Clearing, OTC and Uncleared Margin Requirements: Where do we go from here?”

11:30-12:30        Panel 2: CNY vs CNH – How will the onshore/offshore debate settle?

Internationalisation of the RMB would be a game changer for Hong Kong’s FX market. How can Hong Kong best position itself to maintain its standing as a major currency centre? Can China attract a diversity of market participants onshore? Can the CNY be both an asset for global investors, as well as a funding currency? How can Hong Kong best position itself for the challenges ahead?

This panel will also discuss:

  • What are the barriers to growth of CNH trading?
  • Will Hong Kong continue to be the hub for North Asia and Singapore for South Asia?
  • What is the impact of RMB volatility?
  • How is the onshore/offshore yuan market likely to evolve?
  • What are the challenges for RMB as a payments currency?

12:30-1:30           Lunch

1:30-2:00             Peer2Peer Interview: “House of Cards?”

As banks have reduced the availability of credit, market participants are seeking alternative means to access the FX market. Is the contraction of the FX prime brokerage business creating a credit structure in FX that is in danger of turning into a ‘house of cards’ that could topple?

This panel will also discuss:

  • Will the availability of credit return, or will smaller buy side players be edged out of the market?
  • Is concentration risk in the prime services industry the next big crisis?
  • Is Prime-of-Prime a viable alternative?
  • Can alternative credit and clearing structures change how the FX market operates?

2:00-2:45              Panel 3: Are Digital Currencies Here to Stay?” 

In its relatively short lifespan, bitcoin has survived major legal scandals (Silk Road), the collapse of the biggest bitcoin trading venue (Mt. Gox), a major hack where roughly $70 million in bitcoin was stolen (Bitfinex) and a hard fork in its underlying blockchain (the creation of bitcoin cash). And yet not only has bitcoin survived each of these, but it is continuing to thrive, reaching record valuations in 2017. On top of this, trading in other cryptocurrencies, such as ethereum, have grown significantly over the past year. But do cyrptocurrencies have any value or use to the broader financial services industry?

This panel will also discuss:

  • Can bitcoin ever move into the financial mainstream?
  • What advantages do alt coins – such as ethereum and ripple – offer when compared to bitcoin?
  • How safe is trading cryptocurrencies?
  • What are the technical challenges limiting the scalability of cryptocurrencies?
  • What is the significance of the various regulatory announcements by regulators regarding cryptocurrencies?

2:45-3:15        Afternoon Coffee Break

3:15-4:00        Panel 4 - Execution: Cause & Effect

A key element of MiFID II is that firms executing trades have to take “all sufficient steps” to prove best execution rather than “all reasonable steps” under the previous regime. Is this subtle but important change in the language likely to be the catalyst that sees a surge in the use of algorithms to execute FX trades? Algos are widely seen as the answer to ensuring execution, but are there links between execution strategies and market impact? Is more thought needed around the strategies being used to execute risk? What is the next phase of evolution for single- and multi-contributor trading platforms?

This panel will also discuss:

  • What is driving algo take up?
  • Are there inherent conflicts in using bank provided algos?
  • Are expectations of TCA realistic?
  • Does internalisation have a place in the post-MiFID II era?
  • Should the industry evolve from RFQs to alternate trading protocols or order books?
  • What type of algo strategies will work best in the MiFID II era?

4:00-5:00         Panel 5 - FinTech: Promise or Peril?

There are two broad narratives around the recent growth of, and investment in, FinTech. The first is that FinTech firms are looking for places where they can use technology to disintermediate incumbent financial institutions. The second is that these firms are bridging the gap between technology and financial services, creating new efficiencies and offering new revenue sources for established financial services firms. Will FinTech firms change financial services or become part of the establishment?

This panel will also discuss:

  • In what ways is FinTech already changing how capital markets operate?
  • Are Artificial Intelligence (AI) and machine learning destined to change trading?
  • Will blockchain and Distributed Ledger Technology (DLT) solutions change the way that post-trade processes operate?
  • Which financial services firms are most at risk from being supplanted by FinTech?
  • What are the challenges facing regulators in the fast-changing FinTech world?

