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Profit & Loss Events

Profit & Loss Scandinavia 2015

September 16th 2015

Profit & Loss Scandinavia 2015

Copenhagen Marriott Hotel

Event Prices

Delegate (excluding Scandinavia): GBP250        Vendor: GBP995     (prices subject to VAT at 20% in EU only)

Free to attend for the buy side* and for bank attendees based in Scandinavia

*The definition of “Buy side” firms means end user clients (ie, investing institutions as mutual funds, pension funds, insurance companies, independent traders, 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 do not fall into the definition of “buy side” firms.

 


Agenda


8:00-9:00 Coffee & Registration

9:00-9:30 The Profit & Loss Interview

View from the asset management industry

Speakers: Patrick Fleur, Head of the Trading & Execution Desk, PGGM

9:30-10:20 Panel 1: Mind the Gap: Liquidity and Market Making in Scandinavian Markets
Liquidity conditions in Scandinavian FX markets continue to be a challenge for customers seeking to hedge larger risk. What tools and services are available to help them and what should their bank providers be focusing upon? What are the challenges making markets in these currencies? What role does last look play? Does it deepen liquidity or help provide a false picture of it?

Speakers:

Paul Allmark, Global Head of e-Commerce, EBS BrokerTec
Svante Hedin, Global Head of Electronic Markets,  SEB
Niklas Karlsson, Global Co-head of Currencies, Commodities & Corporates, Danske Market


10:20-10:50 Coffee Break

10:50-11:40 Panel 2: The Value Proposition: Customer Service in 2016 and Beyond
Customer service is often touted as a differentiator by service providers everywhere, but what do customers really want? What technology helps and what confuses? What is the value of pre-trade transparency and analytics and are some customers being hurt by a reluctance to advise on the part of banks?

Speakers:

John Ashworth, CEO, Caplin Systems Ltd
Darren Brighton, Executive Director, Head of FRC Efficient Access Sales, UK, UBS Investment Bank

Dave Reid, Director, CitiFX Prime
Alan Schwarz, CEO, FXSpotStream
Iskandar Vanblarcum, Head of EMEA Sales, Thomson Reuters


11:40-12:00 The Profit & Loss Interview: Where Now?
Banks have been fined, individuals dismissed and waivers issued, but still the conduct issue dominates thinking in FX circles. What happens next and what are the legal complications facing the industry?

Speaker: Andrew Bullion, Partner, Hausfeld

12:00-1:00 Lunch

1:00-2:00 Panel 3: The “O” Word

Operational risk has been one of the biggest issues in foreign exchange markets as institutions have struggled to overcome challenges in the form of misconduct and market dislocation on January 15. What can institutions do to minimise operational risk and what are the areas most in need of attention? From an industry perspective, how is the changing infrastructure of the market playing out and is the industry ready for the operational challenges of the future?

Speakers:

Steven French, Head of Regulatory Services, Traiana
David Holcombe, Head of FX Product, NASDAQ
KC Lam, Director, International Sales, SGX



2:00-2:30 Coffee Break

2:30-3:00 Panel 4: P&L Insight Session: Making Best Execution Better
Algorithmic execution strategies have been available for several years but take up remains sporadic. Why is this and what role can algos play in enhancing and modernising the best execution policies of corporate treasuries and asset manager execution desks?

Speakers:
Jonas Lundbek Hansen, Head of Algo Quant, Nordea Markets


3:00-3:20 Coffee Break

3:20-4:00: Keynote Address: Per Callesen, Governor of the Danish Central Bank

4:00-5:00 Panel 5: Divergence: Opportunity or Obstacle?

Scandinavia’s economies face diverse challenges and policy makers’ responses in each nation represent a different approach to solving the challenges from the regional and global economy. What are the opportunities and challenges in each economy and how will what appears to be a significant divergence impact the region’s investors?

Speakers:
Carl Hammer, Chief Currency Strategist, SEB
Ole Håkon Eek-Nielsen, Chief Analyst, Nordea 

Thomas Harr, PhD, Senior Vice President/Underdirektør, Global Head of FICC Research, Danske Bank


5:00-7:00 Cocktail Reception - Sponsored by Bloomberg


Forex Network Chicago 2015

September 24th 2015 to September 25th 2015

Forex Network Chicago 2015

The Westin Chicago River North

Event Prices:        

Delegate: USD1,050        Vendor: USD$2,500        Free to attend for the buy side*

 

**The definition of “Buy side” firms means end user clients (ie, investing institutions as mutual funds, pension funds, insurance companies, independent traders, 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 do not fall into the definition of “buy side” firms.

Agenda

Wednesday, September 23

Pre Event Party – Sponsored by BNP Paribas


Thursday, September 24 / Day 1

8:00 - 9:00 Registration & Breakfast - Sponsored by ADS Securities

9:00 - 9:30 Keynote Address: J. Christopher Giancarlo, CFTC Commissioner

9:30 - 10:15 Panel 1: “Climate Change”
Is the environment shifting irrevocably in the FX market? It seems undeniable that the climate of the FX markets is changing, with new participants entering the market, volatility increasing, platform consolidation beginning to take root and ever-changing regulatory requirements being introduced. The questions is: what do these changes mean for FX market liquidity? Are we entering a “new normal”?

This panel will also look at:

• Is market structure contributing to volatility?
• Is liquidity drying up?
• Fragmentation vs consolidation?
• Price gapping
• How ready is the market for further regulatory change?

Speakers:

Stephen Flanagan, Executive Director, Global e-Commerce Risk Manager, J.P. Morgan
Jim Kwiatkowski, Global Head of Sales, FX, Thomson Reuters
David Mercer, CEO, LMAX Exchange
Phil Harris, Head of EBS Market, EBS BrokerTec

Sean Tully, Senior Managing Director, Financial and OTC Products, CME Group

10:15 - 10:45 Coffee - Sponsored by ParFX

10:45 -11:30 Panel 2: “The Impact of Capital”
How are banks accounting for capital, and how does it impact pricing to clients. How are end clients dealing with this? What is the cost impact to banks to clear these trades? How is credit impacting banks’ risk appetite?

This panel will also look at:

• What is the impact of Basle III on credit as it applies to FX forwards and swaps?
• What is the trajectory of FX swaps trading?
• Are banks beginning a move to internalise FX forwards trading?

Speakers:
Andrés Choussy, Managing Director, Head of Derivatives Clearing Americas, J.P. Morgan
Sanjay Madgavkar, Global Head of FX Prime Brokerage, Citi
Terence Oh, Managing Director, Global Co-Head of FXPB, UBS

11:30-12:15 Panel 3: “A New View of Execution Quality”
More than ever, firms are reviewing how they execute FX and are looking for new ways to improve execution quality. The arguments over “last look”, fixings and the agency vs. principal business models have been played out very publicly over the past year, but what are the new areas of debate?

This panel will also look at:

• TCA
• Pricing collars
• Scheduled Liquidity
• Slippage
• Time stamps

Speakers:
Jim Cochrane, Director, Analytics, ITG

Ajay Kataria, Head of FX Product Development, Bloomberg Tradebook
Bill Goodbody, Senior Vice President, Foreign Exchange, BATS Global Markets   
Andrew Maack, Head of FX Trading, Vanguard   
David Mechner, CEO, Pragma Securities

12:15 -1:00 Panel 4: “Liquidity Partnerships”
How people provide, access and consume liquidity is coming under increased scrutiny, but what are the factors driving decisions about where firms in the FX market go to seek liquidity? With increasing capital constraints and a growing preference for agency execution growing in certain corners of the market, is pricing and technology supplanting the importance of relationships? Will new liquidity partnerships be able to alter the status quo in FX?

This panel will also look at:

• Different models of liquidity provision
• Non-banks – the distribution challenge
• Disintermediating platforms
• New pricing paradigms
• Clients and competitors

Speakers:
Jamil Nazarali, Head of Execution Services, Citadel Securities
Alan Schwarz, CEO, FXSpotStream
John Shay, Partner - Transaction and Technology Services, Virtu Financial, LLC
Takis Spiropoulos, Head of e-Solutions Group, CIBC

1:00 - 2:00 Lunch

2:00 - 2:15 P&L Interview:

2:15 - 3:00 Panel 5: “Challenging the Old Guard”
A perfect storm of growing regulatory requirements, customer disillusionment following scandals and changing cost pressures on financial services firms appears to be shifting the very structure of the FX market. Change means opportunity, and the opportunities available in a $5.3 trillion per day market can be sizable for the firms willing to invest in it. But is it possible, or even desirable, to topple the established order in FX?