5:00-7:00              Closing Reception

Profit & Loss Shanghai 2017

November 16th 2017

Profit & Loss Shanghai 2017

Grand Hyatt Shanghai

China


Non-Exhibiting Vendor: USD$1495

Free to attend for the buy-side and bank attendees based in Asia

9:00-9:30           Coffee & Registration

9:30-10:00         Keynote (TBA)

10:00-11:00        Panel 1: “China’s Growth Outlook: Finding Stability in an Uncertain World”

China’s economy grew 6.9% in Q2 of 2017, the eighth consecutive quarter that growth has been between 6.6% and 7%. But now that the economy has effectively stabilised, what will be the key driver for China’s economic performance over the next 18 months? With the US is pulling back from the Trans Pacific Partnership (TPP), how is China building trading relationships in the region? What are the implications of this year’s Communist Party Congress for the direction of China’s economy going forward?

This panel will also discuss:

  • With countries such as the US and UK stepping back from the international scene, is there an opportunity for China to fill this void?
  • What are the geopolitical risks that could destabilise trading in the APAC region?
  • Does China need to balance its large current account surplus against net capital outflows?
  • What are the implications of a weaker yuan?
  • How is the “Belt and Road” strategy evolving?


11:00-11:30
        Coffee Break

11:30-12:30        Panel 2: Will the Global March of RMB Continue?

The pace of RMB internationalisation appeared to slow in 2016. According to data from Swift, the value of international RMB payments fell by nearly 20%, while offshore RMB deposits in Hong Kong also decreased. The decline in using and holding of RMB was partly caused by concerns over a potential economic slowdown in China, the RMB's depreciation, and the tightening of cross-border capital flow regulations. But despite this, China has continued towards internationalisation by widening the range of domestic assets that foreign investors can buy and sell.  Looking ahead, what factors will push China firther towards RMB internationalisation and what are the remaining barriers preventing it?

This panel will also discuss:

  • Which policy and market structure changes are helping to build the RMB market?
  • How can China meet the operational challenges to encourage international adoption of RMB?
  • Does the onshore market need more diversity of market participants?
  • What are the challenges for RMB as payments currency?
  • How could the three "Connect" schemes - Bond Connect, Shenzen Connect and the Shanghai Connect, help the RMN internationalisation?
  • Will the "Belt and Road" initiative be a catalyst for RMB usage as both a trade and financing currency?


12:30-1:30
Lunch

1:30-2:15   Panel 3:“What is the Next Step in the Evolution of FX Trading?”

When Western FX markets first shifted towards electronic trading, this led to significantly greater market efficiencies and as a result, trading volume increased dramatically. As FX trading in China continues to go down the path towards more electronification and more automation, what changes should market participants be preparing for, and what steps should they be taking to ensure they stay ahead of the technology curve?

This panel will also discuss:

  • How can technology help boost trading volumes?
  • What are the operational risks associated with new FX technology?
  • What are the best models for accessing RMB liquidity?
  • Is China ready for algorithmic trading?
  • What are the limitations in moving FX trading onto electronic platforms?
  • Which pre- and post-trade technology innovations will have the biggest impact in China?


2
:15-2:45   Coffee Break

2:45-3:30   Panel 4: “Will FinTech Change the Face of China’s Capital Markets?”
As London, New York and Silicon Valley, compete to position themselves as the world’s “FinTech hub”, is China positioned to overtake them all and become the true centre of global FinTech innovation and adoption?

  • Where will FinTech solutions have the greatest impact in China’s capital markets?
  • Will FinTech firms prove to be disruptors or enables for the current incumbents?
  • What factors are driving fintech innovation in China and is this level of innovation sustainable?
  • What is the core client base being targeted by FinTech firms?
  • Can FinTech solutions effectively scale up to meet market demands?
  • How will the regulatory environment shape FinTech development in China?


3:30
-4:00   Coffee Break

4:00-5:00   Panel 5: “Is there a Future for Digital Currencies in China?
Cryptocurrencies have performed strongly of late, with the price of bitcoin and ethereum – two of the largest cryptocurrencies by market capitalisation – both hitting record highs in 2017. Will these digital currencies continue to perform strongly, and will they ultimately find a place in China’s financial markets?  

  • Can bitcoin ever move into the financial mainstream?
  • What advantages do “alt coins” – such as ethereum and ripple – offer when compared to bitcoin?
  • How safe is trading cyrptocurrencies?
  • What are the technical challenges limiting the scalability of cryptocurrencies?
  • What are the implications of the “hard fork” in the bitcoin blockchain earlier this year, and could it happen again?

5:00-7:00 Drinks Reception