This panel will also look at:

• Inefficiencies in the current market structure
• Channeling customer flow to best execution sources
• Using technology to achieve ‘first mover’ advantage
• How market changes impact risk management


Speakers:
Dmitri Galinov, CEO, FastMatch
David Holcombe, Head of FX Product, NASDAQ
John Miesner, Head of Global Sales, GTX
Harpal Sandhu, CEO, Integral Development Corp

3:00-3:30 Coffee - Sponsored by ParFX

3:30-4:15 Panel 6: “Margin Call: Re-Pricing Risk in FX”
Events at the beginning of 2015 clearly showed that some firms had significantly mispriced the FX market risk, and continued volatility since then has further forced firms to re-evaluate how they perceive and price this risk. How are risk models, parameters and technology changing in the FX market, and what impact does this have on the price of trading?

This panel will also look at:

• Calculating margin requirements in the face of volatile markets
• The impact of divergent central bank policies on liquidity flows
• Using technology to mitigate risk
• Where to look for liquidity in times of market stress

Moderator:
Robert Savage, CEO, CCTrack

Speakers:
Marco Baggioli, COO, ADS Securities London Limited
Soren Haagensen, Managing Director, Head of E-Commerce, Americas, Société Générale
Isaac Lieberman, Founder and CEO, Aston Capital Management
Marc Millington-Buck, Head of International FX Business Development, Moscow Exchange

4:15-5:00 Panel 7: “Building a Robust Risk Chain”
As the progress of technology marches inexorably forward and the structure of the FX market continues to evolve, are operational gaps appearing in firms’ risk management systems? How do firms go about implementing effective front-to-back risk management procedures in today’s FX market?

This panel will also look at:

• How regulation is changing the risk profile of the FX market
• Technology as both a problem and solution for risk managers

Speakers:
Ed Mount, MD, Head of FX Electronic Markets, Nomura Securities International
Patrick Philpott, President, Americas, DealHub
Jill Sigelbaum, Head of Foreign Exchange, Traiana
James Sinclair, CEO, MarketFactory
Petra Wikstrom, Global Head, FX Execution & Alpha Solutions, BNP Paribas

5:30 - 8:00 Cocktails - Sponsored by CME Group

8:30 -  After Party - Sponsored by EBS BrokerTec

I0 Rooftop Lounge, Godfrey Hotel, 127W. Huron at LaSalle, Chicago IL 60654 



Friday, September 25 / Day 2

8:30 - 9:30 Registration & Breakfast - Sponsored by GFI Group

9:30 - 10:15 Panel 8: “The Future of Financial Services: Bitcoin or Blockchain?”
When Bitcoin first burst onto the scene, the financial services industry initially appeared uncertain as to how to react to this new digital currency. But two years after hitting the mainstream, how is Wall Street viewing cryptocurrencies? Is it Bitcoin itself or the blockchain technology that underpins it that has financial services firms excited?

This panel will also look at:

• Bitcoin in its post-bubble phase
• How to separate Bitcoin currency from blockchain technology
• Potential applications of blockchain technology
• The future of Bitcoin in financial services

Speakers:

Daniel Hodd, Citi
Daniel O'Prey, Chief Marketing Officer, Digital Asset Holdings
S. Michael Moro, Chief Operation Officer, Genesis Trading
Nick Solinger, Head of Product, Chief Marketing Officer, Traiana




10:15-11:00 Panel 9: “CTAs and Volatile Markets”
After a torrid few years for the managed funds industry, the Newedge CTA index finished 2014 showing a return of +15.58% following five consecutive months of positive returns. Can this performance be sustained and what are the potential headwinds and opportunities for CTAs that trade FX?

This panel will also look at:

• Platform choice and performance
• Systematic approaches to risk targeting

Speakers:
Scott Brusso, Director FX Sales, ICE Futures U.S.
Glenn Graham, Principal, Golden Point Capital
Mike Harris, President, Campbell & Company

11:00 - 11:30 Coffee - Sponsored by ParFX

11:30 - 12:15 Panel 10: “The Profit & Loss Think-Tank: The Future SDP”
Will current models stand the test of time (and regulation)? What should the Single Dealer Platform of the future look like?

This panel will also look at:

• Cost and risk reduction
• Using data in a more effective fashion
• Collateral management
• Making use of trade repository data to spot vulnerabilities

Speakers:

Brian Andreyko, CFA, TradAir
John Ashworth, CEO, Caplin Systems Ltd
Ralitza Fortunova,Director, Head of Foreign Exchange Flow Sales, BNP Paribas


12:15 - 1:30 Lunch






SEFCON VI

October 26th 2015

SEFCON VI

Waldorf Astoria New York, Vanderbilt & Empire rooms

Event Prices

USD495 in advance of the conference, or USD595 at the door.

For online payment, please go to

https://www.eventbrite.co.uk/e/sefcon-vi-tickets-17584818666 


The Wholesale Markets Brokers’ Association, Americas (WMBAA) presents the sixth annual Swap Execution Facility Conference - SEFCON VI:

7:30  Registration and Continental Breakfast


8:30-8:45 Welcoming Remarks

William Shields, Conference Chairman


8:45-9:00 Opening Remarks

9:00-10:00  Panel 1: SEF Leaders

Join our SEF Leaders for insights into what has gone right with SEF implementation, what has gone wrong, and what they see as the future for SEFs.
 
10:00-10:30  Morning Coffee Break

10:30-10:45  Presentation: Cross Border Issues


10:45-11:30 Panel 2: Geopolitical Risks in Swaps Trading

One of the biggest concerns for both regulators and market participants is the continued fragmentation of swaps market liquidity down geopolitical lines, specifically between US and Europe. Are the authorities on either side of the Atlantic making progress on the cross-border regulation of the swaps market? Is it too late to now try and stitch this liquidity back together? Which areas have been left open for regulatory arbitrage?

11:30-12:00 Keynote Address

Hon. Timothy Massad, Chairman CFTC

12:00-1:00  Lunch

1:00-1:45  Panel 3: View from The Hill
What issues are top of the political agenda for the year ahead? How will Capitol Hill impact the work being done by the CFTC and the SEC?  Will the impending US general election in 2016 have a significant bearing on the future of financial services regulation?

1:45-2:30  Panel 4: Regulatory Outlook

Two years into SEF trading and CFTC registrations for the venues, the major swap participants and swap dealers all remain temporary. What impact is this having on the market and when will final registrations be approved? How are regulators enforcing the rules regarding record keeping, impartial access, and trade reporting? Should the CFTC become responsible for making products available to trade? How are ongoing changes to SEF rules affecting market participants?

 This panel will also look at:
• Registration
• Enforcement
• What to watch for
• SEC regs,
• Rewrite of rules

2:30-3:00  Afternoon Coffee Break

3:00-3:45  Presentation: MIFID
SEFs are just one piece of a broader swaps market puzzle being put together by regulators on either side of the Atlantic. In order to maintain a holistic view of the changes that are taking place, market participants need to be aware of the coming out of Mifid and how MTFs and OTFs will fit into the swaps environment.

This presentation will also look at:
• The roll out of MIFID
• A review of MTFs and OTFs vs SEF requirements

3:45-4:00 Presentation: Market Issues

4:00-4:45 Panel 5: Market Speak
What impact has the presence of SEFs in the swap market had on opening up new liquidity pools to buy side firms?  What will influence which liquidity pools they decide to trade on? And what impact is the presence of buy side firms having on the SEFs themselves? What client friendly trading protocols are SEFs now offering to attract new entrants to the swaps market? How can buy side firms improve their workflows by trading on SEFs?

This panel will also look at:
• How are firms accessing SEFs?
• Modes of Execution
• Package Trades
• STP
• Margin
• Next MAT
• Non-discriminatory access to clearing
 
4:45-5:00 Closing Remarks


5:00-7:00 Cocktail Reception

Profit & Loss Shanghai 2015

November 12th 2015

Profit & Loss Shanghai 2015

Grand Hyatt Shanghai

Event Prices                                                     

Vendor: USD1495      Free to attend for the buy-side* and for bank attendees based in Asia

*The definition of “Buy side” firms means end user clients (ie, investing institutions as mutual funds, pension funds, insurance companies, independent traders, 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 do not fall into the definition of “buy side” firms.


Agenda available soon.

Profit & Loss Singapore 2015

November 19th 2015

Profit & Loss Singapore 2015

Marina Bay Sands Hotel

Event Prices

Vendor: USD1495        Free to attend for the buy-side* and bank attendees based in Asia

*The definition of “Buy side” firms means end user clients (ie, investing institutions as mutual funds, pension funds, insurance companies, independent traders, 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 do not fall into the definition of “buy side” firms.

Agenda available soon